RIYADH: The Saudi Electricity Company and Japan Bank for International Cooperation (JBIC) have signed a memorandum of understanding (MoU) to help finance projects promoting the Kingdom’s energy sector.
According to the Saudi Press Agency (SPA), the MoU is part of the Saudi-Japan Vision 2030 initiative, under which both countries aim to hold regular discussions, share information and tackle the challenges Saudi Electricity faces.
Fahad Al-Sudairi, CEO of the Saudi Electricity Company, said the signing of the partnership is in line with Saudi Ministry of Energy’s goals to sustain the energy sector and improve its reliability.
Al-Sudairi said the two countries are working on launching several initiatives to develop a smart infrastructure based on smart electricity transmission networks and automating distribution networks and smart meters.
All these initiatives will increase the reliability and efficiency of the service, and contribute positively to environmental and social sustainability, according to SPA.
The Saudi-Japan Vision 2030 ministerial meeting took place on Dec. 15, with a business forum webinar the following day.
Saudi Investment Minister Khalid Al-Falih and Japanese Economy, Trade and Investment Minister Hiroshi Kajiyama gave speeches hailing the economic ties between the two countries.