Egypt will host the eighth annual meeting of the board of governors of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh on 25-26 September 2023, Finance Minister Mohamed Maait announced on Sunday. Maait, who is also Egypt's governor at the AIIB, said the bank's eighth annual meeting will be held for the first time in Africa. It aims to discuss the available opportunities for financing infrastructure in a way that contributes to achieving local, regional, and global sustainable development in myriad of critical sectors such as energy and water. The AIIB 8th meeting also aims to explore enhancing collaboration between the private sector and international development partners. During a virtual meeting with the AIIB board, the Egyptian finance minister said that his country is seeing developments that are making it more attractive for international development partners. Maait said that Egypt has succeeded in creating a stimulating environment for local and foreign investors, thanks to the robust infrastructure $400 billion it has built worth over the past seven years. "The reason behind establishing this infrastructure is to be able to absorb a huge volume of investments. Remarkable efforts are being exerted by the government to stimulate investment, enable the private sector to be a locomotive for job-rich economic growth, and achieve inclusive sustainable development goals (SDGs) in accordance with Egypt's Vision 2030," Maait added in a statement. He further said that Egypt looks forward to building a more substantial presence for the AIIB on the African continent and a connection point between Africa and Asia. The North African country also looks forward to greater support from the AIIB in its transition to smart and green infrastructure. "This support would... enable the Egyptian state to achieve its goals in the green transition and would be consistent with the continuous cooperation between the two parties," Maait noted, adding that the development cooperation portfolio between the AIIB and Egypt has exceeded $1 billion.
