Building on Our Foundations

Our Governance in 2021

Board of Governors
All our powers are vested in the Board of Governors, where each AIIB Member is represented by a Governor and an Alternate Governor, both of whom serve at the pleasure of the appointing AIIB Member. At each of its annual meetings, the Board elects a Governor as Chair, who holds office until the election of the next Chair.

The Board of Governors has the power to, among others, admit new AIIB Members and determine the conditions of their admission, suspend Members, increase or decrease the Bank’s authorized capital stock, elect Directors and elect or suspend the President or remove the President from office.

Sixth Annual Meeting

As our annual flagship event since 2016, the Annual Meeting continues to facilitate discussions among the Board of Governors and produce strategic guidance on our way forward. Hosted by the United Arab Emirates, the Sixth Annual Meeting of the Board of Governors took place on Oct. 26-28, 2021 by electronic means. It was the first time the Annual Meeting was hosted by a Member from the Middle East.

During this Annual Meeting, AIIB publicly committed to aligning its operations with the goals of the Paris Agreement by July 1, 2023. Meanwhile, with the theme ‘Investing Today, Transforming Tomorrow’, some 20 public engagement sessions were held during the Annual Meeting, including two sessions to engage with CSO/NGO groups and over six lead-up events. Those seminars deliberated on climate financing, connectivity and sustainable infrastructure in the post-COVID-19 era among other topics. Over 40 speakers participated as panelists, including 9 at the Governor level and 11 at the Ministerial level. The AIIB publication Asian Infrastructure Finance 2021 Sustaining Global Value Chains was also released during the Annual Meeting.

Delegation of Oversight Functions

The Board of Governors delegate a broad range of operational oversight functions to the Board of Directors.

Board of Directors

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AIIB Board of Governors


AIIB Membership

The 12-member Board of Directors, elected by the Governors, is responsible for the strategic direction of our general operations, including setting our policies and strategies and overseeing their implementation.

The Board of Directors is nonresident in line with our lean culture, exercising all powers delegated to it by the Board of Governors. The Board of Directors meets regularly and frequently, as often as business requires, in physical meetings and through video conferences, and maintains regular communication with Bank Management between meetings. Under the direction of the Board of Directors and as its Chair, the President conducts the Bank’s business and is held accountable for efficient day-to-day operations.

Prevented by COVID-19 from holding in-person meetings, the Board of Directors held more frequent virtual meetings, ensuring that it could continue to guide AIIB in deliberations over policies and strategies. AIIB was thus able to rapidly bring projects forward, particularly those under the COVID-19 Crisis Recovery Facility, for Board approval. The Board of Directors held 14 meetings in 2021, all electronic. In 2020, it held 19 meetings and in 2019 it held nine meetings, of which four were physical and five electronic.

As part of its agile response to COVID-19, the Board of Directors continued to hold many virtual engagements with AIIB Members.
Accountability Framework

In 2018, the Board of Directors approved the Accountability Framework. The document clarifies the division of responsibility between the Board of Directors and Management, in respect of policy and strategy and the financing operations of the Bank. The framework provides additional tools for the Board of Directors to hold the President and Management accountable.

Following a transparent process, the President may approve projects that fulfil predefined requirements and submit summaries of projects based on predetermined criteria to the Board of Directors. As an important safeguard, any Director can call any of these projects before the Board of Directors if deemed necessary.

In 2021, the President approved four projects: (i) India: Punjab Municipal Services Improvement Project, (ii) China: Liaoning Green Smart Public Transport Demonstration Project, (iii) Oman: Oman Broadband Company Tranche 2 and (iv) Türkiye: Osmangazi Electricity Distribution Network Modernization and Expansion Project.

In April 2021, the Board held that the scope of the performance review of the President in 2021 should be focused on the Bank’s response to the COVID-19 pandemic and consideration of the Board’s effectiveness should also be included in the review.

In the context of volatile challenges related to COVID-19, the Board, President, and the management team have worked as one team to meet the needs of the Bank’s Members and to operate the Bank in a safe and sound manner in unprecedented circumstances. The President, specifically, has demonstrated strategic vision, strong leadership, and robust performance across his key competency areas throughout his leadership of the Bank’s COVID-19 response. Meanwhile, the Board demonstrated its unending commitment to the Bank during a difficult time. The review showed a maturation of the Board, as it continues to refine and embed its systems, processes and practices while successfully fulfilling its duty to monitor the Bank’s activities and provide strategic direction to the Bank.

As part of the decision to establish the Accountability Framework, AIIB is required to conduct a comprehensive review of this Framework three years from its adoption, following a mid-term review taken after 18 months. The Bank began operating under Accountability Framework in January 2019 and undertook the midterm review in 2020. Work to prepare the comprehensive review began in 2021, and the review will be undertaken in 2022.

The President and the management team will continue to strategize how they can best support AIIB’s low-income Members and make great efforts to build and retain an international staff team during the pandemic, with guidance and support from the Board. The President and management will also facilitate more informal engagement and broader participation among the Board, as well as further enhance the governance efficiency of the Bank.

Board Committees

To ensure that we perform our mandate based on sound strategies and practices, three committees under the Board of Directors give us guidance: (i) the Audit and Risk Committee reviews financial statements, reporting practices, the Bank’s financial and risk policies, the effectiveness of internal controls and the internal audit plan as well as reports from the external auditors. (ii) the Budget and Human Resources Committee assesses the proposed annual budget and implementation of our compensation and benefits policies and considers any other aspects of the budget and human resources as the Board of Directors may request. (iii) the Policy and Strategy Committee reviews the operational policies (such as environmental, social and procurement policies) and advises on strategy development.

International Advisory Panel

The International Advisory Panel (IAP) supports the President and senior management on the Bank’s strategies, policies and general operational issues. It comprises world-leading experts drawn from the highest levels of economics, finance, environmental sustainability, international relations and development. The panel meets at least twice a year (physically or virtually), including one meeting held in parallel with the Bank’s Annual Meeting of the Board of Governors.

The President selects and appoints IAP Members to an initial two-year term renewable on completion. Six new AIIB Members of the panel were appointed in 2021, vice six former members who stepped down, and the total number of panelists remains at 12. The full list of IAP panelists is available here.
Highlights of IAP Activities in 2021
  • On Jan. 22, 2021, in a dialogue for Forbes Magazine, Lord Nicholas Stern, chairman of the Grantham Research Institute on Climate Change at London School of Economics and AIIB President Jin Liqun discussed efforts to address climate change and the role of AIIB in stimulating socio-economic growth through sustainable infrastructure, both in the Asia Pacific region and worldwide.
  • On May 7, 2021, AIIB Chief Economist Erik Berglof and WTO Director General Dr. Ngozi Okonjo-Iweala discussed at an AIIB Fireside chat the opportunities for strengthening global health systems and developing sustainable, inclusive and resilient health infrastructure.
  • On Oct. 27, 2021, Omobola Johnson, former Minister of Communication Technology of Nigeria took part in the Sixth Annual Meeting Flagship Seminar on Connected Infrastructure Transformations and Trends, which saw speakers from governments, private sector investors discuss infrastructure transformation driven by technology. This is in response to the need to strengthen resilience and increase digital connectivity in the face of the pandemic so that remote work, distance learning and provision of social services could develop and continue.
Senior Management
The staff is headed by the President, who is elected by AIIB shareholders for a five-year term and is eligible for reelection once. AIIB’s Senior Management is led by the President, who is supported by five Vice Presidents responsible for policy and strategy, investment operations, administration and the corporate secretariat and the General Counsel, Chief Risk Officer, Chief Financial Officer and Chief Economist.

In 2021, we saw the appointment of new personnel for key positions, including the appointment of Sir Danny Alexander from Vice President and Corporate Secretary to Vice President, Policy and Strategy; Ludger Schuknecht as Vice President and Corporate Secretary; Alberto Ninio as General Counsel; Man Shing Tse as Director General for the Human Resources Department; Hun Kim as Director General for the new Social Infrastructure Department; Ke Fang as Director General for the Implementation Monitoring Department; Rajat Misra as Director General for the Infrastructure Investment Department Region 1; Jianping Huang as Director General for the Information Technology Department; Suthasinee Nimitkul as Chief Ethics Officer; Huan Chen as Ombudsperson for the new Office of the Ombudsperson; Yanning Wang as Director General for the Operational Services Department and Yong Zhou as Chief Officer.
Sanctions Panel
Functioning independently within the Bank, the Sanctions Panel reviews appeals of sanctions imposed by the Sanctions Officer pursuant to the Policy on Prohibited Practices. Decisions of the panel are final and cannot be appealed.
Complaints-resolution, Evaluation and Integrity
AIIB’s Complaints-resolution, Evaluation and Integrity Unit (CEIU) was established in 2016 in accordance with AIIB’s Articles of Agreement as an independent unit with functions further defined in the Bank’s Oversight Mechanism. The provision empowers the Board of Directors to regularly supervise the management and operation of the Bank and establish an oversight mechanism for that purpose in line with the principles of transparency, openness, independence and accountability. CEIU has three main functions for complaints resolution, integrity and evaluation. CEIU is led by a Managing Director, and reports directly to the Board every quarter. Managing Director, CEIU is an observer on the Executive Committee. Management can invite CEIU to bring its independent but engaged perspective and experience to the creation or review of Bank policies and strategies. For example, CEIU took part in discussions on updating the Bank’s Environment and Social Framework in 2021. It also formalized its Learning and Evaluation function in the same year, completing its policy framework.


CEIU also serves as the focal point for external requests or complaints regarding compliance with AIIB’s Environmental and Social Policy (ESP) under the Project-affected People’s Mechanism Policy (PPM). CEIU PPM staff responded to the second year of COVID-19 conditions by convening virtual outreach sessions with civil society organizations in Viet Nam, Cambodia, Uzbekistan and Türkiye, together with colleagues from other participating MDB Independent Accountability Mechanisms. PPM staff also took part in developing and updating existing financing agreements with peer MDBs to ensure that project-affected people have access to a complaint mechanism.


CEIU staff working in its integrity function maintains the Bank’s sanctions and debarment system and can investigate project-related fraud and corruption cases under AIIB’s Policy on Prohibited Practices. In 2021, CEIU signed Memoranda of Understanding with the investigation functions of the European Bank for Reconstruction and Development (EBRD) and the African Development Bank (AfDB) to facilitate this work. The staff of the integrity function also joined numerous virtual meetings of international entities engaged in anti-corruption work to enhance cooperation with AIIB, including this podcast event.
Learning and Evaluation Policy

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Learning and Evaluation Policy

In 2021, CEIU’s policy framework was completed and the Bank’s efforts for continuous improvement were enhanced when the Board approved a Learning and Evaluation Policy. Together with a Directive and a new series of Guides, these learning and evaluation documents structure the selected independent assessment of AIIB’s ongoing and completed investment portfolio. They also commit the Bank to learn through its investments and experiences, a task supported by three CEIU Early Learning Assessments of projects in implementation during 2021.

The Board of Directors approved the proposed Learning and Evaluation Policy (LEP) in May 2021. Board members noted that the Policy institutionalized early learning assessments and maintained a strong learning dimension through project learning reviews following project completion. This provided a clear and innovative approach to learning and evaluation based on defined roles and responsibilities and the use of international evaluation criteria and lessons from projects. It also contributes toward the robust corporate culture of continuous learning envisioned in AIIB’s Corporate Strategy.

Directors also noted the link between the LEP, project evaluability and management tools and frameworks for Project Prioritization and Quality (PPQ) at entry and identification and tracking results. PPQ guidance for nonsovereign-backed financings is also in preparation. Management noted that AIIB tools and frameworks for PPQ at entry and identification and tracking results are ‘living documents’, detailing requirements in the Operational Policy on Financing that will continue to evolve and improve. Early learning assessments and project learning reviews could contribute information and insights to this updating process. For its part, CEIU will continue to encourage learning and accountability for results within the Bank and share findings and lessons from early learning assessments and project learning reviews with the Board so they can hold management accountable for results and learning toward continuous improvement.

Our Corporate Financing

Our corporate financing activities, which falls under Treasury’s mandate, involve funding investment operations, managing capital and debt-funded liquidity, offering financing solutions to clients, as well as overseeing the general banking and treasury risk management operations for AIIB. The Bank's funding program is used to support the general operations of AIIB, which are to foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors. Such investments are subject to AIIB’s operational and financial policies, including policies addressing environmental and social sustainability, as documented in AIIB’s Environmental and Social Framework.
AIIB’s Funding Program and LIBOR Transition Efforts
This year, we made further strides in applying our Green principle to our financing. In April 2021, we officially launched our Sustainable Development Bond Framework, to help the investor community better assess how the Bank is meeting its sustainability commitments as set out in our Environmental and Social Framework. There we outline our guidance for project selection and how we are helping AIIB Members meet their commitments under the Paris Agreement and the UN Sustainable Development Goals. The Sustainable Development Bond Framework applies to all debt issued by AIIB in all markets and currencies, thus making all AIIB bonds Sustainable Development Bonds.

In support of this, AIIB committed to annual impact reporting on the Bank’s overall portfolio and project-level results reflecting environmental and social benefits generated by its financing. [See AIIB Knowledge Products.]

In 2021 we continued to develop the AIIB brand as a premier issuer in international markets. As with 2020, investor marketing in 2021 remained mostly virtual and our experienced funding team was able to achieve much success. We issued our debut sustainable development Kangaroo bond in the Australian market. The five-year, AUD500-million benchmark 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 with a number of investors participating in an AIIB transaction for the first time. An inaugural issuance in New Zealand, called a Kauri, was also made. Other benchmark transactions included two of the United States Securities and Exchange Commission registered Global Program totaling USD5.5 billion and three of the Luxembourg registered Global Middle Term Note (GMTN) program for GBP200 million and USD700 million. Just over USD8.5 billion equivalent was issued under the 2021 Global Borrowing Authority of USD10 billion.

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LIBOR Transition

One of the GMTN benchmarks was another first for AIIB as we debuted our SOFR issuance in April. This is a part of AIIB's preparation for the market's transition away from Interbank Offered Rates (IBORs), including the London Interbank Offered Rate (LIBOR), which were deemed by market participants to have fundamental weaknesses. In response, market participants are preparing for a shift to alternative reference rates such as the Secured Overnight Financing Rate (SOFR) for US Dollar products. AIIB's USD200 million SOFR issuance is one of several steps AIIB is taking to transition its balance sheet off LIBOR. AIIB has established a LIBOR Transition Steering Group led by the Bank’s Chief Financial Officer to oversee the implementation of transitional arrangements with the Bank’s sovereign and nonsovereign clients as soon as this is deemed practical to facilitate the smooth transition to the replacement rate. Part of the work involves preparing the Bank’s internal operations for the change, with primary emphasis on its IT systems and treasury operations. Throughout the process, AIIB will assist borrowers during the LIBOR transition and help them navigate the transition.
Internal Control over Financial Reporting
External Auditor

The Bank’s external auditor is PricewaterhouseCoopers (PwC), which has held the role for six years. The external auditor performs an annual audit to enable them to express an opinion on whether the financial statements of the Bank present fairly the financial position and results of the Bank’s operations. In addition, the external auditor carries out an independent review of the effectiveness of the Bank’s internal control over financial reporting. After the annual audit, the external auditor prepares a letter for management, which sets out their observations and recommendations for improvements to internal controls and other matters.

The Audit and Risk Committee meets periodically with the external auditor and individual Committee Members have independent access to the external auditor. The Committee reviews the external auditor’s approach and strategy for the annual audit and receives regular updates from the auditor on the Bank’s financial reporting and internal controls.

The external auditor is not allowed to carry out any work of an advisory nature or act in any other capacity that might compromise the independence of their audit.

Internal Control Framework

AIIB uses the internal control framework promulgated by the Committee of Sponsoring Organizations of the Treadway Commission, ‘Internal Control-Integrated Framework (2013)’ (2013 COSO Framework) in assessing the effectiveness of the Bank’s internal controls over financial reporting. Based on the 2013 COSO Framework, Management has put in place robust systems and controls to ensure the integrity of financial reporting.

Management assesses the effectiveness of the internal controls over financial reporting and issues an annual certification statement signed by the President, Chief Financial Officer and the Controller. A separate attestation is provided by the Bank’s external auditor, PwC. The external auditor’s report expresses an unqualified opinion on the effectiveness of AIIB’s internal control over financial reporting for the financial year ended Dec. 31, 2021.

Our Risk Management

How We Manage Risk
2021 was a dynamic year as the world rebounded from the initial shock of COVID-19 and adjusted to the evolving spread of new variants. The Bank’s three lines of defense and well-established risk management framework enabled us to continue to meet our AIIB Member and client needs. Even in this uncertain context, we expanded our financial and credit products to meet client demand and improve risk diversification.

A Coordinated, Cross-Functional, Bank-Wide Response to Risk
In 2021, the global economy responded positively, although growth was uneven as economies reopened with the help of increased vaccination programs but had to adapt to the spread of new variants, ultimately hindering a return to normality for AIIB Members.

Despite the adverse circumstances and increased lending, we maintained a strong capital base. This enabled the Bank to continue to provide countercyclical support to AIIB Members and provide additional resources under additional lending under the COVID-19 Crisis Recovery Facility, which was extended into 2022.

Three Lines of Defense and a Well-Established Risk Management Framework
AIIB has been following best risk governance practices since 2016. Our Risk Management Framework (RMF) has supported diversified and overall healthy portfolio growth since operations started six years ago.

Our Risk Management Framework is comprehensive, covering Credit Risk, Market Risk, Liquidity Risk, Counterparty Credit Risk, Operational Risk, Compliance and Model Risk.

The RMF follows the three lines of defense model with a clear separation of duties to identify, measure, monitor and control risks. It has resulted in positive feedback from the three main rating agencies, which noted our commitment and capability to diligently implement the RMF.

Well Regarded by External Rating Agencies
For the fourth consecutive year since 2017, Fitch, Moody’s and S&P have reaffirmed our AAA rating.

Within S&P’s assessment, AIIB was assigned a ‘very strong’ enterprise risk profile, with solid liquidity ratios and capital buffers which underpin its financial risk profile and which S&P deemed to be ‘extremely strong’. They noted that AIIB has established a comprehensive risk management framework and that AIIB’s financial strength remains unparalleled among multilateral lending institutions.

Fitch noted that AIIB has ‘excellent’ capitalization and low risk profile, stating that AIIB’s risk profile is driven by its low credit risk. They noted that AIIB’s risk management rules and objectives are in line with AAA rated peers. In addition, it was noted that AIIB continues to benefit from strong preferred creditor status. With the liquidity assessment, Fitch awarded AIIB their highest score of ‘AAA’.

Moody’s rating evaluation noted that AIIB’s intrinsic financial strength over the development phase has been in line with Moody’s expectations for strong capitalization, solid asset performance and good credit quality.

Risk Appetite Statement
The keystone of the RMF is the Bank’s Risk Appetite Statement, which has been approved by the Board of Directors. The statement promotes active involvement by the Board of Directors and its Audit and Risk Committee in strategic risk consideration.

The Risk Appetite Statement defines our level of appetite for core and noncore risks but also confirms there is no appetite for risks such as reputational or compliance-related risks that could threaten the institution or jeopardize the Bank’s mandate. The statement describes and sets thresholds for key risk indicators in several tiers, which are reported to management and the Board of Directors. Any breaches or deviations require an action plan to steer either or both investment and treasury operations. The statement is supported by our risk culture and strengthened by training and increasing awareness of the risk environment.

Management continued to implement risk identification, mitigation and management measures while identifying opportunities to improve risk management practices, particularly those related to climate change mitigation.

Portfolio Diversification and Capital Adequacy
As AIIB has widened its membership base, we have increased the diversification of our products and geographic footprint. Given our mandate to finance long-term and large infrastructure investments and multiple projects with the same sovereign borrower, however, we remain relatively concentrated.

The concentration risk metrics are linked to portfolio risk concentration limits that are part of the key risk indicators as per the Risk Appetite Statement. These concentration limits target the top-three and top-five concentrations on a portfolio basis rather than single name and member limits, giving us more flexibility to maneuver and operate where there is demand for our involvement.

Stress testing capital adequacy is used to monitor limits and manage capital adequacy and efficient use of capital. The capital adequacy and economic capital framework capture key portfolio risk attributes, including exposure size, correlation, concentration and credit quality.

The stress testing on capital adequacy analyzed in 2021 included scenarios with one-in-25-year shock events, such as a pandemic, trade tensions or cyber disruption. Even in the extreme scenarios (low likelihood, high impact), AIIB would still maintain extraordinarily strong capital adequacy ratios and withstand the crisis, although profitability ratios would be affected.

In 2021, the G20 commissioned an independent review of MDB capital adequacy frameworks (CAF). AIIB will participate in the review to aid the identification of potential credible and transparent benchmarks on how to evaluate MDBs’ CAFs, as well as consider potential adaptations to current frameworks.

Credit Risk
Despite the challenging economic landscape and the growth in operations, AIIB had very few nonperforming loans as of end-2021, largely because of the prudent risk management approach, close oversight, frequent monitoring and in-depth due diligence and origination process, resulting in strong counterparty selection.

The Bank was an early adopter of the forward-looking International Financial Reporting Standards [IFRS] 9. Changes in loan loss provisioning over the year were commensurate with the growth of the committed loans.

Compliance and Integrity Risk
Compliance and integrity are a core part of the Bank’s culture and the responsibility of all Bank personnel. The AIIB Compliance and Integrity Risk function is responsible for the management and oversight of the Bank’s exposure to compliance and integrity risks and provides advice to the Chief Risk Officer and management on how to effectively manage such risks.

Compliance and Integrity Risks

Compliance and integrity risks can be broadly grouped into:
  • Anti-money laundering
  • Counter financing of terrorism
  • Integrity due diligence
  • Economic and trade sanctions
  • Export control
  • Tax crimes

In 2021, the Compliance and Risk function delivered several enhancements to the Bank’s Compliance & Integrity Risk Framework and delivered the Financial Crime Review (FCR). The FCR provided a comprehensive risk assessment of the Bank’s compliance and integrity risks.

With the tender process completed in 2021, a new Know Your Counterparty (KYC) tool is to be put in place at the AIIB in 2022 to automate the Bank’s KYC process. The year also saw further development of management reporting and increased focus on compliance and integrity risk training.

Industry Change
Following the UK Financial Conduct Authority's announcement to cease the panel submission of LIBOR, the USA Federal Reserve convened an Alternative Reference Rate Committee, which recommended the Secured Overnight Financing Rate (SOFR) as a replacement for the USD LIBOR. In 2021, we adapted our systems and processes ahead of the deadline for cessation of new USD LIBOR-linked loans from Dec. 31, 2021.

To accomplish this, in 2021 we also amended our Pricing Policy, Operational Policy on Financing and General Conditions of Sovereign-backed Loans to enable us to offer loans on risk-free-rate terms. Sovereign USD variable spread sovereign loan terms were adjusted in 2021 to ensure their interest rate fixings in H1 2022 would be made against SOFR. In addition, in April 2021, we issued our first USD SOFR-linked bond.

Internal Audit
The purpose of the Internal Audit Office (IAO) is to provide professional and objective assurance and advisory services designed to add value and improve the Bank’s operations. This is achieved by following the Institute of Internal Auditors (IIA) International Professional Practices Framework and key messages received during the yearly IIA International Conference. In 2021, IAO took the opportunity during the conference to share a presentation on “Building an Internal Audit Function for an Innovative 21st Century Organization”. The objective is to solicit feedback from the profession for continuous improvement. The presentation included a section on IAO’s Agile Audit Methodology which led to a video of general interest on this topic.

We also learned that one of the internal audit imperatives and true value proposition is on ‘connecting the dots’ and holistically viewing the information gathered across the organization through various internal audit engagements. IAO introduced the Lean Team Audit (LTA) in the second half of 2021 to ‘connect the dots’, and align itself to the Bank’s ‘Lean’ corporate value and Corporate Strategy. As part of IAO’s innovation, it also uses Process Mining Technology, a data-driven technique that enabled IAO to get an evidence-based view on which investment operation process steps are being executed by which project team at what time. It also helped identify issues and visualize and compare all variants of the actual investment processes. This significantly reduced the level of subjectivity in understanding the process and helped internal auditors identify pain points that might be missed through traditional interviews and flowcharting.

IAO will continue to look for innovative approaches to ‘do more with less’ for greater impact.


Ethics Office
AIIB is consistently building our Clean value by implementing the Three-Year Ethics Strategic Plan (2020-2023). The Strategic plan consists of 5 pillars:
  • Pillar I: Policy Development
  • Pillar II: Awareness and Outreach
  • Pillar II: Advisory and Prevention
  • Pillar IV: Policy Compliance and
  • Pillar V: Partnerships.
As AIIB’s business and operation continues to grow, so does the number of bank personnel. In 2021, awareness building was the focus pillar. To build awareness for all AIIB personnel, Ethics 101 training courses were conducted throughout the year, and integrated as part of the induction training for new staff. Tailor-made Ethics Principal Trainings were conducted for focus functions such as Procurement and the Information Technology Department. The first Ethics 101 mandatory e-Learning module for Bank personnel was developed for remote onboarding in response to the pandemic and to provide a refresher course for current personnel.

Since Oct. 2019, the Bank has set up infrastructure to facilitate compliance with the Codes of Conduct for Board members and for Bank personnel, respectively, and developed online systems for declaring conflicts of interest, gifts, and external activities. In 2021, all newly appointed Board officials submitted a Statement on Financial or Business Interests and a Statement on Other Employment and Activities. All required Bank personnel from manager level and above also file an annual conflict of interest declaration. Bank personnel use an online Gift Portal to help the Bank keep track of all gifts from external sources and make a declaration where necessary.

The Ethics Office provided advisory services and responded to queries. The prevalence of topics remained with external activities and employment and conflicts of interest. There were no outstanding misconduct complaints as at end-2021.

AIIB continued to strive for the highest standard of ethical conduct through partnership with the Ethics Network of Multilateral Organizations (ENMO) with other multilateral organizations to exchange views and experiences for the best practices in the areas of external activities, gender equality and social network conduct for Bank personnel.

Inclusivity and diversity continued to be our focus. New mandatory training to build on our Clean Value will be introduced in 2022 on Respectful Workplace. The training will be in the form of e-learning and workshop discussion to disseminate a common understanding of respectful behavior and professional practices based upon the standard of conduct identified by AIIB Code of Conduct for Bank personnel.
Office of the Ombudsperson

The Office of the Ombudsperson (OMB) was established on Sept. 15, 2021, to perform three main functions. First, The OMB serves as an informal resource to facilitate resolution of workplace conflicts independently, confidentially and impartially. Second, the OMB identifies and analyzes trends and broad systemic issues relating to AIIB’s Internal Legal Framework as well as related systems and structures, and make recommendations or alerts the Management of AIIB on issues that should be addressed to improve the working environment. Third, the OMB helps promote respectful workplace culture and administers the Respectful Workplace Advisors Program.

Ethical Principles

The OMB observes the guiding principles of independence, impartiality, confidentiality and informality in delivering its services. The OMB also follows the AIIB mandate, Staff Rules and Administrative Guidance, and international standards of practice to ensure justice and fairness in delivering services. To ensure the OMB’s autonomy, the Ombudsperson reports directly to the President.

OMB Services

The Ombudsperson arranges confidential meetings, either physical or virtual, which are convenient and safe for those concerned. Appointments can be scheduled by phone, in-person, or by any electronic means. The OMB will not turn anyone away and will treat everyone with the same level of respect.

OMB’s Outreach Efforts

The Ombudsperson has done internal outreach efforts to ensure staff are aware of the role of the office and the channels available to them. Externally, the Ombudsperson has interfaced with its peer MDBs and other international organizations (including the United Nations, and ombudsman associations) to draw from their experiences and to align the standard of AIIB’s OMB services with those of internationally reputable organizations.

Respectful Workplace Advisors

The Respectful Workplace Advisors (RWA) Program was launched in April 2021 as an informal service to foster a respectful workplace environment for all AIIB staff. RWAs initially reported to the President directly but RWA functions are now administered by the OMB. The role of RWAs is to provide an informal, confidential, trustworthy, and readily accessible source for early assistance for staff who have concerns about a respectful workplace or who need information on how to seek assistance. RWAs provide support for staff who face workplace issues. Currently, there are six RWAs. All were provided with training on their roles and responsibilities to help them gain confidence and skills to empower others and encourage a more respectful workplace.

Our Culture and People

Our Culture
AIIB launched the AIIB Way in 2021. Underpinned by our values of Lean, Clean and Green, the AIIB Way is about who we want to be as a Bank and as a team. This is aligned with our Corporate Strategy and defines how we serve our clients and how we work with and treat each other. At AIIB, this means we act with integrity and respect. We welcome diversity, and we create an inclusive environment where everyone can thrive. This is how we will be an ‘employer of choice’. Our commitment to diversity and equity is reflected in our participation in the EDGE survey where we have been certified as an EDGE ASSESS Organization.

To embed this in our day-to-day work, we defined a set of competencies (five core and three leadership competencies) that apply to all Bank staff. These align with the culture we want to build and how we want to grow as a team and a Bank.

To track our progress toward becoming an employer of choice, we conduct engagement surveys every two years. This gives us insights into our ways of working and how we might further strengthen and accelerate our culture-building journey.

Competency Framework
A critical step forward in our culture-building journey is institutionalizing and embedding the AIIB Way in our day-to-day work environment. To create a common understanding and shared language through a participatory process, we have defined a set of competencies (behaviors) that are important for all Bank staff, regardless of their function or level. These competencies will help us clarify expectations, define future development needs, and do more focused recruitment and development planning. Competencies provide a sound basis for consistent and objective performance standards by creating a shared language about what is needed and expected within AIIB.

Policy on Personal Data Privacy
On Oct. 13, 2021, the Board of Directors approved the Policy on Personal Data Privacy (PPDP). This policy aims at strengthening the regulatory environment by protecting personal data within the Bank. It is fully aligned with the policies of peer IFIs and MDBs which will enable closer collaboration and more streamlined cofinancing with these institutions. It will also help mitigate reputational risks associated with managing personal data, protect immunities and privileges, safeguard IT infrastructure and facilitate international procurement.

The effective date for the PPDP is set to July 1, 2022, because the Bank requires nine months to undertake several necessary steps to operationalize the policy. Specifically, the Bank needs to draft and put in place the requisite resources and systems to implement the directive, and develop and implement methods for ensuring compliance with the policy (e.g., setting up an appeal mechanism for data subjects who believe their rights have been violated), prepare key documents, including procedures for requesting personal data, privacy notices, contracting clauses, data breach response procedure, personal impact assessments and personal information bank and assess the Bank’s IT system functions to maintain personal data with the necessary controls. These implementing measures and mechanisms must be in place by the time the policy takes effect.

Now that the PPDP has been approved by the Board, as a first step, the President will issue a directive with further details on the implementation arrangements and define the key roles and responsibilities in connection with this policy.

Our People
As of Dec. 31, 2021, the Bank had 370 staff members onboard, including 359 professional staff and 11 support staff. There are 141 women professional staff and overall representation remains at 39 percent. AIIB comprises staff from 51 economies, and the percentage of regional nationals is at 69 percent. We are committed to a gender balanced workforce at all levels. In addition to its staff members, the Bank also engages individual consultants and secondees working in different business areas as well as outsourced staff providing general support.

We thrive to attract global talents who are committed to AIIB’s development mission to improve social and economic outcomes in Asia and beyond. To promote our employer brand, in 2021 we hosted virtual recruitment roadshows and participated in many virtual career events targeting talents at various locations worldwide. To improve candidate experience, Artificial Intelligence (AI) screening was introduced in the application process. Our interview panel members are well trained and fully equipped with skills to conduct effective interviews with candidates.

The health, safety and wellbeing of our staff remain the top priorities of concern. In response to the unprecedent challenges due to the pandemic, we enhanced the remote and flexible working and implement support measures for home travel. The support measures alleviated the financial burden on our staff for visiting families internationally or domestically and provide additional flexibility on work and leave arrangements. The regular three-year review on the Policy on Compensation and Benefits was conducted in 2021 and enhancements in benefits are introduced in 2022.

Learning and Development
AIIB enjoyed a remarkable journey in 2021 in terms of learning and development among our staff.

We embraced change and continue to deliver innovative training solutions despite the pandemic. We launched a Learning Development Platform and continued working with digital learning providers to strengthen resilience and continue providing high-quality training.

Throughout 2021, 252 Bank personnel accessed external e-learning courses and logged 392 hours of learning. We also adjusted our learning to virtual delivery starting in 2020 without losing quality or the level of interaction between participants and facilitators. Notwithstanding, face-to-face trainings were organized when situations allowed and staff were and are encouraged to attend to foster a more interactive learning culture, for example, the Operational Training Program and New Staff Induction Program.

The Bank’s internal training offerings, including the technical learning paths, were further developed to support AIIB Corporate Strategy. Thirty-three technical trainings, including training series, were organized for Bank personnel in 2021. While pivoting operational training to a higher level, we also introduced 12 soft skill trainings. Despite the current difficult situation, it was encouraging to see that over 616 hours of Bank-wide trainings were organized and a dozen tailored solutions for intact teams were delivered.

AIIB provides training sponsorship policies which aim to help staff continuously upskill with learning options that may not be internally available. With these policies in place, over 106 personnel and teams benefited from financial training support.

Young Talent Programs
The Bank launched its first Legal Associate Program (LAP) and the Graduate Program in 2021. Both Programs aim to engage talents who wish to develop careers in multilateral organizations and grow with the institution. Our Internship Program continued which serves as a window for graduates who want first-hand experience in multilateral organizations. Our communication and connection with academia have also been strengthened.

Staff Consultative Mechanism
The Staff Consultative Mechanism (SCM) was established after elections between July 21 and Aug 3 where five staff representatives were elected. The SCM conducted an all-staff survey to establish staff priorities. These are grouped under five themes: (i) providing compensation and benefits to attract, nurture and retain talent; (ii) making AIIB a great place to work; (iii) building a working environment where staff are empowered and supported; (iv) build strong multilateral governance and oversight by establishing strong institutional safeguards for staff; and (v) ensure the effectiveness of SCM by putting it on a solid institutional footing.

There was an inaugural discussion between the Board’s Budget and Human Resources Committee (BHRC) and the Staff Consultative Mechanism. In December, the SCM presented to the Board’s BHRC on 2021 Compensation and Benefits Review proposals.

WELL Health-Safety Rating
In 2021, the AIIB Headquarters (HQ) passed the WELL Health Safety Rating (HSR) and obtained a certificate from the International WELL Building Institute. The WELL HSR is a comprehensive, evidence-based, third-party verified rating focusing on operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment now and into the future. The certificate verifies that the AIIB HQ building is managed under safe and high-quality conditions, even during the epidemic period. It is a significant recognition of AIIB's efforts to ensure the wellness of employees and a safe working environment.

Staff Travel Facilitation
To help staff with their official and home travel, FAS arranged for Bank-wide vaccinations, testing and issuance of vaccine certificates, as well as coordinated over 200 trips related to onboarding, returning to headquarters, and domestic and local overseas. It also helped coordinate with national governments, local authorities, airlines, airports, hospitals, and hotels. The team was on call 24-7 and handled over 100 emergency cases.

Our Partnerships

2021 remained a challenging year in terms of COVID-19 recovery, particularly green recovery. In response, the focus of the partnership approach has been developing a network of partners that can help the Bank achieve its ambitions in the four thematic areas in the post-COVID-19 era. AIIB has been innovating in the partnership process and management, aiming at moving AIIB from being reactive to proactive and adding value to enhance the Bank’s capacity for business development and external resource mobilization.

Led Joint MDBs Cooperation
As Chair of the Heads of Multilateral Development Banks in 2021, AIIB hosted two Heads of the MDBs meetings and participated in the G20 Finance Ministers and Central Bank Governors and Finance Deputies meetings. As Chair, AIIB’s President Jin elevated the importance of health financing, climate change and digital infrastructure as core enablers for COVID-19 recovery and sustainable development.

Contributed to Global Cooperation on Green Recovery
The 2021 United Nations Framework Convention on Climate Change Conference of the Parties (COP26) was hosted by the United Kingdom in Glasgow. As part of our coordinating role as Head of the MDBs, AIIB facilitated the drafting process for a Joint Statement for COP26. AIIB announced in October it would align its operations with the goals of the Paris Agreement by July 1, 2023. AIIB also signed an MOU with International Renewable Energy Agency (IRENA), the global intergovernmental organization mandated to promote the widespread and increased adoption and sustainable use of all forms of renewable energy and to support countries in their transition to a sustainable energy future.

Added Value to Regional Cooperation and Connectivity
AIIB became the first implementing partner of the Multilateral Cooperation Center for Development Finance (MCDF) in August 2021. This partnership enables us to leverage resources to support the preparation of high-quality connectivity infrastructure projects to facilitate resilient and inclusive economic growth. It also complements the Bank’s engagement with regional cooperation platforms and initiatives by sustaining technical assistance grants in project preparation, capacity building and information sharing. By working with the MCDF and other partners, AIIB co-organized a series of regional and sector workshops and seminars followed by technical discussions on project activities. The partnership approach with regional cooperation platforms and initiatives has also helped link the Bank to regional and cross-border connective projects.

Enhanced Financing Cooperation with MDBs
In April 2021, the AIIB and the European Bank for Reconstruction and Development (EBRD) enhanced our cooperation to promote economic development and investment across countries by signing a new cofinancing framework agreement. This will harmonize operational policies and procedures and contribute to achieving the highest social, environmental and legal standards.

Engaged Global Partnership Facility to Increased Private Sector Infrastructure Financing
AIIB has been a technical partner of the Global Infrastructure Facility (GIF) since signing the Financial Procedures Agreement with the World Bank (the GIF Trustee) in June 2021. This is our first accreditation with a global partnership facility and allows us to enhance our collaboration with other MDBs to support major infrastructure projects and enables us to expand our resources to serve a broader range of AIIB Members and further our role in private capital mobilization.

Developing Operational Partnership to Support Investment Operations
The Bank has been engaging with bilateral and multilateral development organizations and philanthropic foundations to mobilize concessional resources for investment operations. These operational partnerships have demonstrated initial success through close collaboration across teams on developing internal tools and conducting external partnership engagements.

CSO/NGO Engagement
We value input from civil society organizations (CSOs) and nongovernmental organizations (NGOs) on our strategies, policies and operations. We enhanced our engagement in 2021.

Information Sharing. Through our website, quarterly newsletters and other means, we provided focused news on Bank activities of interest to the CSO and NGO community. We kept CSOs/NGOs informed of AIIB-organized events with topics of interest to them.

Policy Consultations: We consulted with a wide range of stakeholders, including organizing briefing sessions specifically for CSOs and NGOs, on the revised Environmental and Social Framework (ESF).

Project-level Engagement: We met with CSOs and NGOs on specific projects and kept the communication lines open for project-related queries.

AIIB Management Dialogue. We held the AIIB Management Dialogue with CSOs and NGOs virtually during the 2021 AIIB Annual Meeting. During the Dialogue, AIIB’s management led by President Jin addressed questions from CSO and NGO representatives on issues of mutual interest, including the revised ESF, disclosure practices, project implementation, climate finance, and AIIB's investment principles.

CEIU Outreach Activities. CEIU needed to shift its civil society and client outreach activities to virtual events in response to the COVID-19 pandemic. Instead of having a series of face-to-face meetings with CSOs and clients, CEIU held virtual meetings with national, regional and global CSOs throughout the year. A virtual meeting was held with international advocacy NGOs in April and with national and regional CSOs in June, July and August. The aim was to raise awareness about the PPM and discuss specific COVID-19 challenges, including heightened risk of retaliation and access to the PPM. The PPM also reached out to the Independent Accountability Mechanisms (IAMs) of other MDBs to share PPM outreach experience, learn from the experiences of other IAMs and explore joint outreach opportunities.

Annual CEIU-CSO Session. In lieu of the planned CSO outreach event at the Annual Meeting, the CEIU held a virtual meeting with CSOs on Oct. 14 in an open forum format. CSOs from all over the world raised questions about CEIU’s role in the ESF review, Project-level grievance redress mechanisms, handling of complaints in cofinanced projects, potential access barriers to the PPM and broader functions of CEIU.

Policy on Public Information

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For more information on the PPI


To submit requests for information

The approval of the Policy on Public Information (PPI) by the Board of Directors in September 2018 institutionalized a strong framework for disclosure for AIIB. Under the PPI, we proactively disclose information based on event triggers tied to the Bank’s project cycle and decision-making process and respond to external requests for information in line with a set timeline. 2021 marked the third year of implementation of AIIB’s Policy on Public Information. An examination of the implementation of the PPI from 2018 to 2021 indicated that compliance with the PPI remains high for both proactive disclosures of information and responses to requests for information. The policy meets the transparency expectations of the public and AIIB’s operational needs.

In 2021, the Bank received 331 information requests from its Public Information Request Portal, all of which were handled within 30 working days as required by the Policy on Public Information.

Our Organization in 2021

Our commitment to our Lean, Clean and Green core values are reflected in the work that we did as an organization with headquarters in Beijing, China. We aligned our institutional operations with our mission to creating a clean energy future. We created green spaces within our work place. We took measures to keep our people and our operations safe and secure. We made efforts to make a positive contribution to our local community.

Institutional Carbon Emission Management Plan
In line with the AIIB’s Corporate Strategy of embracing its Green core value in its corporate practices and taking concrete action to manage its carbon footprint, AIIB developed its Institutional Carbon Emission Management (ICEM) Plan in 2021 and will be implemented in 2022. This plan provides a roadmap for the Bank to align our internal operations with the Paris Agreement goals. More specifically, it identifies 10 action areas and 31 actions for AIIB to monitor, manage and reduce our institutional carbon footprint.

Building Improvements
In 2021, the Facilities and Administration Services Department (FAS) started workplace improvement projects to ensure that the Bank’s office environment is fit for purpose and supportive of staff wellbeing. The three major improvements are: (i) improving lighting in individual offices and third-floor conference rooms; (ii) improving acoustics and noise management between meeting rooms and offices, and (iii) transforming one of the Sky Gardens into a new multifunctional space to accommodate various cultural events and cross-team collaboration activities. These projects are scheduled to be completed by June 2022.

On Nov. 24, 2021, the AIIB Headquarters in Beijing was selected for the China Luban Award National Quality Project for 2020-2021.

Tianjin Backup Office
In March 2021, AIIB officially opened its backup office in Tianjin, China, provided by the Tianjin Municipal Government. Equipped with workstations, conference rooms, archive repositories, and IT facilities for business activities, it serves as the Bank’s backup office for business continuity. It also functions as a disaster recovery center for IT, a backup center for archives, a venue for trainings, meetings and other group activities, and an alternate office to supplement the headquarters space.

During its first four months in operation beginning in April 2021, it hosted over 20 assignments, including various retreats and conferences required by different departments and business units.

Fulfilling AIIB’s Social Responsibilities
As an international organization with headquarters in Beijing, China, AIIB has taken the initiative to participate in local charity events to fulfill the Bank’s social responsibilities. For three consecutive years since 2018, AIIB has been among the top 10 participants in the international charity sale, Love Knows No Borders, which is an annual activity initiated and organized by China’s Ministry of Foreign Affairs. Diplomatic missions and international organizations in Beijing actively participate in the sale. The funds raised by the event will be used to support poverty reduction activities, building school playgrounds and cochlear implants for poor children in the Yunnan Province of China.

Investing in Technology
To support AIIB in becoming a 21st century digital-first multilateral development bank, the IT Department is dedicated to enhancing the Bank’s digital foundation by providing reliable, innovative and efficient digital solutions. It promoted digital and data culture in close alignment with the Corporate Strategy and ensured the security and smoothness of the Bank’s daily operations.

In 2021, the IT department focused on the following core areas:

  • Digital Services. In digital program delivery, we focused on business applications supporting core business functions, enabling digital capability supporting the investment management and servicing, treasury and risk management.
  • Cyber Security. The three-year cyber security roadmap was completed in end-2021, which put in place comprehensive and effective cyber protections to safeguard Bank assets in the digital world and enable the Bank to navigate the unprecedented IT challenges brought about by the COVID-19 situation where cyber-attacks surged with the increasing reliance on digital working channels.
  • IT Risk and Resilience. To consistently improve the Bank’s IT operations and resilience capability, ensure a stable digital landscape, and enhance our response to the impact of the prolonged pandemic, we expanded the IT Risk function to IT Risk and Resilience. This function now covers IT service operations management and IT resilience management in addition to IT risk management tasks.
  • Data Management. We adopted a Data Management Roadmap which outlines a three-stage approach of Enable, Enhance and Explore to establish a Bank-wide data ecosystem. Since we successfully enabled our data foundation last year, we have been enhancing our data capability in 2021, mainly focusing on data governance, data standards, data platforms and data culture.
  • Digital Learning. As the Bank develops its digital landscape, user capability across the Bank also needs to be enhanced to improve operational efficiency and user experience and to maximize the value of digitalization. To help improve workspace efficiency and to echo the core competency model, ITD offered training opportunities for different groups.
  • Digital Transformation. ITD has been actively engaged as part of the dedicated task force of the Digital Transformation Working Group, from proposing the vision to identifying potential digital transformation opportunities. Current business challenges and potential opportunities were explored in collaboration with various business departments.

Major ITD Projects, 2021
  • First phase roll-out of the Investment Management Information System (IMIS) to facilitate AIIB’s investment operation procedure workflow, manage operation governance, and centralize project documentation.
  • The Loan Management Information System (LMIS) went live in April for nonsovereign-backed loan operations. The LMIS was enhanced to cope with the LIBOR transition program to handle T-bill, SOFR raw rate and other currency rates to support daily loan operations.
  • First phase roll-out of the Project Procurement Management System (PPMS) to support the Operational Services Department manage the end-to-end project procurement process.
  • Establishment of the Customer Relationship Management System (CRM) to ensure a systematic customer onboarding process.
  • Establishment of a Fund and Equity Management System to conduct monitoring, valuation and data analytics on underlying assets and support post-investment portfolio management.

Duty of Care Awards 2021
AIIB was awarded an Honorable Mention in the Communications Category in the International SOS Foundation 2021 Duty of Care Awards, announced at the Duty of Care Summit on Sep. 22, 2021. The award was to recognize organizations making a significant contribution to protecting their employees at home or away.

The award was given in recognition of AIIB’s efforts to ensure staff security and safety, especially during the pandemic period, by enhancing efficient communications with all parties. The judging panel included internationally recognized leaders in fields related to Duty of Care. The judges reviewed entries from 24 industries across 29 countries.

Our Knowledge Products

Annual Report
Every year, we publish a comprehensive report on our activities and projects, as well as selected project stories about our work with our clients in our thematic priority areas.

Asian Infrastructure Finance Report

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Asian Infrastructure Finance Report

The Asian Infrastructure Finance Report, Sustaining Global Value Chains, was launched in October at the Bank’s Annual Meeting and was followed by 15 events in six countries. The report examines how Asian economies have integrated global value chains (GVCs) into their growth models. It emphasizes how critical infrastructure quality and capacity are to the agility and resilience of GVCs, as examined against the backdrop of the COVID-19 pandemic, increased trade tensions, rapid technological development, environmental pressures and other factors. Using case studies and research findings, the 2021 report highlights how green infrastructure, consistent with net-zero transition, will become a source of competitive advantage and the key to sustaining future GVCs.

Throughout 2021, our Economics Department was engaged in a dialogue coordinated by the Bank and the Boao Forum for Asia, with support from the Institute of Finance and Sustainability and China International Capital Cooperation, on China’s Pathway to Net Zero. Several rounds of discussion took place between foreign and Chinese experts on green governance for net zero, including best practices in planning, markets, incentives and disincentives. The dialogue culminated in a net-zero research conference in January 2022 and the first of several papers.

Sustainable Development Bonds Framework
In April 2021, the Bank launched the Sustainable Development Bond Framework to improve bond investors’ and other stakeholders’ understanding and assessment of the Bank’s commitment to sustainable development. The Framework presents a summary of the policies, strategies, processes and mechanisms that govern the Bank’s commitments to sustainable financing activities. By doing so, it outlines how the Bank is adhering to the principles set out in our Environmental and Social Framework that guides project selection, and how we are helping AIIB Members meet their commitments under the Paris Agreement and the UN Sustainable Development Goals, inter alia. It also increases the transparency around our operations by setting out the use and management of proceeds, and how we track the impact of our financing, in particular the environmental and social impact generated by our financing. Under our mission of Financing Infrastructure for Tomorrow, AIIB will continue to scale up our sustainable and inclusive investments to meet clients’ needs for low-carbon and climate-resilient infrastructure.


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Sustainable Development Bond Framework

Under the framework, annual reporting on the Bank’s overall portfolio and project level environmental and social benefits will be made available on the official AIIB website.

The framework applies to all debt issued by the Bank in all markets and currencies. All AIIB bonds are Sustainable Development Bonds, providing investors with an opportunity to improve social and economic outcomes in Asia.

Sustainable Development Bonds Inaugural Impact Report
Under the Sustainable Development Bond Framework, the Bank has committed to annual impact reporting on our overall portfolio- and project-level results reflecting environmental and social benefits generated by our financing. Our inaugural Impact Report covers the first five years of operations from 2016 to 2020.


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AIIB Sustainable Development Bonds Impact Report 2020

The Sustainable Development Bonds inaugural Impact Report presents data on the Bank’s portfolio volume, alignment with thematic priorities, portfolio performance, and selected project impact stories chosen to illustrate how we are addressing clients’ needs while also making an impact among our Members in Asia and beyond.

Working Papers
AIIB’s Working Papers report on research work in progress by individual staff members and consultants. Research may be in collaboration with external parties and is published to share knowledge, seek feedback and encourage debate. They focus on infrastructure development and finance.

A working paper on the impact of power outages on the export competitiveness of firms was one of our knowledge products from the past year.

Investment Operations Operational Insights
The Investment Operations Operational Insights series allow staff to share their operational insights from their project work. The emphasis is on disseminating best practices and lessons learned. Fourteen sessions were held in 2021 on topics as diverse as local currency financing, vaccine financing, financing in Europe, capacity building and the Project Insights Dashboard. In 2020, there were 11 sessions on topics including financing solar projects, challenges in supporting low-income AIIB Members and China’s health tech industry.

International Anticorruption Day
International Anti-corruption Day has been observed every Dec. 9 to raise public awareness of corruption issues, following the passage of the United Nations Convention Against Corruption in 2003. To mark the 2021 International Anti-Corruption Day, the Bank organized a presentation for staff by Gerard Ryle, Director of the International Consortium of Investigative Journalists (ICIJ), who spoke on the Pandora Papers that ICIJ published beginning in October 2021. President Jin provided opening remarks for the session.

Legal Conference
The Bank invited Yuejiao Zhang to give the 2021 AIIB Law Lecture on International Investment Dispute Settlement on Dec. 8, 2021. This year's lecture discussed bilateral treaties for investment protection, the role of the International Centre for Settlement of Investment Disputes, the 1965 Washington Convention, the Multilateral Investment Guarantee Agency MFN, and dispute settlement between an investor and a host state and between two investors and two states. The law lecture was moderated by General Counsel Alberto Ninio.