The convening of the AIIB's annual meetings in Sharm El Sheikh serves as a testament to Egypt's growing prominence on the global economic stage.
The convening of the AIIB's annual meetings in Sharm El Sheikh serves as a testament to Egypt's growing prominence on the global economic stage - File Photo
In a momentous gathering of global economic and political significance, prominent international figures, including ministers and central bank heads, alongside representatives from 160 local and international media outlets, have converged in the vibrant city of Sharm El Sheikh to partake in the annual meetings of the Asian Infrastructure Investment Bank (AIIB).
For the first time in Africa, under the patronage of President Abdel Fattah El-Sisi, Sharm El Sheikh is hosting the Eighth Annual Meeting of the Asian Infrastructure Investment Bank, with participation from 106 countries. This milestone marks the AIIB's inaugural assembly on the African continent.
The Asian Infrastructure Investment Bank (AIIB), founded in 2014 with a capital of $50 billion, finds its roots in China and has its headquarters in Beijing. With over 35 contributing countries, including Russia as a founding member, it has steadily grown in prominence. Notably absent from its membership roster is the United States, which has expressed concerns over potential competition with established international financial institutions such as the World Bank, the International Monetary Fund, and the Asian Development Bank.
The AIIB's inaugural annual meetings took place on June 25 and 26, 2016, in Beijing, China, setting the stage for its vital mission of financing infrastructure projects across Asia, the Pacific, and less developed regions.
Among its member nations, the AIIB boasts representation from diverse Asian countries, including China, Russia, Indonesia, and India, as well as Arab nations such as Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Jordan, and Egypt. Furthermore, countries beyond the region, including Canada and the United Kingdom, have joined the bank's quest for sustainable development.
Despite objections from Washington, several key allies of the United States, including Australia, the United Kingdom, Germany, Italy, the Philippines, and South Korea, have embraced AIIB membership. China has consistently emphasized that the Asian Infrastructure Investment Bank is intended to be a global institution, with no ulterior motives to bolster its influence.
The convening of the AIIB's annual meetings in Sharm El Sheikh serves as a testament to Egypt's growing prominence on the global economic stage. As the world closely watches this pivotal event, it underscores Egypt's commitment to fostering international cooperation and sustainable development.
