The Asian Infrastructure Investment Bank (AIIB) has recently signed an agreement to create its first Interim Operational Hub in Abu Dhabi Global Market, marking its initial foray into establishing an overseas office. AIIB is a multilateral development bank that focuses on financing infrastructure projects that prioritize sustainability. 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.
Key Points To Note:
- The AIIB has established its first Interim Operational Hub in Abu Dhabi Global Market, which will serve as its initial overseas office.
- The office will have a strategic location in the Middle East and the world, and will support the Bank’s development agenda by financing infrastructure projects that prioritize sustainable economic growth, particularly in areas where it is most needed.
- Dr. Al Jaber, who is also the COP28 President-Designate, has stated that hosting the AIIB’s overseas operational office reflects the UAE’s commitment to strengthening cooperation with international organizations and institutions that focus on sustainable economic development in developing countries.
About Asian Infrastructure Investment Bank (AIIB):
- 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.
Major contributors to the Asian Infrastructure Investment Bank (AIIB):
China – China is the largest contributor to the AIIB, with a share of around 26% of the bank’s capital.
- India – India is the second-largest contributor to the AIIB, with a share of around 7.5%.
- Russia – Russia has a share of around 6.6% in the AIIB, making it one of the major contributors to the bank.
- Germany – Germany has a share of around 4.6% in the AIIB, making it one of the largest European contributors to the bank.
South Korea – South Korea has a share of around 3.8% in the AIIB, making it one of the major contributors to the bank.
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