About the Asian Infrastructure Investment Bank (AIIB)
AIIB is a multilateral bank whose mission is financing sustainable infrastructure projects. It meets clients’ needs by providing capital to invest in projects that are technology-enabled and promote regional connectivity.
AIIB began operations in Beijing, China, in January 2016 and has about 106 members worldwide, including Egypt, a founding member of the bank, and its capital is about $100 billion. It is worth noting that AIIB has received AAA ratings from the top credit rating agencies.
Every year, AIIB holds its annual meeting in a specific country. It was agreed last October 2022, during the 7th annual meeting of the bank, that the 8th annual meeting will be held in Egypt.
AIIB’s 8th Annual Meeting to Be Held in Egypt 2023
AIIB will hold its 8th annual meeting in Sharm El-Sheikh, Egypt, on Sept. 25-26, 2023, for the first time in Africa. It will be attended by about 3,000 influential international figures, including 106 finance ministers and heads of central banks. It aims to actively engage with members, partner institutions, the business community, civil society, and experts from various fields.
In AIIB’s 8th annual meeting, Egypt will be the voice of Africa. It will adopt the current economic challenges and discuss Africans’ development needs with huge funds to finance investments, especially in infrastructure. This is to strengthen the structure of emerging economies as a result of successive global crises, such as the COVID-19 pandemic and the Russia-Ukraine war, and the pressures they impose on developing countries to provide the basic needs of citizens, including food and fuel.
Statements on AIIB’s Upcoming 8th Annual Meeting 2023
Mr. Mohamed Maait, Minister of Finance and Governor of Egypt to the AIIB, stated that Egypt is looking forward to strengthening Africa-Asia partnership to achieve the sustainable development goals, which will help improve the level of services provided to citizens and give them a dignified life. In addition, it will be a powerful take off for the infrastructure projects not only in Egypt but also in various African countries.
He added that the AIIB will allocate about 50% of its investments to climate action by 2050 and provide low-cost financing for renewable energy projects, low-carbon transport projects, and ecosystem services. We can benefit from this trend by expanding green and eco-friendly projects in Egypt and Africa, which will achieve the economic and development goals in accordance with the agenda of “Africa 2063”.
Ahmed Kouchouk, Vice Minister of Finance for Fiscal Policies and a Member of the Board of Directors at AIIB, also stated that all international development partners need to intensify efforts to build a resilient global financial system capable of avoiding health, economic, and environmental shocks resulting from successive global crises.
He added that the volume of cooperation between Egypt and AIIB was reflected in an investment portfolio that exceeded one billion dollars, as it contributed to financing many projects, including the Benban solar power plant, the Abu Qir pipeline, and the comprehensive sustainable development program, in addition to issuing “Panda” bonds to establish eco-friendly projects during the next stage. He also stressed Egypt’s keenness to expand the activities of AIIB in infrastructure development in Egypt.
It is clear that Egypt has started preparations for AIIB’s 8th annual meeting in Sharm El-Sheikh and identified the issues that will be discussed at the meeting, hoping to strengthen cooperation with AIIB to increase investments in infrastructure in Africa in general and Egypt in particular. We are excited to see what will happen in this meeting and its impact on investments in Egypt. For more information about this upcoming meeting, click here.