Minister of Finance and Governor of Egypt to the Asian Infrastructure Investment Bank (AIIB), Mohamed Maait, has underscored Egypt’s pivotal role as the voice of Africa at the upcoming eighth annual meetings of the AIIB.
These meetings, a historic event as they will be convened in Africa for the first time, are scheduled for September 25 and 26 in the picturesque city of Sharm El-Sheikh. Egypt’s involvement comes as AIIB commits to dedicating 50% of its investments to climate action by 2025, fostering green transformation initiatives on a substantial scale in Egypt and across the African continent.
Minister Maait made these statements during a meeting held in Egypt in preparation for the forthcoming event in Sharm El-Sheikh.
He emphasized the AIIB’s vital role in providing concessional and low-cost financing for a spectrum of projects, ranging from renewable energy initiatives to low-carbon transport systems, water and sanitation improvements, pollution control measures, and enhanced ecosystem services.
These endeavors are strategically aligned with the goal of bolstering Africa’s fiscal capacity for green projects while advancing continental economic and developmental targets, aligning with the vision of “Africa 2063.” This vision places particular emphasis on addressing the environmental, economic, and social consequences of climate change.
Minister Maait underscored the importance of tackling contemporary economic challenges and addressing the developmental needs of African nations.
He highlighted the necessity of substantial financing to attract investments, particularly in the realm of infrastructure, in a manner that supports Africa’s development trajectory.
This approach is expected to unlock significant opportunities for the AIIB and foster multilateral and cross-border development activities across the continent.
He further elaborated on the impetus for this strategic shift, citing global crises, mounting pressures on the budgets of developing countries, surging food and fuel prices, escalating financing costs, high interest rates, and persistent uncertainty in international markets as key drivers.
As a founding member of the AIIB, Egypt aspires to play a pivotal role in bolstering the Africa-Asia partnership, working toward the realization of sustainable development goals, and enhancing the quality of services for citizens across African nations.
Consequently, the eighth annual AIIB meeting in Sharm El-Sheikh is poised to mark a momentous leap forward for the Bank’s promising projects, not only within Egypt but also throughout various African countries.
This will signify the launch of a new phase of transcontinental cooperation, marked by increased infrastructure investments, in accordance with the Minister’s vision.
Ahmed Kouchouk, Deputy Minister of Finance for Fiscal Policies and Director at the AIIB, also emphasized the imperative for intensified efforts from international development partners to fortify the global financial system, rendering it more resilient to future health, economic, and environmental shocks.
He called for enhanced cooperation and collaboration to address financing gaps arising from successive global crises in emerging economies.
Kouchouk further emphasized the need to draft a more robust strategy for development cooperation between Egypt and AIIB, focusing on critical areas of joint action in alignment with the State’s vision.
This includes efforts to bolster the private sector’s role as an engine of growth in the development process and economic activity. Such endeavors are integral to supporting Egypt’s development and its partnership with AIIB.