UAE underlines Europe-Asia cooperation to develop infrastructure at AIIB board meeting

The Luxembourg meeting has also discussed the mechanism of accelerating development efforts in Asia

A UAE delegation attended the fourth annual meeting of the board of governors of the Asian Infrastructure Investment Bank in Luxembourg. Photo by Charles Caratini

The UAE,  a permanent founding member of the Asian Infrastructure Investment Bank (AIIB), has underlined the need for a deeper cooperation and connectivity between Europe and Asia to mobilise finance for the development of sustainable infrastructure.

The UAE, which attended the fourth annual meeting of AIIB board in Luxembourg earlier this month, has engaged with key stakeholders from government and private sector entities, thought leaders and key businesses to discuss the Asian-Asian cooperation framework, according to a AIIB statement on Saturday. The Abu Dhabi Fund for Development, mandated to represent the country at the AIIB's meetings and on its board, led the UAE delegation at the two-day event.

"Holding the fourth annual meeting of the AIIB board of governors in Europe is an important step in enhancing cooperation between member countries, as well as consolidating efforts to improve lives in developing countries," said Dr Sultan Al Jaber, Minister of State and the UAE’s governor on the AIIB Board of Governors, said.

Dr Al Jaber, who also met with the president of AIIB, as well as several ministers participating in the event, said the bank's objectives are in perfect alignment with the UAE’s international social, humanitarian and development aid programme.

The UAE has ranked first in the world in terms of the value of development and humanitarian assistance relative to national income for five years in a row. The UAE joined AIIB as a permanent founding member in April 2015. The country’s contribution to the bank’s paid-up capital of $100 billion (Dh376bn) accounts for $1.19bn. By June 2019, AIIB financed 40 development projects in Asian countries with a total value of $8.03bn.

The AIIB board meeting took place outside Asia for the first time, illustrating the economic and social benefits of better connectivity between the regions, AIIB said.

The 2019 annual meeting also explored the mechanism of accelerating development efforts in Asia  through financing infrastructure projects with the aim of maintaining a balanced level of economic growth in the region.