the Asian Infrastructure Investment Bank (AIIB) will establish its first overseas office In Abu Dhabi

Recently, an agreement was signed by the Asian Infrastructure Investment Bank (AIIB) to establish its first Interim Operational Hub in Abu Dhabi Global Market.

In its first step towards opening an overseas office, the Asian Infrastructure Investment Bank (AIIB) recently signed a contract to establish its first Interim Operational Hub in Abu Dhabi Global Market. A multilateral development bank called AIIB specialises in funding sustainable infrastructure projects. The UAE has emphasised the significance of climate finance, a key concern for countries as they strive to increase their efforts and commitments towards climate action. The UAE will serve as the host nation for COP28 later this year…

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Important Information:

 In Abu Dhabi Global Market, the AIIB has established its first Interim Operational Hub, which will act as its first overseas office.

In addition to supporting the Bank’s development agenda, the office will be strategically located in the Middle East and throughout the world. It will fund infrastructure projects that prioritise sustainable economic growth, especially in areas where it is most needed.

Dr. Al Jaber, who is also the COP28 President-Designate, has said that the UAE’s commitment to bolstering cooperation with international organisations and institutions that concentrate on sustainable economic development in developing countries is reflected in hosting the AIIB’s overseas operational office.

Concerning the Asian Infrastructure Investment Bank (AIIB):

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank founded in 2016 with the goal of financing infrastructure projects in Asia and beyond.

The bank has over 100 member countries, including several major economies such as the United Kingdom, Germany, and Australia, and is headquartered in Beijing, China.

The mission of the AIIB is to promote long-term economic growth, create wealth, and improve infrastructure connectivity in Asia through investments in infrastructure and other productive sectors.

The following are major contributors to the Asian Infrastructure Investment Bank (AIIB)

With a capital contribution of roughly 26%, China is by far the biggest contributor to the AIIB.

India – With a contribution to the AIIB of roughly 7.5%, India is the second-largest donor.

Russia – With a contribution to the AIIB of roughly 6.6%, Russia is one of the largest contributors.

Germany – With a roughly 4.6% share in the AIIB, Germany is one of the biggest European contributors to the bank.

South Korea – With a contribution to the AIIB of roughly 3.8%, South Korea is one of the major contributors to the bank.