What are the achievements of the AIIB in Egypt?

Coinciding with the annual meeting of the Asian Infrastructure Investment Bank (AIIB), under the supervision of President Abdel Fattah El-Sisi, the Egyptian Ministry of International Cooperation reviewed the details of the development cooperation portfolio currently with the bank against Egypt for its membership in 2016.

"AIIB" is one of the international development banks specialized in the field of science and technology By stimulating green and smart investments related to them.

$1.3 billion

The Asian Investment Bank contributed to financing a number of projects that come within the strategic direction of the public sectors, as it contributed to achieving $1.3 billion, in various carbon fibres, in order to enhance human development. Comprehensive economic benefit.

$360 million 

He also invested in the digital Internet network, providing concessional development financing worth US$360 million, including US$210 million in financing to 11 private sector companies that contributed to the implementation of the Benban Solar Energy Park in Aswan. Due to this, it is one of the solar energy complexes in the region and the world with capacities of up to 2000 megawatts.

  The complex is an example of the importance of multilateral cooperation, with several international financial institutions contributing to the financing, including the Asian Infrastructure Investment Bank, the International Finance Corporation, and the European Bank for Reconstruction and Development (EBRD).

Credit lines

In addition, the AIIB made $150 million available in credit lines to banks to re-lend to small and medium enterprises, enhancing the financing available for these types of projects that stimulate comprehensive and sustainable growth and provide job opportunities. Over the past three years, the Ministry of International Co-operation has strengthened international partnerships aimed at empowering the private sector, which resulted in soft development financing for the private sector amounting to approximately $7.3 billion, in addition to $2 billion from the beginning of 2023 until now.

Clean Water and Sanitation

Additionally, the AIIB has contributed to providing soft development financing worth $300 million to the water sector in light of the priority given by the state to sustainable water resources management projects and the implementation of SDG 6: Clean Water and Sanitation.

During the past year, the bank also provided development policy financing worth $360 million, which aims to support development efforts by enhancing overall sustainability, opening horizons for private sector participation in development, and stimulating women’s empowerment efforts.

Abu Qir Metro Project in Alexandria

Moreover, the bank is one of the multilateral development banks contributing to the financing of the Abu Qir Metro Project in Alexandria, as it provides concessional development financing worth €250 million. The Minister of International Cooperation, Dr. Rania al-Mashat, signed the financing agreement with the President of the Bank during her visit to the Chinese capital, Beijing, last July. The project contributes to reducing traffic congestion in Alexandria, supports the transition to environmentally friendly means of transportation, and reduces harmful emissions.

It is worth noting that, during the current year, Al-Mashat paid multiple visits within the framework of the role assigned to the Ministry to enhance multilateral cooperation and develop economic relations with multilateral and bilateral development partners to advance the country’s development vision.

Boost in Egyptian relations with Asian countries

This year witnessed a boost in Egyptian relations with Asian countries, international financial institutions, and multilateral development banks, based on the state’s keenness to diversify and strengthen its relations with various multilateral and bilateral development partners to support the state’s 2030 development vision.

The most prominent developments in cooperation with Asia during 2023 include Egypt’s membership in the New Development Bank (NDB) of the BRICS group during the current year where Al-Mashat participated in the 8th session of the bank’s annual meetings, which were held in Shanghai, China. During which she confirmed that Egypt will obtain membership in the NDB, along with the major emerging economies members of the BRICS group.