Al-Jadaan underscores AIIB to enhance support for low-income countries
Saudi Gazette report
BEIJING — Saudi Minister of Finance Mohammed Al-Jadaan emphasized the importance of the Asian Infrastructure Investment Bank (AIIB) enhancing its support for low-income countries. 'The special funds provided by the bank are effective resources that can help bridge financing gaps and engage all members in the development process without exception,' he said while addressing the 10th annual meeting of the AIIB board of governors, held in Beijing, China on June 24-26.
During his participation in the governors' roundtable, the minister emphasized the importance of the AIIB's efforts to intensify its cooperation with other development banks and to attract private capital. He noted that private-sector participation in cross-border interconnection projects does not exceed 22 percent, reflecting the limited scope of public-private partnerships despite infrastructure development being a fundamental pillar of global economic growth.
Al-Jadaan explained that the bank has an opportunity to adopt innovative solutions to overcome such challenges. 'Opportunities include dynamic risk distribution, the application of integrated financing mechanisms, and the creation of payment channels supported by blockchain technology,' he said.
The minister stressed the need to increase AIIB's investments in emerging energy technologies. 'The bank has demonstrated an awareness of the importance of the energy sector, but we need to go further. Technologies such as carbon capture, utilization, and storage (CCUS) are essential to achieving energy security,' he said.
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Al-Jadaan underscores AIIB to enhance support for low-income countries
Saudi Gazette report BEIJING — Saudi Minister of Finance Mohammed Al-Jadaan emphasized the importance of the Asian Infrastructure Investment Bank (AIIB) enhancing its support for low-income countries. 'The special funds provided by the bank are effective resources that can help bridge financing gaps and engage all members in the development process without exception,' he said while addressing the 10th annual meeting of the AIIB board of governors, held in Beijing, China on June 24-26. During his participation in the governors' roundtable, the minister emphasized the importance of the AIIB's efforts to intensify its cooperation with other development banks and to attract private capital. He noted that private-sector participation in cross-border interconnection projects does not exceed 22 percent, reflecting the limited scope of public-private partnerships despite infrastructure development being a fundamental pillar of global economic growth. Al-Jadaan explained that the bank has an opportunity to adopt innovative solutions to overcome such challenges. 'Opportunities include dynamic risk distribution, the application of integrated financing mechanisms, and the creation of payment channels supported by blockchain technology,' he said. The minister stressed the need to increase AIIB's investments in emerging energy technologies. 'The bank has demonstrated an awareness of the importance of the energy sector, but we need to go further. Technologies such as carbon capture, utilization, and storage (CCUS) are essential to achieving energy security,' he said.
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