The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved the creation of a Provisional Operational Hub, the Bank’s first office abroad; Abu Dhabi is the chosen place.
The AIIB, which began with 57 founding members in 2016, now has a total of 105 members. It has developed a portfolio of 181 projects in 33 member countries with a total amount of 35.7 billion dollars to date.
This rapid growth is the catalyst for the opening of an office that helps bring the Bank closer to both its customers and the front line of its business. The Hub also provides proximity to global financial centers and connectivity to the international infrastructure ecosystem, which is important in maintaining the commercial momentum of the AIIB.
The preferred location for the Hub will be Abu Dhabi, in the United Arab Emirates (UAE), pending a formal agreement to be finalized in the coming weeks. The UAE has been designated as the preferred location for the Hub because it best fits the Bank’s selection criteria, in particular the excellent connectivity to the Bank’s global members.
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The Hub will provide the AIIB with a robust platform that will enable effective monitoring of its growing investment portfolio and will strengthen its project monitoring and execution services worldwide.
As one of the founding members of the AIIB, the UAE is one of the fastest growing economies in the region and has actively promoted the ecological transition.
The Center has been designated as an ‘interim’ operation in order to gain experience before establishing the AIIB’s long-term global presence. Based on this experience, the Bank will request the authorization of the Board of Directors to open new offices in order to better serve its growing list of clients and the expansion of the interested communities.
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