CAIRO, Nov 24 (NNN-MENA) – The Asian Infrastructure Investment Bank (AIIB), approved 360 million U.S. dollars in financing for Egypt, according to a statement by Egypt’s Minister of International Cooperation, Rania al-Mashat, yesterday.

“The AIIB’s funds will help boost Egypt’s recovery from the COVID-19 pandemic, and promote economic and structural reform programmes,” al-Mashat added.

The minister added that, funding the developmental policies, aims at supporting the Egyptian economy and the second phase of structural reform, via promoting financial sustainability, private sector participation, and empowering women in economic projects.

She hailed the cooperation with the World Bank and the AIIB for advancing the state’s development and recovery of COVID-19.

Egypt is a founding member of AIIB, with a current portfolio of more than one billion U.S. dollars in investments and development financing, for the private and the governmental sectors, according to the statement.

Source: NAM NEWS NETWORK