Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Governor of the UAE at the Asian Infrastructure Investment Bank (AIIB), participated in the 10th annual meeting of the Board of Governors held in Beijing, China, under the theme “Connectivity for Development and Cooperation for Prosperity.”
During the meeting, the attendees highlighted key achievements from the past year, discussed future projects and initiatives, and emphasized the necessity of coordinating international efforts to tackle global economic challenges, particularly those related to climate change. This includes expanding strategic partnerships and mobilizing accessible financial resources to support crucial sectors and enhance investment in sustainable infrastructure projects.
Trailblazing Achievements
Dr. Sultan Ahmed Al Jaber praised the AIIB’s pioneering achievements and its crucial role in financing quality projects that contribute to infrastructure development across member countries.
He reiterated that the UAE’s support for this strategic partnership aligns with the directives of its leadership, prioritizing multilateral cooperation and building bridges to fulfill economic development goals.
In his meeting with newly appointed AIIB President, Tsui Jia Yi, he expressed the UAE’s commitment to supporting the bank’s efforts in expanding its global influence.
He pointed out that since its inception, the AIIB has successfully improved living conditions in several beneficiary nations by supporting developmental efforts and highlighting the significant role of multilateral institutions in development and financing efforts.
Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development and Deputy Governor of the UAE at AIIB, emphasized the importance of the strategic partnership between the fund and the bank, which is based on shared developmental goals that effectively aid sustainable economic and social growth in developing countries.
He also noted that the bank’s operational office in the Abu Dhabi Global Market has become a successful model for enhancing the bank’s capabilities and expanding its operations. In its first year, it aligned investments with the bank’s priorities and strategies, boosting effectiveness in communication with clients, partners, and stakeholders in the region.
Founding Member
The UAE became a founding member of the AIIB in April 2015 and hosts the bank’s first operational office outside China. This reflects the high level of cooperation, coordination, and effective membership of the UAE in the bank, underscoring its leadership role in enhancing and supporting multilateral international institutions.
Over the past decade, the bank has approved financing exceeding $60 billion for 318 projects. The bank’s 2024 annual report indicated exceptional growth in its operational activities, approving funding for 51 projects totaling $8.4 billion, benefiting 19 member countries.
The bank also made significant strides in climate finance, allocating 67% of its total funding of $5.6 billion to projects with sustainable impacts, surpassing the target set at 50% by 2025.
Among its achievements is financing for renewable energy projects with a combined capacity of more than 21 gigawatts, which has contributed to avoiding approximately 28 million tons of carbon dioxide emissions annually.
This decade-long success underscores the UAE’s visionary approach and commitment to supporting multilateral institutions focused on sustainable development, demonstrating the country’s steadfast dedication to enhancing international cooperation in addressing shared global challenges.