The Asian Infrastructure Investment Bank (AIIB) has revealed its intention to establish an interim operational center at Abu Dhabi Global Market in the United Arab Emirates. The Host Member Agreement was signed by Jin Liqun, the AIIB’s President, and H.E. Dr. Sultan Al Jaber, the Minister of Industry and Advanced Technology.
The UAE has been a permanent member of the AIIB since 2015 and contributed approximately $1.185B to its capital. The Abu Dhabi Fund for Development was selected to represent the UAE and engage in AIIB’s periodic meetings. The AIIB has already funded 212 projects, valued at $40.37B, that have improved the quality of life in recipient nations and spurred economic growth.
During their meeting, Dr. Al Jaber and Jin Liqun engaged in thorough talks regarding the potential opportunities for the AIIB to bolster its position as a premier development bank in the region. They also discussed the necessity of reforming international financial institutions and identifying practical and inclusive approaches to addressing the pressing issue of financing global climate action through these entities, according to TradeArabia News.
Commenting on the agreement, Dr. Al Jaber emphasized the UAE’s dedication to promoting collaboration with international organizations and institutions that prioritize sustainable economic development for developing nations.
“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.