The Asian Infrastructure Investment Bank (AIIB or the Bank) is a multilateral development bank whose mandate is to (i) foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors and (ii) promote regional cooperation and partnership in addressing development challenges by closely collaborating with other multilateral and bilateral development institutions.

AIIB published its Sustainable Development Bond Framework (the Framework) in April 2021. The Framework presents a summary of the policies, strategies, processes, and mechanisms that govern AIIB’s commitment to sustainable financing activities within its mandate. The Bank’s annual impact report is prepared under the Framework. The Sustainable Development Bonds Impact Report 2021 (Impact Report 2021) discloses the Bank’s overall portfolio and project level results, reflecting environmental and social benefits generated by its financing activities in 2021.

This report presents data on AIIB’s bond issuance profile, portfolio volume, alignment with thematic priorities, portfolio performance, portfolio allocation, and selected project impact stories chosen to illustrate how AIIB is addressing clients’ needs while also making an impact among its Members in Asia and beyond.

AIIB aims to continuously enhance its approach and respond to changes in industry best practices and market expectations. AIIB’s Sustainable Development Bond Framework and Impact Report approach will be reviewed over time to reflect the evolution of the green, social and sustainable bond markets and changes in AIIB’s strategies, policies and processes. AIIB welcomes feedback from investors, stakeholders and market participants. Please email your comments to


From the President
The year 2021 marked the fifth anniversary of the Asian Infrastructure Investment Bank (AIIB) and the successful completion of its start-up phase. Since it was up and running in January 2016, AIIB has followed its course of business growth steadily and prudently. We in AIIB have been striving to live up to the expectations of our shareholders and all other stakeholders in our efforts to serve our purpose—fostering sustainable development in Asia. In 2021, we reinforced our commitments to our mandate under our Articles of Agreement by implementing our first Corporate Strategy, an operation and monitoring guide for the next ten years built on the experience gained and lessons learned in our first five years of operations.

The COVID-19 pandemic, now two years into its health havoc, continues to pose a threat to the international community. The virus continues to mutate, and new variants continue to turn up and spread across the globe, threatening lives and disrupting economic activities. Vaccine development and deployment have helped to a certain extent to contain and manage the coronavirus (COVID-19) and economic recovery has tentatively resumed in some parts of the world. Nevertheless, many of AIIB’s Members still need external assistance to address their emergency pandemic responses and manage their vaccine programs.

In response, AIIB continued our pandemic response efforts under the COVID-19 Crisis Recovery Facility (Facility). As of Dec 31, 2021, 45 projects amounting to USD11.1 billion were approved under the Facility. Looking forward, AIIB will keep a balance between our mainstream business of sustainable infrastructure and our support to COVID-19 emergency plans and recovery.

The COVID-19 crisis has taught us the vital role of digital connectivity in ensuring economic resilience: the continuity of all kinds of businesses, financial and real sectors alike, education, health care and other social services would have ground to a squeaking halt without it. Digital connectivity is a key driver of economic growth and social inclusion in the 21st century, and as such it calls for concerted efforts on a global scale to come up with better solutions for universal access to digital services. Inclusive digital access will definitely help reduce regional discrepancy and gender inequality, which remains a cause for serious concern. As a multilateral development bank (MDB) born in the digital era, AIIB recognizes that the emerging field of digital infrastructure would be a unique opportunity to amplify our impact in Connectivity and Regional Cooperation and Technology-enabled Infrastructure. In 2021, we approved 10 projects where digital technologies are actively applied to improve the quality of infrastructure.

The effects of climate change are now felt more acutely than ever before. The year 2021 recorded, among others, the most extreme heat waves in world history and severe flood disasters in Asia and in Europe. To secure a livable future, the world has no alternative but to adopt an ever more aggressive paradigm and take concrete actions to halve greenhouse gas emissions by 2030 and adapt more innovatively to increasingly severe climate risks. While climate finance is deeply incorporated in our Infrastructure for Tomorrow strategy as we promote Green Infrastructure, we have continued to reinforce our climate commitments: In 2021, we announced at our Annual Meeting that our operations will be fully aligned with the goals of the Paris Agreement by July 2023, and climate finance will make up more than 50% of our financing approvals by 2025. In 2021, climate financing accounted for 48% of our financing approvals (excluding financings under the Facility), increasing from 41% in the last reporting period, and we will continue striving to grow its share beyond our target.

Our journey continues in 2022 amidst various scenes of uncertainty. The year’s calendar has been beset with disquieting episodes. There have been some disruptions in our normal lending programs under the current circumstances. Other uncertainties, including the further development of COVID-19 and instability of financial markets, are likely to emerge and impact the sustainable development agenda of our Members. We commit to adapt and constantly innovate to provide customized support to our clients in face of the challenges, in collaboration with our Members, the MDB community, and through Private Capital Mobilization. We will continue our climate efforts in 2022 and beyond. We are implementing our Institutional Carbon Emission Management (ICEM) Plan, which sets up a Monitoring-Reporting-Verification (MRV) mechanism of AIIB’s internal carbon footprint and is the starting point to align our internal operations to the Paris Agreement.

We are proud to present our second impact report under the guidance of our Sustainable Development Bond Framework. Last year, our inaugural impact report received positive attention from a broad range of stakeholders. Thanks to invaluable feedback from our Members, clients, stakeholders, and beneficiaries, we gained experience and built our competencies to develop this report. We commit to further advance our sustainability disclosures in the years to come.

Jin Liqun
President and Chair of the Board of Directors
From the Treasurer
In this report, you will find out how the proceeds from AIIB’s Sustainable Development Bonds are used to realize our mission—unlocking new capital, new technologies and new ways to address climate change and connect Asia and the world. We take this report as an opportunity to communicate our strategy, efforts and accomplishments in the year 2021 to achieve our mandate.

Sustainability has been at the core of AIIB’s operation since our inception in 2016. Over the past six years of operations, we have been learning from our accomplishments to deepen our understanding of sustainable development. This year, we invited Sir Danny Alexander, Vice President for Policy and Strategy, to explain our key learnings, know-hows, and future directions toward sustainability. The interview will also introduce our strengthened climate ambitions.

In last year’s inaugural Sustainable Development Bonds Impact Report, we committed to continuously improve our reporting approach to fulfil our investors’ information requirements. With the implementation of our sector strategies and the revised Environmental and Social Framework (ESF) in 2021, we purposefully aggregated some of our project results to present a snapshot of outcomes that highlight our achievements.

AIIB was established shortly after the United Nations Sustainable Development Goals (SDGs) were ratified. In this report, we include a section to demonstrate how our strategy and portfolio support our Members’ commitments toward the SDGs through different channels.

We are glad that sustainable investing is increasingly embraced by investors. As the market grows and matures, we believe that investors will call for disclosures of more substance and granularity. In response to the climate urgency, we are working at full capacity to achieve our commitments. While our requirements for quality greenhouse gas (GHG) data from clients have increased in our ESF, we also expect to lead by example in the near-future with the establishment of our operational Monitoring-Reporting-Verification (MRV) system and net-zero plan. Our impact report will communicate our new initiatives in the years to come.

Domenico Nardelli

Our Journey Toward Sustainability

AIIB’s Sustainable Development Journey and Its Progress: Interview with Sir Danny Alexander, AIIB Vice President for Policy and Strategy.

AIIB’s Contribution to Sustainable Development Goals

Understanding the Sustainable Development Goals (SDGs) is important for AIIB as an MDB with a mandate of improving economic and social outcomes in Asia to effectively serve its clients. All AIIB Members are committed to the SDGs. Many of them have integrated SDGs in their national development plans and expect AIIB’s financing to be aligned with and contribute toward their long-term development goals.

AIIB developed its first SDG-mapping approach in 2019 to link its operations with the SDGs. This has been communicated through the AIIB Annual Reports. AIIB’s Corporate Strategy includes a framework of how AIIB’s investments support the SDGs. Access the full report.

Sustainable Development Bonds

AIIB’s Sustainable Development Bonds

In 2021, after spending its earlier years laying the groundwork for debt issuance documentation and investor marketing, AIIB demonstrated that it could maintain its investors. The Bank focused on expanding the funding curve, increasing the liquidity of its bonds in secondary markets and building an increasingly comprehensive investor base.

Funding highlights in 2021 include the issuance of three USD global benchmarks, one of which was a debut USD Secured Overnight Funding Rate (SOFR) floating rate note in Rule 144A format, a debut Kangaroo (AUD) benchmark and a debut Kauri (NZD) issuance, as well as regular reverse enquiry issuances. For more information, please visit Funding - AIIB.

Sustainable Development Bonds

Portfolio Level Reporting