According to bank documents, the objective is to enhance the growth in investments into infrastructure in Egypt.
The transaction is an on-lending facility to the National Bank of Egypt (NBE). AIIB will provide NBE with a loan of USD150 million for on-lending to sub-projects in the infrastructure sector. NBE is wholly owned by the Ministry of Finance of Egypt and is the largest commercial bank in Egypt by asset size, gross loans and deposits. Depending on the pipeline, the financing has the potential to support AIIB's Energy Sector Strategy, Transport Sector Strategy, and Sustainable Cities Strategy. The funding also supports the Government of Egypt's initiatives to increase investments into infrastructure in the country.
PROJECT TEAM LEADER
National Bank of Egypt
Head, Financial Institution
ACCOUNTABILITY MECHANISM OF AIIB
The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides “an opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIB’s failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.” Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.
The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html.