His Excellency Minister of Finance, Mohammed bin Abdullah Al Jadaan, will head the Kingdom's delegation participating in the annual meetings of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), held in Luxembourg on July 12&13, 2019.

The agenda of the meetings includes discussion of the AIIB annual report of 2018, work progress and future vision, and the approval of a group of countries; Benin, Djibouti and Rwanda, to join AIIB.

The annual meeting of the Board of Governors will discuss cooperation in infrastructure projects in order to promote cross border connectivity, as well as finding ways to enhance the use of modern technology in infrastructure projects and develop AIIB strategic plans to support infrastructure projects in Asia.

The Kingdom is a founding member of AIIB, which started its operations back in 2016. AIIB aims to promote economic development and improve infrastructure connectivity in the Asian continent by investing in infrastructure and other productive sectors, as well as enhancing regional cooperation and partnership in addressing development challenges through working in close cooperation with other bilateral and multilateral development institutions.

AIIB encourages investment in public and private capital at the regional level for realizing development, in particular infrastructure development, making use of the resources available to AIIB to finance such development at the regional level, while giving priority to projects and programs that effectively contribute to economic growth in Asia.