UAE says AIIB will help Asian economies

DUBAI -- Mohammed Saif Al-Suwaidi, director general of Abu Dhabi Fund for Development (ADFD), said on Monday that the new Asian Infrastructure Investment Bank (AIIB) will give fresh impetus to the economies of Asian countries.

On behalf of the United Arab Emirates (UAE), Al-Suwaidi attended the signing ceremony of AIIB in Beijing on Monday, which makes the UAE one of the 57 founding member states of the international financial institution.

The Beijing-based bank will have authorized capital of $100 billion. Asian countries will contribute up to 75 percent of the total capital and be allocated a share of the quota based on their economic size.

"Through the infusion of more funds to infrastructure projects, the bank will help stimulate economic growth and create hundreds of new job opportunities," Al-Suwaidi said.

He added that the signing of agreement with AIIB is aligned with the vision of the UAE leadership to promote international collaboration towards fulfilling the development goals of developing countries.