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Beijing-based multilateral development bank the Asian Infrastructure Investment Bank (AIIB) has signed an agreement to advance its plans to open its first overseas office in Abu Dhabi.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Chairman-designate of COP28, President of the UAE AIIB; and Jin Liqun, President of the AIIB, signed a host member agreement for the establishment of the temporary operation center of the AIIB in the UAE at the Abu Dhabi Global Market.
The UAE joined the AIIB in 2015 as a founding and permanent member.
Al Jaber said the operational office will serve as a strategic destination in the Middle East and the world, supporting the Bank’s development agenda and financing infrastructure projects for sustainable economic growth, especially where it is most needed in the Global South.
“We need to scale up climate finance to accelerate clean energy, adaptation, and support loss and damage. International financial institutions such as the AIIB can play a key role in de-risking investments and supporting emerging economies,” he said.
Establishing an operational office in the UAE provides the bank with a strong platform to manage its growing portfolio. It also enhances our client and member engagement, project monitoring and implementation services globally,” Jin added.
The AIIB currently has 106 members and has funded 212 projects with a total amount of US$40.37 billion.
The bank’s capital is US$100 billion and the UAE’s contribution to its capital is approximately US$1.185 billion. Abu Dhabi Fund for Development (ADFD) is appointed to represent the UAE at the bank and actively participates in its regular meetings.
read more: Asian Infrastructure Investment Bank to open first overseas office in Abu Dhabi
(Writing by SA Kader; Editing by Anoop Menon)
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