AIIB's 10th anniversary: Where is the money going?
Over the last four and a half years, AIIB has committed over $37 billion to support projects in 34 countries.
The Asian Infrastructure Investment Bank will hold its annual meeting later this month, from June 24 to 26, marking the 10th year since the regional development bank was established. During its fifth-year anniversary, Devex analyzed how AIIB grew over the five years of its operation. We now looked at what has changed since then by breaking down data from its project portal. AIIB’s financing is guided by its four thematic priorities: green infrastructure, connectivity and regional cooperation, technology-enabled infrastructure, and private-capital mobilization. Since its inception, the bank has approved 319 projects, worth nearly $61 billion in total. All figures from AIIB’s project portal are in current prices. For those with project costs in euros, we converted them to U.S. dollars using average historical rates. The total project amounts used in this analysis only represent AIIB’s financing and do not include co-financing from other donors. Trends in project financing Based on its portal, AIIB approved 201 projects, worth $37.2 billion, from January 2021 up to the first half of 2025. This does not include additional funding from other multilateral and bilateral donors, as well as co-financing from borrowing member countries, which means that the total project costs are likely to be higher. Our findings showed that the bank’s annual approvals fluctuated between 2021 and 2024. From $9.4 billion in 2021, project approvals went down to $6.6 billion in 2022, skyrocketed the following year, to $11.4 billion, then dipped to $8.1 billion in 2024. As of publication, AIIB has approved 14 projects in 2025, with a total financing of $1.7 billion. Halfway through the year, this means that the bank would have to approve at least $6.4 billion to match 2024. <div class='tableauPlaceholder' id='viz1749802127195' style='position: relative'><noscript><a href='#'><img alt='AIIB total approved projects ' src='https://public.tableau.com/static/images/AI/AIIBtotalapprovedprojectsfrom2021to2025/AIIBtotalapprovedprojects/1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='3' /> <param name='site_root' value='' /><param name='name' value='AIIBtotalapprovedprojectsfrom2021to2025/AIIBtotalapprovedprojects' /><param name='tabs' value='no' /><param name='toolbar' value='yes' /><param name='static_image' value='https://public.tableau.com/static/images/AI/AIIBtotalapprovedprojectsfrom2021to2025/AIIBtotalapprovedprojects/1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='language' value='en-US' /><param name='filter' value='publish=yes' /><param name='device' value='desktop' /><param name='showShareOptions' value='false' /> </object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1749802127195'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='600px';vizElement.style.height='427px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='600px';vizElement.style.height='427px';} else { vizElement.style.width='100%';vizElement.style.height='727px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script> <i style=font-style: georgia;”>AIIB’s total approved projects from 2021 to 2025, based on its portal.</i> Where is the money going? A total of 34 countries received funding from AIIB between 2021 and 2025. Most of them are from Asia, but several recipients are nonregional members, such as Brazil, Rwanda, and Ecuador. Just five countries accounted for more than half of AIIB’s total approved financing during the period. India got the largest total funding — $6.2 billion for 34 approved projects, or 16.8% of the total. Turkey ranked next, with $3.6 billion for 22 projects. Then China, with $3.5 billion for 17 approved projects, followed by Indonesia, with $3 billion for six projects, and the Philippines, with $2.9 billion for nine projects. Sectorally, AIIB awards funding in 13 categories. Of these, transportation was the priority, receiving $8.7 billion for 42 projects, or 23.4% of the total. Multisectoral activities ranked next, with $5.5 billion for 41 projects, followed by energy, with $5.2 billion for 42 projects, and water, with $2.3 billion for nine projects. AIIB also created the COVID-19 Crisis Recovery Facility, or CRF, to help member states cushion the blow of the pandemic. CRF has three sectoral themes, which are included in the 13 sectoral categories: economic resilience, which got $6.7 billion for 21 projects; public health, with $2 billion for nine projects; and finance and liquidity, with $1.3 billion for nine projects. <div class='tableauPlaceholder' id='viz1749801982345' style='position: relative'><noscript><a href='#'><img alt='Approved projects ' src='https://public.tableau.com/static/images/AI/AIIBapprovedprojectssectorsandcountries/Approvedprojects/1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='3' /> <param name='site_root' value='' /><param name='name' value='AIIBapprovedprojectssectorsandcountries/Approvedprojects' /><param name='tabs' value='no' /><param name='toolbar' value='yes' /><param name='static_image' value='https://public.tableau.com/static/images/AI/AIIBapprovedprojectssectorsandcountries/Approvedprojects/1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='language' value='en-US' /><param name='filter' value='publish=yes' /><param name='device' value='desktop' /><param name='showShareOptions' value='false' /></object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1749801982345'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='600px';vizElement.style.height='1227px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='600px';vizElement.style.height='1227px';} else { vizElement.style.width='100%';vizElement.style.height='927px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script> <i style=font-style: georgia;”>AIIB’s total approved projects by sectors and geographies, based on its portal.</i> AIIB’s biggest approved projects AIIB’s average project financing from 2021 to 2025 amounted to $188 million, with the smallest approved project worth $5 million, and the largest worth $1 billion. The following were the largest approved projects: • A $1 billion guarantee facility to the International Bank for Reconstruction and Development, which will provide additional lending capacity to IBRD. • $1 billion for the Henan Flood Emergency Rehabilitation and Recovery Project in China. • $999 million to help modernize the health system in Indonesia by addressing gaps in medical equipment provision, especially in rural and remote areas. • $670 million to promote an inclusive and resilient market economy in Uzbekistan through reforms, fiscal risk management, social inclusion, and green resilience. • $650 million to rehabilitate and upgrade a 498-kilometer section of the Jezkazgan-Karagandy corridor in Kazakhstan. What does the future look like for AIIB financing? Aside from the list of approved projects, AIIB also provides information on projects it is planning to fund, giving a glance into which sectors or geographies it would likely prioritize in the coming years. Based on its portal, AIIB has 56 proposed projects, worth $14.6 billion. More than a fifth of this went to China, with $3.4 billion for 13 projects. Bangladesh ranked next, with $2.4 billion for seven projects, followed by Indonesia, with $2.4 billion for five projects, then India, with $1.8 billion for four projects, and Turkey, with $707.4 million for three projects. Sectorally, transportation remains the priority, with $5.8 billion for 17 projects. Energy followed, with $4.2 billion for 18 projects; urban development, with $1.6 billion for seven projects; water, with $1.5 billion for six projects; and multisector, with $600 million for four projects. The $1.2 billion Trans-Sumatra Toll Road Project is the largest in the pipeline of proposed activities. The project will fund the construction of a 136.9-kilometer road in Jambi and Riau, Indonesia. <div class='tableauPlaceholder' id='viz1749802938886' style='position: relative'><noscript><a href='#'><img alt='Proposed projects ' src='https://public.tableau.com/static/images/C7/C7R6P3JCF/1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='3' /> <param name='path' value='shared/C7R6P3JCF' /> <param name='toolbar' value='yes' /><param name='static_image' value='https://public.tableau.com/static/images/C7/C7R6P3JCF/1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='language' value='en-US' /><param name='filter' value='publish=yes' /><param name='device' value='desktop' /><param name='showShareOptions' value='false' /></object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1749802938886'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='600px';vizElement.style.height='1227px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='600px';vizElement.style.height='1227px';} else { vizElement.style.width='100%';vizElement.style.height='927px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script> <i style=font-style: georgia;”>AIIB’s proposed projects, based on its portal.</i> Try out Devex Pro Funding today with a free five-day trial, and explore funding opportunities from over 850 sources in addition to our analysis and news content.
The Asian Infrastructure Investment Bank will hold its annual meeting later this month, from June 24 to 26, marking the 10th year since the regional development bank was established.
During its fifth-year anniversary, Devex analyzed how AIIB grew over the five years of its operation. We now looked at what has changed since then by breaking down data from its project portal.
AIIB’s financing is guided by its four thematic priorities: green infrastructure, connectivity and regional cooperation, technology-enabled infrastructure, and private-capital mobilization.
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Miguel Tamonan is a Senior Development Analyst at Devex, where he analyzes data from public and private donors to produce content and special reports for Pro and Pro Funding readers. He has a bachelor’s degree in Political Science with a Major in International Relations from the Polytechnic University of the Philippines.
