CAIRO, Nov. 23 (Xinhua) -- The Asian Infrastructure Investment Bank (AIIB) approved 360 million U.S. dollars in financing for Egypt, according to a statement by Egypt's Minister of International Cooperation Rania al-Mashat on Tuesday.

"The AIIB's funds will help boost Egypt's recovery from the COVID-19 pandemic and promote economic and structural reform programs," al-Mashat added.

The minister added that funding the developmental policies aims at supporting the Egyptian economy and the second phase of structural reform via promoting financial sustainability, private sector participation, and empowering women in the economic projects.

She hailed the cooperation with the World Bank and the AIIB for advancing the state's development and recovery of COVID-19.

Egypt is a founding member of AIIB with a current portfolio of more than one billion U.S. dollars in investments and development financing for the private and the governmental sector, according to the statement. Enditem

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