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Saudi Finance Minister Heads Kingdom's Delegation ‏to IMF-WBG 2024 Spring Meetings ‏

Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
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Saudi Finance Minister Heads Kingdom's Delegation ‏to IMF-WBG 2024 Spring Meetings ‏

Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri

Saudi Finance Minister Mohammed Al-Jadaan will lead the Kingdom's delegation at the International Monetary Fund and World Bank Group 2024 Spring Meetings in Washington from April 15 to 20.

The Saudi delegation will also include Central Bank Governor Ayman Alsayari, Saudi Fund for Development CEO Sultan Almarshad, Assistant Finance Minister Abdulmuhsen Alkhalaf, International Monetary and Financial Committee Deputy Chair Ryadh Alkhareif, Deputy Finance Minister Khalid Bawazier, and experts from the Ministry of Finance, the Central Bank, the Ministry of Economy and Planning, the Saudi Fund for Development, and the Zakat, Tax, and Customs Authority.

Al-Jadaan will chair the first meeting of the International Monetary and Financial Committee since the Kingdom's three-year chairmanship announcement. The committee will discuss global economic developments, growth prospects, and risks, along with global economic policy priorities.

Al-Jadaan and Alsayari will also participate in the 2nd G20 Finance Ministers and Central Bank Governors Meeting under the Brazilian Presidency, focusing on global economic issues and enhancing cooperation.

Additionally, Al-Jadaan will attend a meeting of the World Bank Group's Development Committee, discussing strategies for addressing global development challenges.

The spring meetings bring together finance ministers, central bankers, international organizations, private sector executives, civil society representatives, and academics to discuss global concerns, such as the economy, sustainable development, poverty eradication, and other economic and financial topics. ‏

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World Bank, IAEA to Cooperate on Nuclear Power Development, Safety

International Atomic Energy Agency (IAEA) Director General Rafael Grossi arrives for a meeting with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 25, 2025. REUTERS/Gonzalo Fuentes
International Atomic Energy Agency (IAEA) Director General Rafael Grossi arrives for a meeting with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 25, 2025. REUTERS/Gonzalo Fuentes
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World Bank, IAEA to Cooperate on Nuclear Power Development, Safety

International Atomic Energy Agency (IAEA) Director General Rafael Grossi arrives for a meeting with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 25, 2025. REUTERS/Gonzalo Fuentes
International Atomic Energy Agency (IAEA) Director General Rafael Grossi arrives for a meeting with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 25, 2025. REUTERS/Gonzalo Fuentes

The World Bank and the United Nations nuclear watchdog on Thursday launched a new agreement to cooperate on the safe development and financing of nuclear power for developing countries, including extending the life of existing reactors.

World Bank President Ajay Banga and International Atomic Energy Agency Director General Rafael Grossi were due to sign the memorandum of understanding in Paris that is part of the bank's return to nuclear energy financing.

According to Reuters, he IAEA and the World Bank said in a statement that they agreed to work together to build knowledge in the nuclear field, including expanding the World Bank Group's understanding of nuclear safety, security, energy planning, and waste management.

The institutions also said they would work together to extend the lifespan of existing nuclear power plants as a cost-effective source of low-carbon power and accelerate the development of small modular reactors, saying that they have potential for widespread adoption in developing countries.

In prepared remarks, Banga said that reliable baseload power provided by nuclear energy was essential for job-generating sectors such as infrastructure, agribusiness, health care, tourism and manufacturing.

"Jobs need electricity. So do factories, hospitals, schools, and water systems. And as demand surges — with AI and development alike — we must help countries deliver reliable, affordable power," Banga said.

"That's why we're embracing nuclear energy as part of the solution — and re-embracing it as part of the mix the World Bank Group can offer developing countries to achieve their ambitions."

Grossi said that the "landmark" agreement was "a sign of the world's return to realism on nuclear power" and would open the door for other multilateral development banks and private investors to consider nuclear power as a viable tool for energy security.

He called the partnership a "crucial first step" to clearing the financing path for small modular reactor technology, which has the potential to cleanly power developing economies.