AL ULA, Saudi Arabia, Feb. 17, 2025 /PRNewswire/ -- The Asian Infrastructure Investment Bank (AIIB) and the Kingdom of Saudi Arabia (KSA) have signed a joint declaration of intent at the Conference for Emerging Market Economies in Al-Ula, Saudi Arabia. The declaration outlines a collaborative framework to develop an investment program. It underscores the parties' shared commitment to deepening cooperation, facilitating investment flows and advancing sustainable development across the region. It also marks the beginning of a long-term collaboration between AIIB and Saudi Arabia, reinforcing AIIB's growing engagement in the Middle East and North Africa (MENA).
Konstantin Limitovskiy, AIIB Chief Investment Officer, Public Sector (Region 2) & Global Project and Corporate Finance Clients, and H.E. Abdulmuhsen Alkhalaf, the Saudi Vice Minister of Finance and AIIB Board Director, signed the agreement.
The framework is designed to mobilize financing for strategic projects including power generation and transmission, sustainable transport, water supply, sanitation, urban development, and renewable energy with storage. It also establishes a pathway for expanding AIIB's nonsovereign-backed operations through public-private partnership and is a key step toward developing a multi-year rolling program.
"Today's declaration marks a pivotal step in strengthening AIIB's partnership with Saudi Arabia and the wider region," Limitovskiy said. "This investment pipeline will channel long-term financing into sustainable infrastructure, enhancing connectivity, resilience and economic growth across the region."
"Our collaboration with AIIB reflects Saudi Arabia's commitment to shaping a sustainable and interconnected regional economy," Vice Minister Alkhalaf said. "By aligning strategic investments with our long-term development vision, this initiative will drive national progress and also support economic integration and shared prosperity across the region."
Each party will designate a focal point to coordinate engagement with key stakeholders, ensuring the investment pipeline remains aligned with evolving infrastructure priorities through regular semi-annual reviews.
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