First Overseas Office To Open- AIIB

The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) announced that the bank would open its first overseas office as it intends to expand through an interim operational hub.

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According to AIIB, it is expected that this first office will be based in Abu Dhabi in the United Arab Emirates (UAE), but there are still some pending agreements for this week. The bank also said that the UAE was considered the destination, given that it fits with the bank's selection criteria and superb connectivity to its global membership.

The AIIB has grown to 105 members from its 57 founding members in 2016, developing a portfolio of 181 projects in 33 member countries, accounting for the amount of 35.7 billion dollars to date.

The bank said that "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 office will allow the bank to keep an eye on the growth of its investment portfolio through a platform, strengthening its project monitoring and implementation services across the globe.

This new installation offers the bank an approach to global financial centers and connectivity with the international infrastructure ecosystem, which is relevant for maintaining the AIIB's commercial momentum.