Posts Tagged ‘ADFD’

AIIB Launch

July 9th, 2015

pakistanThe Asian Infrastructure Investment Bank (AIIB) was just launched. Last week in Beijing, the UAE signed the Articles of Agreement that set it up, making it a founding member of this institution.

It is anticipated the AIIB will begin its work by the end of this year. Its goal is “to provide new financial resources for infrastructure development and improvement across Asia, while maintaining balanced economic growth in the countries of the region while addressing the financial challenges facing infrastructure projects.”

As well, it is hoped that the AIIB will play a key role in boosting investment activities, focusing in productive sectors which result in a “long-term economic impact on the region.” Another benefit to the bank will be how its focus on its members who are on the lower-end of the economically developed spectrum, and provide them with greater assistance.

According to Director General of Abu Dhabi Fund for Development (ADFD), His Excellency Mohammed Saif Al Suwaidi: “The signing of this agreement with AIIB is aligned with the vision of the UAE leadership to promote international collaboration towards fulfilling the development goals of developing countries.” This positive sentiment was echoed by Indonesia’s Finance Minister Bambang Brodjonegoro who said: “Indonesia has been involved in the discussion regarding the establishment and governance of AIIB. So far, we are satisfied because experiences from the World Bank and ADB have been used fully in the discussion. In fact, we’re trying to improve what have been doing well, both in the World Bank and ADB, in order to make the AIIB better.”

Ultimately, if the AIIB “bridges infrastructure financing gap in Asia” as finance Minister for Pakistan, Ishaq Dar is hoping, not only will Asia as a region benefit, but global companies seeking FDI environments will follow suit.