AIIB to provide additional $1bn financing for Egypt’s private sector: minister

Egyptian Finance Minister Mohamed Maait said on Tuesday that the Asian Infrastructure Investment Bank (AIIB) will provide an additional finance of $1 billion to stimulate Egypt’s private sector activities.

Banque Misr, Egypt’s second biggest state lender, will receive a part of the financing, while the rest will go for Alexandria Metro Project, the minister further told Bloomberg Asharq.

The government will provide up to 35 billion Egyptian pounds to speed up the implementation of the project, in addition to 1.6 billion euros financing through external loans for the project, according to previous statements from officials.

During its eighth annual meeting in Sharm El Sheikh, the Asian Infrastructure Investment Bank (AIIB) is aiming to bring more partners on board to finance climate action in all 106 member countries of the AIIB, including Egypt.