Saudi Gazette report

SHARM EL-ASHEIKH — The Saudi Fund for Development (SFD) and the Asian Infrastructure Investment Bank (AIIB) signed a contribution agreement, provided by Saudi Arabia, worth $10 million, to support the bank’s new financing programs for the least developed member countries (LDCs).

The agreement was signed by the CEO of the SFD, Sultan Al-Marshad, with the Vice President for Policy and Strategy at AIIB, Danny Alexander, on the sidelines of the annual meeting of the Board of Governors of AIIB held in Sharm El-Sheikh, Egypt.

The agreement aims to assist AIIB in bridging the financing gap in support of the infrastructure sector and other productive sectors in those countries.

It also embodies cooperation and solidarity with international institutions to support financing projects and development programs in less developed countries in order to achieve economic prosperity and social growth.

The SFD has provided, since its establishment in 1974, more than 700 projects and development programs in over 90 developing countries around the world, with a total value exceeding $18.7 billion. This comes in order to contribute to achieving international sustainable development.