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Saturday , December 7 2019

Al-Hajraf underlines Kuwait’s active role in AIIB 4th meeting

Kuwait’s finance minister holds meetings with bank’s top officials]

Kuwait’s Minister of Finance Dr Nayef Al-Hajraf meets with the chairman of the Asian Investment Bank for Infrastructure

LUXEMBOURG, July 14, (KUNA): The 2019 Asian Infrastructure Investment Bank (AIIB) annual meeting concluded Saturday in Luxembourg, with the participation of Kuwait Finance Minister Dr Nayef Al- Hajraf. Al-Hajraf, on the sideline of the two-day event, held meetings with AIIB President Jin Liqun and Vice-President Sir Danny Alexander, in which they discussed Kuwait’s contribution to the bank’s work, in addition to discussing ways to enhance cooperation between Kuwait and AIIB.

They also tackled the benefit from the expertise of Kuwaiti institutions in the field of international development. “China is the second largest economy in the world and is expected to become the first, and the bank is based in Beijing, China, and with 100 member states which refl ects the great interest and the hoped-for role of this development bank,” Al- Hajraf told KUNA following the meeting.

“Kuwait has made sure to be one of the first countries to join the AIIB, and one of the countries that have an active role and presence in the organization through its participation in the meetings, not only as a founding member, but also it brings great experience in the field of financing development projects to AIIB,” he added.

On the Kuwaiti Chinese relations, Al-Hajraf said that the brotherly countries enjoyed distinguished relations, as he praised His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah historic visit to China in June 2018, and the opening of the General Investment Authority office in Shanghai, which is the first office to be opened after the authority’s office in London in 1953. “This reflects the importance of Kuwait’s trade and investment relations with China,” Al-Hajraf said.

The AIIB fourth meeting included sessions of the Bank’s Board of Governors, which witnessed the discussion of the annual report and the joining of Benin, Djibouti and Rwanda as new bank members, as it discussed ways to invest in sustainable infrastructure projects and achieve economic integration among member states.

The theme of the two-day meeting is “Cooperation and Connectivity” in recognition of the economic and social benefits to be realized through better connectivity within and between countries and regions, including Europe and Asia. The 2019 annual meeting brings together AIIB’s governors and directors to engage with delegations from members, prospective members, partner institutions, business leaders, civil society and experts from a range of fields.

The bank was established in 2014 with 97 members from around the world and with capital of $100 billion, by investing in sustainable infrastructure and other sectors such as energy, transportation and telecommunications, urban development and logistics for countries. Kuwait’s share of the bank is 0.536 percent, of about $536 million.

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