Finance Minister Ahmed Kouchouk called for mobilizing more funding from the private sector to advance development efforts in developing countries, which in turn contributes to increasing their local production, boosting their exports, and enhancing their participation in international markets.
Kouchouk’s call came during his meeting on Thursday with the Asian Infrastructure Investment Bank’s (AIIB) board of governors in Uzbekistan, as he put forward Egypt’s vision for bolstering the bank’s strategy to serve member states.
The minister added Egypt hopes the AIIB will assist in resolving global financial crises, through working to find more sustainable and appropriate solutions to current challenges, so that emerging economies could be able to positively and flexibly deal with difficult repercussions.
He stressed the need to diversify financing instruments available to AIIB member states, including expanding the issuance of guarantees and providing funding in local currencies.
The finance minister stated cross-border economic challenges require AIIB member states to unite all efforts to establish cross-border partnerships that effectively contribute to achieving the bank’s goals and attaining comprehensive and sustainable “Afro-Asian” development.
