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FINANCING ASIAS FUTURE 2017 AIIB Annual Report and Financials2 AIIB. 2018. Financing Asias Future: 2017 AIIB Annual Report and Financials. AIIB, Beijing. CC BY-NC-ND 3.0 IGO. Copyright 2018 Asian Infrastructure Investment Bank B-9 Financial Street, Xicheng District, Beijing 100033, China +86-10-8358-0000 aiib Some rights reserved. Published 2018. This work is available under the Creative Commons Attribution NonCommercial- NoDerivs 3.0 IGO license (CC BY-NC-ND 3.0 IGO). Y ou are free to share this work or copy and redistribute it under the following terms: NoncommercialY ou may not use this work for any commercial purposes. No DerivativesY ou may not alter, transform or build upon this work. AttributionY ou must give proper credit to this work, following your own publications citation format. AIIB uses the following: Authors or editors. Y ear of publication. Article title. V olume title. Publisher, city of publication. License. ISBN, DOI or URL “Asian Infrastructure Investment Bank;” the “AIIB” initialism; AIIBs official mark, emblem, logo, slogan and any other means of self-identification or promotion used by this institution are intellectual properties of AIIB. This work may contain or link to third-party content not copyrighted by AIIB. The risks of any claims resulting from copyright infringement rests solely with you. Y ou are responsible for determining whether permission is needed for any content and obtaining permission for the use of such content. Information contained in this work does not necessarily reflect the views of AIIBs member governments. Nothing in this work shall constitute or be construed as a limitation upon or waiver of the privileges and immunities of AIIB.3 ABOUT US 4 OUR PRESIDENTS VISION 7 OUR BOARDS MESSAGE 8 OUR STORY SO FAR 9 2017 A T A GLANCE 10 OUR IMPACT 11 PROGRESS THROUGH PARTNERSHIPS 12 ABOUT OUR WORK IN 2017 14 OUR THEMA TIC PRIORITIES 15 OUR FOCUS ON ENERGY 21 ENERGY IN PARTNERSHIP 23 OUR INTERNATIONAL COOPERATION 24 BUILDING ON COLLABORATION 26 2017: IN NUMBERS 27 AIIB PROJECT PREPARATION SPECIAL FUND 28 OUR MILESTONES 29 ABOUT OUR STRUCTURE 32 OUR STRUCTURE 33 OUR BOARDS 34 OUR SENIOR MANAGEMENT 38 OUR INTERNATIONAL ADVISORY PANEL 40 OUR COMPLIANCE, EFFECTIVENESS AND INTEGRITY UNIT 41 OUR STAFF 43 ABOUT A BETTER TOMORROW 44 LOOKING FORWARD 45 OUR PERMANENT HOME 47 OUR FINANCIALS 48 INDEPENDENT AUDITORS REPORT (AIIB) 49 FINANCIAL STATEMENTS (AIIB) 51 INDEPENDENT AUDITORS REPORT (SPECIAL FUND) 87 FINANCIAL STATEMENTS (SPECIAL FUND) 89 CONTENTS4 ABOUT US We are an organization that aims to create a better tomorrow by helping clients finance sustainable infrastructure and other productive sectors in Asia and beyond. We do this while being lean, clean and greenthe core values that personify our organization. 45 We are the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank (MDB) that aims to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, we began operations in January 2016 and by Dec. 31, 2017 we grew to 84 approved members worldwide.1 We look at development through both a geographic and sectoral lens. Geographically, we are focusing on developing economies in Asia but will extend our investments beyond the region for opportunities that support connectivity, promote global public goods and are close to Asia. Sectorally, we invest in sustainable infrastructure such as power, water management, transport and cities to build the Asia of the future. We collaborate with our members and partner with the private and public sectors. Our peer MDBs are part of a development family that cooperate with and complement each other because only through partnership can we meet Asias infrastructure funding needs, estimated at USD1.7 trillion per year until 2030.2 Meeting those needs is important because infrastructure changes lives. Energy distribution systems can heat and illuminate homes. Efficient transport systems allow families to spend more time together. Modern sewerage and waste treatment prevent disease. Broadband supports economic diversification. Ports and roads give access to markets and farmers. Infrastructure helps improve peoples lives today and the economic opportunities of future generations. 1 “Approved members” are those whose applications for membership have been approved by AIIBs Board of Governors. Where relevant, this will be the definition in other mentions of the same term throughout this report. AIIB had a total of 86 approved members at the time of this reports publication. Some portions of this report refer to the end-2017 fiscal year total of 84 approved members. Updated AIIB member list and numbers can be viewed at /aiib/en/about-aiib/governance/members-of-bank/index.html 2 ADB. Feb. 28, 2017. Asia Infrastructure Needs Exceed $1.7 Trillion Per Y ear, Double Previous Estimates. ADB, Manila. /adb/news/asia-infrastructure-needs-exceed-17-trillion-year-double- previous-estimates CLICK ON IMAGE OR SCAN QR CODE TO WATCH VIDEO.6 These investments over time can help our members impact the lives of billions and build a better tomorrow. Like the way we are assisting the Government of Bangladesh in providing electricity to the home of Rekha Begum, a young girl in Narsingdi who used to study in the dark. Or by helping Beijing Gas Co. connect 91-year-old Wei Pu to the natural gas network, giving him a cleaner alternative to coal for cooking food and heating his home during winter. Or by helping the Government of the Philippines manage floods so that Gemma Dominguez and her family would be safe during typhoons. As we finance such projects, we operate under the guidance of three core values: lean,clean and green. We learn from the experiences of the development community and the private sector. We constantly study best-in-class practices, management styles and decision- making to develop new techniques thatin a rapidly changing worldare geared toward addressing the needs of our borrowers and benefiting our members. This is how we aspire to get things done, by staying true to our core values and with the help of our members, clients, partners and stakeholders. While we are a young organization, our early results show that we are very much on the right track. We achieve results through partnership. Through collaboration. Through cooperation. Our global community, together, will create tomorrow.7 Development is a sacred mission. The multilateral approach to development has explicitly demonstrated its efficacy. Financing infrastructure projects that provide goods and services to our members citizens will pave the path for sustainable development throughout Asia. All of us working in this field are blessed to be able to contribute to this process. The Asian Infrastructure Investment Bank (AIIB) is proud to be recognized as a new member in the family of multilateral development banks (MDBs), working in close collaboration with our sister institutions. I have been involved in the development of my own country through my engagement with the World Bank Group and the Asian Development Bank in different capacities. But prior to my career in public service, I threw in my lot with low-income people, living and working for a good 10 years in the 1960s and 1970s in rural China. The experience I gained from those years shaped to a great extent my mental world and nourished my sense and sensibility to the mission of development. We work for those who need us. We want to ensure that sustainable development by our standard is not fiction, but reality. All those years of academic pursuit, hard toils in rural life and experience in development work at the World Bank and the Asian Development Bank were just years of apprenticeship for my responsibility at AIIB today. We at AIIB have all developed a deep understanding of international issues, global concerns over environmental and social problems and the approaches to addressing conflicts of national interests related to trade and cross-border investment. At the stage of preparing for our new bank, we were all very clear about the blueprint of such an institutiona new type of MDB with 21st century governance. Such a dream could only be realized through the concerted efforts of the 57 founding members and the new members who are continuously joining us. They will all contribute to the management of this bank with the highest standards of integrity, governance and environmental and social protections. With its second year of operations completed, AIIB has been emerging from an idea into its own reality. But it is steeped in the reality of an Asia that is now at the nexus of global shifts and is increasingly integrated with the global economy. Asia itself orbits fast, but is not a passive observer so far as the growth of other regions is concerned. An Asia in the global supply chain will witness its production and income continue to rise, and will play a huge role in bridging people, services and markets worldwide. I believe that continuously honing Asian skills and services can lead to increased productivity despite the march of technology and an aging population in middle- and high-income countries. These beliefs are supported by a passion to finance the kind of infrastructure that will promote social and economic betterment for everyonein Asia and beyond. As we turned two, we at AIIB took stepsthrough our projects and programsto fight climate change, empower women and girls, build sustainable infrastructure and connect lives and livelihoods. We will continue to select and approve our projects efficiently and with accountability for our decisions, always keeping in mind the interests of our shareholders, clients and the local people we are here to help. We face the coming years with optimism as we apply what we have learned in our first two. We will cater to the shifting needs of the changing world. We will continue to balance our investments among a whole range of sectors and countries. Our continued focus on Asia will not compromise our efforts to care for nonregional members. Expanding our global footprint will require closer cooperation with other MDBs who are active in their respective geographies. We will adapt and innovate as we formulate creative ways to respond to our clients needs. We will constantly hone ourselves as we attract world-class partners and talents who will join us as we face the challenges of a new tomorrow. All this is possible only if we collaborate. Our members are our primary partners on this journey. We thank them for their guidance and wisdom through the Board of Governors and Board of Directors. We enjoy an ever-increasing pool of dedicated staff who come from all over the globe to harness their years of specialized experience. Our relationship with other MDBs, critical to our early successes, will continue to strengthen. To all our partners and staff, we thank you for what you have done so far and we look forward to all we will achieve together in the future. There could be more than a single way to fulfill Asias aspirations. Our firm belief in and passion for development are informed by the success stories of Asian economies that shed light on innovative approaches to economic and social achievements. I have no doubt that AIIB can play a role in that story and in realizing Asias great change. OUR PRESIDENTS VISION CLICK ON IMAGE OR SCAN QR CODE TO WATCH VIDEO.8 The need for more infrastructure in Asia and beyond is real, and to respond to that need the world came together in partnership to establish the Asian Infrastructure Investment Bank (AIIB). AIIBs Board of Directors acknowledges that ours is a young bank at the very early stages of its development. 2017 was only our second year of operations, yet we are making progress in developing our core capabilities, systems and processes. Under the guidance of the Board of Governors and the Board of Directors, and through the hard work of AIIBs staff, the results are encouraging, as illustrated in this Annual Report. AIIBs institutional capacity is growing, our investment portfolio is expanding and our membership is increasingly wide and diverse. The Board of Directors is responsible for establishing the strategic direction and policies of AIIB. We work with Management to steer AIIB in the right direction and ensure that we are practicing our core values of being lean, clean and green. We are also helping AIIBs Management give content to the banks thematic priorities: sustainable infrastructure, cross-border connectivity and private sector mobilization. In this context, it is important for us to be able to hold AIIBs Management accountable for delivery on these priorities. Though nonresident, we meet regularly through in-person and virtual Board meetings. We have also undertaken visits to member countries and project sites to better understand the needs of AIIBs clients. In 2017 we began developing an operational framework that will lay the foundations for stronger accountability mechanisms, as envisaged in our Articles of Agreement. Progress here has been underpinned by increasingly robust processes and procedures, including the effective operation of the three Committees of the Board. This will be a continuing priority in 2018. Over the last year, we have agreed strategies for AIIBs operations in the energy sector, in nonregional members and in mobilizing private sector capital. We are particularly focused on defining success and measuring results. We have also encouraged the development of a robust policy on the public provision of information and of an effective and accessible mechanism for dealing with possible concerns of project-affected people. We are pleased to see AIIBs risk management architecture continue to develop. In 2017 we built upon and expanded the risk management capabilities in support of managing both the financial and nonfinancial risks we face. We further strengthened our core financial systems and formulated our risk appetite statement, the cornerstone for the management of risk at our institution. The results of these efforts culminated in securing a triple-A credit rating from three international credit rating agencies in 2017. These systems will be increasingly important as our volume of business grows. The Board believes that a culture of accountability, excellence and results focus will be critical to AIIBs success. We have emphasized the need for a strategic approach to human resources and skills improvement by investing in the recruitment of the right people and ensuring diversity, gender balance and integrity are embedded into the very fiber of the bank. We are particularly conscious of the need to
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