ABU DHABI — Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, organised a UAE-wide tour for a visiting Asian Infrastructure Investment Bank (AIIB) delegation from 25 February to 1 March. Led by Dr D J Pandian, Vice President and Chief Investment Officer of AIIB, the delegation’s UAE visit highlighted the bank’s crucial role in financing development projects in Asian countries and included meetings with leading UAE government entities.

The delegation met with representatives from Ajman Chamber of Commerce and Industry, Fujairah Chamber of Commerce and Industry, the Dubai Department of Economic Development (DED), Roads and Transport Authority, Dubai Electricity and Water Authority (DEWA), as well as Mubadala Investment Company, Abu Dhabi National Oil Company (ADNOC), and Masdar. At the meetings, the AIIB delegation presented opportunities for cooperation with the UAE public sector entities, especially in financing infrastructure projects in the energy, transportation, and water sectors.

With an approved capital of US$100 billion, AIIB – a multilateral financing institution – aims to provide necessary financial resources underpinning infrastructure projects in Asia.

Dr Pandian discussed the growing development opportunities in Asia today and offered the UAE-based government institutions a detailed presentation on the bank's objectives and capabilities in financing such projects.

Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: “Within the framework of cooperation between ADFD and AIIB, this important visit to the UAE provided local entities and national companies with valuable insights into the development activities of AIIB.”

He added: “Boosting its leading role in implementing development projects internationally, the UAE joined AIIB as a permanent founding member in 2015 with a contribution of US$1.185 billion. Furthermore, ADFD has been mandated to represent the UAE at AIIB and coordinate with the bank's management in following up on the status of the funded operations and projects.”

AIIB aims to contribute new financial resources to accelerate the development process in Asia and enable beneficiary countries to maintain a balanced level of economic growth to meet the funding challenges facing development projects.

Aligned with ADFD’s wider objectives, AIIB represents a model institution in the provision of development assistance that alleviates global poverty.

Through representing the UAE on AIIB’s Board of Directors, ADFD has enhanced its development support capabilities in Asia, benefiting from the expertise and technical information available within the AIIB network and boosting collaboration in areas of shared interest. — SG