Saudi Arabian Finance Minister Mr. Mohammed Al-Jadaan has stated that the Kingdom intends to raise $55 billion from its privatization plan, including $16.5 billion in the form of public-private partnerships.
Mr. Al-Jadaan made the remarks during the high-level “G20 Infrastructure Investors Dialogue: Financing Sustainable Infrastructure for the Recovery” event which was attended by G20 finance ministers, international and regional organizations, and major investors and asset managers representing the private sector.
According to the finance minister, the Kingdom recently launched a privatization plan that encompasses 160 initiatives in 16 sectors, including asset sales and public-private partnerships.
“We are looking to foster stronger partnership with the private sector on the management and financing of health infrastructure and services, as well as city transportation networks, school buildings, airport services, and water desalination and sewage treatment plants through these partnerships to create a better, more cost-effective, and efficient delivery, reducing material and energy usage for a better plane. The infrastructure plays a significant role in boosting economic activities and fundamentally underpins productivity, providing a solid basis for strong, balanced, sustainable and inclusive growth.”
He further noted that obtaining financing for sustainable development and quality infrastructure are ongoing concerns for the G20 and that the persistent infrastructure financing gap calls for swift actions in this area.
“One of the most important initiatives that the G20 undertook during the Saudi G20 Presidency last year was the G20/OECD Report on the Collaboration with Institutional Investors and Asset Managers on Infrastructure,” Mr. Al-Jadaan added. The G20 leaders, finance ministers, and central bank governors welcomed the report.
This event represents a continuation of the G20’s efforts, as well as Saudi Arabia’s leadership role during its G20 presidency in 2020. This year’s Dialogue with Investors aims to build on the G20’s positive results from last year by hosting several events, including the G20 Infrastructure Investment Symposium in Riyadh in December 2019. Furthermore, this event indicates that the current G20 Presidency, the Italian G20 Presidency, is maintaining and adopting these efforts.
Saudi Arabia is a member of the G20 Troika, and the Kingdom is committed to assisting the G20 in achieving robust, balanced, sustainable, and inclusive economic growth. Furthermore, the Kingdom encourages efforts to strengthen public-private infrastructure investment cooperation.