International cooperation minister wraps up China visit

Egypt’s International Cooperation Minister Sahar Nasr left Beijing on Monday wrapping up a four-day visit to China.

Nasr represented Egypt at the opening meeting of launching the Asian Infrastructure Investment Bank (AIIB), attended by President Xi Jinping.

The minister also attended the first meeting of the bank's board of governors during her visit to China as part of directives by Egyptian President Abdel Fattah El Sisi on the need to build strong economic relations with world countries and institutions and open new vistas for cooperation with Asia.

Diversifying sources of funding is one of the ministry's main strategies, the minister told MENA, adding that representing Egypt at this timing is an important step to provide necessary support for several national mega projects.

The bank is expected to provide funding between dlrs 10 to 15 billion annually for various infrastructure projects over the coming five or six years in countries within its operations, including Egypt, she said.

The operations cover main sectors, namely energy, transport, urban and rural development and logistic services, she added.

The minister held several meetings with members of the bank's council including the governors of Germany, Brazil, Kuwait, the UAE, Jordan, India, Pakistan, Korea, Norway and Portugal.

The participants in the inaugural meeting approved the bank's regulations, rules and code of conduct. They formed also the bank's board of directors and installed Jane Lee Chun as first chairman of the bank.

Jane said the bank will apply the same principles adopted by international financial institutions, namely transparency, openness, accountability and independence.

Up to 57 member nations have contributed $100 billion to capital to the AIIB, making it nearly half the size of the World Bank as it begins operations.

AIIB, formally established on Dec. 25 last year, is set to begin operation following an inauguration ceremony on Saturday, showcasing the commitment of the world's second largest economy to making substantial contributions to renewed global economic governance.

In 2013, the Chinese president, first proposed the global multilateral financial institution, which has now developed into a 57-member body in just two years, with further enlargement highly anticipated.

On June 29, 2014, Egypt took part in the signing ceremony of an agreement on the establishment of the AIIB.

The Beijing-headquarted bank, with a capital of 100 billion dollars, groups six Arab members, namely Kuwait, Oman, Qatar, Saudi Arabia, Jordan and Egypt.

Source: MENA