AIIB chief and Egyptian leader hold talks on cooperation

Photo taken shows the stone monument in front of the headquarters building of the Asian Infrastructure Investment Bank (AIIB) in downtown Beijing, capital of China. The establishment of the bank is believed to replenish the current international financial order and create new energy for global governance in the 21st century. With more countries applied to join the bank, it has expanded its membership to 77. (Photo by Xinhua News Agency)

Egyptian President Abdel-Fattah al-Sisi met with President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun Monday to discuss cooperation and investment.

The meeting was held on the sidelines of the eighth annual meeting of the AIIB Board of Governors, which kicked off Monday in Egypt’s Red Sea resort city of Sharm El-Sheikh.

During the meeting, Sisi emphasized Egypt’s appreciation for the remarkable relations with the AIIB, given the important role it has played over the past years as a partner of Egypt in the development process, the Egyptian Presidency said in a statement.

Sisi said he looked forward to exploring more areas for cooperation with the AIIB, notably in the fields of transport, clean energy, and fostering the transition to a green economy.

For his part, the AIIB president extended gratitude for Egypt’s successful hosting of the meetings which are taking place in Africa for the first time, according to the statement.

Jin confirmed that the bank values its close cooperation with Egypt and its various financial institutions, lauding the Egyptian experience in achieving comprehensive economic and social development.

He also underscored the AIIB’s commitment to further advancing the investment portfolio in Egypt, particularly with regard to financing infrastructure projects in various vital sectors.

The AIIB’s investment portfolio in Egypt, a founding member of the multilateral institution, amounted to 1.3 billion U.S. dollars.

The AIIB began operations in Beijing in January 2016 and has since grown to 106 approved members worldwide. It is capitalized at 100 billion U.S. dollars, with a primary mission of financing infrastructure projects that prioritize sustainability.

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