The Asian Infrastructure Investment Bank (AIIB) announced on Tuesday that it will invest $1 billion to support projects in the Egyptian private sector. The announcement was made during AIIB's 8th annual meeting held in Sharm el Sheikh, Egypt, which marked the bank's return to hosting its annual meetings after a three-year hiatus due to global challenges such as the COVID-19 pandemic and the Russian-Ukrainian crisis.
Egypt's Minister of Finance, Mohamed Maait, spoke at the event, highlighting Egypt's leading role at regional and international levels and its efforts towards sustainable development goals. He also discussed the financial pressures faced by national budgets, emphasizing the crucial role of private capital in bridging these gaps across countries, particularly in emerging markets.
Part of the $1 billion investment will be allocated to Banque Misr, with the remaining funds earmarked for the continued development of the Alexandrian metro project. In addition to this, Egypt is considering issuing blue bonds and sustainability bonds as part of their financial strategy.
During the meeting, AIIB also celebrated the addition of three new members: El Salvador, Solomon Islands, and Tanzania. This brings the total number of AIIB members to 109, collectively accounting for 81% of the world's population and 65% of global gross domestic product (GDP).
AIIB President and Chair of the Board of Directors Jin Liqun said that these additions strengthen the AIIB community and support their mission to finance infrastructure for sustainable long-term growth. The new members will officially join AIIB once they complete required domestic processes and deposit their first capital installment with the bank.
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