Among the AIIB’s portfolio, it provided soft development financing worth $360 million, including $210 million in financing
Egypt and China met to discuss joint cooperation in light of the development of Egyptian-Chinese relations and strengthening joint efforts to advance sustainable development and stimulate concessional development financing.
This came on the sidelines of the 2023 Annual Meetings of the Asian Infrastructure Investment Bank (AIIB) held in Sharm El-Sheikh. Minister of International Cooperation Rania Al-Mashat met with Zhang Wencai, Vice President of the Export-Import Bank of China, in the presence of Ambassador Abu Bakr Mahmoud, Advisor to the Minister of International Cooperation for Asian Affairs, and Mohamed Abdel Gawad, Head of the Cooperation Sector with the United Nations, Multilateral International Financial Institutions, and officials from the Chinese side.
The two sides discussed various aspects of joint cooperation in accordance with the priorities of the Government of Egypt and the keenness to advance Egyptian-Chinese relations, including the development of joint cooperation efforts in financing the electric train (LRT) project, and future cooperation in the field of health and civil aviation.
Since Egypt joined the bank in 2016, the AIIB has contributed to financing a number of projects that come in light of the country’s strategic priority for the public and private sectors, with the portfolio recording about $1.3 billion, in various infrastructure sectors, in order to promote sustainable and comprehensive economic development.
Among the AIIB’s portfolio, it provided soft development financing worth $360 million, including $210 million in financing to 11 private sector companies that contributed to the implementation of the Benban Solar Energy Park in Aswan. This is one of the largest solar energy parks in the region and the world with capacities of up to 2000 megawatts.