President El-Sisi inaugurates AIIB meeting, emphasizes Egypt's role in global development

President Abdel Fattah El-Sisi inaugurated the eighth annual meeting of the Asian Infrastructure Investment Bank (AIIB) today, marking a historic occasion as the event takes place in Africa for the first time.

Under the auspices of President El-Sisi, the city of Sharm El Sheikh plays host to the eighth annual meeting of the AIIB, bringing together 106 countries for a global gathering of influential economic figures, including finance ministers and central bank governors.

Their discussions revolve around strategies for achieving sustainable growth in a world beset by challenges stemming from the war in Europe and the ongoing COVID-19 pandemic.

The AIIB, founded in 2014 with a capital of $50 billion and headquartered in Beijing, China, has more than 35 contributing member countries. Notably, the United States is not among its members, as it fears competition with international financial institutions like the World Bank, International Monetary Fund, and the Asian Development Bank. Russia joined as a founding member on April 14, 2015.

The bank's primary objective is to fund infrastructure projects across the Asia-Pacific region and less developed areas.

Its membership includes various Asian countries such as China, Russia, Indonesia, and India, in addition to Arab nations like Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Jordan, and Egypt. Furthermore, countries outside the region, such as Canada and the United Kingdom, are also members.

Despite opposition from Washington, several major allies of the United States, including Australia, the United Kingdom, Germany, Italy, the Philippines, and South Korea, have joined the AIIB. China insists that the AIIB will be a global institution and not merely a tool to expand its influence.

Egypt's hosting of this globally significant event sends a clear message to the world. It underscores Egypt's commitment to infrastructure investment and the mobilization of financial resources to empower the private sector.

This initiative aims to provide more accessible financing opportunities for the private sector to play a pivotal role in economic recovery, fostering international and regional development partnerships.

These partnerships transcend borders and create opportunities for collaborative development, emphasizing the importance of international development partners in financing the development goals of developing and African countries, especially in light of the increasing funding gaps resulting from higher global financing costs.