AIIB opens first overseas office in Abu Dhabi

AIIB opens first overseas office in Abu Dhabi

Daily Current Affairs   /   AIIB opens first overseas office in Abu Dhabi

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Category : International Published on: April 24 2023

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  • The Asian Infrastructure Investment Bank (AIIB) has opened its first overseas office in Abu Dhabi, the Interim Operation Hub.
  • Jin Liqun, AIIB president and board chairman, and Sultan Al Jaber, minister of industry and advanced technology and AIIB United Arab Emirates governor, signed a host member agreement to officially open the Hub.
  • The Hub will support AIIB’s development agenda and financing of infrastructure projects to achieve sustainable economic growth.
  • As the host country for COP28 later this year, the UAE has emphasized the importance of climate finance, a key concern for nations as they strive to increase their efforts and commitments towards climate action.
  • AIIB is a multilateral development bank that was established in 2016 with the goal of financing infrastructure projects in Asia and beyond.
  • The bank is headquartered in Beijing, China, and has over 100 member countries, including several major economies such as the United Kingdom, Germany, and Australia.
  • AIIB’s mission is to foster sustainable economic growth, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors.
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