Kuwait becomes a member of the Asian Infrastructure Investment Bank's governing body.
Kuwait jumps aboard the Asian Infrastructure Investment Bank (AIIB) as a full-fledged participant on the bank's Board of Governors. This announcement was made during the AIIB's annual meeting in Beijing, which attracted over 2,500 global bigwigs, including central bank honchos and heads of significant financial institutions.
Kuwaiti Ambassador to China, Jassim Al-Najem, expressed the nation's commitment to actively contributing within the AIIB, leveraging its wealth of experience in funding development projects. He stated, "Kuwait's membership solidifies a significant stride in fostering global partnerships through infrastructure investments and the exchange of international expertise."
Kuwait's early backing for the AIIB and ambition to play an active role within its ranks were underscored by the envoy. He added that this move amplifies Kuwait's presence on the global stage in key sectors like infrastructure, energy, and transportation.
The three-day summit, commencing on June 24, was inaugurated by Chinese Premier Li Keqiang, who applauded the AIIB as a successful paradigm of financial management and multilateral cooperation since its inception in 2015.
Saad Al-Rashidi, Director of the International Economic Cooperation Department at the Ministry of Finance, and Nouf Bursali, an economic researcher at the Ministry, represented Kuwait at the meeting.
Established in 2014, the AIIB boasts about 103 member countries and focuses on financing sustainable infrastructure projects across Asia and beyond. As a full member, Kuwait now participates in the AIIB's highest decision-making body, which determines the bank's major policies, strategic directions, and approval of broad operational guidelines, financial statements, and new member admissions.
Thanks to their economic standing and financial resources, Kuwait's involvement in the AIIB positions them as potential funders for infrastructure projects across the Asian continent. In essence, Kuwait's role in the AIIB is to support the bank's investments and development strategies through high-level governance and decision-making, thereby contributing to regional infrastructure development and economic cooperation across Asia.
Kuwait, through its involvement in the Asian Infrastructure Investment Bank (AIIB), can use its wealth of experience in funding development projects to contribute significantly to infrastructure investments and international expertise exchange within the bank. As a full member of the AIIB, Kuwait now has the opportunity to participate in the bank's highest decision-making body, directly influencing key financial policies, strategic directions, and approving new member admissions – thereby playing a vital role in shaping the business and finance landscape of Asia.
