China-led AIIB bank lining up for more investment projects in Egypt

The Asian Infrastructure Investment Bank (AIIB) is currently seeking to establish more investment projects in Egypt, one of the most important investment markets in the Middle East and Africa, Vice President and Chief Investment Officer of AIIB D. J. Pandian said Thursday.

Pandian added during a meeting, organized by the Ministry of Industry and Trade, that the bank has 97 member countries, including Egypt, where China holds the largest stake in the bank, followed by India, Russia, Germany and South Korea.

The bank’s capital reaches $100 billion and the main headquarter is in Beijing, according to Pandian.

The meeting discussed the bank’s current projects in the Egyptian market and a number of projects and financing programs that the bank intends to implement in Egypt during the next phase.

The Trade Ministry said in a statement that the meeting reviewed the Egyptian government’s plan to expand the establishment of industrial complexes and the possibilities of the bank to provide financing mechanisms in the framework of the bank’s plan to implement more investment projects in the Egyptian market.

The statement clarified that Egypt is considered the first country outside Asia where AIIB finances projects, which underscores Egypt’s importance on the global investment map.

Source: Egypt Today