UAE participates in the eighth annual meeting of AIIB’s board of governors
Abu Dhabi, 26 Sep 2023
The UAE participated in the eighth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), held on September 25 and 26 in Sharm El Sheikh, Egypt, under the theme “Sustainable Development in the Face of Global Challenges”. The UAE was represented by His Excellency Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Development Fund for Development (ADFD) and the UAE’s Alternate Governor at the Board of Governors of AIIB. The meeting was attended by many strategic partners of the bank.
The meeting reviewed last year’s achievements and discussed strategic directions and initiatives for the future. It emphasized the need to enhance collaborative efforts to address climate challenges through the improvement of infrastructure and mobilization of accessible finances in promising sectors such as renewable energy, transport, water, as well as green projects.
H.E. Al-Suwaidi said: “The need for bolstering collaborative efforts and strengthening global initiatives to tackle the consequences of climate change has become increasingly important. It is imperative to allocate funds that promote investment in clean energy infrastructure projects throughout Asia and Africa and to harness AIIB’s commitment to allocate 50% of its investments to climate action by 2025. This is a major commitment towards tackling environmental challenges and reducing their impact on communities around the world.”
He reaffirmed the UAE’s obligation to collaborate with international organizations and institutions to support sustainable economic development globally. “Having AIIB’s operational office in the UAE offers an ideal opportunity to expand infrastructure financing for sustainable economic and social development in developing countries,” he said.
Convening the bank’s board of governors coincides with the UAE’s preparations to host COP28 from 30 November until 12 December 2023. This event will shed light on the prominent role played by the UAE in advancing the transition towards clean energy, which is essential for the world.
H.E. Al Suwaidi said that the UAE sees COP28 as an opportunity to rally global efforts towards concrete results that can drive progress in climate action. He highlighted the importance of increasing investments in sustainable projects and embracing innovative solutions, especially in critical areas such as energy, water, and agricultural technology. These steps are essential for achieving the United Nations’ 2030 Sustainable Development Goals and creating a better future for generations.
The annual meeting of the Board of Governors of AIIB included strategic discussions on priority issues related to mobilizing financial resources for the private sector and directing them towards economically and environmentally friendly projects. The bank provides low-cost and accessible financing for projects related to renewable energy, low-carbon transport, water and sanitation, and pollution control.
Participants also deliberated on topics related to rapid response to global environmental challenges and innovative solutions that balance short-term needs arising from the overall economic situation and long-term sustainable economic growth, the transition towards a zero-emission environment, and adaptation to climate change.
The UAE became a founding member of AIIB in April 2015, when it contributed about US$1.185 billion to the bank’s capital. The Asian Infrastructure Investment Bank is a multi-lateral developmental bank, whose mission is to improve social and economic conditions in Asian countries through the provision of infrastructure financing. The bank has 106 members and funded 232 developmental projects since inception, whose total value stands at US$44.41 billion.