Thursday, April 16, 2015

Egypt joins China-based infrastructure bank, hopes for funds

YAHOO NEWS - APRIL 16, 2015 

Cairo (AFP) - Egypt has been approved as a founding member of the Beijing-backed Asian Infrastructure Investment Bank, opening the way for it to benefit from the bank's $50 billion in funds, the foreign ministry said Thursday.
Britain, Germany, France and Italy are also among the 57 founders of the AIIB, despite scepticism about it in Washington and Tokyo.
As a result of its acceptance, Cairo will also have access to its "vast funding opportunities to finance development and infrastructure projects," the ministry said.
It will also be able to participate in formulating the institution's regulations and policies, the ministry said.
President Abdel Fattah al-Sisi, who ousted his Islamist Mohamed Morsi in 2013, has vowed to revive Egypt's economy battered after years of political turmoil.