Beijing-headquartered multilateral development bank Asian Infrastructure Investment Bank (AIIB) had signed an agreement which advances its plan to establish its first overseas office in Abu Dhabi.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, COP28 President-Designate, and UAE Governor of the AIIB; and Jin Liqun, President of AIIB, signed the Host Member Agreement for establishing the AIIB’s Interim Operational Hub in the UAE on the Abu Dhabi Global Market.

The UAE joined as a founding and permanent member of AIIB in 2015.

Al Jaber said the operational office would serve as a strategic destination in the Middle East and the world, supporting the Bank’s development agenda and financing infrastructure projects to achieve sustainable economic growth, especially where it is needed the most in the global south.

“We need to scale up climate finance to accelerate clean energy, adaptation, and support loss and damage. International Financial Institutions, such as AIIB, can play a critical role in de-risking investments and supporting emerging economies,” he said.

The establishment of the operational office in the UAE gives the bank a robust platform to manage its growing investment portfolio. It also enhances our client and member engagement, project monitoring and implementation services across the globe,” Jin added.

AIIB bank currently has 106 members and has financed 212 projects with a total value of $40.37 billion.

The bank's capital consists of $100 billion and the UAE’s contribution to its capital amounts to approximately $1.185 billion. The Abu Dhabi Fund for Development (ADFD) was mandated to represent the UAE in the bank and to actively participate in its periodic meetings.

Read more: Asian Infrastructure Investment Bank to set up first overseas office in Abu Dhabi

(Writing by SA Kader; Editing by Anoop Menon)