The Asian Infrastructure Investment Bank (AIIB) provided USD 4.2 billion in 2017 which was allotted to 23 approved projects in sectors including transport, energy and telecommunication. This represents a sharp increase from last year, when the bank provided USD 1.7 billion.
According to AIIB report, its net profit in 2017 came in at USD 252 million, up from USD 167 million a year earlier.
In 2017, total amount of private co-financing by AIIB surpassed USD 560 million, a substantial increase from USD 5 million in 2016.
The report also highlights cooperation with other multilateral development banks to bridge the gap in infrastructure financing, with Asia’s infrastructure funding needs estimated at USD 1.7 trillion per year until 2030.
AIIB membership grew to 84 last year from 57 in 2016. In May, the bank announced new members Papua New Guinea and Kenya, bringing its total approved membership to 86.