ABU DHABI: Dr Sultan Ahmad Al Jaber praised the Asia Infrastructure Investment Bank (AIIB) in an op-ed published in the China Daily on Saturday morning.
The op-ed by Dr Al Jaber, UAE Minister of State, marked the first annual meeting of the bank’s board of governors, at which he headed the UAE delegation. The UAE is a founding partner of the bank.
The Beijing meeting, attended by representatives of 57 member states, looked at measures to accelerate infrastructure development across Asia through the funding of major projects, access to finance, expertise and new partnerships. This will act as the catalyst for economic growth across the entire Asian economic region.
“By pooling resources and strategically targeting investment to achieve practical outcomes, the bank will make a great contribution to the development of Asian economies over time,” Dr Al Jaber wrote.
“The UAE is committed to playing its part in this effort. Our support of the AIIB is a critical component of our constructive relations with China, whose origins predate the birth of our nation.”
He noted the bank was about to deploy its first major round of funding, $1.2 billion to be co-invested with the World Bank in energy, transport and water projects. AIIB has already launched projects to improve sanitation in Indonesia, upgrade Bangladesh’s electricity grid, and build highways in Pakistan and Tajikistan.
“Projects such as these will bring President Xi Jinping’s Belt and Road Initiative for Asia to life by building the enabling infrastructure along the ancient Silk Road,” he noted.
Trade between China and the UAE has grown from $64 million in 1984 to $60 billion today, he said.
“The creation of the AIIB marks an important milestone in the growth of Asia’s emerging markets, whereby the countries of this region are directing their own future development,” he wrote.
“The UAE has always believed that building the capacity of nations and building bridges between them is the best way to establish peace and prosperity globally.”
