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Egypt to host AIIB Annual Meeting for 1st time in Africa

Egypt to host AIIB Annual Meeting for 1st time in Africa
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Cairo – Mubasher: The eighth edition of Asian Infrastructure Investment Bank’s (AIIB) annual meeting will be held in Africa for the first time as Egypt will host the two-day event on 25 September 2023 under the theme Sustainable Growth in a Challenging World, according to an official statement.

The flags of 106 countries will be waving in Sharm El-Sheikh resort city to reflect a new economic reality based on intercontinental connectivity, while economically influential figures as well as representatives of 160 media outlets are attending.

The annual meeting is sponsored by Egypt’s President Abdel Fattah El-Sisi amid international attention towards the country’s economic, political, and development.

Egyptian Minister of Finance, Mohamed Maait, stated that the country is opening up to the world for sustainable development partnerships.

Maait noted that AIIB's investments in Egypt hit $1.30 billion, adding that the Arab republic intends to endorse bilateral cooperation in the coming stage.

The minister called for the private sector in Egypt to utilise AIIB’s finance opportunities while highlighting that infrastructure projects are considered the nerve of the economic, social, and development life.

It is worth noting that 2023 annual meeting signals AIIB's first in-person Annual Meeting since 2019.

AIIB is a multilateral development bank that began operations in Beijing in January 2016. It is currently capitalised at $100 billion and Triple-A-rated by major international credit rating agencies.