Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, discussed with Ludger Schuknecht, Vice President and Secretary General of the Asian Infrastructure Investment Bank (AIIB), ways to enhance joint cooperation during the Global Gateway Forum organized by the European Union in Brussels, Belgium, with high-level participation from government leaders, representatives of international financial institutions, and development partners from around the world.

During the meeting, Dr. Rania Al-Mashat pointed out that the current portfolio of the Asian Infrastructure Investment Bank with Egypt amounts to $1.3 billion across several sectors including water management, energy efficiency, transportation, renewable energy, and small and medium enterprises. She highlighted the launch of the national platform for the “Nawafi” program during COP27, which works to mobilize funding, provide technical support, and attract private investments in water, food, and energy projects.

She also highlighted the ministry’s launch of the “National Narrative for Economic Development: Policies Supporting Growth and Employment,” aiming to shift towards a new economic model focusing more on the most productive sectors with better access to export markets, benefiting from advanced infrastructure that supports manufacturing and investment, and redefining the state’s role in the economy to enhance Egypt’s competitiveness and stimulate private sector participation.

She confirmed that the coming period will see full reliance on the private sector as the main driver of economic growth and job creation, noting that all reforms and legislations approved in recent years have prepared the investment climate and paved the way for greater and more effective private sector participation in various economic fields. She also emphasized the Egyptian government’s keenness to expand public-private partnership horizons.

The two sides discussed the status of ongoing projects under cooperation between Egypt and the bank, including the project to convert the Abu Qir railway line into an electric metro.

The meeting also covered the second phase of the Sustainable Rural Sanitation Services program, in cooperation between the World Bank and the Asian Infrastructure Investment Bank, aiming to improve sanitation services in rural areas and enhance living standards.