Media ININ Economy We Trust
Media IN ABU DHABI, 13th July, 2019 (WAM)
Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, is mandated to represent the UAE at the Bank’s meetings and events and on its board. Following last year’s event in Mumbai, India, the 2019 meeting ran from 12th to 13th July in Luxembourg City, Luxembourg.
In line with Asian Infrastructure Investment Bank, AIIB’s strategic vision to step up collaboration among countries in various aspects of sustainable infrastructure development, the meeting took place outside Asia for the first time, illustrating the economic and social benefits of better connectivity within and between countries and regions.
The 2019 annual meeting and its sideline events convened AIIB governors and directors to engage with key stakeholders from government and private sector entities, thought leaders, key business and development influencers, as well as civil society representatives and experts.
Running under the theme ‘Cooperation and Connectivity’, the gathering featured discussions on the benefits of a stronger Asia-Europe cooperation framework, mobilising finance, sustainable
The Bank’s objectives are in perfect alignment with the UAE’s international social, humanitarian and development aid programme. As an important partner in the development process, the UAE has been 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 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..
In line with its overall development goals, AIIB prioritises investment in sustainable infrastructure that supports countries in achieving the United Nations’ Sustainable Development Goals (SDGs), as well as cross-border infrastructure that links road and rail projects, ports, power grids and telecommunication networks across Asia.
The UAE joined AIIB as a permanent founding member in April 2015. The country’s contribution to the bank’s paid-up capital of US$100 billion accounts for US$1.185 billion. By June 2019, AIIB financed 40 development projects in Asian countries with a total value of US$8.03 billion.
