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AIIB to open its first overseas office in Abu Dhabi

Tags: Economy/Finance International News

The Chinese backed Asian Infrastructure Investment Bank (AIIB) has decided to open its first overseas office in Abu Dhabi, United Arab Emirates (UAE).

The Asian Infrastructure Investment Bank (AIIB) Board of Directors in its meeting on 7 July 2022 decided to establish an Interim Operational Hub.

 According to the AIIB, the Hub is being called interim because if the Abu Dhabi experience is successful then AIIB will open more offices in the world.  

Presently AIIB is based in Beijing, China.

Urjit Patel of India is one of the five Vice-President of AIIB.

Asian Infrastructure Investment Bank (AIIB)

  • It is a multilateral development bank which was set up in 2016. 
  • Its area of operation is in Asia and it provides loans to build Infrastructure of tomorrow -green infrastructure with sustainability, innovation and connectivity at its core.
  • However its members are from around the world. At present it has 104 member countries.
  • China is the majority shareholder of the bank and India is the second largest shareholder of the bank 
  • The United States and Japan are not the members of the bank 
  • AIIB has given maximum loans to India 

Current President of the Bank: Jin Liqun of China.

Headquarters: Beijing, China 

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