UAE to chair sixth annual AIIB board of governors’ meeting

Delegates from more than 100 countries are expected to attend the event online

The UAE has teamed up with the Asian Infrastructure Investment Bank to host and chair the sixth annual AIIB board of governors meeting in October.

Held online under the theme of Investing Today. Transforming Tomorrow, the meeting, which will run from October 26 to 28, is expected to attract delegates from more than 100 countries, according to state news agency Wam.

“The UAE was founded on the principles of planning for and investing in the future today,” said Dr Sultan Al Jaber, the UAE’s minister of industry and advanced technology, was quoted as saying by Wam.

“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 neighbours across the GCC and Mena regions,” said Dr Al Jaber, who is also on the AIIB board of governors.

The UAE joined fellow AIIB founder members Saudi Arabia, Oman, Qatar, Egypt and Jordan, as well as 29 other countries from Asia and Europe, the UK, Germany and Russia, in April 2015.

China-led AIIB began operations in Beijing in January 2016 and has grown to 103 approved members globally. It is capitalised at $100 billion and triple-A-rated by the major international credit rating agencies.

As of June, it has approved up to $25.9bn for 130 projects worldwide.

The three-day forum will discuss various issues such as opportunities to advance green infrastructure and energy sources, promoting connectivity and co-operation across the global sustainable development community, developing technology-enabled infrastructure and promoting private capital mobilisation to support infrastructure development.

“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,” Dr Al Jaber said.

Updated: July 29th 2021, 5:51 PM