Egypt contributes $850 million to China-led AIIB bank

Egypt will contribute US$850 million to China-led Asian Infrastructure Investment Bank (AIIB), Egyptian Minister of International Cooperation Sahar Nasr announced Thursday.

Egyptian government has agreed with China authorities to pay part of the AIIB’s capital in Egypt’s currency, Nasr added.

The contributions will be made over 10 years, she said.

Moreover, Nasr said Egypt would be an AIIB active member after sending the first tranche of its contribution to the bank’s capital.

Earlier, Nasr discussed, on the sidelines of the AIIB inauguration ceremony, with the bank’s chairman Jin Liqun the future of cooperation between the Bank and Egypt and tackled the priorities of the government’s economic and social programme for the current period.

AIIB 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 capital of the bank is $100 billion, equivalent to 2⁄3 of the capital of the Asian Development Bank and about half that of the World Bank.

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