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Saturday, July 13, 2024

Asian Infrastructure Investment Bank delegation visits UAE

(Abu Dhabi) – A delegation from the Asian Infrastructure Investment Bank, led by Sir Danny Alexander, Vice President and Corporate Secretary at AIIB, has visited the UAE to strengthen ties between the UAE and AIIB.

Speaking on the occasion, Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and the UAE’s Governor on the AIIB Board of Governors, said: “The UAE is leading extensive efforts in cooperation with the Asian Infrastructure Investment Bank to support economic development in Asia. These efforts aim to drive development investment, and nurture resource mobilisation in Asian countries to enhance economic capabilities.”

He added: “The UAE, a founding member of AIIB, is keen to conduct ongoing coordination meetings with AIIB’s management to contribute to achieving the UAE leadership’s directives in supporting sustainable development and improving living standards across the Asian continent.”

For his part, Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and the UAE’s Alternate Governor on the AIIB Board of Governors, said: “The visit of the AIIB delegation to the UAE and ADFD underscores the strong ties we share with the Bank, in helping to unify efforts among stakeholders that support comprehensive growth in developing countries.”

He added: “The UAE is keen to enable the implementation of AIIB’s objectives, and is primarily focused on providing financing to meet funding challenges in infrastructure, thereby driving economic growth.”

Sir Danny Alexander said he was delighted to visit the UAE, and praised the country’s great socio-economic development efforts globally. He stressed the important role played by the UAE in achieving sustainable development, and lauded the country’s active membership to contribute effectively in financing development projects within the framework of AIIB’s strategic objectives and priorities.

In line with its overall development goals, AIIB prioritises investment in sustainable infrastructure that supports countries in achieving the United Nations’ Sustainable Development Goals, as well as cross-border infrastructure that links road and rail projects, ports, power grids and telecommunication networks across Asia.

The Bank also provides innovative solutions for capital mobilisation from the private sector, and cooperates with multilateral development banks and governments in investing in sustainable development projects.

The UAE joined AIIB as a permanent founding member in April 2015. The country’s contribution to the Bank’s paid-up capital of US$100 billion accounts for US$1.185 billion. By June 2019, AIIB financed 40 development projects in Asian countries valued at US$8.03 billion.

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