BEIJING, July 7 (Xinhua) -- The Asian Infrastructure Investment Bank (AIIB) Board of Directors has approved the establishment of an interim operational hub, the bank's first overseas office, as the bank expands its global presence.
The preferred location for the hub will be Abu Dhabi in the United Arab Emirates (UAE), pending formal agreements during the coming weeks, according to the AIIB.
The UAE has been designated as the preferred location for the hub because it best fits the bank's selection criteria, in particular, superb connectivity to the bank's global membership, said the bank.
Starting with 57 founding members in 2016, the AIIB 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 U.S. dollars to date.
"This rapid growth is the catalyst for opening an office to bring the bank closer to its clients and the front lines of its business," the AIIB said.
The hub will provide the AIIB with a robust platform to enable supervision of its growing investment portfolio and strengthen its project monitoring and implementation services across the globe.
The hub also provides proximity to global financial centers and connectivity with the international infrastructure ecosystem, which is important to maintaining the AIIB's commercial momentum.
As one of the AIIB's founding members, the UAE is one of the region's fastest-growing economies and has been actively promoting green transition. ■