2025 AIIB ANNUAL REPORT AND FINANCIALS

The year 2025 marked a significant milestone for the Asian Infrastructure Investment Bank.

As the Bank reached its tenth year of operations, we did so as a maturing multilateral institution with a clear mandate, strong governance and a growing track record of delivery for our members. In its first decade, AIIB established itself as a trusted partner in financing Infrastructure for Tomorrow – green, technology-enabled and connected infrastructure that supports sustainable economic development across Asia and beyond.

That strong foundation was evident in 2025. Amid a challenging global environment, AIIB continued to deliver at scale, approving USD10.59 billion in financing across 57 projects. We expanded our climate action contribution, with climate finance accounting for 71% of total approvals, while continuing to mobilize private capital and support connectivity across regions. These achievements highlight the relevance of AIIB’s mission and the robust institution it has become over our first ten years.

These achievements would not have been possible without the leadership that guided AIIB through that formative period. I want to express my sincere appreciation to President Jin Liqun, whose stewardship helped establish AIIB as a credible, innovative and respected institution in the multilateral development system. I also wish to thank the Board of Governors, Board of Directors, Senior Management and staff for their professionalism, commitment and contribution to the Bank’s progress.

As AIIB completed its first decade, 2025 marked an important year of continuity and evolution, building on the Bank’s achievements while laying the foundation for its next stage of growth.

Since taking office as AIIB President in January 2026, I have had the opportunity to engage with AIIB’s governors, directors, members, clients, partners and colleagues throughout the Bank. In these conversations, I heard strong appreciation for what AIIB has achieved in our first decade – and a clear expectation that the Bank will build on that foundation. My focus is to turn this into action: deepening client engagement, strengthening our value proposition, and continuing to evolve our approach to delivering infrastructure solutions in response to changing development needs.

This next phase of the Bank’s development will be guided by three principles: Integrity, Innovation and Impact. These principles build on the Bank’s experience from its first decade, and set a clear direction for how we will scale up our work in the years ahead.

Integrity is the foundation of a strong multilateral institution. It is underpinned by adherence to the Bank’s mission and mandate, reflected in high standards of governance, accountability and project quality. Innovation ensures that AIIB remains agile and responsive in a rapidly changing environment. And Impact is the measure that matters most: the contribution we make to sustainable development and to improving lives through high-quality financing for infrastructure.

We enter our second decade from a position of strength. The task now is to build on that foundation with discipline and ambition – doing more of what works, sharpening how we add value and working closely with our members and partners to deliver infrastructure solutions that meet the needs of a changing world.

The opportunities ahead are significant, and AIIB is well positioned to help our members meet them.

Zou Jiayi
President and Chair of the Board of Directors

The Board of Directors commends AIIB for its strong performance and accomplishments in 2025, a milestone year marking both the Bank’s first decade of operations and the end of the tenure of its first President and Chair of the Board of Directors, Jin Liqun.

The year also marked an important leadership transition, with the Board of Governors electing Zou Jiayi as the Bank’s new President and Chair of the Board of Directors. In a challenging global environment, the Board of Directors remained actively engaged in the Bank’s work and took several important decisions to advance our strategic, institutional and operational priorities.

A key achievement this year was the adoption of the updated corporate strategy, a blueprint to guide the Bank through its growth through 2030. Developed through extensive engagement between the Board and management, the strategy provides a clear framework for future growth, impact and institutional development. It sets ambitious objectives to double the Bank’s annual financing, maximize climate impact, strengthen regional cooperation and connectivity, and enhance development outcomes. To support its effective implementation, the 2026 business plan and budget (BPB) was endorsed, providing an operational and financial roadmap balancing high‑quality growth with financial sustainability.

Further progress was made in strengthening accountability and project quality through the update of the Policy on the Project‑affected People’s Mechanism, following a comprehensive stakeholder consultation process led by the Complaints‑resolution, Evaluation and Integrity Unit.

In fulfilling its oversight responsibilities, the Board also confirmed the appointment of the Bank’s external auditors starting from fiscal year 2026, reinforcing the integrity and independence of AIIB’s financial reporting and assurance processes. Deloitte was appointed as the Bank’s new external auditor in 2026.

In 2025, the Board also exercised its governance and stewardship role by overseeing the Performance Review of the President and the Review of the Effectiveness of the Board of Directors. It also considered the 2025 Capital Review, which noted that AIIB’s capital structure was projected to remain adequate to support operations through 2030 and 2035. In addition, the Board supported leadership continuity and institutional strengthening by appointing several Vice Presidents, further strengthening the Bank’s Senior Management as it entered its next phase of growth.

From an operational standpoint, project approvals remained strong, with 57 projects approved during the year. This included 24 approvals by the Board of Directors and 33 by the President, reflecting effective governance and the efficient use of delegated authority.

The Board thanks AIIB’s management and staff for their professionalism, commitment and dedication throughout 2025. Investments in people, culture and organizational capability supported the Bank’s expanding operations and ensured that growth remained aligned with its mission and core values.

As AIIB enters its next decade, the Board remains confident that the Bank is well positioned to build on the accomplishments of 2025, can continue delivering high-quality infrastructure solutions for its members, and will meaningfully contribute to sustainable development in a rapidly evolving global context.