Sisi Urges Directing Low-Cost Funding for Emerging StatesSource: www.export-egypt.com 9/25/2023, Location: Africa |
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President Abdel Fattah El Sisi on Monday said that emerging states are in need of additional low-cost funding amid global economic circumstances caused by the outbreak of the coronoavirus, which was followed by the Russian-Ukrainian crisis.
The president was speaking at a dialogue session themed “Role of Development Banks in Mobilizing Private Capitals to Invest in Infrastructure”, which took place on of the sidelines of the Annual Meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm el Sheikh. The Multilateral funding institutions are required to assist developing and fragile countries in light of current challenges facing the world, president Sisi said. He voiced Egypt’s appreciation for the AIIB support and financing infrastructure projects. “We are looking forward to ensuring further fundings in the sphere of infrastructure,” The president said, noting that Egypt throughout the past eight years, has achieved progress in this vital domain through adopting an ambitious investment plan and encouraging the private sector to join forces. President Sisi hailed the major role of the AIIB throughout the past eight years in financing infrastructure investment projects in countries with emerging economies. The AIIB is the world's second largest multilateral bank with a funding capacity up to 100 billion dollars, the president said, noting that the Fitch rating of the bank is "AAA" with a stable outlook. The amount of financing provided by the bank throughout the past years stands at 44 billion dollars directed to 35 countries to carry out 232 projects, the president said. President Sisi, meanwhile, welcomed bank governors, finance ministers and all the attendees of the AIIB meetings in Sharm el Sheik, the first in-person gathering of the bank since three years. |
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