Egypt to deepen joint efforts in budget support, structural reforms with AIIB

Updated 11/3/2024 3:34:00 AM

Arab Finance: Egypt is seeking to deepen collaboration on joint projects in economic development, budget support, and structural reforms with the Asian Infrastructure Investment Bank (AIIB), according to a statement by Ministry of Planning, Economic Development, and International Cooperation.

This was discussed during a meeting between planning minister Rania Al-Mashat and a delegation from the AIIB, led by Nat Pinnoi, Senior Economist of the Infrastructure Sector.

Al-Mashat emphasized the strong relationship between Egypt and AIIB, highlighting Egypt's role as a founding member since 2015 and the largest African contributor to the bank.

She confirmed Egypt’s commitment to sustainable infrastructure and inclusive economic growth in line with national goals.

The minister stressed the importance of multilateral cooperation to meet Egypt's sustainable development goals, focusing on environmental protection and green transition initiatives.

Moreover, she reiterated that Egypt’s partnership with AIIB aims to develop infrastructure that balances economic growth with environmental sustainability to support future generations.

The discussions also covered Egypt’s ongoing National Structural Reforms Program, which seeks to strengthen the economy through business-friendly reforms, financial stability, and improved investment efficiency.

Also, Al-Mashat affirmed Egypt's commitment to low-carbon development, renewable energy, and resource efficiency.

Since joining AIIB, Egypt has funded several major infrastructure projects totaling around $1.3 billion, furthering the country’s efforts toward sustainable and inclusive growth.