Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and the UAE’s Alternate Governor on the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), along with Luky Eko Wuryanto, Vice President and Chief Administration Officer of AIIB officially opened the operational office for the bank at the Abu Dhabi Global Market (ADGM).

The office is the first outside the bank’s headquarters in China, ADFD said in a press statement.

Speaking at the inaugural ceremony, Al Suwaidi said the office opening marks a milestone in the strategic partnership between the UAE and the bank, and aligns with the bank’s objectives and ambition to extend its operations and development initiatives in the Middle East and North Africa region.

Luky Eko Wuryanto, the AIIB Vice President and Chief Administration Officer, said the UAE is an excellent choice for the Bank’s first overseas venture.

“I am confident this new Hub will advance our efforts to enhance sustainable development throughout the region and elsewhere,” he noted.

He also cited the UAE’s rapid development and robust international relations as reasons for the bank to opt for Abu Dhabi as its operational base. The aim is to bridge the gap between the bank and its partners, and better access global financial centres, which will enable AIIB to sustain its growth trajectory.

Since its establishment in January 2016, AIIB has funded 232 development projects with a total value of $44.41 billion. The bank currently has 106 members worldwide.

(Editing by Anoop Menon)


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