El-Sisi also stressed highlighting the efforts done by the state over the past 8 years to bridge its infrastructure gap.
President Abdel Fattah El Sisi on Monday said that emerging countries are in need of additional low-cost funding amid global economic circumstances caused by the COVID-19 and the Russian-Ukrainian crisis.
The president gave his remarks at the “Role of Development Banks in Mobilizing Private Capitals to Invest in Infrastructure” panel discussion which took place on of the sidelines of the Annual Meetings of the Asian Infrastructure Investment Bank (AIIB) in Sharm el Sheikh.
“We as a state have worked over the past 8 years with all our efforts to bridge this major gap and have a basic infrastructure in all fields as the gap was not in just one sector but it was across sectors such as energy, transportation,” El-Sisi also stressed highlighting the efforts done by the state over the past 8 years to bridge its infrastructure gap.
El-Sisi said that Egypt is pleased to have the opportunity to host this conference after a hiatus of almost 3 years. He welcomed bank governors, finance ministers and all the attendees of the AIIB meetings in its first in-person gathering of the bank since 3 years.
“I want reiterate our appreciation for AIIB and the role it achieved in the past years and the levels they have reached in an unprecedented time, it became the second National Development Bank with the ability to have the financial portfolio of $1 billion with a Fitch Rating of AAA with a stable vision and provided more than $44 billion for over 200 projects,” El Sisi stated.
The AIIB annual meeting will take place today, 25 September until 26 September and marks AIIB’s first meeting in Africa.