Egypt, China-led AIIB discuss cooperation strategy

Egypt’s International Cooperation Minister Sahar Nasr is visiting China in a four-day visit to take part in the inauguration ceremony of the Asian Infrastructure Investment Bank (AIIB) Saturday.

Chinese President Xi Jinping will address the inauguration ceremony, which is being held in Beijing Saturday.

Nasr has held a meeting with Jin Liqun, AIIB chairman, discussing the future of cooperation between the Bank and Egypt as one of the first founding members of the Bank, in addition to tackling the priorities of the government’s economic and social programme for the current period.

The Egyptian minister offered AIIB chairman opportunities to take part in financing mega infrastructure projects in Egypt.

Meanwhile, Liqun said AIIB is keen to support Egypt and cooperate in financing developmental projects there after finalising procedures to ratify the North African country’s request to join the Bank as a member state.

The bank was formally established at the end of 2015 with 57 countries agreeing to be members, 19 of which are Asian, according to the bank’s website.

The AIIB’s mandate will be to fund projects both inside and outside of Asia.