Soft Launch
AIIB delegation winds up its visit to Egypt by inspecting solar energy project in Aswan, announces Finance Minister Dr. Maait 
   

·         We are looking forward to increase joint cooperation with AIBB in infrastructure and energy projects, says Dr. Maait

·         Suez Canal projects are hailed by AIIB delegation as a new vision adopted by the Egyptian government to transfer the area into a regional hub for world trade, says Vice Minister of Finance Mr. Ahmed Kouchouk.

 

 

The Asian Infrastructure Investment Bank (AIIB) delegation to Egypt is scheduled to end its visit on Thursday 22nd, November. Headed by AIIB president and consisting of AIIB executive board members, the delegation shall conclude its works by visiting the new solar energy project implemented in Banban area in Aswan and operating 11 solar energy stations for generating electricity. The US 210 million worth project is the first AIIB-funded project in Africa and outside Asia.

In his capacity as Egypt's governor in AIIB, Finance Minister Dr. Maait says that AIIB delegation held important meetings with the Egyptian government and investment banks running in Egypt, pointing out that they are looking forward for more cooperation with AIIB in financing the current major projects constructed by Egypt, especially in infrastructure and energy fields.                         

Scheduled to start last November 18th upon an invitation from the Egyptian government, the visit of AIIB delegation featured many events with the participation of the Ministry of Finance and AIIB officials. The visit aimed to discuss significant development projects currently being implemented in Egypt at the new Administrative Capital, such as water-lifting & electricity generating stations and the Chinese district.

Demonstrated also in meetings with AIIB delegation are the main results of the economic reform program, positive indicators achieved in the State budget, and increase witnessed in number of investment projects, says Dr. Maait, adding that international institutions praised success of the Egyptian reform programs, and S&P credit rating agency upgraded its economic outlook of the Egyptian economy from stable to positive.

Such visit is considered the first of its kind to one of the non-Asian countries, which indeed reflects Egypt's international and regional strong position, stresses Dr. Maait.

AIIB delegation focused in its meetings on means of enhancing joint cooperation with Egypt in the framework of cooperation plans pursued among the AIIB 87 member states, as well as on financing opportunities offered by AIIB to private sector institutions, the minister notes.

On his part, Vice Finance Minister Mr. Ahmed Kouchouk, in his capacity as executive board member at AIIB, says that AIIB visit aims to strengthen ties among member states from Asia and Africa, generally, and with Egypt, particularly. He adds that the Ministry has organized a tour for the AIIB delegation that included visiting the Suez Canal, the economic region in east Port-Said, the new fishery plantations, and the currently implemented tunnel underneath the Suez Canal as one of the 6 tunnels planned to be dug there to link Sinai Peninsula with the Nile Vally.

AIIB delegation has also held meetings with Vice Admiral Muhab Mamish, Chairman of the Suez Canal Authority, and Dr. Sahar Naser, Minister of Investment. They discussed the role of Suez Canal in linking the African and Asian continents, and major developments carried out in the region such as the digging of the new parallel canal and the resulting expansion in the navigation route.

Moreover, they demonstrated the project of the Suez Canal axis development, as well as the establishment of 6 ports in the region and new industrial and service areas. All such efforts and the new vision adopted by the Egyptian government to transfer Suez Canal to a regional hub for world trade are praised by the AIIB delegation.

In the same context, AIIB delegation met with Prime Minister Dr. Mustafa Madbouly, the economic group, heads and representatives of major international financing institutions, and public and investment banks. The meetings aimed  that AIIB delegation be informed with significant financial and economic policies adopted by Egypt, development projects planned to be implemented in the offing, as well as means of supporting joint cooperation between AIIB and Egypt.

Over the recent period, Egypt has held bilateral meetings with a number of Asian, European and African countries under the directions of the political leadership to discuss means of cooperation in vital and investment fields and to share experiences in the educational, health and energy related issues.