The Asian Infrastructure Investment Bank (AIIB) and the Saudi Fund for Development (SFD) signed a memorandum of understanding (MoU) to enhance cooperation to foster sustainable, resilient, and inclusive development in AIIB members in Asia and beyond, according to a press release.
This partnership, “rooted in a shared commitment to addressing global development challenges, aims to mobilize resources through joint project initiatives, knowledge sharing, capacity-building programs, and coordinated communication efforts”, said the press release.
AIIB President Jin Liqun and SFD Chief Executive Officer Sultan bin Abdulrahman Al-Marshad signed the agreement in Washington, D.C., on the sidelines of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).
Saudi Vice Minister of Finance and AIIB Board Director Abdulmuhsen bin Saad Alkhalaf attended the signing ceremony.
The Kingdom of Saudi Arabia recently contribution to AIIB’s Special Fund Window for Less Developed Member
s. The MoU represents a significant step forward in both organizations’ commitment to fostering greater development impact in underdeveloped regions.
“Partnerships lie at the heart of AIIB’s operations. The signing of this MoU marks a vital step forward in the continued engagement between AIIB and Saudi Arabia, reaffirming our mutual dedication to fostering sustainable development in our members,” said President Jin.
“Building on SFD’s support to our Special Funds Window and our joint effort to explore co-financing project opportunities, the collaboration with SFD will unlock new synergies and bolster our institutional capabilities, driving resilient and inclusive growth where it is most critically needed.”
SFD CEO Sultan Abdulrahman Al-Marshad said: “As a key player in global development, SFD is dedicated to supporting least developed countries and advancing sustainable growth. We strongly believe that partnerships are essential to fostering long-term, impactful development. Working closely with AIIB is a
natural fit, given our aligned mission of promoting sustainability and resilience. With the Kingdom of Saudi Arabia’s recent contributions to AIIB’s Special Fund Window, this MoU marks an important milestone in our joint efforts to expand collaboration and drive meaningful change in developing countries.”
Through this new partnership, AIIB and SFD aim to scale their efforts to provide long-term economic benefits to countries in Asia and beyond.
AIIB is a multilateral development bank whose mission is to finance infrastructure for tomorrow in Asia and beyond – infrastructure with sustainability at its core. It began operations in Beijing in 2016 and has since grown to 110 approved members from all over the world. It is capitalized at $100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital, investing in green, technology-enabled infrastructure, and promoting regional connectivity.
In 2024, SFD celebrated 50
years of global development impact, touching hundreds of millions of lives across 100 countries in Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe. As the official international development arm of the Kingdom of Saudi Arabia, SFD has financed and supported more than 800 projects with total funding of $20 billion. Since 2023, SFD has extended development loans to 11 new countries, all of which are Small Island Developing States (SIDS)
Source: Saudi Press Agency
