A Multilateral Cooperation Center for Development Finance (MCDF) delegation led by Chief Executive Officer (CEO) Zhongjing Wang and Egyptian Minister of Finance and Asia Infrastructure Investment Bank (AIIB) Governor, Dr. Mohamed Maait, met in the New Administrative Capital of Egypt on 20 September 2023. It set the stage for a week of high-level outreach and consultations to promote cross-border connectivity in developing countries in the New Administrative Capital and on the sidelines of the AIIB Annual Meeting in Sharm El-Sheikh.

Minister Maait welcomed the MCDF delegation and commended MCDF’s achievements over the past three years. He underscored the importance Egypt attaches to connectivity infrastructure due to Egypt’s role as a regional hub linking Africa, Europe, and the Middle East and introduced the rapid development of Egypt’s national infrastructure as well as the New Administrative Capital. Minister Maait expressed strong support for MCDF’s promotion of green finance, environmental and social safeguards, and rural logistics and encouraged MCDF to further expand its operations in Africa.

CEO Wang shared his deep appreciation to Minister Maait for Egypt’s continued support of MCDF. He provided a briefing on MCDF’s activities in Egypt and noted that MCDF is keen to support Egypt and other African countries’ development agenda by helping them adopt international standards and build high-quality connectivity infrastructure.

Together, they discussed collaboration to promote Egyptian and pan-African connectivity via infrastructure investment projects in the region and beyond as well as the adoption of International Financial Institution (IFI) standards critical for ensuring such projects are high-quality and sustainable. Related challenges and solutions will be the focus of this week’s engagement with partners.

On 21 September in the Administrative Capital, MCDF’s Governing Committee will hold its regular meeting, during which members will consider new project proposals seeking grant support from the MCDF Finance Facility to boost high-quality and sustainable cross-border connectivity infrastructure development. The MCDF Coordination Committee will also hold its 21st meeting that day, including a roundtable discussion on large cross-border infrastructure project lessons and challenges.

On 26 September, MCDF, the Egyptian Ministry of Finance, and AIIB, will cohost an official seminar for onsite delegates and participants of the AIIB Annual Meeting in Sharm El-Sheikh as well as interested participants online (click to receive live stream link), to examine trends and priorities for achieving high-quality and sustainable cross-border connectivity infrastructure. It will also spotlight innovations and experiences among large financiers and developing countries on mobilizing finance for associated projects.

Featuring Minister Maait, high-level officials from emerging markets, developing countries, and IFIs, the seminar will consider cross-border infrastructure’s role in lifting economies and the Sustainable Development Goals (SDGs)—to take place on the heels of the United Nations SDG Summit in New York. The seminar will also explore digitalization’s impacts on cross-border infrastructure and trade, financing gaps, and how greater multilateral cooperation can address these issues.

Parallel discussions between MCDF and partners on the margins of the meetings in the New Administrative Capital and Sharm El-Sheikh will further explore cross-border connectivity infrastructure investment cooperation imperatives and possible next steps.