DUBAI, 12th February, 2018 (WAM) — The Abu Dhabi Fund for Development, ADFD, the strategic sponsor of the World Government Summit 2018, and the Asian Infrastructure Investment Bank, AIIB, have discussed their development co-operation and the UAE’s leading role in supporting sustainable development.
Mohammed Saif Al Suwaidi, Director-General of the ADFD, met with Danny Alexander, Vice President of the AIIB, during the summit’s second day, where they discussed their joint efforts to support and promote economic and social development in Asia.
Al Suwaidi highlighted the UAE’s desire to enable the ADFD to achieve its goals, including to fund infrastructure projects and improve the funding process, in light of the lack of investments in the infrastructure of Asian countries, as well as to encourage investment in the manufacturing sector and facilitate economic projects.
He added that the summit aims to support the efforts to achieve sustainable development and assist governments and participating countries to foresee the future, through workshops held over the past two days that tackled ways of addressing the future and provided solutions to related challenges facing governments.
The UAE joined the AIIB as a founding and permanent member in April 2015, along with over 57 other countries.
Alexander highlighted the importance of the role of the UAE and the ADFD in achieving sustainable development in developing countries and the country’s efforts to help fund development projects, as well as the bank’s strategic goals and priorities related to funding sustainable infrastructure projects in Asian countries.
He added that the summit aims to tackle many important issues related to science, technology and innovation, as well as achieving sustainable development and adopting relevant policies, which the bank aims to implement globally.
The AIIB, whose capital amounts to US$100 billion, aims to provide new sources of funding for the development process in Asia.
The ADFD was assigned to represent the UAE, in the co-ordination with the bank’s management, to monitor related projects.
The UAE’s share in the bank’s capital amounts to $1.185 billion, and the fund’s presence on the Board of Directors reflects the country’s commitment to promoting its development role in Asia.