The UAE Cabinet ratified the agreement with Turkmenistan and approved the establishment of the AIIB office
The UAE Cabinet of Ministers ratified on Tuesday an agreement with Turkmenistan on cooperation and mutual assistance in customs matters and approved the establishment of an office of the Asian Infrastructure Investment Bank in the country.
An agreement on cooperation and mutual assistance in customs matters between the governments of Turkmenistan and the United Arab Emirates was adopted, among other documents, following negotiations between President of Turkmenistan Serdar Berdimuhamedov and President of the United Arab Emirates Sheikh Mohammed bin Zayed Al Nahyan in Abu Dhabi in November 2022.
As for the bank, the AIIB, which unites 57 countries, decided to open its regional office in the UAE. The bank has a capital of $100 billion and investments in infrastructure to support the accelerated development process in Asia.
The Bank focuses on such priority areas in financing operations as green infrastructure, communications and regional cooperation, and technology.
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