2021 AIIB ANNUAL REPORT AND FINANCIALS
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Who We Are and What We Do
We are a multilateral development bank (MDB) based in Asia, with an international membership. We began operations on Jan. 16, 2016, with 57 founding Members (37 regional and 20 nonregional). As of Dec. 31, 2021, we have 105 approved Members (88 ratified and 17 prospective) representing approximately 81 percent of the global population and 65 percent of global GDP. We are self-governing, rules- and treaty-based, and AAA-rated with preferred creditor status.
Our Mandate
Our VISION is a prosperous Asia based on sustainable economic development and regional cooperation.

Our MISSION is Financing Infrastructure for Tomorrow. By investing in sustainable infrastructure, we unlock new capital, new technologies and new ways in which to address climate change and connect Asia and the world. We will achieve this by working in partnership. By being agile and adaptable, AIIB will meet client needs and operate to the highest standards.
Approved Projects
2016-2021
2021 at a Glance
51Projects Approved in 2021
32Sovereign Projects
19Nonsovereign Projects
33i4t Projects
18Projects Under
the COVID-19 Crisis Recovery Facility
5Projects in Vaccine Financing
105Total Approved Members
9.93USD
Billion
US Dollar Investments
1,332.6USD
Million
Total Private Capital Mobilized
i4t Projects by Thematic Priorities*2021
COVID Crisis Recovery Facility Projects2020-2021
Total Project Distribution2021 (by Financing Type)
i4t and Facility Projects Distribution2021 (by Sector)
Investing in Our Membersend-2021
Our Staff2021
Our Climate Financing2021
Special Funds2021
i4t and COVID-19 Crisis Recovery Facility Projects
2021
i4t Project Distribution by Thematic Priorities
i4t Project Distribution by Thematic Priorities
COVID-19 Crisis Recovery Facility Project Distribution by Facility Sector
Historical Data
Approved Projects
Projects by Thematic Priority
Projects by Sector
COVID-19 Crisis Recovery Facility Projects
US Dollar Investments
Members
Staff
Project Preparation Special Fund
Private Capital Mobilized
International Open Competitive Tendering & Selection Procurement
APPROVED PROJECTS (2016-2021)
  • YEAR
  • ANNUAL APPROVALS
  • SOVEREIGN
  • TOTAL (as of Dec. 31, 2021)
  • 160
  • 106
  • 2021
  • 51 Projects (Annual Approvals)

    % Change

    2020 13%
    2019 82%
    2018 325%
    2017 240%
    2016 467%
  • 32 Projects (Sovereign)

    % Change

    2020 3%
    2019 113%
    2018 300%
    2017 220%
    2016 300%
  • 2020
  • 45 Projects (Annual Approvals)

    % Change

    2019 61%
    2018 275%
    2017 200%
    2016 400%
  • 33 Projects (Sovereign)

    % Change

    2019 120%
    2018 313%
    2017 230%
    2016 313%
  • 2019
  • 28 Projects (Annual Approvals)

    % Change

    2018 133%
    2017 87%
    2016 211%
  • 15 Projects (Sovereign)

    % Change

    2018 88%
    2017 50%
    2016 88%
  • 2018
  • 12 Projects (Annual Approvals)

    % Change

    2017 25%
    2016 33%
  • 8 Projects (Sovereign)

    % Change

    2017 25%
    2016 0%
  • 2017
  • 15 Projects (Annual Approvals)

    % Change

    2016 67%
  • 10 Projects (Sovereign)

    % Change

    2016 25%
  • 2016*
  • 9
  • 8
  • NONSOVEREIGN
  • MEMBERS IN WHICH AIIB INVESTS
  • MEMBERS WHO RECEIVED AIIB FINANCING FOR THE FIRST TIME
  • 54
  • 31
  • 19 Projects (Nonsovereign)

    % Change

    2020 58%
    2019 46%
    2018 375%
    2017 280%
    2016 1800%
  • 31 Projects (Members in which AIIB invests)

    % Change

    2020 11%
    2019 48%
    2018 138%
    2017 158%
    2016 343%
  • 3 Projects (Members who received AIIB financing for the first time)

    % Change

    2020 133%
    2019 167%
    2018 200%
    2017 67%
    2016 133%
  • 12 Projects (Nonsovereign)

    % Change

    2019 8%
    2018 200%
    2017 140%
    2016 1100%
  • 28 Projects (Members in which AIIB invests)

    % Change

    2019 33%
    2018 115%
    2017 133%
    2016 300%
  • 7 Projects (Members who received AIIB financing for the first time)

    % Change

    2019 14%
    2018 600%
    2017 400%
    2016 0%
  • 13 Projects (Nonsovereign)

    % Change

    2018 225%
    2017 160%
    2016 1200%
  • 21 Projects (Members in which AIIB invests)

    % Change

    2018 62%
    2017 75%
    2016 200%
  • 8 Projects (Members who received AIIB financing for the first time)

    % Change

    2018 700%
    2017 60%
    2016 14%
  • 4 Projects (Nonsovereign)

    % Change

    2017 25%
    2016 300%
  • 13 Projects (Members in which AIIB invests)

    % Change

    2017 8%
    2016 86%
  • 1 Projects (Members who received AIIB financing for the first time)

    % Change

    2017 400%
    2016 600%
  • 5 Projects (Nonsovereign)

    % Change

    2016 400%
  • 12 Projects (Members in which AIIB invests)

    % Change

    2016 71%
  • 5 Projects (Members who received AIIB financing for the first time)

    % Change

    2016 40%
  • 1
  • 7
  • 7

* = Updated to reflect latest information.
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PROJECTS BY THEMATIC PRIORITY (2016-2021)
With the implementation of our Corporate Strategy in 2021, all our investments across infrastructure and other productive sectors are now required to add value through one or more of the four cross-cutting themes of our strategy to finance Infrastructure for Tomorrow. In 2021, AIIB realigned its reporting to reflect this and reclassified its projects under these thematic priorities going forward. The figures below represent the distribution of regular projects (excluding projects approved under the COVID-19 Crisis Recovery Facility).
  • YEAR
  • GREEN INFRASTRUCTURE
  • CONNECTIVITY AND REGIONAL COOPERATION
  • TOTAL
  • 92 (80.00%)
  • 23 (20.00%)
  • 2021
  • 29 (87.88%) Green Infrastructure

    % Change

    2020 93%
    2019 21%
    2018 222%
    2017 164%
    2016 625%
  • 8 (24.24%) Connectivity and Regional Cooperation

    % Change

    2020 50%
    2019 100%
    2018 -
    2017 300%
    2016 100%
  • 2020
  • 15 (83.33%) Green Infrastructure

    % Change

    2019 26%
    2018 67%
    2017 36%
    2016 275%
  • 5 (27.78%) Connectivity and Regional Cooperation

    % Change

    2019 25%
    2018 -
    2017 150%
    2016 25%
  • 2019
  • 24 (85.71%) Green Infrastructure

    % Change

    2018 167%
    2017 118%
    2016 500%
  • 4 (14.29%) Connectivity and Regional Cooperation

    % Change

    2018 -
    2017 100%
    2016 -
  • 2018
  • 9 (75.00%) Green Infrastructure

    % Change

    2017 22%
    2016 125%
  • -
  • 2017
  • 11 (73.33%) Green Infrastructure

    % Change

    2016 175%
  • 2 (13.33%) Connectivity and Regional Cooperation

    % Change

    2016 100%
  • 2016
  • 4 (44.44%)
  • 4 (44.44%)
  • TECHNOLOGY-ENABLED INFRASTRUCTURE
  • PRIVATE CAPITAL MOBILIZATION
  • 21 (18.26%)
  • 52 (45.22%)
  • 13 (39.39%) Technology-Enabled Infrastructure

    % Change

    2020 160%
    2019 333%
    2018 325%
    2017 240%
    2016 467%
  • 16 (48.48%) Private Capital Mobilization

    % Change

    2020 100%
    2019 7%
    2018 167%
    2017 220%
    2016 700%
  • 5 (27.78%) Technology-Enabled Infrastructure

    % Change

    2019 67%
    2018 325
    2017 240%
    2016 467%
  • 8 (44.44%) Private Capital Mobilization

    % Change

    2019 88%
    2018 33%
    2017 60%
    2016 300%
  • 3 (10.71%)
  • 15 (53.57%) Private Capital Mobilization

    % Change

    2018 150%
    2017 200%
    2016 650%
  • -
  • 6 (50.00%) Private Capital Mobilization

    % Change

    2017 20%
    2016 200%
  • -
  • 5 (33.33%) Private Capital Mobilization

    % Change

    2016 150%
  • -
  • 2 (22.22%)

NOTE: Some projects may fall within one or more priority areas.
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PROJECTS BY SECTOR (2016-2021)
  • YEAR
  • TOTAL
  • ENERGY
  • TRANSPORT
  • TOTAL
  • 160
  • 31
  • 25
  • 2021
  • 51 Total

    % Change

    2020 13%
    2019 82%
    2018 325%
    2017 240%
    2016 467%
  • 9 Energy

    % Change

    2020 200%
    2019 29%
    2018 350%
    2017 50%
    2016 125%
  • 6 Transport

    % Change

    2020 20%
    2019 50%
    2018 100%
    2017 100%
    2016 50%
  • 2020
  • 45 Total

    % Change

    2019 61%
    2018 275%
    2017 200%
    2016 400%
  • 3 Energy

    % Change

    2019 133%
    2018 50%
    2017 100%
    2016 33%
  • 5 Transport

    % Change

    2019 25%
    2018 67%
    2017 67%
    2016 25%
  • 2019
  • 28 Total

    % Change

    2018 133%
    2017 87%
    2016 211%
  • 7 Energy

    % Change

    2018 250%
    2017 17%
    2016 75%
  • 4 Transport

    % Change

    2018 33%
    2017 33%
    2016 -
  • 2018
  • 12 Total

    % Change

    2017 25%
    2016 33%
  • 2 Energy

    % Change

    2017 200%
    2016 100%
  • 3 Transport

    % Change

    2017 -
    2016 33%
  • 2017**
  • 15 Total

    % Change

    2016 67%
  • 6 Energy

    % Change

    2016 50%
  • 3 Transport

    % Change

    2016 33%
  • 2016***
  • 9
  • 4
  • 4
  • WATER
  • FINANCE
  • URBAN
  • ICT
  • 13
  • 27
  • 12
  • 4
  • 2 Water

    % Change

    2020 50%
    2019 50%
    2018 50%
    2017 -
    2016 -
  • 8 Finance

    % Change

    2020 60%
    2019 13%
    2018 167%
    2017 300%
    2016 -
  • 6 Urban

    % Change

    2020 500%
    2019 200%
    2018 500%
    2017 500%
    2016 500%
  • 1
  • 3 Water

    % Change

    2019 -
    2018 -
    2017 50%
    2016 -
  • 5 Finance

    % Change

    2019 80%
    2018 67%
    2017 150%
    2016 -
  • 1 Urban

    % Change

    2019 100%
    2018 -
    2017 -
    2016 -
  • 1
  • 3 Water

    % Change

    2018 -
    2017 50%
    2016 -
  • 9 Finance

    % Change

    2018 200%
    2017 350%
    2016 -
  • 2 Urban

    % Change

    2018 100%
    2017 100%
    2016 100%
  • 1
  • 3 Water

    % Change

    2017 50%
    2016 -
  • 3 Finance

    % Change

    2017 50%
    2016 -
  • 1
  • 0
  • 2
  • 2
  • 1
  • 1
  • 0
  • 0
  • 1
  • 0
  • RURAL INFRASTRUCTURE AND AGRICULTURAL DEVELOPMENT
  • EDUCATION*
  • OTHERS
  • 1
  • 1
  • 1
  • 1
  • 0
  • 1
  • 1
  • 0
  • 0
  • 0
  • COVID-19 CRISIS RECOVERY FACILITY
  • PUBLIC HEALTH
  • FINANCE/LIQUIDITY
  • ECONOMIC RESILIENCE / POLICY-BASED FINANCING
  • 14
  • 13
  • 18
  • 6 % Change

    2020 33%
    2019 -
    2018 -
    2017 -
    2016 -
  • 6 % Change

    2020 17%
    2019 -
    2018 -
    2017 -
    2016 -
  • 6 % Change

    2020 100%
    2019 -
    2018 -
    2017 -
    2016 -
  • 8
  • 7
  • 12

* = New sector in 2021.
** = Updated to reflect the recategorization of a project (Regional Infrastructure Development Fund) from Finance to Urban.
*** = Updated to reflect latest information.
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COVID-19 CRISIS RECOVERY FACILITY PROJECTS (2020-2021)
  • YEAR
  • TOTAL
  • PUBLIC HEALTH
  • TOTAL (as of Dec. 31, 2021)
  • 45
  • 14
  • 2021
  • 18 % Change

    2020 50%
  • 6 % Change

    2020 33%
  • 2020
  • 27
  • 8
  • FINANCE / LIQUIDITY
  • ECONOMIC RESILIENCE / POLICY-BASED FINANCING
  • MEMBERS WHO AVAILED OF THE FACILITY
  • 13
  • 18
  • 25
  • 6 % Change

    2020 17%
  • 6 % Change

    2020 100%
  • 14 % Change

    2020 36%
  • 7
  • 12
  • 19
Note: The COVID-19 Crisis Recovery Facility was created in April 2020 to help AIIB Members address their diverse emergency health care, liquidity and economic needs. In June 2021, the Board approved an extension to the duration of the Facility until April 16, 2022. See COVID-19 Crisis Recovery Facility for more information.
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US DOLLAR INVESTMENTS (2016-2021)
  • YEAR
  • ANNUAL APPROVALS
  • DISBURSED
  • TOTAL (as of Dec. 31, 2021)
  • USD31.92 billion
  • USD13.76 billion
  • 2021
  • USD9.93 billion Annual Approvals

    % Change

    2020 1%
    2019 123%
    2018 200%
    2017 297%
    2016 488%
  • USD4.62 billion Disbursed

    % Change

    2020 35%
    2019 212%
    2018 745%
    2017 485%
    2016 46100%
  • 2020
  • USD9.98 billion Annual Approvals

    % Change

    2019 124%
    2018 202%
    2017 299%
    2016 491%
  • USD6.23 billion Disbursed

    % Change

    2019 321%
    2018 905%
    2017 689%
    2016 62200%
  • 2019
  • USD4.54 billion Annual Approvals

    % Change

    2018 37%
    2017 82%
    2016 169%
  • USD1.48 billion Disbursed

    % Change

    2018 139%
    2017 87%
    2016 14700%
  • 2018
  • USD3.31 billion Annual Approvals

    % Change

    2017 32%
    2016 96%
  • USD0.62 billion Disbursed

    % Change

    2017 27%
    2016 6100%
  • 2017
  • USD2.50 billion Annual Approvals

    % Change

    2016 48%
  • USD0.79 billion Disbursed

    % Change

    2016 7800%
  • 2016
  • USD1.69 billion
  • USD0.01 billion

Notes: ‘Approved’ investment figures reflect the maximum amount approved.‘Disbursed’ refers to the amount of cash disbursement and capitalized charges.
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MEMBERS (2016-2021)
  • YEAR
  • TOTAL APPROVED
  • REGIONAL
  • NONREGIONAL
  • End-2021
  • 105 Total

    % Change

    2020 2%
    2019 3%
    2018 13%
    2017 25%
    2016 84%
  • 51 Regional

    % Change

    2020 2%
    2019 2%
    2018 2%
    2017 6%
    2016 38%
  • 54 Nonregional

    % Change

    2020 2%
    2019 4%
    2018 26%
    2017 50%
    2016 170%
  • End-2020
  • 103 Total

    % Change

    2019 1%
    2018 11%
    2017 23%
    2016 81%
  • 50 Regional

    % Change

    2019 -
    2018 -
    2017 4%
    2016 35%
  • 53 Nonregional

    % Change

    2019 2%
    2018 23%
    2017 47%
    2016 165%
  • End-2019
  • 102 Total

    % Change

    2018 10%
    2017 21%
    2016 79%
  • 50 Regional

    % Change

    2018 -
    2017 4%
    2016 35%
  • 52 Nonregional

    % Change

    2017 21%
    2017 44%
    2016 160%
  • End-2018
  • 93 Total

    % Change

    2017 11%
    2016 63%
  • 50 Regional

    % Change

    2017 4%
    2016 35%
  • 43 Nonregional

    % Change

    2017 19%
    2016 115%
  • End-2017
  • 84 Total

    % Change

    2016 47%
  • 48 Regional

    % Change

    2016 30%
  • 36 Nonregional

    % Change

    2016 80%
  • End-2016
  • 57
  • 37
  • 20

Notes: Figures are aggregated and include AIIB Members and approved AIIB Members. As of end-2021, AIIB full membership totaled 88 with 17 more that have either signed the AIIB Articles of Agreement (pending ratification), or whose membership applications have been approved by the Board of Governors, pending their ratification of the AIIB Articles of Agreement or required payment for their subscribed capital stock of the Bank (commonly known as Prospective AIIB Members).
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STAFF (2016-2021)
  • YEAR
  • PROFESSIONAL STAFF
  • WOMEN PROFESSIONAL STAFF
  • NATIONALITIES REPRESENTED
  • End-2021
  • 359 Professional Staff

    % Change

    2020 14%
    2019 29%
    2018 93%
    2017 174%
    2016 354%
  • 141 (39% of total) Women Professional Staff

    % Change

    2020 17%
    2019 31%
    2018 139%
    2017 236%
    2016 683%
  • 51 Nationalities Represented

    % Change

    2020 6%
    2019 2%
    2018 16%
    2017 42%
    2016 122%
  • End-2020
  • 316 Professional Staff

    % Change

    2019 13%
    2018 70%
    2017 141%
    2016 300%
  • 121 (38% of total) Women Professional Staff

    % Change

    2019 12%
    2018 105%
    2017 188%
    2016 572%
  • 54 Nationalities Represented

    % Change

    2019 8%
    2018 64%
    2017 50%
    2016 135%
  • End-2019
  • 279 Professional Staff

    % Change

    2018 50%
    2017 113%
    2016 253%
  • 108 (39% of total) Women Professional Staff

    % Change

    2018 83%
    2017 157%
    2016 500%
  • 50 Nationalities Represented

    % Change

    2018 14%
    2017 39%
    2016 117%
  • End-2018
  • 186 Professional Staff

    % Change

    2017 42%
    2016 135%
  • 59 (32% of total) Women Professional Staff

    % Change

    2017 40%
    2016 228%
  • 44 Nationalities Represented

    % Change

    2017 22%
    2016 91%
  • End-2017
  • 131 Professional Staff

    % Change

    2016 66%
  • 42 (32% of total) Women Professional Staff

    % Change

    2016 133%
  • 36 Nationalities Represented

    % Change

    2016 57%
  • End-2016
  • 79
  • 18 (23% of total)
  • 23

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PROJECT PREPARATION SPECIAL FUND (2016-2021)
  • YEAR
  • COMMITMENT CONTRIBUTIONS
  • PREPARATION GRANTS APPROVED
  • End-2021
  • USD128 million Commitment Contributions

    % Change

    2020 -
    2019 -
    2018 -
    2017 19%
    2016 121%
  • USD33.64 million Preparation Grants Approved

    % Change

    2020 31%
    2019 197%
    2018 369%
    2017 1879%
    2016 -
  • End-2020
  • USD128 million Commitment Contributions

    % Change

    2019 -
    2018 -
    2017 19%
    2016 121%
  • USD25.44 million Preparation Grants Approved

    % Change

    2018 125%
    2018 254%
    2017 1396%
    2016 -
  • End-2019
  • USD128 million Commitment Contributions

    % Change

    2018 -
    2017 19%
    2016 121%
  • USD11.31 million Preparation Grants Approved

    % Change

    2018 58%
    2017 565%
    2016 -
  • End-2018
  • USD128 million Commitment Contributions

    % Change

    2017 19%
    2016 121%
  • USD7.18 million Preparation Grants Approved

    % Change

    2017 322%
    2016 -
  • End-2017
  • USD108 million Commitment Contributions

    % Change

    2016 86%
  • USD1.70 million Preparation Grants Approved

    % Change

    2016 -
  • End-2016
  • USD58 million

Note: These figures refer to grants provided by AIIB through its Project Preparation Fund to support the preparation of projects to be financed by AIIB. See Sections 1.3.3.1 and 16.3.1 for more information.
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PRIVATE CAPITAL MOBILIZED (2016-2021)
  • YEAR
  • COMMITMENT CONTRIBUTIONS
  • TOTAL
  • 2021
  • USD1,332.6 million Commitment Contributions

    % Change

    2020 9%
    2019 13%
    2018 788%
    2017 138%
    2016 26767%
  • USD4,677.06 million Total

    % Change

    2020 40%
    2019 147%
    2018 553%
    2017 726%
    2016 94196%
  • 2020
  • USD1,450.1 million Commitment Contributions

    % Change

    2019 23%
    2018 867%
    2017 158%
    2016 29136%
  • USD3,344.46 million Total

    % Change

    2019 76%
    2018 367%
    2017 491%
    2016 67329%
  • 2019
  • USD1,178.4 million Commitment Contributions

    % Change

    2018 686%
    2017 110%
    2016 23658%
  • USD1,894.36 million Total

    % Change

    2018 165%
    2017 235%
    2016 38093%
  • 2018
  • USD150 million Commitment Contributions

    % Change

    2017 274%
    2016 2924%
  • USD715.96 million Total

    % Change

    2017 27%
    2016 14335%
  • 2017
  • USD561 million Commitment Contributions

    % Change

    2016 11210%
  • USD565.96 million Total

    % Change

    2016 11310%
  • 2016
  • USD4.96 million
  • USD4.96 million

Notes: Private capital mobilized includes direct and indirect involvement of AIIB that led to the commitment of private entities’ financing.
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INTERNATIONAL OPEN COMPETITIVE TENDERING & SELECTION PROCUREMENT (2016-2021)
  • YEAR
  • ANNUAL CONTRACT AWARD
  • TOTAL
  • 2021
  • USD2,621.1 million Annual Contract Award

    % Change

    2020 96%
    2019 86%
    2018 1484%
    2017 562%
    2016 436%
  • USD6,418.8 million total

    % Change

    2020 69%
    2019 161%
    2018 511%
    2017 625%
    2016 -
  • 2020
  • USD1,336.8 million Annual Contract Award

    % Change

    2019 6%
    2018 708%
    2017 238%
    2016 173%
  • USD3,797.7 million total

    % Change

    2019 54%
    2018 262%
    2017 329%
    2016 -
  • 2019
  • USD1,410.4 million Annual Contract Award

    % Change

    2018 752%
    2017 256%
    2016 188%
  • USD2,460.9 million* Annual Contract Award

    % Change

    2018 134%
    2017 178%
    2016 -
  • 2018
  • USD165.5 million Annual Contract Award

    % Change

    2017 139%
    2017 195%
  • USD1,050.5 million Annual Contract Award

    % Change

    2017 19%
    2016 -
  • 2017
  • USD396 million Annual Contract Award

    % Change

    2016 23%
  • USD885 million
  • 2016
  • USD489 million
  • -

Note: Contract award amounts are based on (i) International Open Competitive Tendering method for goods, works and nonconsulting services contracts, and (ii) International Open Competitive Selection method for consulting services under approved sovereign-backed financings and Project Preparation Special Fund. The title of the table has been updated to reflect such coverage.
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From Our President
2021 marks the first year implementing the Corporate Strategy of the Asian Infrastructure Investment Bank (AIIB). This is a landmark document for the Bank and defines its direction for the next ten years. It is rooted in our understanding of the key dynamics in the Asian infrastructure market and will guide the Bank’s staff in their efforts to provide support to our Members. It strongly reaffirms that we will stay the course in fostering the Bank’s governance, growing our business and moving towards a more mature stage built on the solid foundations that have been laid during its start-up phase. This strategy further delineates our mission for AIIB’s members through our well-informed strategic choices.
Specifically, our mission is to finance Infrastructure for Tomorrow -- infrastructure that is environmentally, socially and financially sustainable. To this end, we have decided on four thematic priorities essential for the Bank’s market position. We have set our targets on climate finance, cross-border connectivity and private sector financing. Our Corporate Strategy also clarifies our strategic choices for our growth phase as a project finance bank with a business model based on partnerships and mobilization.
In 2021, AIIB approved 51 projects across various sectors worth USD 9.93 billion. Energy, finance, transport and urban projects accounted for the highest shares of approved projects. We also saw private investors turn to AIIB to participate in the issuance of infrastructure asset-backed securities, with increasing interest in digital and technology-enabled projects to spur innovation in the region. Through our focused assistance and careful shepherding of limited resources, we are able to help our Members find ways to meet their growing and changing infrastructure needs under ever more challenging conditions.
We have monitored closely the projects under implementation. As the financings and projects approved earlier are approaching their completion, we are encouraged to see their burgeoning effects generating employment; boosting growth; nourishing under-resources and neglected sectors and expanding opportunities for women, the disabled and the vulnerable groups of people across the countries for which we work. The tangible development in all these aspects is of great importance for sustainable communities. The information collected from the past five years of growth helps us make data-driven decisions so that we can serve our clients and communities better. We see to it that development projects financed by this Bank will be able to sustain growth and promote broad-based economic and social development in our client members. Above all, Infrastructure for Tomorrow must contribute to environmental protection and climate change mitigation and adaptation.
As more client members are looking forward to an economic rebound, the Bank is duty bound to contribute in this process. A heightened sense of urgency to address the forceful impact of climate change emerged from discussions among the world’s leaders and thinkers at COP26. The world is now on the cusp of a situation where failure to attain to the goals of the Paris Agreement will spell grave disasters for the human society. Now is the time to galvanize our collective ambition to tackle the climate crisis and smoothen our transition to a low-carbon and, eventually, a net-zero future.
These are not challenges facing individual countries or companies. Instead, these are global issues where borders are hopelessly irrelevant. Prevailing over these challenges requires a multilateral response, which is why the MDBs are working together in a joint effort against climate change.
2021 marked AIIB’s commitment to align its investment operations with the goals of the Paris Agreement by July 2023. Our aspirations to quickly align our investments are seeded in AIIB’s steadfast commitment to supporting the green economy and a resilient recovery. Based on current estimations, our cumulative climate finance approvals will reach USD50 billion by 2030. These numbers, though ambitious, are within reach.
AIIB and other MDBs must stand as beacons for sustainable growth. As President of AIIB, I had the honor to chair the 2021 meetings of the Heads of the Multilateral Development Banks and it was a valuable opportunity for us to discuss pressing issues affecting development, with pandemic recovery and climate change as two items on the top of our agenda. We discussed strengthening long-term health systems in the context of the global vaccine effort and the importance of continuing their complementary efforts to support countries in combating COVID-19. To address the climate emergency, we are currently working together on a framework of methodologies to implement our collective climate commitments. For MDBs, climate change mitigation and adaptation constitute the essential part of their development mission. This is a formidable challenge. We cannot afford to lose the battle. MDBs will work in close collaboration, and have our collective experience gained in this process inform the strategies to effectively integrate Paris Alignment targets into our respective investment portfolios. This is another value-add of the multilateral system because we have a unique mandate that looks beyond financial performance and considers environmental and social factors.
For all the efforts to wipe it out, COVID-19 is far from being spent. It is gratifying that vaccinations were extended to reach more people across the world in 2021, but there is still a large population in low-income and marginal areas in some countries who have not been serviced. The World Health Organization has not ceased to sound the alarm on the worrying inequality in vaccine access. Furthermore, the new variants of COVID-19 continue to pose threats to the people around the world. With guarded optimism, we expect that the new defenses against the virus will be strengthened, and that disruptions to the global value chain will be checked and the normal pattern of global economic activities will be restored. The world has to continue to grapple with COVID-19 in the foreseeable future.
As long as the pandemic continues, the international community has a moral responsibility to sustain support for countries struggling to distribute vaccines and kickstart broad economic recovery. In this respect, the multilateral development banks have a special role to play. They have taken on a new relevance in stepping up over the past two years to direct funding toward the urgent health and economic issues caused by COVID-19. In 2021, AIIB continued lending for pandemic relief under its COVID-19 Crisis Recovery Facility. As of Dec. 31, 2021, AIIB has approved 45 Facility projects amounting to USD11.1 billion.
Many of our Members still require financial assistance to address their emergency pandemic response and recovery. MDBs remain an important source of countercyclical financing at a time when few options are available. With a mandate that combines social, economic, financial and environmental goals, AIIB is proud to be part of this international coordinated response to support governments and businesses during these uncertain times. Moving forward, financing healthcare will remain an integral component of the mandate of our Bank in the years to come.
While the fight against COVID-19 pandemic is going on and economic recovery is not synchronized across the world, we do not think that our prognosis should be too negative. Some AIIB Members have already begun to shift from emergency response to economic recovery and infrastructure financing. There is huge growth potential in the green economy and green technology. Crowding in more capital to fund these measures will be necessary to fill the financing gap. At the crux of AIIB’s investment strategy is the creation of a financial ecosystem to encourage more private financing for AIIB Members to build resilient infrastructure so they can capitalize on these opportunities as part of their return to growth strategies.
Throughout a very challenging year, our staff continued to operate by high standards, despite many professional and personal challenges. To pay heed to the voices of AIIB staff, we initiated the Staff Consultative Mechanism in 2021 as a constructive platform to facilitate an open dialogue between management and staff on a range of issues from working conditions, interactions between the staff and their supervisors, incentives and recognition of their performance to general wellbeing. A new Diversity and Inclusion Action Plan was also approved by the Executive Committee to support a working environment where all employees feel empowered and are able to bring their talent into full play. These are two essential elements of culture-building among many initiatives, such as a new Ombudsperson’s Office underway at AIIB as we transition from a start-up to a more mature and growth-oriented organization.
Under the guidance of the Board, the management and the staff have worked hard to meet the expectations of our shareholders and a diverse set of stakeholders from around the world. We still have much to learn and an incredible amount of work to do in our efforts to support our members in achieving a prosperous and sustainable Asia. I am pleased with our 2021 Annual Report as it demonstrates what we delivered under challenging circumstances. In this report, we share information about the impacts the Bank exerted on development in the region, the tangible benefits brought to the people, and the contributions we are making to economic recovery and climate change mitigation and adaptation, vaccine access and sustainable infrastructure.
In closing, I would like to extend my thanks to our shareholders, our Board of Directors, our staff and investment partners for their support in 2021 and collectively over the past six years as we continue to invest in Infrastructure for Tomorrow.
From Our Board of Directors
ENLARGE
From its inception, AIIB established itself as a modern institution for the 21st century where technology would be integrated into its operations and processes. Even before the outbreak of COVID-19, our Board of Directors was meeting virtually to discuss matters of importance around policy, strategy and project approvals. Now, two years later, this early adoption of technology strengthened the Bank’s resilience to the complications imposed by travel restrictions around the world. The seamless transition to a virtual modality over the past two years did present challenges. However, this did not stop us from upholding the Bank’s requirements to provide oversight and guidance to our management and staff, including the consideration of a significant increase in projects throughout 2021.
The Corporate Strategy, approved by the Board in 2020 and implemented in 2021, provides us with a guide by which we can chart the course of the Bank for the next ten years. It stresses the importance of client responsiveness and client orientation in the AIIB business model. The thematic priority areas remain the core of our work and value-addition of the Bank, but we recognize there are situations where we need to respond to urgent client needs beyond direct priority areas. This has been the case with the pandemic. With COVID-19 bringing lots of challenges and uncertainties, we were able to respond quickly to our Members through the flexibility of the COVID-19 Crisis Recovery Facility while continuing our efforts to pursue our goals under the Corporate Strategy. Now, as more countries return to growth and seek funding for their infrastructure plans, we are working on finding the balance between returning to our core lending program and maintaining a level of support for AIIB Members still implementing emergency pandemic measures.
While there are undoubtedly positive signs of economic recovery, its unevenness means many countries are still in need of funding to support their vaccine and other COVID-19 response programs. As a victory over the pandemic cannot yet be claimed, in 2021 we extended support to AIIB Members under the Crisis Recovery Facility as a temporary source of COVID-19 emergency funding.
For governments able to transition their focus toward economic recovery, the need for investment in infrastructure, which is at the core of our mandate, grew. Progress is still needed to address the infrastructure gap, which is only growing larger over time. For stretched public budgets, sourcing low-cost capital to fund these investments can be difficult, especially for emerging economies that do not yet have a developed capital market. Securing this funding is not easy for many countries, but this is exactly where an institution like AIIB can be a catalyst for change.
In 2021, USD1,332.6 million of private capital was mobilized by AIIB to support investments in green infrastructure. Throughout the year, the Board supported proposals to crowd-in private capital that delivers risk-adjusted returns for investors and a positive economic, social and environmental impact on local communities. Looking forward, ramping up our ability to carry out more innovative financing solutions will be necessary. Therefore, the Board is placing priority on recruiting the talent and capabilities to bolster AIIB’s capacity to design and deliver more projects that raise private capital for emerging market infrastructure.
The growing interest in the investor community for ESG investing makes AIIB a natural partner. We are already paving the way to entrench ESG principles in Asia’s corporate bond market. Under the Sustainable Capital Markets Initiative, USD1 billion has been earmarked to build an evidence-based proof of concept and to act as a test bed for future sustainable investments.
Disruptions in global value chains over the past two years have also reinforced the importance of trade infrastructure and its role in global recovery. For emerging and developing economies, these types of investments have proven to play a meaningful role in bridging the prosperity gap. Continued investments by the Bank in this sector to strengthen trade and regional connectivity within Asia and between regions will remain an essential element of our strategy in the coming years. However, as AIIB’s research has demonstrated, this critical connectivity infrastructure must be inclusive and climate resilient. Countries that take sustainability and climate concerns into consideration will be more competitive in the global marketplace as more companies and countries announce net-zero commitments.
AIIB as a green bank continues to focus on investing in green infrastructure solutions, as climate change remains a challenge that is facing us all. With the new commitment to be ‘Paris Aligned’ by July 2023, the Board reiterates the importance of scaling up action and climate finance to contribute to transformations and energy transition to achieve low emissions and climate-resilient societies. Approving the new Environmental and Social Framework in 2021 also strengthens AIIB’s safeguards and demonstrates the responsiveness of the Bank to reflect project-level feedback and its own operational experience.
This commitment to continuous learning is an important aspect of our corporate culture. The Board believes in creating a work environment where management and staff are empowered to pursue new ideas, grow as professionals and find the best solutions to achieve the Bank’s mission. Recruiting the right people and giving them the tools to deliver their best work will be at the core of AIIB’s winning strategy. The evolution of the Bank’s corporate culture is on track, with extra attention needed for building a diverse workforce that is fully representative of the Bank’s membership and the people it serves.
The world is changing and the lending environment within which AIIB was born has also evolved. The year 2021 marked the first year of implementation of AIIB’s Corporate Strategy. Looking back, the Board believes AIIB’s pipeline growth and institutional development indicate a very positive outlook for what is yet to come. Maintaining AIIB’s current trajectory will be the highest priority for the Board because the need for infrastructure funding has never been greater.
Spotlight: Project Stories
Highlights
The COVID-19 pandemic and its ensuing crisis are still evolving. Recovery remains highly fragile and uneven. The number of new cases has continued to increase rapidly in some regions and has resurged in some countries, resulting in the reintroduction of containment measures. While the global vaccination effort has allowed a gradual easing of restrictions in some countries, the challenge now is how to equitably deploy vaccines and boosters, particularly to developing countries, to reach herd immunity, protect lives, and reopen the global economy.
2021 was a year fraught with uncertainties and challenges, particularly regarding the: (i) course of the pandemic; (ii) the speed and efficacy of vaccine development; (iii) the extent and duration of containment measures; (iv) medium-term effects of continued reductions in mobility and social distancing on economic activity; and (v) the depth and breadth of damage to supply chains due to prolonged firm closures and economic dislocations. In particular, the strength and sustainability of economic recovery depended critically on the widespread deployment of vaccines across and within countries.
Considering this dynamic and the uncertain outlook, there remained a strong need for a coordinated global response to support sustainable economic recovery and for AIIB to remain agile, adaptive and responsive to a diverse and potentially changing range of client needs. We expected the COVID-19 crisis to present both challenges and opportunities for our operations in 2021 and responded accordingly.
We remained agile and flexible in our operations and responded quickly to the needs of our clients and stakeholders; addressing the needs of our Members here in Asia even as we further expanded our financing to support our nonregional Members. We implemented measures to address the business needs of a young, multinational development bank established to finance infrastructure for tomorrow (i4t). We adopted processes to improve our systems and introduced digital solutions to remain efficient and connected regardless of where our workforce may be.
In 2021, we implemented our Corporate Strategy, which defines the way we do things and marks a new development stage for us as we mature as we leave our startup phase and mature as an institution. Our Corporate Strategy reflects the lessons we learned from the challenges of the previous years and codifies our priorities and values.
Guided by our Corporate Strategy, in 2021, we focused on financing projects that are aligned to our thematic priorities and improving our efforts to track our impact across our projects. In 2021, we approved a total of 51 projects. 33 of these projects fell under one or more of our thematic priorities: Green Infrastructure (29), Connectivity and Regional Cooperation (8), Technology-enabled Infrastructure (13) and Private Capital Mobilization (16). An additional 18 projects were under the COVID-19 Crisis Recovery Facility, or six each in the areas of public health emergency responses, financial liquidity support, and strengthening economic resilience. Five of these Facility projects were in vaccine financing.
We doubled our efforts to mobilize private capital through our anchor investments in funds and securities identified for their potential to promote green infrastructure and contribute to asset creation. Our partnerships with other multilateral development banks (MDBs), investors, clients and stakeholders enabled us to leverage our resources, increase our reach and maximize our impact.
We took steps toward achieving our 50 percent share of climate finance in actual financing approvals by 2025 and aligning our operations with the goals of the Paris Agreement by July 1, 2023.
We approved an extension to the duration of the COVID-19 Crisis Recovery Facility (Facility) until April 16, 2022. We replenished the Special Fund Window under the Facility by up to USD25 million to support vaccine financing in AIIB Members with IDA-only status. We became an Implementing Partner for the Global Infrastructure Facility and the Multilateral Cooperation Center for Development Finance. Our Special Funds enabled us to support the identification and preparation of high quality bankable projects, capacity building, information sharing, and making AIIB loans more affordable through interest rate buy-down.
We strengthened our commitment to environmentally and socially sustainable development outcomes with a review and amendment of our Environmental and Social Framework to integrate the management of environmental and social risks and impacts in the deliberation, preparation and implementation of AIIB-financed projects. The revised ESF strengthened language on climate change reflecting AIIB’s climate change financing target of 50 percent of approved financing; enhances transparency by adding deadlines for the disclosure of environmental and social documentation and adding more clarity on the disclosure of financial intermediary operations; reflects the use of new measures to address environmental, social and governance approaches to our capital market operations; elevates the importance of gender equality and our commitment to addressing gender-based-violence; and enhanced language to protect biodiversity and to exclude asbestos from AIIB-financed projects.
We also adopted a Sustainable Development Bonds Framework to govern our commitment to sustainable financing activities within its purpose and committed to tracking the environmental and social benefits of our financing through an annual impact report, the first of which we published this year. We adopt a Learning and Evaluation Policy to provide a robust structure for evaluation of AIIB’s operations.
For the fourth consecutive year since 2017, our Triple-A rating was affirmed by three rating agencies, Moody’s, Fitch and S&P. We continued to develop the AIIB brand as a premier issuer in international markets and successfully issued our debut sustainable development Kangaroo bond in the Australian market, among other transactions.
Jan. 4 Liberia becomes a full member on fulfilling the terms and conditions set out in the Board of Governors Resolution No. 96.
Jan. 5 Tonga becomes a full member on fulfilling the terms and conditions set out in the Board of Governors Resolution No. 48.
Jan. 16

The fifth anniversary of AIIB’s commencement of operations.


At the start of our sixth year, we set targets for our mission of Financing Infrastructure for Tomorrow. We aimed that (i) by 2025 our climate finance would represent 50 percent of all financing approvals, (ii) by 2030, 50 percent of our projects would be led by the private sector and (iii) cross-border connectivity projects should be 25-30 percent of what we deliver.

Jan. 16 The beginning of Jin Liqun’s second five-year term as President of AIIB.
March 25 Our Board of Directors approved AIIB’s first vaccine financing project, a loan of USD300 million to support the Philippines in the rapid procurement of eligible COVID-19 vaccines.
March 26

President Jin Liqun attended a virtual ceremony to witness the completion of financing documents for the SMF Multifunctional Satellite Project, which was held in the Presidential Palace of Indonesia. President Joko Widodo of Indonesia also attended the ceremony.


We held our second Inspire Day at our permanent headquarters and continued to encourage each other to spark and share ideas.

March 30 Argentina becomes a full member on fulfilling the terms and conditions set out in the Board of Governors Resolution No. 46.
April 1

We streamline our co-financing procedures with the European Bank for Reconstruction and Development.


We open our Tianjin Backup Office to serve as our alternative for business continuity, IT disaster recovery, backup center for archives, and venue for training, retreats, meetings, workshops and other group activities.

April 21

President Jin Chairs the First Meeting of the Heads of MDBs in 2021. The Heads of the MDBs discussed pressing issues affecting development, with pandemic recovery and climate change the principal topics of discussion.


We launched our Sustainable Development Bond Framework that outlines how AIIB adheres to the principles in its Environmental and Social Framework that guides project selection, and how AIIB helps its Members meet their commitments under the Paris Agreement and the UN SDGs.

April 22Moody's Investors Service affirms our Aaa/Prime-1 (stable) rating.
April 23We establish the Respectful Workplace Advisors Program (RWA) to foster a Respectful Workplace environment for AIIB staff. Advisors provide support for staff who face workplace issues.
April 28We successfully priced our debut sustainable development Kangaroo bond. The five-year AUD500 million transaction saw strong uptake both in Australia (32 percent) and across the Asian region (55 percent), demonstrating the continued growth of AIIB’s footprint across capital markets.
May 19Our first Learning and Evaluation Policy was approved by our Board of Directors, defining the purpose of learning and evaluation in AIIB and providing a robust structure for the evaluation of AIIB’s operations by its independent Complaint-resolution, Evaluation and Integrity Unit.
May 21We amended our Environmental and Social Framework to strengthen language on climate change, enhance transparency, address ESG approaches in capital market operations, elevate the importance of gender equality and commitment to addressing gender-based violence, and enhanced language to protect biodiversity and exclude asbestos from AIIB-financed projects.
May 25We approved a USD260 million loan to Bangladesh for the construction of the Kewatkhali Bridge, the first steel arch bridge in Bangladesh that will use the latest advances in technology to improve safety and promote early detection of structural damage.
May 28

The Directive on the Learning and Evaluation Policy was approved, further elaborating on the role of Management with regard to the Learning and Evaluation Policy.


We committed USD50 million to the SUSI Asia Energy Transition Fund which targets sustainable energy infrastructure investments across the energy transition spectrum, from renewable energy generation to energy-efficient measures, and those that enable clean energy solutions, such as energy storage and microgrids.

June 11We committed USD60 million to Bayfront Infrastructure Management’s debut issuance of infrastructure asset-backed securities. AIIB’s anchor investment set an important benchmark for future infrastructure asset-backed securities.
June 30

We joined other MDBs in enhancing cooperation on reporting climate finance as we published the 2020 Joint Report on Multilateral Development Banks’ Climate Finance. The annual report is a key indicator of the progress MDBs are making in accelerating the delivery of climate finance, for which demand will clearly grow.


On this day, Fitch Ratings affirmed our AAA/F1 (stable) rating.

July 2Chile became a full AIIB Member on fulfilling the terms and conditions set out in the Board of Governors Resolution No. 37.
July 7We approved a USD21 million loan to support Mongolia’s roll-out of its COVID-19 vaccine delivery plan. The project gives the Government of Mongolia immediate financing support to purchase safe and effective vaccines against COVID-19.
July 8We become an Accredited Technical Partner of the Global Infrastructure Facility (GIF), AIIB’s first accreditation with a global partnership facility. AIIB and GIF will leverage their respective resources to more effectively mobilize private capital to develop and finance sustainable infrastructure projects.
July 15

We approved a USD100 million loan to support efforts by the Government of Rwanda to increase access to finance for businesses affected by COVID-19 and build post-pandemic economic resilience. The project is AIIB’s first investment in Rwanda and the Bank’s first investment in Sub-Saharan Africa.


We extended a USD500 million loan to the Government of Indonesia to help prevent, detect and respond to the threat posed by COVID-19, strengthen national systems for public health preparedness and strengthen the health system to support the safe and effective deployment of vaccines.

Aug. 9We approved USD125 million to help the State Government of Kerala in India better prepare for natural disasters, the impact of climate change and the outbreak of disease and pandemics.
Aug. 25We become the first Implementing Partner of the Multilateral Cooperation Center for Development Finance. The partnership seeks to leverage resources to support the preparation of high-quality connectivity infrastructure projects to facilitate resilient and inclusive economic growth.
Sep. 1Our Board of Directors approved a USD250-million investment in Jordan, our first in the country, to accelerate economic recovery from COVID-19 and create more jobs by capitalizing on the economy’s potential and green growth opportunities.
Sep. 15The Office of the Ombudsperson was established to facilitate informal resolution of workplace conflicts and problematic staff issues and concerns, identify and analyze systemic issues of AIIB policies, and recommend or alert management on such issues to improve the working environment and administer the Respectful Workplace Advisors Program.
Sep. 20AIIB and the International Renewable Energy Agency signed an MOU committing to work together to support energy transition and promote renewable energy.
Sep. 22

Our International Advisory Panel (IAP) gained six new AIIB Members, vice the former six IAP members, with the total number of panelists remaining at 12. The IAP was established to advise the President and senior management on the development of AIIB’s strategies, policies and operational approach.


AIIB was awarded the 2021 Duty of Care Award in the Communications Category of the International SOS Foundation, which honors organizations that protect their employees. The award was given for AIIB’s efforts to ensure staff security and safety during COVID-19. Entries from 24 industries across 29 countries were reviewed.

Sep. 27We announced that we would anchor the Aberdeen Standard Investcorp Infrastructure Partners’ new regional fund by committing USD90 million to its first close.
Sep. 28We launched the Customer Relationship Management system. This Bank-wide platform providing information on our customers, counterparties, investors and other external entities constitutes an important milestone toward the digital transformation of AIIB.
Oct. 20President Jin Liqun chaired the Second 2021 Meeting of the Heads of the Multilateral Development Banks. Heads of MDBs discussed issues affecting global development, with MDBs’ ongoing response to climate change and the importance of digital infrastructure the principal discussion topics.
Oct. 26

President Jin Liqun announced the alignment of AIIB operations with the goals of the Paris Agreement by July 1, 2023. At that time, we estimated our cumulative climate finance approvals to be USD50 billion by 2030. This amount represented a fourfold increase in annual climate finance commitments since we began publicly reporting our climate investment numbers in 2019.


We approved the application of Nigeria to join AIIB, bringing to 20 our approved Members from Africa, including 11 full AIIB Members and nine Prospective Members as of this date.

Oct. 28

We launched the 2021 edition of the Asian Infrastructure Finance report entitled “Sustaining Global Value Chains,” highlighting the role and evolution of Global Value Chains (GVC) and the urgent shifts necessary to decarbonize along the supply chain or risk GVCs becoming unsustainable.


We launched our inaugural Sustainable Development Bonds Impact Report that presents data on AIIB’s portfolio volume, alignment with thematic priorities and portfolio performance during the Bank’s first five years of operation from 2016 to 2020.

Nov. 2At COP26, AIIB joined the Collective Climate Ambition, a joint statement by multilateral development banks to contribute more broadly through joint and individual efforts to align financing flows with the Paris Agreement and support clients to develop ambitious long-term strategies.
Nov. 15We launched our Investment Management Information System (IMIS). By providing a ‘golden source’ of information throughout the project cycle, IMIS supports decision management at the project level, supports information disclosures and contributes to enhancing project and portfolio reporting.
Nov. 27Our permanent HQ at the Olympic Park won the China Luban Award (National Quality Project) for 2020-2021.
Dec. 9We commemorated International Anti-corruption Day with a Bank staff address by President Jin and Gerard Ryle, Director of the International Consortium of Investigative Journalists.
Dec. 27Our Board of Governors approved Iraq's application to join AIIB. Iraq became AIIB’s 51st regional member, bringing the Bank’s approved membership to 105.
Dec. 29On this day, S&P Global Ratings affirmed our AAA/A-1+ (stable) rating.
DecemberAfter completing six fiscal years of operation, we crossed the USD31 billion investment mark and approved 160 projects. By end-2021, we had invested in 31 Members, with three receiving funding for the first time (Hungary, Jordan and Rwanda). The number of AIIB Members (88) and prospective Members (17) reached 105 by end-2021.
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