AIIB and SFD forge strategic partnership to address global development challenges

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.

This partnership, based on a common commitment to addressing global development challenges, aims to mobilize resources through joint project initiatives, knowledge sharing, training programs and coordinated communication efforts.

AIIB Chairman Jin Liqun and SFD CEO Sultan Abdulrahman Al-Marshad signed the agreement in Washington DC, on the sidelines of the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group. The signing was witnessed by Saudi Deputy Finance Minister and AIIB Board Director Abdulmuhsen S. Alkhalaf.

Following the Kingdom of Saudi Arabia’s recent contribution to the AIIB’s Special Funding Window for Least Developed Members, this agreement represents an important step forward in the commitment of both organizations to foster greater development impact in underdeveloped regions.

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«Partnerships are at the core of AIIB operations. “The signing of this Memorandum of Understanding marks a fundamental step forward in the continued commitment between the AIIB and Saudi Arabia, reaffirming our mutual dedication to fostering sustainable development in our members,” said President Jin.

“Leveraging the SFD’s support for our Special Funds Window, and our joint effort to explore co-financing project opportunities, collaboration with the SFD will unlock new synergies and strengthen our institutional capabilities, driving resilient and inclusive growth where it is most critically needed.” ».

Sultan Abdulrahman Al-Marshad, CEO of SFD, stated: “As a key player in global development, SFD is dedicated to supporting least developed countries and promoting sustainable growth. We firmly believe that partnerships are essential to foster impactful long-term development. “Working closely with the AIIB is a natural fit given our common mission to promote sustainability and resilience.”

The signing of this Memorandum of Understanding represents a fundamental step forward in the continued commitment between the AIIB and Saudi Arabia

“With the Kingdom of Saudi Arabia’s recent contributions to the AIIB 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, both the AIIB and SFD aim to expand their efforts to provide long-term economic benefits to countries in Asia and beyond.