Interview: AIIB reliable global multilateral institution for developing countries, says Egyptian expert
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E-mail Xinhua, September 24, 2023
CAIRO, Sept. 24 (Xinhua) -- The Asian Infrastructure Investment Bank (AIIB) is a window of hope for developing countries that seek a sincere multilateral institution to finance their sustainable development projects, said an Egyptian expert in a recent interview with Xinhua.
"Developing countries, especially those in Africa, have finally found a reliable fair partner to help them establish green, sustainable development projects," Abu Bakr al-Deeb, an advisor to the Cairo-based Arab Center for Research and Studies, told Xinhua.
Since its establishment in Beijing in 2016, the AIIB has become a reliable global multilateral institution working in sustainable and high-tech infrastructure, said al-Deeb.
Al-Deeb made the remarks in the run-up to the opening of the eighth annual meeting of the AIIB Board of Governors in Egypt on Monday and Tuesday, the first time this flagship event of the bank is held in Africa.
"This meeting will help open up new prospects for the bank in Africa which is in bad need of mega infrastructure projects," the expert anticipated.
He noted that the projects would promote development and prosperity in the African continent, and lift the African peoples out of "poverty and hunger" towards "renaissance."
Meanwhile, al-Deeb said the AIIB has an investment portfolio estimated at 1.3 billion U.S. dollars in multiple projects in Egypt.
"Egypt has great confidence in the AIIB," he said, adding the country has an ambitious plan to increase the private sector's contribution to the national economy, and the AIIB will help Cairo achieve this goal.
The private sector has a great opportunity to deal with the AIIB through the bank's provision of advice, expertise, and financing for a number of important projects, he affirmed.
"The AIIB has allocated half of its investments to climate action, the green economy, and preserving the environment, which is a high priority to Egypt, that is why I believe that holding the bank's annual conference will be of great importance for Egypt and Africa," concluded the Egyptian expert.
The Beijing-headquartered AIIB has now expanded its membership to include 106 approved members globally and has developed a portfolio of 202 projects in 33 countries with a total value of 38.8 billion U.S. dollars. Enditem
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