Samarkand, September 27, 2024, Saudi Vice Minister of Finance Abdulmuhsen Alkhalaf participated in the Asian Infrastructure Investment Bank (AIIB) annual meetings held September 25-26 in Samarkand, Uzbekistan.
In his remarks, the vice minister praised AIIB progress, noting that it has made significant strides toward achieving its strategic objectives and exceeded its financing volume targets, which demonstrates its commitment to financing sustainable infrastructure in member nations.
In addition, the vice minister urged AIIB to scale up its efforts in utilizing and investing in technologies that support the circular carbon economy approach, including technologies related to carbon capture, utilization, and storage (CCUS). He noted that Saudi Arabia has been a strong advocate for the circular carbon economy, promoting this concept through initiatives such as the Saudi and Middle East Green Initiatives.
He added that intensifying efforts to implement projects that meet basic human needs, such as water and food-security projects, is essential. With the growing global demand for resources, such projects are crucial to ensuring social and economic stability. Moreover, investing in the sectors enhances communities' ability to face challenges related to climate change and population growth.
On the sidelines of the meetings, the vice minister met with several finance ministers and government officials of member nations to discuss ways of cooperating and partnering in the economic and financial fields.
The governors approved the AIIB Annual Report for 2023, as well as the addition of the Republic of Nauru to the AIIB board of governors.
Saudi Arabia is a founding member of the AIIB, which was established in the Chinese capital, Beijing, in 2016 as a multilateral development finance institution.