AIIB and Arab Fund Sign Deal to Support Infrastructure

Photo: KUNA

The Asian Infrastructure Investment Bank (AIIB) and the Arab Fund for Economic and Social Development (AFESD) have signed an important agreement to work together on sustainable infrastructure projects. The deal was made on Tuesday during the Fourth International Conference on Financing for Development, held in Seville, Spain.

Bader Al-Saad, the Director General and Chairman of the Arab Fund, said this partnership supports the Fund’s goal to help Arab countries grow in a sustainable way, following the United Nations Sustainable Development Goals (SDGs). He added that by joining forces, both organizations will have more resources and a stronger role in funding projects that improve the region’s future. The collaboration also shows their shared dedication to working closely with each other and using new ideas to finance important infrastructure.

AIIB President Jin Liqun called this partnership a big step forward for sustainable development. He said that by combining AIIB’s experience in global infrastructure with the Arab Fund’s local knowledge, they can carry out projects that address urgent issues like climate change and improving connections between countries.

Jin also said that both groups will work together to raise more funds and encourage innovative ways to support infrastructure. The agreement covers many areas, including preparing projects together, sharing the costs, and working on projects both for governments and private sectors. They will focus on important goals like making infrastructure stronger against climate change, improving cross-border links, building digital networks, and developing sustainable cities.

The AIIB, started in 2016 and based in Beijing, is a large bank with $100 billion in capital and 110 members. It supports building infrastructure that helps create a sustainable and inclusive future worldwide. The Arab Fund, founded in 1972 and based in Kuwait, supports economic and social development in Arab countries by funding projects in areas like infrastructure, health, education, water, and public services using loans, grants, and technical help.

The conference in Spain, which started on Monday and goes on until Thursday, focuses on finding ways to finance global development challenges and create a new plan to achieve the United Nations’ development goals.