Egypt is getting ready to host the eighth annual meeting of the Asian Infrastructure Investment Bank (AIIB) in Sharm El-Sheikh on 25-26 September. The Prime Minister instructed that the event be organized similarly to the climate summit that was held in Sharm El-Sheikh last year. He noted that the Egyptian state has mobilized all its resources to make AIIB’s upcoming annual meetings in Sharm El-Sheikh a big success. He indicated that Egypt’s subscription to AIIB’s capital stands at $650m, making it the largest subscriber in Africa. The Minister of Finance also pointed out that AIIB’s investment portfolio in Egypt stands at $1.3bn, and that AIIB will also offer a guarantee for Egypt issuing green Panda bonds in Chinese Yuan worth $500m.

Source: Daily News Egypt September 14, 2023 02:31 UTC