The UAE has joined the China-led $50 billion Asian Infrastructure Investment Bank (AIIB) as a founding member, it was announced on Sunday.
The UAE joins 34 other founding members including Saudi Arabia, Kuwait, Oman, Qatar, China, India, Russia, the UK, Germany, France, Italy, and Luxemburg.
AIIB will prioritise funding for infrastructure projects in Asia, while creating a new platform for regional and international cooperation to support developing Asian countries, news agency WAM reported.
The bank will focus energy and power, transportation, telecommunications, rural infrastructure, agriculture development, water supply and sanitation, environmental protection, urban development, and logistics.
Dr Sultan bin Ahmed Sultan Al Jaber, Minister of State, led discussions on behalf of the UAE with his Chinese counterpart, Shi Yaobin, Vice Minister for the Ministry of Finance, and was instrumental in arranging the UAE’s membership of the AIIB.
Al Jaber said: "This milestone has been possible due to the wise directives and unlimited support of the UAE’s leadership. In the light of joint strategic ties between the UAE and China, and their mutual interests in fueling growth and infrastructure development in developing countries, both countries have partnered to set up a strong international platform to actively drive development efforts."
The Abu Dhabi Fund for Development will represent the UAE government on the AIIB’s board of directors.
Al Jaber added: "Asia has significant infrastructure needs. AIIB will play a pivotal role in driving Asia’s development, which is all the more urgent given the region’s rapidly growing economies and population."For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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