Arab Today, arab today uae becomes founding member of aiib
Last Updated : GMT 11:26:05
Arab Today, arab today
Arab Today, arab today

UAE becomes founding member of AIIB

Arab Today, arab today

Arab Today, arab today UAE becomes founding member of AIIB

Asian Infrastructure Investment Bank (AIIB)
Beijing - WAM

The UAE has signed the Articles of Agreement (AOA) establishing the Asian Infrastructure Investment Bank (AIIB) in Beijing yesterday, and has become a founding member of the international financial institution that was first announced during the Asia-Pacific Economic Cooperation (APEC) session held in Indonesia in October 2013.

Under the directives of the UAE Leadership, Dr. Sultan Ahmed Al Jaber, UAE Minister of State led discussions on behalf of the UAE. After agreeing on the basic principles, ADFD was mandated to represent the country in AIIB Governors' Council as well as coordinate, manage and follow-up projects implemented through this partnership.

The AOA was signed on behalf of the UAE by Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), carrying out the Fund's mandate to represent the country as a founding member of AIIB. With this, the UAE joins 57 other nations that have already become founding members in the Beijing-based institution.

The proposal to set up AIIB was initiated with the aim of establishing a new platform to promote regional and international cooperation in infrastructure development across Asia with a focus on energy, power, transportation, telecommunications, rural infrastructure, agriculture development, water supply and sanitation, environmental protection, urban development and logistics, among others.

Dr. Sultan Ahmed Al Jaber said: "The signing of the AOA, establishing the Asian Infrastructure Investment Bank, is a historic moment for the UAE. It articulates the vision of our wise leadership and the importance they attach to supporting infrastructure development projects. This agreement is crucial in paving the way for accelerating economic development across Asia. In addition to enhancing the country's role within the global economy, the UAE's affiliation to the institution as a founding member will support the country's growing interests in Asia. "

Expected to start official operations by the end of 2015, the bank seeks to provide new financial resources for infrastructure development and improvement across Asia, while maintaining balanced economic growth in the countries of the region while addressing the financial challenges facing infrastructure projects.

The bank will additionally promote investment activities, specifically in productive sectors that leverage available resources and support projects that translate a long-term economic impact on the region. In particular, AIIB will cater to the development needs of its least economically developed members, and encourage the private sector to invest in projects and initiatives with widespread development impact.

Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) said: "The signing of this agreement with AIIB is aligned with the vision of the UAE leadership to promote international collaboration towards fulfilling the development goals of developing countries."

He added: "The UAE has been playing a prominent role in aiding emerging countries in their efforts to achieve sustainable development through extending developmental and humanitarian assistance. AIIB's objectives are well aligned with the social, humanitarian and development aid program carried out by the UAE in more than 145 countries across the world.

"The UAE's affiliation to AIIB as a founding member will boost international cooperation towards furthering development efforts across Asia. Additionally, it will give fresh impetus to the economies of Asian countries through the infusion of more funds to infrastructure projects that will help stimulate economic growth and create hundreds of new job opportunities."

Al Suwaidi also indicated that the bank will primarily focus on bridging the gap in the availability of adequate financial resources for infrastructure projects that have resulted in poor infrastructure investment in Asian countries.

He expressed his confidence that the UAE, with its long history spanning more than 43 years in financing quality infrastructure projects to the highest international standards, can effectively contribute to the growth and diversification of resources dedicated to fund infrastructure projects across Asia. This will be achieved through offering concessionary loans to finance development projects and deepen regional cooperation and integration with other Asian nations in areas of mutual interest.

The UAE was ranked as the largest donor of official development aid according to a report issued by the Development Assistance Committee of the Organisation for Economic Cooperation and Development (OECD) in 2013 and 2014. The country's development aid in 2014 totalled Dh18 billion, or 1.17 percent of the nation's GDP.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae becomes founding member of aiib Arab Today, arab today uae becomes founding member of aiib

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday