Asian Infrastructure Investment Bank (AIIB) has announced plans to establish its interim operational hub in the UAE at the Abu Dhabi Global Market.
The Host Member Agreement for setting up AIIB’s first overseas office was inked by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Jin Liqun, the President of the AIIB.
The UAE joined as a founding and permanent member of AIIB in 2015. The bank currently has 106 members. The bank's capital consists of $100 billion and the UAE’s contribution to its capital amounts to approximately $1.185 billion.
The Abu Dhabi Fund for Development was mandated to represent the UAE in the bank and to actively participate in its periodic meetings.
AIIB has financed 212 projects with a total value of $40.37 billion, which have contributed to economic development and improved the quality of life for communities in beneficiary countries.
Dr Al Jaber and Jin Liqun held in-depth discussions on the emerging opportunities for the AIIB to strengthen its role in the region as a leading development bank and on the importance of reforming the international financial institutions (IFIs) and finding practical and comprehensive solutions to address the imperative of scaling up financing of global climate action through these institutions.
Speaking on the occasion, Dr Al Jaber said this deal reflects the UAE’s commitment to enhancing co-operation with international organizations and institutions focused on sustainable economic development for developing countries.
"The operational office would serve as a strategic destination in the Middle East and the world, supporting the Bank’s development agenda and financing infrastructure projects to achieve sustainable economic growth, especially where it is needed the most in the global south," he added.-TradeArabia News Service
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