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 strengthen cooperation and accelerate the implementation of sustainable infrastructure projects in areas of mutual priority. The fund said in a statement that Director General and Chairman of the Arab Fund for Economic and Social Development Bader Al-Saad and President of the Asian Infrastructure Investment Bank Jin Liqun signed the memorandum during their participation in the Fourth International Conference on Financing for Development, held in Seville, southern Spain. The statement quoted Al-Saad as saying that this “strategic partnership will enable us to achieve our mission of financing sustainable development in Arab countries in line with the sustainable development goals.” He added that it will contribute to increasing vital resources and increasing the fund's support for infrastructure sectors, thereby contributing to creating a more prosperous and sustainable future. He noted that this partnership highlights the two institutions' commitment to strengthening cooperation with regional development partners and developing innovative, demand-driven approaches to financing sustainable infrastructure for the future. For his part, the statement quoted Jean as saying that the partnership with the Arab Fund represents “an important milestone in our shared commitment to sustainable development,” noting that “by combining the Bank's expertise in infrastructure and the Arab Fund's expertise in the region, we will be able to implement high-impact projects that contribute to addressing key challenges such as climate change and connectivity between countries.” He added that they will work together to raise more resources and promote innovation in infrastructure financing for a more sustainable future. Jin explained that the memorandum of understanding establishes a comprehensive framework for cooperation between the two institutions, including joint financing of sovereign and non-sovereign sectors, joint project preparation, and strategic priorities such as enhancing climate resilience, cross-border connectivity, digital infrastructure, and sustainable urban development. The Asian Infrastructure Investment Bank is a multilateral development bank committed to financing infrastructure that supports a sustainable and inclusive future since it began operations in 2016. Its capital is US$100 billion (€84.9 billion) and has 110 accredited members. The Arab Fund for Economic and Social Development is a regional financial institution established in 1972 and based in Kuwait to support economic and social development in the Arab world. Through loans, grants, and technical assistance, the fund finances projects in the areas of infrastructure, education, health, water, sanitation, and public services, thereby promoting sustainable development and regional cooperation. Spain is hosting the Fourth International Conference on Financing for Development, which began yesterday, Monday, and will continue until Thursday, with the aim of promoting solutions to the financing challenges that threaten the achievement of sustainable development goals and establishing a new framework for financing development.