ADFD and AIIB explore ways to boost sustainable development
The two sides discussed the development of bilateral relations and explored new investment opportunities in vital sectors
Abu Dhabi: Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, on Wednesday met at the Fund’s headquarters Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB). The meeting was atended by Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD, and other officials from both sides. The two sides discussed the development of bilateral relations and explored new investments opportunities in vital sectors.
Al Suwaidi said: “Abu Dhabi Fund for Development has close relations with the Asian Infrastructure Investment Bank, especially as the two entities share similar objectives. The Fund is keen to enhance economic cooperation with the bank that would support the common mission to achieve sustainable development in developing countries.”
He welcomed AIIB’S decision to opt for Abu Dhabi as the preferred location to have its first operational office outside of China, which he said would also help in the unification of efforts to smoothen coordination between the UAE and AIIB to achieve the bank’s strategic objectives for expansion.
Al Suwaidi also discussed ways to enhance cooperation between ADFD and the bank over the Energy Transition Accelerator Financing (ETAF) initiative to accelerate the global energy transition, a strategic priority of both organizations. He pointed out that ADFD and AIIB had contributed to the plaform, which plays a critical role in financing renewable energy projects.
The UAE participated in the seventh annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank in October of this year. Represented by 105 member states, in addition to the strategic partners of the bank, the meeting highlighted the importance of increasing investment in clean energy projects and unification of efforts to reduce the effects of climate change.
Abu Dhabi Fund for Development recently participated in the first plenary session of the Council of Foreign Investors in Uzbekistan, which was held this week under the chairmanship of Shavkat Mirziyoyev, President of Uzbekistan.
The discussions focused on fostering economic development in Uzbekistan by facilitating investment in various fields and enabling investors to overcome obstacles. Many development institutions and international financial organizations participated in the conference.
Addressing the conference, Mohamed Saif Al Suwaidi highlighted the special bonds between the UAE and Uzbekistan that have remarkably strengthened over the past decade.
“Thanks to the visionary leaders of the two nations, the UAE and Uzbekistan have steadily expanded their strategic cooperation across priority sectors in the mutual interest. We hope that our joint efforts will enable us to take the relations to the next level, in line with the aspirations of the leaders of our two countries,” he said.
Al Suwaidi expressed appreciation for the government of Uzbekistan for creating a competitive environment for foreign investors in the country, as he underlined ADFD’S contributions to promoting economic sustainability and stimulating development in Uzbekistan through the Abu Dhabi Uzbek Investment Company, which the Fund established in 2019 with a 75% contribution to the total capital.
Abu Dhabi Fund for Development (ADFD) is a leading national financial entity owned by the Abu Dhabi government. It was established in 1971 with an aim to help developing countries strengthen their economies by providing concessionary loans for development projects as well as through long-term investments and direct contributions. In addition to managing development grants given by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy by driving private-sector investments, financing national exports and enabling exporters to expand into global markets.