Economic Minister Saeed appointed to the Board of AIIB

Minister of Economic Development, Mohamed Saeed has been appointed to the Board of Directors of the Asian Infrastructure Investment Bank (AIIB), the Chinese led Multilateral Development Bank (MDB) conceived for the 21st century.

This was confirmed by the Housing Minister Dr. Mohamed Muizzu while talking to the press after his return from his official visit to China to take part in the official inauguration of AIIB.

Minister Muizzu said that Economic Minister Saeed was appointed as the Alternative Director of AIIB and the Maldives would be Executive Director the bank until June. And he said that the position would be available to the Maldives in the future as well.

Maldives as a founding member, AIIB was officially inaugurated this week with a reserve of USD 100 billion. This amount is two-thirds of the Asian Development Bank’s reserve and close to half of the World Bank.

AIIB was founded with 57 founding member countries.

Regarding the official inauguration of AIIB, Housing Minister Dr. Muizzu said that while the bank is set to issue developmental loans this year, the President of the Bank has assured that they would work to arrange the funds for development projects of the Maldives.

“This is a big achievement for a country like Maldives, at this opportunity, with God’s will, the road to gaining the funds for the projects the government want to conduct would be easier.” Minister Dr. Muizzu said.