AIIB’s interest in implementing Egypt’s infrastructure projects will boost development

Egyptian Finance Minister Mohamed Maait said on Sunday that the Asian Infrastructure Investment Bank (AIIB) has shown “a great interest” in implementing several projects in Egypt.

In an exclusive interview with Xinhua, Maait said the AIIB is interested in investing in infrastructure projects and those that contribute to development, higher growth rates and more productivity.

Launched in 2014, the AIIB is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 87 member states from around the world, including Egypt.

The Egyptian minister said he met with AIIB President Jin Liqun on the sidelines of Africa Forum 2018 which kicked off on Saturday in Egypt’s Red Sea resort city of Sharm el-Sheikh.

The two-day forum touched on discussions on infrastructure, entrepreneurship, investment and women-related issues across the African continent.

Maait added that they also discussed new opportunities for cooperation between the two sides.

The minister pointed out that the AIIB president expressed during the meeting his great satisfaction with the large-scale projects and significant growth rates he has witnessed during his last month’s tour of Egypt.

A delegation from the AIIB’s Board of Directors paid a two-day visit to a number of Egyptian cities in November, where delegates expressed willingness to pump new money for investments in Egypt’s infrastructure sector. They held important talks with government officials and investment banks in Egypt for setting up joint ventures especially in the infrastructure and energy fields.

“We have talked about the general principles and we have confirmed the full support of the Ministry of Finance for any value-added projects for economic growth in Egypt and job creation,” Maait said.

The AIIB president, according to the minister, mentioned the opportunities for cooperation currently available in Egypt, especially in five sectors, namely the railways, the public transport bus network, expansion of subway lines, modernization of Egyptian ports and airports, and development of the new and renewable energy sector.

Maait also expressed the hope that Egypt would have the opportunity to issue Chinese Panda bond, a yuandenominated treasury bond issued in China by overseas companies.

The article is from the Xinhua News Agency. opinion@globaltimes.com.cn