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  • Thursday, 30 May 2024

Minister of International Cooperation discusses with the Vice President of the Asian Infrastructure Investment Bank the completion of ongoing partnerships and expansion of available financing mechanisms for the private sector

Dr. Rania Al-Mashat, Minister of International Cooperation, met with Mr. Konstantin Limitovskiy, Vice President of the AIIB for Investment Operations, as part of her participation in the annual meetings of the African Development Bank held in the Kenyan capital, Nairobi.

The meetings witnessed discussions on various aspects of joint cooperation between the Arab Republic of Egypt and the Asian Infrastructure Investment Bank, including the Development Policy Financing Program and the follow-up on the implementation of ongoing partnerships. Mr. Limitovskiy emphasized the Asian Infrastructure Investment Bank's appreciation for its partnership with Egypt, which is one of the founding and main countries in cooperation with the bank, and the bank's keenness to support various aspects of cooperation.

The Minister of International Cooperation welcomed the Vice President of the Asian Infrastructure Investment Bank, emphasizing the government's keenness to strengthen development cooperation aspects as a founding member since the bank's establishment in 2016. Her Excellency affirmed that the successive global crises have proven the vital role that multilateral development banks can play in supporting development and assisting countries in overcoming challenges, especially in the case of the integration of these institutions with each other.

Dr. Al-Mashat emphasized that sustainable infrastructure is one of the important pillars for enhancing the ability of economies to absorb shocks, strengthen their resilience, and achieve resilient recovery. The Minister also highlighted the successful partnerships that have been implemented with the Asian Infrastructure Investment Bank over the past years, including the concessional financing made available to private sector companies contributing to the Benban Solar Power Plant worth $210 million, which benefited 11 companies, in addition to the credit line for financing small and medium-sized enterprises obtained by the National Bank of Egypt worth $150 million.

The meeting also witnessed the follow-up on the completion of the second phase financing project for the Sustainable Sanitation Services Program in rural areas, which the bank contributes to finance in partnership with the World Bank. The project aims to provide and improve sanitation services in several governorates.

In another context, the Minister of International Cooperation praised the financing opportunities provided by the Asian Infrastructure Investment Bank to private sector companies since 2016, stressing the importance of expanding through more financing mechanisms and tools that enhance private sector participation in development in line with the state's priorities at this time when it is seeking to expand the private sector’s participation in the economy.