Egypt seeks to expand cooperation with AIIB in funding economic growth

Egypt seeks to expand its collaboration with the Asian Infrastructure Investment Bank (AIIB) in funding the development of Egypt's economy, the Egyptian finance minister said on Monday.

Mohamed Maait, also governor of Egypt at the AIIB, made the remarks during his meeting in the Egyptian capital Cairo with the visiting AIIB's vice president Ludger Schuknecht, according to a statement published by the Egyptian Ministry of Finance.

The AIIB's investment portfolio in Egypt has exceeded 1 billion U.S. dollars in several sectors since the beginning of their cooperation in 2016, Maait said, noting that Egypt is one of the founding members and the largest African shareholder in the bank.

Referring to the fruitful cooperation between the two sides, Maait reaffirmed that "Egypt has been promoting an incentive climate for luring domestic and foreign investments."

"We aspire that the AIIB will contribute to issuing Panda bonds in Chinese currency in Egypt in the coming period for establishing social and environmentally friendly projects," he said.