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The Asian Infrastructure Investment Bank (AIIB) has announced plans to establish its temporary operations center in the Abu Dhabi Global Market in the United Arab Emirates.
The host member agreement to set up the AIIB’s first overseas office was signed by Minister of Industry and Advanced Technology Dr. Sultan Jaber and AIIB President Jin Liqun.
The UAE joined the AIIB in 2015 as a founding and permanent member. The bank currently has 106 members. The bank’s capital is US$100 billion and the UAE’s contribution to its capital is approximately US$1.185 billion.
Abu Dhabi Development Fund is mandated to represent the UAE at the bank and actively participates in its regular meetings.
The AIIB has funded 212 projects with a total amount of US$40.37 billion, contributing to the economic development of beneficiary countries and improving the quality of life in communities.
Dr. Al Jaber and Jin Liqun had an in-depth discussion on the new opportunities for the AIIB to strengthen its role as a leading development bank in the region and the importance of reforming the International Financial Institutions (IFIs) and finding practical and comprehensive solutions to be addressed by these institutions The need to scale up financing for global climate action.
In his speech, Dr. Al Jaber said that the agreement reflects the UAE’s commitment to strengthen cooperation with international organizations and institutions focused on sustainable economic development in developing countries.
“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,” he added.trade arab news agency
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