DUBAI — The UAE has become the founding member of the international financial institution the Asian Infrastructure Investment Bank (AIIB) in Beijing that was first announced during the Asia-Pacific Economic Cooperation (Apec) held in Indonesia in October 2013. Dr. Sultan Ahmed Al Jaber, UAE Minister of State, led discussions on behalf of the UAE while the Chinese government was instrumental in arranging the UAE's membership of the AIIB. After agreeing on the basic principles, Abu Dhabi Fund for Development (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 agreement was signed by Mohammed Saif Al Suwaidi, Director General of 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. 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. — Agencies
