AIIB investments top $4.2b in 2017: report

Investments in projects and funds by the Asian Infrastructure Investment Bank (AIIB) surpassed $4.2 billion in 2017, according to a report released by the bank on Friday.

The figure was a sharp increase from $1.7 billion in 2016.

The bank funded 23 approved projects in sectors including transport, energy and telecommunication, up from eight projects in 2016.

The bank’s net profit in 2017 was $252 million, up from $167 million a year earlier, according to the report.

The report identified the bank’s thematic priorities as sustainable infrastructure, cross-border connectivity and private capital mobilization.

In 2017, the total amount of private co-financing by the AIIB surpassed $560 million, a substantial increase from $5 million in 2016, according to the bank’s annual report.

The report also highlighted cooperation with other multilateral development banks to bridge the gap in infrastructure financing, with Asia’s infrastructure funding needs estimated at $1.7 trillion per year until 2030.

Membership of AIIB, which was initiated by China and aimed at meeting a massive demand for infrastructure demand in Asia, grew to 84 last year from 57 in 2016.

On May 2, the bank announced two new members – Papua New Guinea and Kenya – bringing its total approved membership to 86.