H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Mr. Ludger Schuknecht, Vice President and Corporate Secretary of the Asian Infrastructure Investment Bank (AIIB), to discuss ways to strengthen bilateral cooperation. The meeting took place during the Global Gateway Forum, organized by the European Union in the Belgian capital, Brussels, with high-level participation from heads of government, representatives of international financial institutions, and development partners from around the world.
During the meeting, Dr. Rania Al-Mashat pointed out that the AIIB’s current portfolio in Egypt has reached $1.3 billion across several sectors, including water management, energy efficiency, transportation, renewable energy, and small and medium-sized enterprises. She mentioned the launch of the country platform for the "NWFE" program during COP27, which aims to mobilize financing, provide technical support, and attract private investment in water, food, and energy projects.
Dr. Al-Mashat also highlighted the launch of the Ministry’s initiative: “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience” which aims to shift toward a new economic model focused more on high-productivity sectors with greater export market access. This model builds on the country's developed infrastructure as a foundation for manufacturing and investment and redefines the role of the state in the economy to enhance Egypt’s competitiveness and stimulate private sector participation.
Minister Al-Mashat emphasized that the coming phase will see full reliance on the private sector as the main driver of economic growth and job creation. She noted that all reforms and legislations enacted in recent years have been aimed at improving the investment climate and paving the way for greater and more effective private sector participation across economic fields. She also stressed the Egyptian government's commitment to expanding public-private partnership horizons.
During the meeting, both sides discussed the status of ongoing projects under cooperation between Egypt and the AIIB, including the project to convert the Abu Qir railway line into an electric metro.
They also reviewed the second phase of the Sustainable Rural Sanitation Services Program, a joint effort between the World Bank and the AIIB, which aims to improve sanitation services in rural areas and enhance living standards.