President El-Sisi: Emerging economies need more low-cost financing from international financial institutions

President Abdel Fattah El-Sisi said that emerging economies need more low-cost financing from international multilateral financial institutions, given the current economic conditions worldwide.

He made these remarks during his speech at the opening session of the annual meetings of Asian Infrastructure Investment Bank, which is being held today and for the next two days in the city of Sharm El Sheikh.

El-Sisi highlighted the significant role played by the Bank in supporting and financing member countries over the past eight years. The bank has rapidly become the second-largest multilateral international financing institution with a financing portfolio of up to $100 bn.He explained that the bank has provided more than $44 bn in financing over the past years to 35 countries for approximately 232 projects, which is commendable. However, supporting projects in member countries requires more low-cost financing, especially in light of the economic challenges the world has faced during the COVID-19 crisis and the repercussions of the Russia-Ukraine crisis.

Regarding Asian Infrastructure Investment Bank's cooperation with Egypt, the President stated that the bank's investment portfolio in Egypt has reached $1.3 bn, and the country looks forward to more investments in