Sharjah 24 - WAM: The UAE on Wednesday participated in the seventh annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), held virtually under the theme “Sustainable Infrastructure Toward a Connected World”.
The UAE was represented by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and the UAE’s Governor at the AIIB Board of Governors. The meeting was attended by the governors of the 105 member states in addition to the bank’s strategic partners.
The board reviewed the bank’s agenda, including the projects financed by the bank, the challenges faced in financing development projects in Asia, and possible solutions. They also discussed the plan to increase investment in strategic projects in vital sectors, especially in clean energy as it preserves biodiversity and natural resources.
Dr. Al Jaber said, “As part of the UAE's wise leadership, the country seeks to step up its efforts to fulfil the vision of the leadership to create a conducive environment for infrastructure investment, especially in renewable energy, and enable the developing world to hasten its energy transition.
“The bank’s board of governors seeks to expand its scope of work according to its strategic priorities by increasing investments in the renewable energy sector, especially because this will help tackle the climate crisis and accelerate the effort towards carbon neutrality."
Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development (ADFD) and the UAE’s Alternate Governor on the AIIB Board of Governors, said, "The UAE is committed to supporting the international community in its effort to transition to renewable energy through the application of best practices, deployment of the latest technology and innovative solutions that would contribute to sustainable development in developing countries.”
He noted that ADFD plays an active role as it works with its partners to meet the deal with the climate crisis and drive economic and social development in partner countries.
Last year, the UAE hosted the sixth annual meeting of AIIB’s Board of Governors, becoming the first country in the Middle East to do so. The UAE joined the bank as its founding member in April 2015, contributing US$1.8 billion to its capital.
The Asian Infrastructure Investment Bank is a multilateral development bank, which aims to improve the quality of life and economic conditions of Asian countries through financing infrastructure projects.
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