The Minister of Trade and Industry, Tarek Kabil, has met with Yi Ian, the director-general of investment management operations at the Asia Infrastructure Investment Bank, in order to discuss the bank’s current projects in the Egyptian market and several projects and financing programs planned to be launched over the upcoming period in Egypt. The meeting was held in the presence of the chairperson of the Industrial Development Authority (IDA), Ahmed Abdel Razek.
The discussions between the parties at the meeting included the possibility of signing an agreement between the bank and the IDA in order to provide financing for infrastructure projects in the industrial areas in Egypt. The minister said that turning the IDA into an economic authority will enable it to negotiate directly with global financing authorities and obtaining loans to finance projects.
“The meeting included the bank’s current project in Egypt to produce electricity from renewable energy with a capital of $210m. It includes building 11 plants to generate solar energy with a 490 MW capacity.
For his part, the director-general of investment management operations at the Asia Infrastructure Investment Bank, said that his bank is currently seeking to implement more investment projects in the Egyptian market, which is considered one of the most important and promising markets in the Middle East. He noted that the project to increase electricity production in Egypt will increase the country’s ability to generate energy and reduce dependence on fuel to produce electricity.
He added that the bank includes 80 member countries, including Egypt and other Arab countries, where China has the largest share in the bank, followed by India, Russia, Germany, and South Korea.