UAE attends launch of Asian Infrastructure Investment Bank in Beijing

Sunday, 17 January 2016 14:19

Representatives of the founding nations of the Asian Infrastructure Investment Bank (AIIB) applaud as Chinese President Xi Jinping (C) unveils a sculpture during the opening ceremony of the AIIB in Beijing on January 16, 2016.

The UAE has joined over 50 other countries at the official launch of the Asian Infrastructure Investment Bank (AIIB) in Beijing. China is providing the bulk of the new lender’s capital, while the UAE is set to contribute $237 million (AED 870.3 million) over five years. AIIB will help mobilise funds for infrastructure projects in the Asian region, mainly focusing on developing economies. It’s the first international development bank which doesn’t have the United States and Japan as partners.

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