President ElSisi's speech during the8th Annual Meeting of Asian Infrastructure Investment Bank

President Abdel Fattah ElSisi opens today the 8th annual meeting of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh and commented، during the dialogue session، saying that emerging states are in need of additional low-cost funding and that the Multilateral funding institutions are required to assist developing and fragile countries in light of current challenges facing the world amid global economic crisis caused by the outbreak of the corona virus، which was followed by the Russian-Ukrainian crisis.

Egypt’s appreciation for the Asian Infrastructure Investment  Bank’s support and financing of infrastructure projects

President Abdel Fattah ElSisi voiced Egypt’s appreciation for the Asian Infrastructure Investment  Bank’s support and financing of infrastructure projects، and his aspiration for more financing in the field of infrastructure as Egypt had a special experience in this context، where it had a large gap in which it tried to overcome over the past eight years through an ambitious investment plan in order to reach better prospects and encourage the private sector

President Abdel Fattah ElSisi indicated that the state’s undertaking of investments in infrastructure  aimed at shortening the time period to fill this gap which was filled by the participation of the Egyptian and foreign private investment، and without them that would have taken more time.

AIIB has grown for 8 years to 106 approved members

President Abdel Fattah ElSisi expressed that the Asian Infrastructure Investment Bank (AIIB) whose headquarters in Chaoyang District، began operations in Beijing، has succeeded for 8 years and has since grown to 106 approved members worldwide and capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. 

President Abdel Fattah ElSisi explained that the value of the financing provided by the bank during the past years amounts to more than about 44 billion dollars to about 35 countries to implement 232 projects، and that the Asian Bank had a role in financing infrastructure investment projects، calling for more low-cost financing، especially in light of the current circumstances in order to help countries with emerging economies.

Ensuring further fundings in the sphere of infrastructure

President Abdel Fattah ElSisi 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."

President ElSisi affirmed that Egypt has spent enormous amounts of money to implement an advanced infrastructure for the state، through which it advances to huge horizons of development in various fields، indicating that the government has provided the required investment financing for these projects، and has also spent trillions of dollars and pounds on infrastructure during the past eight years.

The state's keenness for the private sector to lead development

Mr. President stressed the state's keenness for the private sector to lead development in Egypt، as the government's keenness in this matter was translated through statements by the political leadership، in addition to a number of measures that came in the state ownership policy document، including canceling the exceptions that public sector companies enjoyed، taxes، etc.، with the aim of achieving fair treatment and equal opportunities for all

President El-Sisi noted that the Supreme Council for Investment launched more than 22 procedures and decisions، aiming to stimulate and encourage investment by the private sector in the country، as Egypt implemented a group of projects that had priority، ranging between 140 and 150 projects، and it was given incentives represented in exempting as well as a tax grant lasting between 5 and 10 years for companies willing to work with the government on these priority projects.

Importance of infrastructure projects

President El-Sisi confirmed، at the conclusion of his speech، that Egypt’s experience in infrastructure has proven that the implementation of projects is not only achieved through planning، but rather planning، implementation، and realizing the importance of these projects for the development of the African continent.

Jin Liqun President of the Asian Infrastructure Investment Bank (AIIB) announced that Egypt under President Abdel Fattah El Sisi witnessed a quantum leap in the infrastructure growth domain، said on Monday.

Jin Liqun pointed out، during the opening of the eighth Annual Meeting of the Board of Governors of AIIB in Sharm El Sheikh، to Egypt’s infrastructure since the construction of the Giza Pyramids to the Suez Canal which witnesses %12 of the world trade.

Jin Liqun hailed the projects carried out in NAC

He also hailed the projects carried out in the New Administrative Capital، NAC، stressing the importance of establishing projects bearing strong shocks similar to those that happened recently in Morocco and Libya and the strong partnerships with world economic institutions including the European Bank Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

Jin Liqun praised the President Sisi’s statements during the inauguration of climate change conference COP27 held last year in Sharm El Sheikh in which he said the coming generations must not bear the consequences of mistakes made by others.