Asian Infrastructure Investment Bank Selects Abu Dhabi as the First Overseas Office
Posted on 04/23/2023
On April 19, 2023, the Asian Infrastructure Investment Bank (AIIB) and the United Arab Emirates (UAE) signed a host member agreement to officially open in Abu Dhabi the Bank’s first overseas office, an Interim Operational Hub (the Hub). Jin Liqun, President and Chair of the Board of Directors of AIIB, joined Sultan Al Jaber, Minister of Industry and Advanced Technology and UAE Governor of AIIB, during the signing ceremony in Abu Dhabi.
“As a founding member of AIIB, the UAE actively contributes to the Bank’s sound governance and rapid growth,” said President Jin in a press release. “The establishment of the Hub in the UAE gives the Bank a robust platform to manage our growing investment portfolio. It also enhances client and member engagement, project monitoring and implementation services across the globe.
AIIB’s rapid growth is the catalyst for opening an office that helps bring the bank closer to clients and to the frontline of its business. The Hub provides proximity to global financial centers and connectivity with the international infrastructure ecosystem which is important in maintaining AIIB’s growth momentum.
The Abu Dhabi Fund for Development was mandated to represent the UAE on the Bank’s Board and to actively participate in its periodic meetings. As of today, AIIB has approved 212 projects amounting to over US$ 40 billion in 33 member countries, which have contributed to economic development and improved the quality of life for communities in beneficiary countries.
