BAKU, Azerbaijan, February 17. The Asian Infrastructure Investment Bank (AIIB) and the Kingdom of Saudi Arabia (KSA) have signed a joint declaration of intent to develop a strategic investment program, reinforcing their commitment to deepening cooperation, facilitating investment flows, and advancing sustainable development in the region, Trend reports with reference to the AIIB.
The agreement, signed at the Conference for Emerging Market Economies in Al-Ula, marks the beginning of a long-term collaboration between AIIB and Saudi Arabia, further strengthening AIIB’s presence in the Middle East and North Africa (MENA). The declaration was signed by Konstantin Limitovskiy, AIIB Chief Investment Officer, Public Sector (Region 2) & Global Project and Corporate Finance Clients, and Abdulmuhsen Alkhalaf, Saudi Vice Minister of Finance and AIIB Board Director.
Under this framework, both parties will mobilize financing for critical infrastructure projects, including power generation and transmission, sustainable transport, water supply, sanitation, urban development, and renewable energy with storage. The collaboration also paves the way for AIIB’s expanded nonsovereign-backed operations through public-private partnerships (PPPs) and supports the development of a multi-year rolling investment program.
To ensure alignment with evolving infrastructure priorities, each party will appoint a focal point to oversee engagement with key stakeholders and conduct semi-annual reviews of the investment pipeline.
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