The Abu Dhabi Fund for Development will contribute $237 million in startup capital to the Asian Infrastructure Investment Bank (AIIB), which was launched Jan. 17 in Beijing to create an internationally supported fund to back local and regional infrastructure projects throughout Asia that focus on energy, transportation, urban construction, logistics, education and health care.
The new bank pledges cooperation with existing international banking organizations like the World Bank and the Asian Development Bank.
“The establishment of the Asian Infrastructure Investment Bank marks the start of a new era in international development aid," Abu Dhabi Fund for Development Director General Mohammed Saif Al Suwaidi said. "The bank is aligned with the UAE leadership’s vision to promote international collaboration and ensure the efficient distribution and use of development aid. Keeping this as our core mandate, the UAE will continue to support AIIB’s efforts to accelerate infrastructure development across Asia while pursuing efforts to support social and economic development across the developing world.”
The UAE will pay its contribution over five years. In total, the AIIB expects a capitalization level of approximately $150 billion.
Alerts Sign-up