The China-backed Asian Infrastructure Investment Bank is set to open its first office outside of Beijing, as the multilateral lender grapples with China’s strict Covid-related restrictions on overseas travel, reports The Wall Street Journal.
Abu Dhabi is among the preferred locations for the interim office, which could open as early as this summer, according to people briefed about the matter. Besides allowing employees based there to travel more easily, the office could also help AIIB expand its global presence, they said.
A spokesman for the bank confirmed the plan for an overseas office, citing growth needs. The bank’s overseas expansion is the latest sign of how global entities in China have had to adjust their operations to cope with the country’s rigid pandemic-control policies. China until recently required weeks of quarantine upon entering the country, making it difficult for global entities to attract foreign talent as well as conduct business trips. Such adaptability has been required not only of foreign multinationals but also by a prized multilateral bank backed by the Chinese government.