WASHINGTON, Oct. 28, 2024 /PRNewswire/ -- 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 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.

AIIB President Jin Liqun and SFD Chief Executive Officer Sultan Abdulrahman Al-Marshad signed the agreement in Washington D.C., on the sidelines of the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group. The signing was witnessed by the Saudi Vice Minister of Finance and AIIB Board Director Abdulmuhsen S. Alkhalaf.

Following the Kingdom of Saudi Arabia's recent contribution to AIIB's Special Fund Window for Less Developed Members, this agreement represents a significant step forward in the commitment of both organizations to foster 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."

Sultan Abdulrahman Al-Marshad, CEO of SFD, stated, "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 for 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, both AIIB and SFD aim to scale their efforts to provide long-term economic benefits to countries in Asia and beyond.