The Asian Infrastructure Investment Bank (AIIB), the Beijing-headquartered multilateral development bank and international financial institution, has opened its first-ever international office in Abu Dhabi, according to a statement.

The office will be based at Abu Dhabi Global Market, the emirate’s international financial centre, the statement added.

“This milestone reinforces our commitment to strengthen regional partnerships, promote sustainable development and support infrastructure projects for our members,” said AIIB vice-president and chief administration officer Luky Eko Wuryanto. “The UAE [United Arab Emirates] is an excellent choice for our first overseas venture. I am confident this new hub will advance our efforts to enhance sustainable development throughout the region and elsewhere.”

AIIB’s decision to locate its first international office in the UAE follows an agreement in April between the bank and the Abu Dhabi Fund for Development.

“The move will enable AIIB to leverage our exceptional infrastructure and status as a global investment destination to drive forward its sustainable development agenda with greater momentum, in alignment with our common goals and aspirations,” said Mohamed Saif Al Suwaidi, director-general of Abu Dhabi Fund for Development and the UAE’s alternate governor at the Board of Governors of AIIB. “We reaffirm our commitment to supporting AIIB in all its efforts.”

The opening of AIIB’s international office comes as the UAE prepares to host the 28th edition of the UN Climate Change Conference (COP28) in November and December.

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Since its establishment in January 2016, AIIB has financed 232 development projects with a total value of $44.41bn (323.45bn yuan). At present, the AIIB has 106 members worldwide, mostly in Asia, Africa and Europe. The bank has capitalisation of $100bn and carries a AAA score from the major international credit rating agencies.