AIIB SUSTAINABLE DEVELOPMENT BONDS <br>IMPACT REPORT 2025 AIIB SUSTAINABLE DEVELOPMENT BONDS <br>IMPACT REPORT 2025
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AIIB SUSTAINABLE DEVELOPMENT BONDS
IMPACT REPORT 2025

Introduction

The Asian Infrastructure Investment Bank (AIIB) finances Infrastructure for Tomorrow, with sustainability at its core. Since beginning operations in 2016, AIIB has invested in infrastructure designed to improve lives, strengthen communities and support economic development across Asia and beyond.

The Sustainable Development Bonds Impact Report 2025 connects the capital AIIB raises in global markets with the sustainable infrastructure portfolio it finances. Through portfolio- and project-level reporting, it provides investors and other stakeholders with transparent information on the environmental and social outcomes associated with AIIB financing.

Introduced in April 2021, AIIB’s Sustainable Development Bond Framework sets out the criteria for project selection and the strategies, policies and processes underpinning the program. As some of AIIB’s earliest projects reach completion, evidence of their impact is becoming clearer.

This year’s report strengthens AIIB’s reporting by presenting achieved results from selected completed projects and those further advanced in implementation alongside expected outcomes from newer investments.

AIIB regularly reviews and enhances the Sustainable Development Bond Framework and Impact Report to reflect industry best practices, market expectations, evolving sustainable finance and development trends and changes in AIIB’s strategies, policies and processes.

AIIB welcomes feedback from investors, stakeholders and market participants. Please email comments to funding@aiib.org.

 

Message from the President

Zou Jiayi

Over the past decade, the Asian Infrastructure Investment Bank (AIIB) has transformed from an ambitious idea into a leading multilateral development bank (MDB), delivering tangible impact for our Members and their people. AIIB has financed infrastructure that is not only essential for economic growth and well-being, but also focused on delivering environmental and social sustainability and much-needed resilience in an evolving world.

The achievements of our first decade speak for themselves. By 2025, AIIB disbursed over USD38.4 billion in financing projects across different economies in Asia and beyond, spanning diverse infrastructure sectors, including energy, transport, water, sustainable cities, digital infrastructure and technology, health, and education. Our Sustainable Development Bonds have raised more than USD55 billion, covering current and future disbursement commitments based on committed projects with clear sustainability outcomes and impacts. Yet, as we celebrate these milestones, we must confront the reality that global challenges are intensifying. Recent disasters among our Members, such as the devastating flash floods and landslides in Sumatra (Indonesia) and Sri Lanka, claimed the lives of thousands of people, diminished the livelihoods of entire areas, and caused considerable economic losses. Climate change, biodiversity loss, pollution, and geopolitical instability are converging to create risks that threaten lives and livelihoods, particularly in developing countries. It is with these challenges that AIIB is coordinating action to support our Members.

AIIB stands ready to lead in this new era. Guided by our mission to finance Infrastructure for Tomorrow, we will continue to innovate, collaborate, and leverage the experience we have gained in delivering development outcomes. Our strong financial foundation and dedicated team enable us to pursue a “green, clean, and lean” approach, delivering impact efficiently while upholding the highest standards of integrity. Transparency remains central to our approach. We report regularly on our progress, and in 2025, AIIB launched its first Sustainability Report, an important milestone in strengthening accountability and stakeholder trust.

We are also advancing investments in health, nature-based solutions, and digital finance initiatives – among others – reinforcing our commitment to sustainability and inclusivity. Looking ahead, we will deepen and explore partnerships with a broad range of stakeholders including other MDBs, governments, and private investors to mobilize resources at scale.

As the President of AIIB, I am honored to lead this institution into its second decade. Together, we can build a future where development and sustainability go hand in hand. Let us move forward with determination and shared purpose to create lasting impact for people and the planet.

 

Zou Jiayi
President and Chair of the Board of Directors
Asian Infrastructure Investment Bank

Foreword from the Treasurer

Domenico Nardelli

The achievements of AIIB’s first decade of operations have been remarkable. This annual impact report showcases the scale, quality, and development impact of the Bank’s investment operations. In parallel, AIIB continues to deepen its engagement in the capital markets to mobilize funding in support of its mission.

In 2025, we successfully raised USD10.2 billion equivalent under our Sustainable Development Bond Framework (the Framework), whereby 100% of the proceeds go toward a combination of green, social, and sustainable projects that meet AIIB’s policies and standards. The framework continues to guide our funding activities to finance infrastructure that promotes economic growth, social inclusion, climate action, and environmental stewardship.

The bonds issued under the Framework affirm investors’ confidence in AIIB’s commitment to mobilizing capital for projects that deliver long-term value for our Members and stakeholders through infrastructure investments. As of the end of 2025, AIIB had USD37.6 billion equivalent in long-term debt outstanding.

We approved USD10.6 billion for 57 projects in 2025, with 71% of that financing dedicated to climate-positive outcomes. For example, we continued to support our successful Climate-Focused Policy-Based Financing, a tool introduced back in 2024 to help Members implement policy reforms for low-carbon and climate-resilient growth. Our goal is to demonstrate how each dollar raised contributes to tangible development outcomes, whether through improved access to clean energy, resilient transport systems, or inclusive urban infrastructure.

Looking ahead, AIIB remains committed to financing infrastructure that drives economic growth and well-being while delivering environmental and social benefits and avoiding negative impacts. By combining strong financial discipline with sustainability principles, we aim to create lasting value for people and the planet. I am pleased to share our 2025 Impact Report reflecting the impact and expected results of investing in sustainable infrastructure.

Learn more about AIIB’s Sustainable Development Bond Framework and the Impact of AIIB Financing on AIIB’s YouTube channel.

 

Domenico Nardelli
Acting Chief Financial Officer and Treasurer
Asian Infrastructure Investment Bank

AIIB’s Sustainable Development Bonds

AIIB’s Sustainable Development Bonds represent a commitment to financing projects that prioritize environmental and social sustainability. Through the issuance of Sustainable Development Bonds, AIIB channels funds into projects in areas such as renewable energy, clean transportation, and climate adaptation, assisting clients in their efforts to achieve the United Nations Sustainable Development Goals (SDGs).

In 2025, AIIB accomplished its largest joint borrowing program, funding USD10.2 billion, including nine benchmark transactions in seven currencies. For the first time in a calendar year, AIIB issued three USD SEC benchmark bonds across the curve, all of which attracted significant demand, reflecting the desirability of high-quality liquid assets with proceeds that fund sustainability. One highlight of the year was issuing the inaugural public HKD benchmark, the first public‑format HKD bond issued by an international issuer, settling locally in the Central Moneymarkets Unit. The HKD transaction marks a milestone for the opening of the public HKD market to international issuers and expands the suite of sustainable development bonds in this market.

Annual Issuance Amounts

2019
2020
2021
2022
2023
2024
2025
ISSUED AMOUNT
(USD EQUIVALENT)
2.5billion
8.8billion
8.5billion
7.2billion
10.0billion
9.9billion
10.2billion
NUMBER OF TRANSACTIONS
1
27
45
42
49
45
41
NUMBER OF CURRENCIES
1
9
13
12
14
9
13
Total outstanding issuance amount as of Dec. 31, 2025: USD37.6 billion.

Policy Update

Infrastructure for Planetary Health: Investing in People’s Health and Well-being

Building on the experience gained during the pandemic, AIIB’s Board of Directors approved the Bank’s Health Strategy in December 2024 to support Members’ health priorities and help advance universal health coverage (UHC). The strategy addresses megatrends such as climate change, demographic shifts, urbanization, technological innovation, and health security risks.

ENLARGE
ENLARGE

AIIB published its flagship report, Asian Infrastructure Finance 2025: Infrastructure for Planetary Health, which underscores the intricate interconnections between climate change, environmental degradation, biodiversity loss, and human health, presenting a compelling case for adopting a “planetary health” paradigm to address these global challenges.

AIIB, in its pursuit of fostering sustainable development, places investment in health infrastructure as a key area of support for its Members. This underscores the Bank’s commitment to social development and inclusion.

AIIB’s Contributions to
the Sustainable Development Goals

AIIB supports its Members’ efforts to achieve the ambitions of the SDGs adopted by the United Nations in 2015. The Bank serves as a key partner for advancing the 2030 Agenda for Sustainable Development through its financing and investment activities.

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Percentages of AIIB Approved Projects
that Contribute to the Sustainable Development Goals, 2025

13
CLIMATE
ACTION
91%
5
GENDER
EQUALITY
82%
7
AFFORDABLE AND
CLEAN ENERGY
53%
9
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
46%
3
GOOD HEALTH
AND WELL-BEING
35%
11
SUSTAINABLE CITIES
AND COMMUNITIES
30%
6
CLEAN WATER
AND SANITATION
11%
1
NO POVERTY
7%
2
ZERO HUNGER
7%
4
QUALITY EDUCATION
5%
8
DECENT WORK AND ECONOMIC GROWTH
5%
12
RESPONSIBLE CONSUMPTION AND PRODUCTION
5%
13
CLIMATE ACTION
91%
5
GENDER EQUALITY
82%
7
AFFORDABLE AND CLEAN ENERGY
53%
9
INDUSTRY, INNOVATION AND INFRASTRUCTURE
46%
3
GOOD HEALTH AND WELL-BEING
35%
11
SUSTAINABLE CITIES AND COMMUNITIES
30%
6
CLEAN WATER AND SANITATION
11%
1
NO POVERTY
7%
2
ZERO HUNGER
7%
4
REDUCED INEQUALITIES
5%
8
DECENT WORK AND ECONOMIC GROWTH
5%
12
RESPONSIBLE CONSUMPTION AND PRODUCTION
5%
Note: The numbers sum up to more than 100% because one project may contribute to more than one SDG. The numbers represent the count of approved projects as a percentage of the total count of approved projects in 2025.

Impact 360° - Measuring Impact Beyond the Capital

AIIB recognizes the importance of assessing its projects holistically to better understand their development outcomes and contribution to sustainable economic growth across its Members. This section examines the impacts of AIIB’s investments through a representative project, illustrating how the Bank has contributed to improvements in environmental and social conditions, as well as to the adoption of positive community practices and the sharing of knowledge.

Enhancing Irrigation Infrastructure

Lessons from Indonesia’s Strategic Irrigation Modernization and Urgent Rehabilitation Project (SIMURP)

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Portfolio-Level Reporting

Portfolio Volume

Net Commitment b

USD 55,668 million a
a Numbers may not add up to 100% due to rounding.
b Net commitment amount equals initial commitment amount minus cancellation as of Dec. 31, 2025. The cancelled, closed, terminated, and uncommitted projects are excluded. Non-USD currencies are converted to USD using the spot exchange rate on Dec. 31, 2025.

Portfolio Breakdown by Sector

(% as of Dec. 31, 2025)

Portfolio Breakdown by Region

(% as of Dec. 31, 2025)

Portfolio Alignment

with AIIB’s Thematic Priorities (number of projects)a
95%
54
GREEN
INFRASTRUCTURE
metro
26%
15
CONNECTIVITY AND REGIONAL COOPERATION
dunes
Total Number
of Projects
57 a
25
TECHNOLOGY-ENABLED INFRASTRUCTURE
44%
tropics
33
PRIVATE CAPITAL MOBILIZATION
58%
alpine
a AIIB projects approved in 2025. Some projects may fall within multiple thematic priorities.

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