AIIB, Arab Fund Forge Strategic Partnership

(MENAFN- Kuwait News Agency (KUNA)) MADRID, July 1 (KUNA) -- The Asian Infrastructure Investment Bank (AIIB) and the Arab Fund for Economic and Social Development (AFESD) signed a strategic memorandum of understanding (MoU) on Tuesday to deepen cooperation and accelerate sustainable-infrastructure projects in shared priority regions.
AIIB President Jin Liqun and Arab Fund Director General and Board Chair Bader Al-Saad sealed the deal on the sidelines of the 4th International Conference on Financing for Development in Seville, Spain.
Jin called the partnership an important milestone, saying that blending AIIB's infrastructure know-how with the Arab Fund's regional expertise will deliver high-impact projects tackling climate change and cross-border connectivity.
The MoU sets a broad framework for joint project preparation and co-financing--sovereign and non-sovereign alike--with strategic focus on climate resilience, digital and cross-border infrastructure, and sustainable urban development, he mentioned.
Meanwhile, Al-Saad said the alliance will strengthen the Fund's mission to finance sustainable development in Arab states in line with the Sustainable Development Goals (SDGs), amplify critical resources for infrastructure, and spur innovative, demand-driven financing solutions.
AIIB, a multilateral development bank launched in 2016, has authorized capital of USD 100 billion and contains 110 member countries.
The Arab Fund, established in 1972 and based in Kuwait, supports economic and social development across the Arab regions through loans, grants, and technical assistance in sectors such as infrastructure, education, health, water, and sanitation.
The Seville conference, running through Thursday, seeks fresh financing solutions to safeguard progress toward the SDGs. (end)
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