Under the patronage and presence of President Abdel Fattah El-Sisi, the activities of the eighth annual meetings of the Asian Infrastructure Investment Bank were launched on Monday 25 September, 2023, in Sharm El-Sheikh, which will be held during the period from 25 to 26 September 2023

Egypt’s President Abdel Fattah El Sisi witnessed, on Monday 25 September, 2023, the opening of the eighth Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB).

Prime Minister Mostafa Madbouli, Finance Minister Mohammed Maait and a galaxy of state officials are attending the two-day meetings, along with participants from 106 countries, partners, business leaders, civil society organizations and experts from a range of fields from all around the world.

This year’s annual meeting marks AIIB’s first in-person Annual Meeting since 2019, and the first one in Africa.

The theme of the Eighth Annual Meeting is “Sustainable Growth in a Challenging World,” which highlights AIIB’s continued commitment to supporting the key infrastructure demands of its members, and alludes to the climate-centered global agenda, and the compounding challenges faced by its members.

The logo of the 2023 AM draws inspiration from the iconic Giza Pyramids of Egypt, the letter A, and the number 8 in the Arabic numeral system. The eight pyramids together represent the eighth Annual Meeting of the Bank, while the negative space inside each pyramid symbolizes a road moving forward.

The 2023 AIIB Annual Meeting program provides a rich variety of engaging sessions that explore the latest trends and issues relevant to sustainable growth and infrastructure connectivity across Asia and beyond.

Activities

President Abdel Fattah El Sisi arrived, on Monday 25 September, 2023, at the venue of the annual meetings of the Asian Infrastructure Investment Bank (AIIB).
President El Sisi posed for a photo op with participants of the annual meetings of the Asian Infrastructure Investment Bank (AIIB)

Addressing the opening session of the annual meetings of AIIB, AIIB President Jin Liqun said Egypt witnessed a big leap in growth of infrastructure under President Sisi.

Egypt’s infrastructure has a special position in the world, citing the example of building the Pyramids and Suez Canal that allows the crossing of 12 per cent of the international trade.

He also praised Egypt’s achievements in establishing the New Administrative Capital, which he viewed as the best projects carried out by the State.

AIIB president also underlined the necessity of attaching special importance to infrastructure projects across the world in order to be able to absorb the natural catastrophes similar to what happened in Morocco and Libya.

Also, Vice-President and Corporate Secretary Ludger Schuknecht voiced happiness over President El Sisi’s participation in this year’s annual meeting of AIIB. He also extended thanks to the Egyptian government over hosting the bank’s meetings and voiced appreciation for the support of Egypt and its people.

Indonesian Finance Minister Sri Mulyani Indrawati said many developing countries, including the emerging ones, need a variety of fundamental resources to recover their economy in the wake of coronavirus pandemic.

She called on the developed countries, multilateral credit banks, including the AIIB, to fulfil their commitments to offer more incentives and privileges to member countries to face the impact of current economic crisis.

She also affirmed backing for the AIIB’s commitment to allocate a portion of budget to climate finance and support the countries willing to achieve its climate agendas to comply with the international agenda of reaching zero-carbon emissions.

For his part, Egypt’s Minister of Finance Mohamed Maait, said the eighth annual meetings of AIIB affirmed Egypt’s leading role at the regional and international arenas through holding a number of vital events.

He shed light on Egypt’s efforts to reinforce its international co-operation among the region’s states and across the continents.

Maait reiterated Cairo’s backing for the comprehensive and sustainable development axes that could bring about prosperity and wellbeing for all peoples of the world.

He said Egypt supports the different aspects of comprehensive and sustainable development that lead to the prosperity of world peoples.

He asserted that better seen in an African and Arab context, Egypt’s hosting of the meetings of the Asian Infrastructure Investment Bank affirms this approach chosen by the political leadership that understands the importance of communication and cooperation in light of grave challenges facing the world.

Maait pointed out that the AIIB annual meetings are held this year amid big global challenges, with repercussions of the coronavirus still lingering, noting that the last gathering of the bank was in 2019.

He said that such challenges have spilled over into all economic and social sectors and were followed by a massive inflationary wave that hit the world and affected its economies, especially those of emerging and developing countries.

Maait noted that this has greatly undermined the ability of those countries to counter an even bigger challenge, which is that of climate change.

He highlighted that the AIIB meetings are held at a time the world most needs international cross-border cooperation and communication.

He talked about preparatory meetings hosted by his Ministry with representatives of the Egyptian private sector and the AIIB to probe best ways to support co-operation between the two sides.

Maait also expressed his hope that Egypt will be able to benefit from AIIB's experience to widen the scope and size of its infrastructure projects.

Maait, who is also Egypt’s governor at the AIIB, described such projects as the heart of economic and social development.

He called on the private sector to take advantage of the financing opportunities offered by AIIB in several promising sectors and to form more partnerships. 

He pointed out that the AIIB has already dispersed $1.3 billion for infrastructure projects in Egypt, including $300 million for water management and $210 million to finance renewable energy, noting that in July, the bank also agreed to provide $280 million to fund the construction of a new metro line in Alexandria.

President Abdel Fattah El Sisi attended on a dialogue session on the role of development banks in pushing the capital of the Private Sector to invest in infrastructure and help in the development process and create more job opportunities.

The session was convened on the sidelines of the annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm El Sheikh.

Finance Minister Mohamed Maait, who is moderating the session, said that the large gap in financing infrastructure projects in most world countries, particularly developing states is bigger than any coverage by governments or multilateral development banks alone.

So, the capital of the Private Sector is very important to meet the financial needs to fund infrastructure projects worldwide, added Maait.

Shifting to assessing opportunities and challenges facing the Private Sector in different sectors and the role of multilateral development banks in attaining development, Hassan Allam Holding’s executive director Hassan Allam said that nearly 1.5 billion persons are living in Africa and the Middle East region, which, he added is asserting this part of the world allows for investment in infrastructure.

Allam was speaking at the dialogue session on the role of development banks in moving the capital of the Private Sector to invest in infrastructure on the sidelines of the annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm el-Sheikh, in presence of President Abdel Fattah El Sisi.

He added a key challenge at present is the creation of programmes in these partnerships with the Private Sector to activate them.

Allam asserted the Private Sector is pleased to do business and ready for participation and the banks are ready for making alliances with governments.

Former Philippine finance secretary Jose Isidro N. “Lito” Camacho said there is a big gap between finance and infrastructure, which, he added requires co-operation between the public and private sectors.

Camacho was speaking at a dialogue session on the role of development banks in moving the capital of the Private Sector to invest in infrastructure on the sidelines of the annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm el-Sheikh, in presence of President Abdel Fattah El Sisi.

There are two kinds of investors; strategic investors and financial investors such as banks and capital markets, he said.

He called on governments to encourage these public partnerships through the establishment of several programmes for different economies.

The former Philippine finance secretary said he believed that the Asian Infrastructure Investment Bank is helping in offering financing, adding the talks about investment are based on values of shares funds.

He encouraged the Bank and other banks to play more vital roles in supporting infrastructure projects as well.

Indonesian Finance Minister Sri Mulyani underscored the necessity of laying down the legislative and political frames to attract and facilitate investments of the Private Sector in infrastructure.

Countries know what to offer, but they do not know how to apply, she added.

Mulyani was speaking at a dialogue session on the role of development banks in moving the capital of the Private Sector to invest in infrastructure on the sidelines of the annual meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm el-Sheikh, in presence of President Abdel Fattah El Sisi.

She said the Private Sector has faced a number of risks including a gap between activities of the public sector and infrastructure and capabilities of the Private Sector to address these risks.

She asserted that it is necessary to offer a number of tools to bridge gaps.

President Abdel Fattah El Sisi commented, during the dialogue session, saying that emerging states are in need of additional low-cost funding amid global economic circumstances caused by the outbreak of the corona virus, which was followed by the Russian-Ukrainian crisis.

He added that the Multilateral funding institutions are required to assist developing and fragile countries in light of current challenges facing the world.

He voiced Egypt’s appreciation for the AIIB support and financing infrastructure projects.

The president said: “We are looking forward to ensuring further fundings in the sphere of infrastructure,” noting that Egypt throughout the past eight years, has achieved progress in this vital domain through adopting an ambitious investment plan and encouraging the private sector to join forces.