可持续发展债券影响报告2025（英文）

AIIBSUSTAINABLEDEVELOPMENT

BONDSIMPACTREPORT2025AIIBSUSTAINABLEDEVELOPMENT

BONDSIMPACTREPORT2025TheEgyptRuralSanitationServicesProgram

provides

householdsewage

connections

to178,000households.FOREWORDFROM

THE

TREASURERvABBREVIATIONSvi1INTRODUCTION12

AIIB’SSUSTAINABLEDEVELOPMENTBONDSTerm

FundingEuroCommercialPaper

(ECP)ClimateAdaptationBond34673INFRASTRUCTUREFORPLANETARYHEALTH:

INVESTINGINPEOPLE’SHEALTHAND

WELL-BEING114SNAPSHOT

OF

OUTCOMESIN2025ExpectedSectorOutcomesAchievedOutcomesClimateFinance171820225IMPACT360。–MEASURING

IMPACTBEYOND

THECAPITAL256AIIB’SCONTRIBUTIONTOTHESUSTAINABLE

DEVELOPMENT

GOALS29CONTENTS7PORTFOLIO-LEVELREPORTING35PortfolioBreakdownbySector36PortfolioBreakdownby

Region37PortfolioVolume38PortfolioAlignmentwithAIIB’sThematicPriorities38MESSAGEFROM

THEPRESIDENTiv9

PROJECT-BY-PROJECTREPORTING57Energy58Transport62HealthInfrastructure66Water66Urban68DigitalInfrastructure68EducationInfrastructure70Multi-sector

70 Enerjisa

Türkiye8

FEATUREDPROJECTS41Côted’Ivoire:InclusiveConnectivityand

RuralInfrastructureProject42Indonesia:DevelopmentofPumpedStorageHydropowerinJavaBali

System

44Cambodia:IntegratedWaterResourcesManagement46Multicountry:PatriaInfrastructureFundV48India:GreenAffordableHousingFinancewithIIFLHome

Finance50Kazakhstan:KokshetauPPPHospital

Project52China:YantaiHigherVocationalSchoolProject54Over

the

past

decade,

the

Asian

Infrastructure

Investment

Bank(AIIB)hastransformed

from

an

ambitious

idea

into

a

leadingmultilateraldevelopmentbank(MDB),deliveringtangibleimpactfor

ourMembersandtheirpeople.AIIBhasfinancedinfrastructurethat

is

not

only

essential

for

economic

growth

and

well-being,

but

alsofocused

on

delivering

environmental

and

social

sustainability

andmuch-neededresilienceinanevolvingworld.The

achievements

of

our

first

decade

speak

for

themselves.

By

2025,

AIIB

disbursed

over

USD38.4

billion

in

financing

projectsacrossdifferenteconomiesinAsiaandbeyond,spanning diverse

infrastructure

sectors,

including

energy,

transport,

water,

sustainablecities,digital

infrastructureandtechnology,

health,and

education.

Our

Sustainable

Development

Bonds

have

raised

more

than

USD55

billion,

covering

currentandfuturedisbursementcommitmentsbasedoncommittedprojectswithclearsustainability

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

ofthousands

ofpeople,diminishedthelivelihoodsofentireareas,andcausedconsiderableeconomiclosses.Climatechange,

biodiversity

loss,

pollution,

and

geopolitical

instability

are

converging

to

create

risks

thatthreaten

lives

and

livelihoods,

particularly

in

developing

countries.

It

is

with

these

challenges

that

AIIBiscoordinatingactiontosupportourMembers.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

gainedin

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

thehighest

standards

ofintegrity.Transparency

remains

central

to

our

approach.We

report

regularlyonourprogress,andin2025,AIIBlaunchedits

first

Sustainability

Report,

an

important

milestone

in

strengtheningaccountabilityandstakeholdertrust.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,

wewill

deepen

and

explore

partnerships

with

a

broad

range

of

stakeholders

including

other

MDBs,governments,andprivateinvestorstomobilizeresourcesat

scale.As

the

President

ofAIIB,

I

am

honored

to

lead

this

institution

into

its

second

decade.Together,

wecan

buildafuturewheredevelopmentand

sustainability

go

hand

in

hand.

Let

us

move

forward

withdetermination

and

shared

purpose

to

create

lasting

impact

for

people

and

the

planet.ZouJiayiPresidentandChairoftheBoardofDirectorsAsianInfrastructureInvestmentBankMESSAGEFROMTHEPRESIDENTThebondsissuedundertheFrameworkaffirm

investors’confidenceinAIIB’scommitmentto

mobilizing

capital

for

projects

that

deliver

long-term

value

for

our

Members

and

stakeholders

throughinfrastructureinvestments.Asoftheendof2025,AIIBhadUSD37.6billionequivalentin

long-termdebtoutstanding.We

approved

USD10.6

billion

for

57

projects

in

2025,

with

71%

ofthat

financing

dedicated

to

climate-positiveoutcomes.

Forexample,wecontinuedtosupportoursuccessful

Climate-FocusedPolicy-BasedFinancing,atoolintroducedbackin2024tohelpMembersimplementpolicyreforms

for

low-carbon

and

climate-resilient

growth.

Our

goal

is

to

demonstrate

how

each

dollar

raised

contributestotangibledevelopmentoutcomes,whetherthroughimproved

access

to

clean

energy,resilienttransportsystems,orinclusiveurbaninfrastructure.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.Bycombiningstrongfinancialdisciplinewithsustainabilityprinciples,weaimtocreatelastingvalueforpeopleandtheplanet.Iampleased

to

share

our

2025

Impact

Report

reflecting

the

impact

and

expectedresultsofinvestinginsustainableinfrastructure.Learnmore

about

AIIB’s

SustainableDevelopmentBondFramework

and

the

Impact

ofAIIBFinancing

onAIIB’sYouTubechannel.DomenicoNardelliFOREWORDFROMTHETREASURERThe

achievements

ofAIIB’s

first

decade

of

operations

have

been

remarkable.

Thisannualimpactreportshowcasesthescale,quality,anddevelopmentimpactoftheBank’s

investment

operations.In

parallel,AIIBcontinuestodeepen

its

engagement

inthe

capitalmarketstomobilizefundinginsupportofits

mission.In2025,wesuccessfullyraised

USD10.2

billionequivalent

under

our

Sustainable

Development

Bond

Framework

(the

Framework),

whereby100%oftheproceedsgotowardacombinationofgreen,

social,andsustainable

projects

that

meet

AIIB’s

policies

and

standards.

Theframeworkcontinuestoguideourfundingactivities

to

finance

infrastructure

that

promotes

economic

growth,

social

inclusion,climateaction,andenvironmentalstewardship.ActingChiefFinancialOfficerandTreasurer

AsianInfrastructureInvestmentBankABBREVIATIONSAIIB—AsianInfrastructureInvestment

BankCOP—ConferenceofthePartiesCPBF—Climate

Policy-Based

FinancingCRF—COVID-19CrisisRecoveryFacilityECP—EurocommercialpaperGDP—grossdomesticproductGHG—greenhousegasMDB—multilateraldevelopmentbankPCN—ProjectCompletionNotePPP—public–privatepartnershipPSH—pumped-storagehydropowerPV—photovoltaicRMF—ResultsMonitoring

FrameworkSDG—SustainableDevelopmentGoalSEC—U.S.SecuritiesandExchange

CommissionUHC—universalhealthcoverageCO2e

—carbondioxideequivalentGWh

—gigawatthourha

—hectarekm

—kilometerkg

—kilogramkV—kilovoltm3

—cubicmeterm3/s

—cubicmetersper

secondMtCO2e

—milliontonnesofcarbondioxideequivalentMW

—megawatttCO2e—tonnes

of

carbon

dioxide

equivalentUnitsofMeasurementNature-based

solutions(e.g.urban

green

areas)can

generate

health

co-benefits

by

reducingpollution,strengtheningclimateresilienceofhealthfacilities,andupgradinginformalsettlements.01Türkiye:Izmir

Metro

Expansion

Phase4

increases

the

capacity,

connectivity,

andefficiencyofIzmirMetro.INTRODUCTIONThe

Asian

Infrastructure

Investment

Bank

(AIIB

or

the

Bank)

is

a

multilateral

development

bank

(MDB)

whose

mandate

isto

(i)

foster

sustainable

economic

development,

create

wealth,

and

improve

infrastructure

connectivity

inAsia

by

investing

in

infrastructure

and

other

productive

sectors;

and

(ii)

promote

regionalcooperationandpartnershipinaddressingdevelopment

challenges

by

closely

collaborating

with

other

multilateral

and

bilateraldevelopmentinstitutions.In

April

2021,

AIIB

introduced

the

Sustainable

Development

BondFramework

(theFramework),whichsetsouthowAIIBissues

bondsanddemonstratesthatthe

funds

it

raises

supportsustainable

development

outcomes.

It

also

outlines

the

criteriafor

projectselection

andthestrategies,

policies,

and

processesgoverning

them.

This

annualSustainableDevelopmentBondImpact

Report

provides

transparency

on

the

Bank’s

portfolioand

project-level

objectives,focusing

on

the

environmental

andsocialbenefitsexpectedfromitsfinancingactivitiesin2025.AIIB

is

committed

to

continuously

improving

its

approach

inline

with

industry

best

practices

and

market

expectations.

The

Framework

and

the

annual

Impact

Report

are

subject

toongoingrevisionandenhancementtoalignwithevolving

green,

social,andsustainable

bond

markets,

emerging

sustainable

development

trends,

and

changes

in

AIIB’s

strategies,

policies,

andprocesses.AIIBwelcomesfeedback

frominvestors,stakeholders,and

market

participants.

Please

email

your

comments

to

funding@aii.Formoreinformation,pleasevisit.02TermFunding4India:ProjectMeridiansupportsthedevelopmentofInfrastructureInvestmentTrust(InvIT)asaninfrastructureassetclassinIndiabyfinancing

InvIT’s

acquisition

ofrenewable

energy

assets.Climate

AdaptationBond

7EuroCommercialPaper(ECP)6AIIB’SSUSTAINABLEDEVELOPMENTBONDSAIIB’sSustainableDevelopmentBondsrepresentacommitment

to

financing

projects

that

prioritize

environmental

and

social

sustainability.

Through

theissuance

of

SustainableDevelopment

Bonds,AIIBchannels

funds

into

projects

in

areas

such

asrenewableenergy,cleantransportation,andclimateadaptation,

assisting

clients

in

their

efforts

to

achieve

the

United

Nations

SustainableDevelopmentGoals(SDGs).In2025,AIIBaccomplisheditslargest

joint

borrowing

program,

fundingUSD10.2billion,includingninebenchmarktransactionsin

seven

currencies.

For

the

first

time

in

a

calendar

year,

AIIB

issuedthreeUSDSECbenchmarkbondsacrossthecurve,allof

whichattractedsignificantdemand,reflectingthedesirabilityof

high-qualityliquidassetswithproceedsthatfundsustainability.

Onehighlightwasissuingthe

inaugural

public

HKD

benchmark,

the

first

public-formatHKDbond

issued

by

an

international

issuer,

settling

locally

in

the

Central

Moneymarkets

Unit.

The

HKDtransaction

marksa

milestoneforthe

opening

ofthe

publicHKDmarket

tointernationalissuers

and

expands

thesuiteofsustainabledevelopmentbondsinthismarket.Other

benchmark

market

activity

included

issuance

inAUD,

CHF,CNY,

EUR,

and

GBP,

all

attracting

attentiontothesustainabledevelopmentbondlabel,withinvestors

increasinglyfocused

on

allocating

capital

to

investments

that

support

sustainable

development.

ThestrongglobalsupportfrominvestorsforthesetradesistestamenttoAIIB’smission.Formoreinformation,pleasevisitFunding–AIIB.7.7%

...OthersA$58.4%

$USD10.2billionissuedin2025across13

currencies458.52021422022

4SUSTAINABLEDEVELOPMENTBONDS—IMPACTREPORT2025TermFundingAnnualIssuanceAmountsPublicbenchmarkbondsReverseinquiries/Medium-term

notes

Totaltradecount3.0%AUD5.0%HKD6.1%GBP8.7%CNY11.1%EUR2025

AnnualIssuancebyCurrency,inUSDEquivalentTotaloutstandingissuanceamountasofDec.31,2025:USD37.6billionNote:Local

currency

bond

amount

in

USD

equivalent:0.1

billion

in

2022and

0.2

billion

in

2025.4910.02.57.520234110.22.37.82025459.92.27.6202450403020100121086420CountofTradesUSD

billion7.22.06.95.11.6USDBOX

1PrivateCapitalMobilization:Georgia’sfirstcorporatesocialbondIn

September2025,the

Bank

issued

a

five-year

floating-rate

note

in

Georgian

Lari

(GEL),

raising

GEL40million

(equivalent

to

approximately

USD15

million).

The

proceeds

are

being

used

to

fund

the

Bank’sinvestment

in

JSC

Georgia

Healthcare

Group,

the

country’s

largest

healthcare

services

provider,

whichissuedaGEL350millionbondunder

its

Social

Bond

Framework.The

Group’s

issuance

is

the

largest

local-

currencydomesticcorporate

bond

issuance

in

Georgiatodate

and

supports

the

growth

ofthe

country’s

bond

market

while

allowing

investors

to

pursue

both

financial

returns

and

measurable

social

impact.Building

on

this

financing,

the

Project

will

expand

access

to

healthcare

in

underserved

urban

and

ruralregions.Itincludesrefurbishinghospitalsandclinics,upgradingmedicalequipment,andexpandingessentialservices.These

investments

strengthen

diagnostic

capacity

and

help

bring

preventive

and

specialist

careclosertocommunitiesthatcurrentlylackit.Ultimately,thestrengthenedregionalhospitalnetwork

willhelp

reduce

patient

overload

in

major

facilities,ensuring

more

timely

and

equitable

access

to

medical

servicesacrossthecountry.By

funding

this

transaction

through

a

local

issuance,AIIB

is

contributing

to

the

development

of

Georgia’scapital

markets,following

on

AIIB’s

first

GEL

issuance

in

2022.Thesetransactions

create

more

investableopportunities

for

domestic

investors

while

channeling

local

currency

financing

to

Georgian

businesses.

TargetResultsNumberofindividualsservicedwithUniversalHealthCare

Program(UHCP)a

in

small

cities:678,500Purchase

of

medical

equipmentforhospitalsoutsidethecapital:b14a

JSC

GeorgiaHealthcareGroupisoneoftheprivatehealthcare

providers

participating

inthe

Universal

Health

Care

Program(UHCP),a

state-funded

medical

insurance

scheme,covering

key

medical

servicesforits

beneficiaries.b

Medical

equipmentinthiscontext

maycover

MRI

scanners,

CTscanners,

ultrasound

machines,and

otherdiagnostic

tools,ensuring

access

to

advanced

medical

technologies.AIIB,SSUSTAINABLEDEVELOPMENTBONDS57091,2481,2471,3291,0491,4501,6661,2090

500

1,0001,5002,000

2,500

3,0002025CumulativeECPIssuancebyCurrency,inUSDEquivalentEuroCommercialPaper(ECP)2025ECPMonthlyOutstandingBalance,inUSDmillions28.3%

1.4%70.3%

Percentage

CurrencyJanFebMarAprMayJuneJulyAugSeptOctNovDec2,4562,4972,6172,745

6SUSTAINABLE

DEVELOPMENTBONDS—IMPACTREPORT2025USD11billionissuedin2025EUR

GBP$USDClimateAdaptationBondIn

January

2025,

AIIB

successfully

issued

its

second

Climate

Adaptation

Bond,

raisingAUD500

million

under

the

Framework,

following

on

from

the

previousyear.

In

total,

the

Bank

has

issued

AUD1billionthatwillfundprojectswhereatleast20%of

totalprojectfinancingcontributes

toclimateadaptationefforts.AIIB’s

definition

of

climate

adaptation

is

based

on

the

harmonized

principles

from

the

MDBs’1

Joint

Methodology

for

Tracking

Adaptation

Finance

(the

Joint

Methodology)

and

the

Common

PrinciplesforClimateChange

AdaptationFinanceTracking

(CommonPrinciples).TheBank

follows

rigid

climate-resilience

criteria,requiring

robust

climate

risk

identification,

assessment,

andmanagement.

The

details

on

these

criteria

are

provided

underAIIB,s

Methodology

forAssessing

theAlignmentof

AIIBInvestmentOperationswiththeParisAgreement

(2023).AIIBClimateAdaptation-ThemedBondIssuancesISINPricingDateIssue

DateMaturityDateCurrencyIssuanceAmount(million)USDEquivalentAmount(million)AU3CB0299386May

10,2023May

17,2023May

17,2028AUD500388.4AU3CB0317444Jan.

14,Jan.

21,Jan.

21,AUD500307.4202520252030Total

695.8The

table

below

provides

a

recap

of

the

specific

projects

financed

through

the

bonds,including

Members,

sectors,

share

of

climate

adaptation

finance,

expected

project

results,

and

allocatedamounts.Forfurtherinformationon

specific

adaptation-related

frameworks

applied

by

AIIB,

see

the

ClimateAdaptationBondFrequentlyAskedQuestionsfromAIIB’s2023ImpactReport

(p.24).Theproceedsofthisbondwillstrengthentheresilienceofinfrastructureacrossourmembers,enablingthemtobetterprepareforandmitigatetheimpactsof

futureclimateevents.DomenicoNardelliActingChiefFinancialOfficerandTreasurer,AIIB1

Participating

MDBs

are

the

African

Development

Bank,the

Asian

Development

Bank,

the

Asian

InfrastructureInvestment

Bank,the

Council

of

Europe

Development

Bank,the

European

Bank

for

Reconstruction

andDevelopment,the

European

Investment

Bank,the

Inter-American

Development

Bank

Group,

the

IslamicDevelopmentBank,theNewDevelopment

Bank,andtheWorld

Bank

Group.AIIB,SSUSTAINABLEDEVELOPMENTBONDS7MemberSectorDescriptionPunjabMunicipalServicesImprovement

Project

(000448)IndiaUrbanTo

strengthen

urban

governance

and

finance,improvewaterinfrastructure,anddeliversustainablewaterservices

in

the

cities

of

Amritsar

and

Ludhiana,

PunjabState.TheProjectalsofinancescapacitybuildingof

urbanservicedeliverysystems,reinforcementofwater

supplyinfrastructure,andCOVID-19crisisresponse.Henan

FloodEmergencyRehabilitationandRecoveryProject(000543)ChinaWaterTosupportthepost-disasterrehabilitationandrecovery

inthemunicipalitiesofZhengzhou,Xinxiang,andJiaozuoofHenanProvinceandtostrengthenthecapacityofthese

three

municipalities

in

integrated

flood

disaster

riskmanagementandfloodemergencyresponse.WestBengalElectricityDistributionGridModernizationProject

(000454)IndiaEnergyToimprovetheoperationalefficiencyandreliabilityofelectricity

supply

in

selected

areas

of

West

Bengal.ClimateResilientInclusiveDevelopmentProgram

(Subprogram1)(000814)BangladeshMulti-sectorTo

help

the

Government

of

Bangladesh

implementcriticalpolicyandinstitutionalreformstomainstreamclimatechangeadaptationandmitigationactionsforthe

sustainable,resilient,andinclusivegrowthofBangladesh.Türkiye

Emergency

Road

Rehabilitation

andReconstruction

Project

(000848)TürkiyeTransportTo

restore

connectivity

and

enable

safe

and

efficientmovement

of

goods

and

people

by

rehabilitatingessentialtransportationinfrastructurelocatedintheearthquake-affectedareasof

Türkiye.a

SeeAnnex

I,List

of

Disbursed

Projects:Results

Monitoring

Framework

for

each

project

document.

Expected

results

areselectedex-anteoutputsoroutcomesindicatorsexpectedatthetimeofprojectapproval.Actualproject

results

maydiffer.

8SUSTAINABLE

DEVELOPMENTBONDS—IMPACTREPORT2025Project

AllocationTableAIIBNetCommitment(USD

million)ClimateAdaptationFinanceAllocatedAmount(USD

million)ExpectedResultsa105.035%33.4•3

million

people

will

be

provided

with

access

to

safelymanaged

water

supply•2watertreatmentplantswill

be

built

and

operational•180storagefacilities

built/rehabilitated•Reduced

energy

consumption

of

the

operated

water

supplysystemby0.06MWhour/year1,000.039%390.0•7.3million

peoplewilldirectly

benefit

from

the

project•20million

people

inthethree

municipalitieswill

indirectly

benefitinthelong

term•810

km

of

roads,

120

km

ofdikes,

250

bridges,

6

pumpingstations,63km

of

sewage

or

stormwater

pipelines,

and168kmofnational/provincialhighwayswillberehabilitated

orconstructed135.023%31.1•12,100kmofdistribution

lines

retrofittedto

reduce

energy

use•1,700

km

of

distribution

lines

moved

under

the

ground

toreduce

exposure

to

storm

and

tree

damage•1,900

kmofdistributionlinesconstructed•200,000consumers

putonadvanced

metering

infrastructuremeters400.082%328.0•AtleastUSD400

million

investment

initiated

inthewater

resourcessectortopromotewatersecurity•Climate-proofedagriculturallandincreasedfrom

10%

to

atleast20%•Atleast

5million

people

to

benefit

from

the

river

erosion

forecastandearlywarningsystem•

Floodinundationperiodin14

pourashavas

reduced

byat

least30%during

average

monsoon

period,

benefiting1.4million

people186.823%43.0•69.9

million

people

will

benefit

from

enhancingtransportationefficiencyandconnectivity,andsafer

infrastructureconditions•Theprojectadoptsclimate

resilience

features

intothe

project

design,tackling

increasing

heat

events

and

flashorriverflooding•

44kmofroadswillberehabilitatedTOTAL

825.5AIIB,SSUSTAINABLEDEVELOPMENTBONDS903Georgia:HealthcareGroupSocialFinancingINFRASTRUCTURE

FORPLANETARYHEALTH:INVESTINGINPEOPLE’SHEALTH

AND

WELL-BEINGThe

world

is

facing

growing

obstacles

to

improving

the

health

of

its

populations

in

the

face

of

climate