RIYADH: Egyptian President Abdel Fattah El-Sisi welcomed delegates as he launched the annual meeting of the board of governors of the Asian Infrastructure Investment Bank from Sept. 25 to 26, to Sharm El-Sheikh. The event was held in the city’s International Congress Center, where El-Sisi spoke of his interest in strengthening bilateral and continental development partnerships. In his speech, the Egyptian president welcomed the participants and stated: “We are happy to host, and we have also prepared Sharm El-Sheikh in a way that suits this conference.” The meeting, which marks AIIB’s first in-person annual meeting since 2019, provides a distinctive opportunity to highlight the bank’s achievements and solicit insights and guidance from its shareholders regarding the institution’s strategic direction and initiatives. Furthermore, the event’s overarching theme, “Sustainable Growth in a Challenging World,” is suitable for encouraging discussions among delegates from AIIB member countries. It also promotes engagement with partners, prominent business leaders, civil society organizations, and experts from various fields globally. High-ranking official representatives from AIIB member nations, the bank’s development partners, influential business figures and civil society organizations as well as scholars, and experts across diverse domains will also be in attendance. Notable speakers at the event include Jin Liqun, chairman of the board of directors and president of AIIB, as well as Mohamed Maait, Egypt’s minister of finance. Furthermore, the lineup features Laziz Kudratov, Uzbekistan’s minister of investment, industry, and trade; Sri Mulyani Indrawati, Indonesia’s minister of finance; and Benjamin Diokno, finance secretary of the Philippines. The event will also host other prominent speakers, including Abdulhameed Al-Muhaidib, chief financial officer at ACWA Power; Tiofilusi Tiueti, minister of finance from Tonga; Prakash Sharan Mahat, minister of finance from Nepal; and Yasmine Fouad, Egypt’s minister of environment. Maait, who also serves as his country’s governor at AIIB, emphasized Egypt’s commitment to fostering partnerships for sustainable development on a global scale. He explained that the collaboration with the international multilateral bank aims to foster cross-border development partnerships, particularly driven by the private sector. Their objective is to enhance bilateral development cooperation in the near future, with the aim of surpassing Egypt’s current investment portfolio of $1.3 billion. The minister added that in a challenging world where access to international markets has become increasingly difficult and costly, multilateral development cooperation holds the key to economic recovery. “Therefore, financing gaps have increased, and the development process requires substantial funding. Emerging economies are grappling with the hefty expenses of meeting the basic needs for energy and food for their citizens in developing countries,” Maait emphasized. He further said that innovative financing solutions are a “lifeline” for developing countries from internal and external shocks in light of the urgent need to adapt and combat climate change.