UAE to chair 6th Annual AIIB Board of Governors meeting

The United Arab Emirates and Asian Infrastructure Investment Bank (AIIB) on Tuesday signed a Memorandum of Understanding (MoU) to finalise plans for the UAE to host and chair the 6th Annual AIIB Board of Governors meeting virtually between 26th and 28th October, 2021.

During the signing, the theme for this year’s meeting was announced as “Investing Today. Transforming Tomorrow”.

The event will be held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. It is expected to draw the participation of delegates from more than 100 countries.

The annual meeting represents an important platform for global leaders involved in sustainable socioeconomic development support to engage with AIIB and other Members, partner institutions, business leaders, civil society organisations and experts from a range of related fields and industries.

Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and the UAE’s Governor on the AIIB Board of Governors, signed the MoU at a virtual meeting with Jin Liqun, President and Chair of the AIIB Board of Directors.

The MoU signing, witnessed by Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and the UAE’s Alternate Governor on the AIIB Board of Governors, and Dr. Ali Obaid Al Dhaheri, UAE Ambassador to China, addressed roles and responsibilities for the event as well as introduced the theme of the annual meeting.

Dr Sultan Al Jaber said, “The UAE was founded on the principles of planning for and investing in the future today. This applies not just to the future generations of the UAE, but to countries and people in need of support around the world.

“Promoting the social and economic sustainability of developing countries is a duty outlined by the UAE’s leadership. Helping those in need will contribute to the continued growth, prosperity and strength of the UAE as well as that of our friends and neighbors across the GCC and Mena regions.” “In light of the circumstances resulting from the coronavirus pandemic, a strong global economic recovery is an imperative shared by all of us. As such, we need to invest in sustainable economic and social development projects and infrastructure that can transform societies and economies, to enhance their resilience, and help ensure we are all prepared to withstand any future economic disruptions,” Dr Al Jaber added.

In preparation for the 6th Annual AIIB Board of Governors meeting, the UAE and AIIB teams have been working closely to create an engaging digital experience to help ensure a successful event that enables AIIB and all participants to achieve maximum results.

The “Investing Today. Transforming Tomorrow” theme represents the direction of the UAE as in investing in the transformation and diversification of what were traditional hydrocarbon economies. In addition, it reflects the new AIIB Corporate Strategy and vision approved by the Board of Governors last year which is focused on “Infrastructure for Tomorrow.” Among the forum topics delegates will be addressing under the main theme are opportunities to advance development of green infrastructure and energy sources, promoting connectivity and cooperation across the global sustainable development community, developing technology-enabled infrastructure, and promoting private capital mobilisation to support infrastructure development.

Dr Al Jaber continued, “With the 2021 UN Climate Change Conference coming up, promoting green infrastructure and our shared commitment to climate action is one of the main areas of interest and focus of the delegates.

“While we must all commit to combatting the impact of climate change, we also recognise that the green economy represents a tremendous economic opportunity both here in the UAE, and in developing economies.

“As part of the UAE’s National Energy Plan 2050, we are focused on developing a new sustainable green economy that integrates renewable energy solutions and clean tech into the overall energy mix. Through the international development work of Abu Dhabi Fund for Development, we are supporting the development of a broad range of renewable energy projects around the world.” The UAE is one of the founding members of The Asian Infrastructure Investment Bank (AIIB) whose mission is financing the Infrastructure for Tomorrow infrastructure with sustainability at its core.

AIIB began operations in Beijing in January 2016 and grown to 103 approved members worldwide. AIIB capitalised at $100 billion and Triple-A-rated by the major international credit rating agencies. Working with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity. As of June 2021, AIIB have approved up to $25.93 billion for 130 projects around the globe.

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. The Bank’s launch, as one of Chinese President Xi Jinping’s initiatives, was first proposed in 2013. Headquartered in Beijing, AIIB began operations in January 2016 and has now grown to 103 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond aiming better connect people, services, and markets that over time will impact the lives of billions and build a better future.

WAM