UAE attends first annual meeting of Asian Infrastructure Investment Bank in China

The UAE participated in the first annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), the newly formed infrastructure development body, which was held from 25 - 26 June in Beijing, China.

The Beijing meeting, attended by representatives of 57 member states, looked at measures to accelerate infrastructure development across Asia – through the funding of major projects, access to finance, expertise and new partnerships. This will act as the catalyst for economic growth across the entire Asian economic region.

The UAE was amongst the first to join AIIB as a permanent founding member in April 2015. The Abu Dhabi Fund for Development was chosen to represent the UAE on the AIIB, as well as coordinate and manage projects implemented through this partnership.

The UAE delegation was headed by Dr Sultan Al Jaber, Minister of State and AIIB representative. The delegation also included Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and the AIIB deputy representative.

Dr Sultan Al Jaber, said: "As a dynamic economy with an international outlook, the UAE is proud to be a founding member of the AIIB. With the direction of our leadership, the UAE aims to play a major role in helping the AIIB achieve its important objectives.

"The first annual meeting of the AIIB Board has taken place at a crucial time for international development. Many Asian countries are looking to stimulate their economies through investment in essential infrastructure, an area which the UAE has always seen as essential to socio-economic prosperity.’ "The UAE is also a strong believer in regional economic co-operation. Therefore, we are committed to backing AIIB’s efforts to fund projects with broad economic and social implications across Asia, focusing on the requirements of the least developed member countries."

"The funding policy of AIIB is well-aligned with the UAE leadership’s vision to promote international collaboration in both economic growth and poverty alleviation, and to ensure the availability of adequate financial resources to accelerate infrastructure development in Asia."

Dr Sultan added: "The UAE has long played a prominent role in supporting sustainable development around the world. Over the last four decades we have funded projects in more than 140 countries, donating more than any other nation in relation to our national income in 2013 and 2014. We are looking forward to supporting the mission of the AIIB, because we recognize that even more can be achieved by acting together."

During his visit to Beijing, Dr. Sultan also met with the NDRC Minister Ning Jizhe, CNPC Chairman Wang Yilin, and Jin Liqun, President of AIIB to discuss the broader relationship between the UAE and China.

Source : WAM