Sultan bin Ahmed Al Jaber praises Asian Infrastructure Investment Bank

abu dhabi - Institution is set to catalyse economic growth in Asia

Sultan bin Ahmed Al Jaber, UAE Minister of State, wrote an op-ed on June 25 in China Daily on the occasion of the first annual meeting of the board of governors of the Asian Infrastructure Investment Bank (AIIB).

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 Asia.

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

Excerpts from the op-ed, titled 'The AIIB has been designed to benefit all', are listed below:

As the founding members of the AIIB gather for their first annual meeting of the board of governors, the UAE is proud to count itself among them, because we believe in the bank's core mission to develop Asia's economy and enhance the trade connectivity between Asia and the rest of the world.

The AIIB was established in 2015 with the primary aim of channelling strategic investments into Asia's energy, transportation and logistical infrastructure to strengthen their economies and enhance their capacity to trade with one another. The bank will also focus on improving basic services, including water and sanitation, with the aim of advancing economic progress, particularly in rural areas.

The UAE is one of 57 initial members that applaud China's foresight in establishing this addition to the multilateral community - the first such lending institution in which developing nations will have majority voting rights. The AIIB will work alongside multilateral banks to achieve key development goals.

With initial capital of $100 billion, the bank is about to deploy its first major round of funding amounting to $1.2 billion that will be co-invested with the World Bank in energy, transportation and water projects. The AIIB has already launched projects to improve sanitation in Indonesia, upgrade Bangladesh's electricity grid and build highways in Pakistan and Tajikistan.

By pooling resources and strategically targeting investment to achieve practical outcomes, the bank will make a great contribution to the development of Asian economies over time. The UAE is committed to playing its part in this effort. - Wam