$1.3 billion.. Asian Bank investments in Egypt

He went on to say, "Therefore, the African continent needs the Asian Bank to extend its investments in infrastructure within the continent, in addition to the need for it to have a large share in the 50% that the bank has allocated of its financing to climate change."

Areas of interest to the bank for investment

Maait urged the Asian Bank to move strongly through its activities to the African continent, stressing that “Africa is in dire need of infrastructure.”

The Egyptian Minister of Finance appreciated the important role played by the Asian Infrastructure Investment Bank in the field of development, which is a very vital field, especially comprehensive and sustainable development, which needs a strong infrastructure in order to build on it, achieve higher growth rates, improve the standard of living for citizens, and create job opportunities.
He also pointed out the importance of the areas that the bank is interested in investing in, such as renewable energy, green transportation, climate adaptation, climate change, communications infrastructure, and others, stressing that they are “extremely important development areas.”

"Maait" said in an exclusive interview with "Xinhua" News Agency out that "the Asian Infrastructure Investment Bank has grown very strongly and in a short period of time. It has not yet completed 10 years and was able, during this short life, to reach the number of its members to 106 members, which confirms that it has been able to become a global bank in every sense of the word."

$1.3 billion

Regarding Egyptian cooperation with the Asian Bank, the Egyptian Minister said that the bank’s investments in Egypt amounted to $1.3 billion in the fields of renewable energy, such as the Benban solar power plant, in the field of transportation (Abu Qir Metro Line in Alexandria Governorate), and in the fields of sanitation in rural areas. And in encouraging the private sector and mobilizing its capital to participate in the sustainable development process.

Maait added, "In addition to that, there are other projects that are of interest to the bank in Egypt, and among the projects currently being studied by the bank is the partnership between the public and private sectors in the container port in Damietta, and also financing facilities for the private sector through the Bank of Egypt, which are projects worth up to one billion dollars."

The Egyptian Minister of Finance said that the Board of Directors of the Asian Bank agreed at its last meeting to give a guarantee for Egypt’s issuance of panda bonds in the Chinese financial market in yuan, provided that these funds, which will be in the range of 3.7 billion yuan, will be used in sustainable projects that support dealing with climate change and the green economy to achieve Sustainable development in Egypt's plan for economic and social development.

It is noteworthy that, under the patronage of President Abdel Fattah El-Sisi, the activities of the eighth annual meetings of the Asian Infrastructure Investment Bank were launched in Sharm El-Sheikh, which will be held for the first time in Africa over the course of two days, September 25 and 26, 2023.

The events were launched amid a global gathering of the most influential economic figures internationally, including finance ministers and heads of central banks. They are all discussing ways to achieve sustainable growth in a challenging world; Affected by the repercussions of the war in Europe and the “Corona” pandemic; This is aimed at cross-border development partnerships that open broad horizons for bilateral and continental development cooperation, based on providing more concessional financing opportunities for the private sector. To drive the engine of economic recovery.

The meetings represent an important international platform through which Egypt will promote development investment opportunities that enjoy competitive and preferential advantages based on a strategic geographical location that qualifies it to become a global center for production and export, especially in light of the incentives it possesses for investment in promising sectors that have become the subject of international interest, such as: New and renewable energy, sustainable transportation, and other infrastructure projects in their comprehensive and integrated sense, because of their effective role in improving the services provided to citizens, and also because they are the basic foundation of any economic, social, or human development.

Continental connectivity between Africa, Asia and Europe

This global platform is an opportunity to highlight what Egypt can do in the continental connection between Africa, Asia and Europe, as this is one of the priorities at the top of the meetings of this global multilateral bank.

Through its membership in the Asian Infrastructure Investment Bank, Egypt seeks to deepen cross-border multilateral development partnerships, especially between the African and Asian continents. Recognizing the importance of the African dimension in Egyptian foreign policy, and consistent with national goals in meeting the development needs of African countries.