A statement by Finance Minister and Egypt’s governor to AIIB during his meeting with the Higher Preparatory Committee

BY Fathy Elsayeh

The private sector will be “strongly represented” during AIIB’s annual meetings to showcase investment opportunities and finance facilities in a number of internationally competitive fields.

AIIB is well aware of the importance of Egypt as a bridge and a source for integration between Africa, Asia and Europe

Infrastructure projects represent the cornerstone of any real development targeting an improvement in the livelihood of citizens

Egypt is making use of all opportunities to join international institutions in order to benefit from their potentials and expertise in supporting economic and development plans

 

The countdown to AIIB’s eighth annual meetings in Sharm El-Sheikh has begun. The meetings, which will be held in Africa for the first time, will take place on 25-26 September. This event will be attended by more than 3,000 of the most internationally influential economic figures and symbols, including 106 finance ministers and governors of central banks and in a way that will give a momentum to multilateral and across-the-border development plans and efforts. It will also open wide horizons to achieve intercontinental objectives and support the infrastructure of emerging economies amid global crises which exert unprecedented scope of pressure on all world economies.

In light of the above, finance minister and Egypt’s governor to AIIB Mohamed Maait held a meeting at the headquarters of the finance ministry in the new administrative capital. Finance Minister Mohamed Maait chaired the meeting of the Higher Committee in charge of preparing for AIIB’s annual meetings. He gave directives that this international event be organized in the same way “climate summit” was held in Sharm El-Sheikh last year. He instructed that there should be specialized sessions on the sidelines of AIIB’s annual meetings to open the way for the private sector to participate in these sessions to showcase the available investment opportunities and finance facilities in internationally competitive areas of mutual interest. He also indicated that AIIB is well aware of Egypt’s unique strategic location and its role in acting as a bridge between the continents of Africa, Asia and Europe.
Finance Minister also emphasized that the private sector will be strongly represented during the debates and will participate in the exhibition which will be held on the sidelines of the events.
Finance Minister and Egypt’s governor to AIIB Mohamed Maait stressed that Egypt has all the potentials and expertise that can allow it host international events in the best and most honorable way. He noted that the Egyptian state has directed national institutions to use all their resources to make AIIB’s upcoming annual meetings in Sharm El-Sheikh a big success.
Finance Minister and Egypt’s governor to AIIB Mohamed Maait pointed out that infrastructure projects represent the cornerstone for any real development targeting an improvement in the livelihoods of citizens and services offered to them. They also represent a basic pillar for any strong economy focused on stimulating local production and exports. In this respect, Minister Maait stressed that Egypt is keen to make use of all opportunities to join international institutions to make use of their expertise and potential in supporting economic development plans. He indicated that Egypt’s subscription to AIIB’s capital stands at US$ 650 million and this make it the largest subscriber in Africa. He added that Egypt is now considered an AIIB regional member state in terms of finance and non-regional in terms of geographical location and that Egypt and Canada has an alternate seat on AIIB’s board of directors.
Finance Minister and Egypt’s governor to AIIB Mohamed Maait noted that AIIB’s investment portfolio in Egypt stands at US$ 1.3 billion and that AIIB will also offer a guarantee regarding Egypt issuing green Panda bonds in Chinese Yuan with the value of US$ 500 million. This reflects Egypt’s keenness to diversify its sources, tools, and markets of finance.
Finance Minister and Egypt’s governor to AIIB Mohamed Maait concluded that the deadline for registration in AIIB’s upcoming annual meetings in Sharm El-Sheikh was extended to 15 September to allow all those wishing to participate to join the event and contribute to the lively debates of this international forum and in confirmation of the across-the-border development partnerships.