Pic from official website of Egyptian Presidency.
Cairo: Egypt is aiming to diversify its development portfolio with the Asian Infrastructure Investment Bank (AIIB). In a presidency statement released Sunday, President Abdel Fattah El-Sisi highlighted energy, transport, ports, and logistics as top priority areas for expanded infrastructure financing.
Sisi made the remarks during a meeting with AIIB President Zou Jiayi, who also chairs the bank's Board of Directors, the statement said.
The Egyptian president expressed appreciation for the ongoing cooperation with the AIIB, which dates back to Egypt's participation as a non-regional founding member.
He highlighted the bank's key role in supporting Egypt's development efforts by providing financing and technical assistance for various projects in partnership with state entities, as well as the private and banking sectors.
Sisi emphasized aligning future cooperation with national priorities and plans and leveraging Egypt's competitive economic advantages, according to the statement.
For her part, Zou expressed appreciation for Egypt's role as a founding member and emphasized that the bank views Egypt as a geographic and developmental link between Asia and Africa.
She noted the bank's robust portfolio in Egypt, citing key projects such as the Benban Solar Park, the Alexandria-Abu Qir Metro Line and the Damietta Port container terminal.
Zou also voiced the bank's support for the Egyptian government's policies to enhance economic resilience and sustainable recovery.
The AIIB president added that her visit was part of the bank's commitment to consulting with Sisi and the Egyptian government on the priorities in the coming period.
During the meeting, Sisi reviewed Egypt's efforts within the framework of comprehensive and sustainable economic development plans, including major projects in recent years to upgrade infrastructure, enhance transport, energy and telecommunications networks, and increase reliance on renewable energy sources.
He also highlighted efforts to improve the investment climate, boost Egypt's economic competitiveness and resilience amid regional and international challenges, expand the private sector's role and attract foreign investment.
The two sides also exchanged views on international and regional economic developments and the impact of geopolitical tensions on development trajectories and investment and finance flows.
