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 Saudi Assistant Minister of Finance Heads Delegation to 2023 Asian Infrastructure Investment Bank Annual Meeting


The Saudi Assistant Minister of Finance for Macro-Fiscal Policies and International Relations, Mr. Abdulmuhsen Alkhalaf, headed the Kingdom's delegation participating in the eighth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), held under the theme of “Sustainable Growth in a World Full of Challenges" in Sharm El Sheikh, Egypt, September 25-26, 2023.

The meeting participants discussed a number of topics related to AIIB's work, including the progress made in its projects, its response to the financing needs of the Bank's member states, and its future directions.

In his remarks during the meeting, the Assistant Minister stressed that the global economy has faced many challenges since the COVID-19 pandemic. This requires strengthening efforts to support developing countries in achieving recovery and sustainable development by adopting a demand-based approach in order to effectively address their urgent development priorities, he said.

Regarding the issue of energy, the Assistant Minister explained that the Circular Carbon Economy approach—as well as technologies for carbon capture, storage, and use—will contribute significantly to reducing the level of emissions and supporting efforts to achieve sustainable development and economic growth. He also highlighted that energy, food, and water security are among the most important priorities globally, noting that “climate action offers multiple pathways to achieving the net-zero emissions target to enable flexibility and lowest-cost solutions."

The participants approved AIIB's annual report for the year 2022, and welcomed El Salvador, Tanzania, and the Solomon Islands to join its membership.

The Kingdom is a founding member of the AIIB, a multilateral development financing institution established in 2016 and headquartered in the Chinese capital, Beijing.

AIIB's Board of Governors meetings are held annually, and it aims to promote economic development and improve infrastructure connectivity on the Asian continent and beyond through investment in infrastructure and other productive sectors. It also seeks to strengthen regional partnerships to address development challenges by working in close cooperation with multilateral development institutions.​

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Last Update : 9/26/2023 5:01 PM