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Wednesday, November 6, 2024
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UAE participates in 7th Annual Meeting of AIIB Council

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ABU DHABI – The UAE participated in the seventh annual meeting of the Council of the Asian Infrastructure Investment Bank (AIIB) under the theme “Towards Sustainable Infrastructure for a Connected World”. The UAE is represented by His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and the UAE President of the AIIB Council.Governor of the province attended the meeting 105 Member States other than the Bank’s strategic partners.

The board reviewed the bank’s agenda, including bank-financed projects, challenges in financing development projects in Asia, and possible solutions. Additionally, board members discussed plans to increase investment in strategic projects in key areas, particularly clean energy, as it protects biodiversity and natural resources.

His Excellency Dr Sultan Al Jaber said: “As a founding member of the AIIB, the UAE seeks to intensify its efforts to realise the leadership’s vision to create an enabling environment for infrastructure investment, especially in the renewable energy sector, and to support developing countries accelerate its energy transition.”

He added: “The bank’s governing board seeks to expand its scope of work in line with its strategic priorities by increasing investment in the renewable energy sector, especially as this will help tackle the climate crisis and accelerate efforts to become carbon neutral. “

His Excellency Mohammed Saif Al-Suwadi, Director General of the Abu Dhabi Development Fund and Vice-Chairman of the AIIB Council, said: “The UAE is committed to supporting the international community’s efforts to transition to renewable energy through the application of renewable energy. Best Practices , deployment of the latest technologies and innovative solutions that contribute to sustainable development in developing countries.”

He pointed out that ADFD is playing an active role in working with partners to address the climate crisis and promote economic and social development in partner countries.

The UAE hosted the AIIB’s sixth annual council meeting last year, becoming the first country in the Middle East to do so. The UAE joined the bank as a founding member in April 2015, contributing $1.8 billion to the bank’s capital.

The Asian Infrastructure Investment Bank is a multilateral development bank that aims to improve the quality of life and economic well-being of Asian countries by financing infrastructure projects.

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