President El Sisi met the President of the Asian Infrastructure Investment Bank

Cairo – Eco – Fady Labib : Today, President Abdel Fattah El Sisi met with the President of the Asian Infrastructure Investment Bank (AIIB), Mr. Jin Liqun ...

The President confirmed Egypt's appreciation for cooperation with the AIIB to invest in the infrastructure. He noted the Bank's approval of Egypt as the first non-regional operation country and welcomed its participation in the Africa Forum 2018, which is part of its efforts to support various development sectors in Africa.

President El Sisi expressed that Egypt aspires to explore further prospects for cooperation with the Asian Infrastructure Investment Bank, in the light of the comprehensive and sustainable development process it is undergoing at the economic and social levels, especially in areas of financing new and renewable energy projects, infrastructure and transportation. He valued the Bank's confidence in financing programs and projects that support this trend in Egypt and maximizing the role of the private sector in this regard, such as the Benban Solar Power Plant project in Aswan, in cooperation with the International Finance Corporation (IFC).

Mr. Jin Liqun expressed that the Bank values its close cooperation with Egypt and its various financial institutions. He praised Egypt's success in carrying out its ambitious economic reform program, which has contributed to the recovery of the Egyptian economy and higher growth rates, in addition to maximizing foreign direct investment. This is considered an example to be followed by other African countries to benefit from Egypt's experience in this regard.

The meeting also touched on ways to enhance cooperation with the AIIB during Egypt's chairmanship of the African Union in 2019, in the framework of efforts to strengthen economic, political and development cooperation at the level of the continent, particularly by supporting regional integration initiatives among African countries in the areas that realise sustainable development. Mr. Jin Liqun affirmed that the Bank is determined to expand its activities in Egypt and Africa and to work with officials to study, finance and implement a new set of development projects in partnership with international financial institutions.