Interview: Egyptian minister says AIIB plays crucial role in Africa's sustainable development

SHARM EL-SHEIKH, Egypt, Sept. 24 (Xinhua) -- Egyptian Finance Minister Mohamed Maait lauded on Sunday the "crucial role" played by the Asian Infrastructure Investment Bank (AIIB) in the sustainable development in Africa.

"Hosting the AIIB's annual conference in the Egyptian resort city of Sharm El-Sheikh is highly significant. It sends an important message that the bank is keen on investing in Africa and promoting better communication between Africa and Asia," Maait said in an exclusive interview with Xinhua.

Maait made these remarks in the run-up to the opening of the eighth annual meeting of the AIIB Board of Governors, which is scheduled to take place on Sept. 25 and 26.

The 2023 annual meeting, themed "Sustainable Growth in a Challenging World," is a landmark event for the AIIB, as it marks the bank's return to in-person gatherings since 2019 and its first-ever annual meeting on the African continent.

The minister said Egypt, as the host nation, will be "the voice of Africa" at the meeting, stressing Egypt's commitment to playing an active role in African issues.

"We hope that the AIIB will pay greater attention in the next stage to investments in infrastructure in areas related to climate change and the green economy in Africa," Maait said.

He emphasized the need for the AIIB to allocate more resources to invest in critical sectors such as transportation, communications, and energy to drive African development.

The bank has a track record in addressing climate change challenges, said the Egyptian minister, adding that Africa is particularly vulnerable to the effects of climate change.

"It is important that Africa will enjoy a large part of the AIIB's target to push up climate finance share to reach 50 percent by 2025," the minister said.

Highlighting Egypt's own experience, Maait revealed that the country has already reaped the benefits of the AIIB's investment portfolio, which currently stands at approximately 1.3 billion U.S. dollars. Additionally, the minister disclosed that investments in Egypt worth 1 billion dollars are currently under evaluation.

Maait pointed out the growing global influence of the AIIB achieved in just a few years, noting that the multilateral development bank now boasts 106 approved members worldwide, which the minister said reflects the AIIB's diverse and inclusive nature.

"The globality of the AIIB is derived from its noble goal to improve the infrastructure of countries, which helps improve all the peoples' economic and social rights and their standards of living," the Egyptian minister said.

The AIIB initiated its operations in Beijing in January 2016 with a primary mission of financing infrastructure projects that prioritize sustainability.