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UAE Attends Third Governors Annual Meeting of AIIB

Abu Dhabi,27 Jun 2018

 A UAE delegation attended the third annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB).

Following last year’s event on Jeju Island in South Korea, the 2018 meeting ran from 25 to 26 June in Mumbai, India. In line with its strategic vision to step up collaboration among Asian countries in various aspects of sustainable infrastructure development, AIIB outlined a strategy to mobilise private capital for infrastructure funding.  

Headed by His Excellency Dr Sultan Al Jaber, UAE Minister of State and the UAE’s Governor at the AIIB Board of Governors, the UAE delegation included representatives from the UAE Ministry of Foreign Affairs and International Cooperation as well as Abu Dhabi Fund for Development (ADFD).  

The meeting also convened governors from member countries, partner institutions, civil society organisations, representatives from the media and leading experts from a wide range of specialisations.

The order of business of the third annual meeting of the AIIB Board of Governors, included discussions on initiating the bank’s private sector pipeline, executing high quality transactions, and achieving a distinctive and efficient client experience.

Speaking on the occasion, His Excellency Dr Sultan Al Jaber, said: “The UAE is proud to play an integral part in realizing the ambitions of the AIIB. As a founding member of the bank, we seek to support and facilitate the AIIB’s thematic priorities to enhance sustainable infrastructure, cross-border connectivity and private capital mobilization.

In the three years since its founding, the AIIB has grown to become a key enabler for regional infrastructural development within emerging and growth economies. By prioritizing the mobilization of private funds, the Bank can further extend its impact as a catalyst for global progress.”

His Excellency Dr Sultan Al Jaber, added: “The UAE’s international social, humanitarian and development aid agenda has earned the country the title of the world's largest official development aid donor relative to national income for the fifth consecutive year.”

For his part, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and the UAE’s Alternate Governor at the AIIB Board of Governors, said: “The bank’s objectives are in perfect alignment with the UAE’s development efforts. In line with intensifying international goals to achieve sustainable development, we believe it is crucial to step up co-ordination and cooperation among global development institutions and key stakeholders.”

His Excellency Mohammed Saif Al Suwaidi, added: “Through the AIIB, the UAE looks forward to strengthening cooperation with other Asian countries in areas of mutual interest, and leverage our country’s expertise in financing development projects that translate into long-term socio-economic benefits.”

In keeping with its wider development goals, AIIB prioritises the facilitation of sustainable infrastructure that supports countries in achieving the United Nations’ Sustainable Development Goals (SDGs), and cross-border infrastructure that links road and rail projects, ports, power grids, and telecommunication networks across Asia. The bank also focuses on providing innovative solutions for capital mobilisation from the private sector, and cooperating with multilateral development banks (MDBs) and governments to invest in sustainable development projects.

The UAE, alongside 57 other countries, 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. ADFD is mandated to represent the UAE at the bank’s meetings and events and on its board.