Wed, 06 Dec 2023

AIIB's annual meeting kicks off in Egypt

26 Sep 2023, 04:05 GMT+10

© Provided by Xinhua

SHARM EL-SHEIKH, Egypt, Sept. 25 (Xinhua) -- The eighth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) kicked off Monday in the Egyptian resort of Sharm El-Sheikh under the theme "Sustainable Growth in a Challenging World."

The opening ceremony was attended by Egyptian President Abdel-Fattah al-Sisi, AIIB President Jin Liqun, as well as finance ministers, bank chiefs, and participants from several financial institutions and the private sector.

Speaking at the opening ceremony, Sisi expressed Egypt's appreciation for the AIIB and its major role in financing infrastructure investment projects for emerging economies, including Egypt.

The 2023 annual meeting is the bank's first in-person gathering since 2019 and its first-ever annual meeting on the African continent.

© Provided by Xinhua

The two-day meeting will demonstrate AIIB's commitment to investment and action that drive growth toward a greener world as demonstrated by AIIB's mission of "Financing Infrastructure for Tomorrow."

For his part, Jin said that AIIB has been recognized as an integral component of the global financial architecture, and is working closely with sister institutions to strengthen the family bonds that bind all multilateral development banks (MDBs) together.

"We are actively contributing to MDB reform, including by implementing the G20 Capital Adequacy Framework (CAF) Review recommendations, while also establishing new initiatives with esteemed partners at breakneck pace," the AIIB president added.

© Provided by Xinhua

AIIB's recent joint announcement with the World Bank of a 1-billion- U.S. dollar guarantee over a selection of their sovereign portfolio is one such example of the bank's quick and collaborative effort to strengthen the performance of the MDB system, said Jin.

AIIB has achieved early completion of its 2023 funding program with the successful issuance of a 2 billion U.S. dollars 3-year Global bond, according to the AIIB president.

"With 4.8 billion U.S. dollars in orders, this bond recorded the largest order book for any bond issued by AIIB since its inception," he revealed.

Furthermore, AIIB issued Asia's first-ever Climate Adaptation Bond in May, marking a significant milestone in adaptation financing, Jin added.

Egyptian Finance Minister Mohamed Maait said the meeting came at a time when the world needs to deepen regional and international cooperation and cross-border communication through the private sector.

Maait, who is also the governor of Egypt at the AIIB, explained that his country is looking forward to deepening bilateral cooperation with AIIB in various sectors and increasing the participation of the private sector in green economy projects.

"We are keen to support multilateral development partnerships by taking advantage of this international event for this important development partner that has been able to reach all continents to become the second-largest multilateral bank in the world," the Egyptian minister said.

The AIIB began operations in Beijing in January 2016 and has since grown to 106 approved members worldwide. It is capitalized at 100 billion U.S. dollars, with a primary mission of financing infrastructure projects that prioritize sustainability.

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