China-headquartered Asian Infrastructure Investment Bank (AIIB) has provided $1.3 billion in financing to date for various projects and initiatives in Egypt since 2016, the year the Arab country became a member of the multilateral development bank, according to an official statement.
Egypt’s Ministry of International Cooperation said the AIIB provided soft development financing worth $360 million to the private sector, including $210 million to 11 private sector companies implementing solar power projects within the 2-gigawatt Benban Solar Energy Park in Aswan, and $150 million in credit lines to banks to re-lend to small and medium enterprises.
In the government sector, the AIIB provided soft development financing worth $300 million to the water sector in line with SDG 6: Clean Water and Sanitation; concessional development financing worth €250 million ($266 million) for the Abu Qir Metro in Alexandria and development policy financing worth $360 million.
(Writing by Eman Hamed; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.