Abu Dhabi: The UAE today participated in the opening of the Asian Infrastructure Investment Bank (AIIB) in China, which has been established to provide a new platform for regional and international cooperation and support infrastructure projects in the developing Asian countries.
Attending the opening ceremony of the AIIB in Beijing, Mohammad Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), said: “The establishment of the Asian Infrastructure Investment Bank marks the start of a new era in international development aid. The bank is aligned with the UAE leadership’s vision to promote international collaboration and ensure the efficient distribution and use of development aid.”
He added: “Keeping this as our core mandate, the UAE will continue to support AIIB’s efforts to accelerate infrastructure development across Asia, while pursuing efforts to support social and economic development across the developing world.”
With authorised capital of $100 billion (Dh367.2 billion) and subscribed capital of US$50 billion, Beijing-based AIIB will invest in sectors including energy, transportation, urban construction and logistics as well as education and health care. The total value of the UAE’s contribution to the capital is US$237 million to be paid over five years.
AIIB will work in conjunction with multilateral development banks including the World Bank and the Asian Development Bank to facilitate infrastructure construction and sustainable development in the Asian region.
