BU DHABI, UAE /PRNewswire/ — The Asian Infrastructure Investment Bank (AIIB) and the United Arab Emirates (UAE) signed a host member agreement to officially open in Abu Dhabi the Bank’s first overseas office, an Interim Operational Hub (the Hub). Jin Liqun, President and Chair of the Board of Directors of AIIB, joined His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and UAE Governor of AIIB, during the signing ceremony in Abu Dhabi.
“As a founding member of AIIB, the UAE actively contributes to the Bank’s sound governance and rapid growth,” said President Jin. “The establishment of the Hub in the UAE gives the Bank a robust platform to manage our growing investment portfolio. It also enhances client and member engagement, project monitoring and implementation services across the globe.”
In his remarks, H.E. Dr. Al Jaber said: “The agreement to host AIIB’s operational office reflects the UAE’s commitment to enhance cooperation with international organizations and institutions focused on sustainable economic development for developing countries.”
He added that the office would serve as a strategic destination in the Middle East and the world, supporting AIIB’s development agenda and financing infrastructure projects to achieve sustainable economic growth.”
AIIB’s rapid growth is the catalyst for opening an office that helps bring the Bank closer to clients and to the frontline of its business. The Hub provides proximity to global financial centers and connectivity with the international infrastructure ecosystem which is important in maintaining AIIB’s growth momentum.
The Abu Dhabi Fund for Development was mandated to represent the UAE on the Bank’s Board and to actively participate in its periodic meetings. As of today, AIIB has approved 212 projects amounting to over USD40 billion in 33 member countries, which have contributed to economic development and improved the quality of life for communities in beneficiary countries.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 106 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Working with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.