2024 AIIB ANNUAL REPORT AND FINANCIALS

2024 marked the Asian Infrastructure Investment Bank’s ninth year of operation. As we prepare to enter our second decade, this Annual Report is a call not only to look back at what has been accomplished; it is a moment to reconnect with our purpose and reflect upon how this will carry us forward into the future.

At AIIB, we finance infrastructure because we believe it is the foundation upon which sustained prosperity, human dignity and inclusive growth are built. Our development finance is a bridge between today’s reality and the human aspiration for a better tomorrow, driven by sustainable infrastructure development, regional connectivity and green growth. The challenge facing us is how to close the financing gap of USD3 trillion for infrastructure investment in Asia alone. Such an immense shortfall is far too big an amount for any single institution to fill up; it can only be met collectively. Multilateralism is key to tackling development challenges. This Bank follows multilateralism as the North Star–unswervingly.

In 2024, we continued to strengthen our contribution to this collective effort. We approved our 300th project, with Thailand accessing AIIB financing for the first time and total financing now approaching USD60 billion. We welcomed our 100th full Member, bringing our total to 110, including prospective Members in the final stage of rectification. The staffing is now over 650 strong, coming from over 70 different economies.

We also completed our largest-ever borrowing program, raising USD10 billion across several benchmark currencies, including Asia’s first bond issuance in a Digital Native Note format. The strong demand for AIIB bonds testifies to the enduring global confidence in AIIB’s mission, governance and innovation.

We also deepened and diversified our development impact. Last year alone, AIIB financing supported:

• Over 261 million additional annual transport passengers across our project portfolio;
• The deployment of clean cooking solutions to 80,000 households in Rwanda, along with tens of thousands of solar home systems–the Bank’s first energy investment in sub-Saharan Africa;
• Over 21 gigawatts of renewable energy capacity, which together reduce or avoid over 28 million tons of carbon dioxide emissions annually.

Climate action remains front and center. In 2024, 50 out of 51 approved projects incorporated climate components, and we again surpassed our target of dedicating over half of all financing to climate mitigation and adaptation. Under our Climate Action Plan, we launched a new Climate Policy-Based Financing tool, with nearly USD1 billion already committed across Bangladesh, Egypt and Uzbekistan. We also approved our first Results-Based Financing project in the Maldives, advancing fiscal resilience and climate investment.

Meeting our Members’ evolving needs in financing Infrastructure for Tomorrow has also meant expanding our sectoral footprint and product offering.

We embedded climate resilience clauses into our lending frameworks and doubled down on addressing climate challenges and supporting our Members’ sustainable development goals. We also launched our first Health Sector Strategy and a new Gender Action Plan, reinforcing our commitment to human capital, equity and social inclusion. Our urban lending focused on resilience and disaster preparedness, from earthquake-resistant infrastructure in Türkiye to improving solid waste management in Bangladesh. Sustainable water management and improved access to clear water were likewise prioritized, such as an USD80 million project in Cambodia to increase water availability for irrigation and flood protection.

Connectivity–both physical and digital–is essential to regional convergence. In 2024, cross-border connectivity projects accounted for a third of our total financing, with USD3.8 billion across 18 transport projects. And we are now supporting digital infrastructure that bridges the digital divide: data centers, connectivity platforms and digital public goods that enable inclusive growth.

Our clients increasingly look to AIIB not just as a development financier, but as a trusted development partner. The results of our 2024 Client Survey confirm this: 84% would recommend AIIB as a development partner, citing our agility, responsiveness and solutions-focused approach.

We also took steps to deepen our institutional resilience. Internally, we continued to attract and develop talent from around the world. As captured in our inaugural Partnerships Report, externally, AIIB is developing a partnership network that has expanded beyond MDB peers to cover international financial institutions, bilateral agencies, development finance institutions, philanthropies, multilateral funds and platforms, knowledge providers, the UN and technical assistance providers.

Inclusivity boosts our development impact as a system. As we look to the future, our direction is clear. The strategic guidance provided by AIIB’s Board of Directors has been invaluable as we collectively set about the unique task of building a multilateral development bank fit for the 21st century.

Between now and 2030, we aim to deploy at least USD75 billion more in sustainable infrastructure. But this is not just a number–it is a responsibility. It means accelerating capital into green transitions, scaling private-sector mobilization, and investing in infrastructure that serves both our people and the planet.

In the next decade and beyond, our focus will remain on climate mitigation and adaptation, on innovative tech-enabled infrastructure, and on enhanced connectivity that bridges divides. By deepening our technical capabilities and mobilizing private capital at significant scale, we’ll continue pioneering new approaches to development finance.

The infrastructure we finance today will benefit communities and shape societies for generations to come–and AIIB’s next chapter promises even greater impact, innovation and inclusive growth across Asia and beyond.

Jin Liqun
President and Chair of the Board of Directors

The Board of Directors welcomed a very good 2024 for AIIB, including the expansion of its operations and reputation as a leading multilateral development bank (MDB). The Board of Directors was particularly active, playing a crucial role in bolstering the Bank’s health and climate efforts assistance to AIIB Members in achieving the Sustainable Development Goals, relationships with major international stakeholders, and success and financial sustainability. It approved new operations and innovative financing solutions, while ensuring adherence to high environmental, social and governance and accountability standards.

The collective leadership and strategic decision-making of the Board of Directors were instrumental in driving the organization’s success and financial sustainability, all within the framework of a robust and innovative governance model. In 2024, the second Comprehensive Review of the Accountability Framework concluded that the Accountability Framework had been functioning as originally envisioned, providing accountability through a clear division of responsibilities between the Board and the President. To enhance governance and Board efficiency, the Bank introduced measures such as capacity support, ondemand briefings for projects and enhanced Management reporting.

Informed by AIIB’s mandate and Corporate Strategy, the Board approved the Bank’s Health Strategy in 2024 to guide our health sector investments and maximize health co-benefits across all our infrastructure financing. The Health Strategy is the Bank’s first comprehensive strategy in social infrastructure and the first health-focused strategy by an MDB since the coronavirus disease (COVID-19) pandemic. The Board of Directors welcomed the Gender Action Plan and the Bank’s commitment to systematically integrating gender consideration into its projects and achieving positive impacts for women and girls.

The Board of Directors also discussed and welcomed the Final Review of the COVID-19 Crisis Recovery Facility. This review found that the Facility achieved its objectives of helping sovereign and nonsovereign borrowers with their pandemic response and recovery, and enabled AIIB to mobilize resources and deploy financing swiftly as a recognized and established part of the multilateral system.

The Board of Directors approved the introduction of Climate-Focused Policy-Based Financing as part of the Bank’s suite of Sovereign-Backed Financing instruments. This new financing option aims to support AIIB Members in their efforts to achieve their national climate transition objectives and contributes to further cementing AIIB’s commitment to sustainable development and addressing the urgent challenge of climate change. Under Climate-Focused Policy-Based Financing, the Board of Directors approved projects to implement critical policy and institutional reforms that mainstream climate change adaptation and mitigation actions and facilitate the mobilization of private capital. In line with AIIB’s top priority to develop green infrastructure that facilitates climate transition and is resilient to climate change impacts in the coming decades, the Board of Directors also approved measures to support climate-resilient debt clauses, and the Bank was accredited as an International Access Entity of the Green Climate Fund.

From an operational standpoint, the Bank approved 51 projects in 2024, of which 26 were approved by the Board of Directors and 25 by the President, acting under the authority delegated to him by the Board of Directors. An external review and a Complaints, Evaluation and Integrity Unit review affirmed the good functioning of the Bank’s approach to approving investment operations.

Other subjects covered by the Board of Directors over the year included the 2025 Capital Review Preparatory Discussion and initial discussions on the Corporate Strategy Midterm Review. Regarding the former, according to AIIB’s Articles of Agreement, the Board of Governors is required to review the Bank’s capital stock every five years. The Board of Directors provided informative feedback before the formal review in 2025. The discussion on the Corporate Strategy aimed to assess progress in implementing the Corporate Strategy in the first half of the Corporate Strategy period and plan for successful implementation for the remaining period (i.e., through 2030). The Board of Directors also supported the Bank’s efforts to recruit and retain talent.

The Board of Directors continued to lead the Bank in strengthening partnerships with key stakeholders and the MDB community. In this regard, together with other MDBs, AIIB welcomed the endorsement by G20 Leaders of the G20 Roadmap toward ‘Better, Bigger, and More Effective MDBs.’ The Roadmap outlines a comprehensive vision for continuing to reform MDBs to better address regional and global challenges, create more jobs and opportunities, and support countries to accelerate progress toward the Sustainable Development Goals and the goals of the Paris Agreement.

The Board of Directors takes great pride in the remarkable milestones attained by the Bank in 2024. These achievements demonstrate the effectiveness of the collective leadership and strategic decision-making of the Board of Directors, and its great collaboration with the Bank’s Management in driving the organization’s success and impact. The Board of Directors recognizes that these milestones would not have been possible without the dedication and hard work of the Bank’s President, Management, staff, clients and partners. Looking ahead, the Board of Directors is committed to building on the momentum of 2024 and further strengthening the Bank’s position as a leading multilateral development institution.