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)

(anoop.menon@lseg.com)

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