The Asian Infrastructure Investment Bank (AIIB) and the United Arab Emirates (UAE) have signed a host member agreement to officially open in Abu Dhabi the Bank’s first overseas office, an Interim Operational Hub (the Hub).
Mr. 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 (MoIAT) and UAE Governor of AIIB, during the signing ceremony in Abu Dhabi.
“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. 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.”
“As a founding member of AIIB, the UAE actively contributes to the Bank’s sound governance and rapid growth. 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,” said President Jin.
AIIB’s rapid growth is the catalyst for opening an office that helps bring the Bank closer to clients and 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 $40 billion in 33 member countries, which have contributed to economic development and improved the quality of life for communities in beneficiary countries.