UAE Support to International Development Efforts

  • 7 April 2015

In October 2013, Chinese President Mr. Xi Jinping officially announced the news of UAE joining Asian Infrastructure Investment Bank (AIIB) as a founding member. This was in sync with the country’s strategy of supporting international trade and development partnerships as well as its effective contribution toward achieving humanitarian and development goals. It is clear that the world is facing great economic and development challenges which no country can solely tackle, irrespective of its capacity. This raises the importance of monetary institutions capable of providing sufficient financial support to tackle these challenges.

AIIB is an important international forum. It has been established with the aim to create a tool for financing and providing a platform for regional and international cooperation to support infrastructure development in developing Asian countries. It will focus on energy, electricity, transportation and communications projects in addition to supporting infrastructure and agriculture in rural areas and providing water, sanitation and other environment conservation, urbanization, logistic services. All these areas are critical to international development efforts.

The UAE joining the AIIB is closely linked to its crucial role in achieving the United Nations Millennium Development Goals for which it has adopted its own approach. This is also consistent with its keenness to support and coordinate with countries that lack in any aspect of development. The UAE makes all efforts possible to finance and implement development projects throughout the world. In many cases, it has gone to the extent of establishing and following up on these projects, including social and human welfare institutions as hospitals, schools, houses, roads, bridges and so on in order to ensure the achievement of developmental goals.

It is widely known that the UAE supports development projects around the world and its approach has become a strategic pillar of the wise leadership toward several countries, especially the poor ones. It is also become one of the foundations of its foreign policy. This emanates from its belief in international collaboration in helping neighboring and brotherly countries which face development challenges. The UAE continues to provide aid to many countries for their infrastructure projects, which are indispensible to their development plans.

The UAE has also acquired vast experience in financing projects in several developing countries through organizations working in this domain such as the Abu Dhabi Development Fund. The Fund focuses on supporting developing countries by offering soft loans to finance their development projects. It also makes direct investments and long-term contributions in developing countries. The UAE joining AIIB is another contribution toward implementation of development goals and benefiting the humanity as a whole.