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Home/DFI Index/DFI Transparency Index 2025/AIIB – non-sovereign
DFI

DFI Transparency Index 2025

AIIB – non-sovereign

Score:
37.1
Position:
9 / 22 (Non-sovereign)

Overview

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. It began operations in 2016. The non-sovereign portfolio of the AIIB provides financing for infrastructural projects in the private sector.

Total asset size: $53.8bn (AIIB total)
Key links
  • AIIB website
  • AIIB project database

Analysis

Overall, AIIB’s non-sovereign portfolio ranked 9th out of 22 assessed, with a score of 37.1 out of 100. This reflects a modest improvement from its 2023 score of 30.6, while maintaining the same ranked position. The most improvement since 2023 was in the Impact Management component, where AIIB gained new points on aligned impact standards and disclosure of results indicators. AIIB discloses relatively large amounts of data, although much of that disclosure is in PDF format. As such, AIIB fails to score points for publishing in more accessible formats including through bulk download and to the IATI Standard. AIIB did relatively well in the ESG and Accountability to Communities component but not as well for the other four components.

In the Core Information component, AIIB ranked 15th, with a score of 9.19 out of 30. A slight decline in score from 2023, combined with improvements by other institutions, led to a drop from its previous 9th place position. AIIB scored on 15 of the 18 indicators in this component but dropped points due to not publishing projects to IATI or having a bulk download file. Improvements included more consistent disclosure on sub-national location and disclosure on disbursement. AIIB continued to not score any points on domicile, total investment cost, funding source, disclosure date and signature date.

AIIB’s non-sovereign portfolio ranked joint 14th in the Impact Management component with a score of 7.25 out of 30. This marks an improvement from its position as 17th in 2023. Notable improvements included new indication of aligned impact standards and new disclosure of results indicators at the project-level. AIIB continued to fail on publishing an impact measurement approach, disclosing its additionality and attribution methodologies, additionality statements and results.

AIIB performed relatively well in the ESG and Accountability to Communities component, ranking 3rd with a score of 17.67 out of 30, maintaining the same ranking as in 2023. It scored on all organisational-level indicators, nearly achieving 100 per cent, and was one of only five non-sovereign DFIs to have an IAM community disclosure policy. At the project level, it scored for disclosing summaries of E&S risks, stating what E&S documentation was produced, and improved from 2023 by disclosing if disclosure to project-affected people was required. However, inconsistent disclosure of the details of assurance of community disclosure (when required) limited AIIB’s score.

In the Financial Information component, AIIB came joint 3rd lowest, scoring 1.75 out of 10 and moving down from its position as 11th in 2023. Its performance in this component remained unchanged across all indicators, except for points gained from the new climate finance methodology indicator.

AIIB’s non-sovereign portfolio ranked joint 8th in the Financial Intermediary (FI) Sub-Investment component, with a score of 1.25 out of 10; in 2023 it came last in this component. The only improvement from 2023 was that AIIB began disclosing use of funds at the project level.

Core Information 9.19 / 20
Impact Management 7.25 / 25
ESG & Accountability to Communities 17.67 / 30
Financial Information 1.75 / 15
Financial Intermediary Sub-investments 1.25 / 10

Recommendations

  • AIIB should review its disclosure policy according to current best practice.
  • It should make investment data available in a bulk download format.
  • It should become an IATI publisher and disclose all investments to the IATI Standard.
  • It should disclose further Core Information data including domicile, sub-sector, funding source, and signature date. It should consistently disclose total investment cost and disclosure date.
  • AIIB should publish its approach to measuring impact management and determining both additionality and impact attribution. It should also disclose the evaluations it conducts.
  • At the project level, AIIB should identify the additionality of investments and disclose baseline, target and actual data for identified impact indicators. It should consistently disclose metrics, definitions and/or methodologies for the impact indicators.
  • In its E&S policy, AIIB should specify when documents should be translated and in which language.
  • At the project level, it should consistently identify E&S standards triggered and disclose E&S project plans/assessments.
  • It should consistently disclose information on assurance of community disclosure (including place, method, documentation provided, and language) when required.
  • AIIB should consistently disclose community disclosure of the PGM and IAM, as well as publishing beneficial ownership statements and client shareholders.
  • For Financial Information indicators it should start disclosing repeat investment, concessionality, mobilisation and equity share. It should ensure currency of investment, co-financing and loan tenor information is consistently disclosed across all investments.
  • AIIB should disclose whether investments include climate finance, amounts split by mitigation and adaptation, as well as a rationale for why climate finance has been counted.
  • AIIB should create a policy for the disclosure of FI sub-investments in line with Publish What You Fund’s DFI Transparency Tool and define use of funds (banks) at the policy level.
Core Information 9.19 / 20
Impact Management 7.25 / 25
ESG & Accountability to Communities 17.67 / 30
Financial Information 1.75 / 15
Financial Intermediary Sub-investments 1.25 / 10

Deep Dive

Core InformationImpact ManagementESG & Accountability to CommunitiesFinancial InformationFinancial Intermediary Sub-investments

Core Information

9.19 / 20
About component

The basic information that describes a DFI’s organisational policies and investments. This type of information is typically found in key organisation documents and represents the first tier of project information, typically disclosed on project web pages or in files available for bulk download. At the organisation level this includes access to information policies and annual reports. At the project level, this includes project titles, locations, and key dates.

Disclosure / access to information policy

Score: 1.5 out of 3
Does the development finance institution (DFI) have a disclosure or access to information policy?0.75 / 0.75
Does the policy include a presumption of disclosure?0 / 0.75
Does the policy have limitations of commercially sensitive information and sensitive internal deliberations information?0 / 0.75
Does the policy have an independent appeals process?0.75 / 0.75

Accessibility

Score: 1.33 out of 2
Does the DFI's portal allow free, bulk export of data?0 / 0.67
Does it contain detailed disaggregated data?0.67 / 0.67
Is the data published under an open licence?0.67 / 0.67

Annual reports

Score: 0.75 out of 1
Does the DFI disclose an annual report?0.75 / 1

Project identification

Score: 0.5 out of 1
Does the DFI disclose a project title?0.25 / 0.5
Does the DFI disclose a unique identifier for the project?0.25 / 0.5

Status

Score: 0.5 out of 1
Does the DFI disclose the current status of the activity?0.5 / 1

Project description

Score: 0.5 out of 1
Does the DFI disclose a description of the activity?0.25 / 0.5
Does the DFI disclose the objectives, rationales, and expected outcomes of the activity?0.25 / 0.5

Location

Score: 0.5 out of 1
Does the DFI disclose the country the activity takes place in?0.25 / 0.5
Does the DFI disclose the sub-national location the activity takes place in?0.25 / 0.5

Domicile (non-sovereign only)

Score: 0 out of 1
Does the DFI disclose the domicile of the investee?0 / 1

Sovereign / non-sovereign

Score: 0.5 out of 1
Does the DFI disclose the activity as sovereign or non-sovereign? Or; Does the DFI disclose the activity as public sector or private sector?0.5 / 1

Sector

Score: 0.25 out of 1
Does the DFI disclose the sector of the activity?0.25 / 0.5
Does the DFI disclose the sub-sector of the activity?0 / 0.5

Investment instrument

Score: 0.25 out of 1
Does the DFI disclose the investment instrument of an activity?0.25 / 1

Project costs

Score: 0.42 out of 1
Does the DFI disclose the total investment cost?0 / 0.33
Does the DFI disclose the DFI commitment for the investment?0.17 / 0.33
Does the DFI disclose the disbursement for the investment?0.25 / 0.33

Funding source

Score: 0 out of 1
Does the DFI disclose the source of funding for the investment?0 / 1

Client

Score: 0.75 out of 1
Does the DFI disclose the name of the client?0.25 / 0.5
Does the DFI disclose a description of the client? (non-sovereign only)0.5 / 0.5

Contacts

Score: 0.75 out of 1
Does the DFI disclose a relevant DFI contact?0.38 / 0.5
Does the DFI disclose a relevant client contact?0.38 / 0.5

E&S risk category

Score: 0.5 out of 1
Does the DFI disclose the environmental and social (E&S) risk category of the activity?0.5 / 1

Progress dates

Score: 0.19 out of 1
Does the DFI disclose the date of activity disclosure?0 / 0.25
Does the DFI disclose the approval date of the activity?0.13 / 0.25
Does the DFI disclose the signature date of the activity?0 / 0.25
Does the DFI disclose the last update date of the project data?0.06 / 0.25

Impact Management

7.25 / 25
About component

The ways in which a DFI predicts, measures, and evaluates the impacts of their investments. At the organisation level, this includes an impact measurement approach. At the project level, this includes activity indicators/metrics and results.

Impact measurement approach

Score: 1.25 out of 5
Does the DFI publish a methodology explaining its approach to impact measurement?0 / 1.25
Does the DFI indicate which standards/initiatives it is aligned to?1.25 / 1.25
Does the DFI explain its approach to determining additionality? (non-sovereign only)0 / 1.25
Does the DFI explain its approach to determining impact attribution?0 / 1.25

Sector / country strategy

Score: 2.25 out of 3
Does the DFI publish sector or (multi-)country strategies?2.25 / 3

Evaluations

Score: 1.5 out of 3
Does the DFI have a policy on the evaluation of investments?1.5 / 1.5
Does the DFI disclose the evaluations that it conducts?0 / 1.5

Additionality statement (non-sovereign only)

Score: 0 out of 2
Does the DFI identify the development additionality of its investment? Or; Does the DFI identify the financial additionality of its investment?0 / 2

Activity indicators / metrics

Score: 2.25 out of 6
Does the DFI disclose results indicators for the activity?2.25 / 3
Does the DFI disclose metrics, definitions and/or methodologies for the indicators?0 / 3

Results

Score: 0 out of 6
Does the DFI disclose baseline data for identified indicators?0 / 2
Does the DFI disclose a target value for the indicators?0 / 2
Does the DFI disclose an actual/current value for the indicators?0 / 2

ESG & Accountability to Communities

17.67 / 30
About component

The ways in which a DFI predicts, mitigates, and communicates the ESG aspects of their activities. At the organisation level this includes E&S global disclosure policy and E&S community disclosure policy. At the project level this includes E&S plans and assessments, and assurance of community disclosure.

E&S global disclosure policy

Score: 4.17 out of 5
Does the DFI have a policy on early disclosure of investments?0.83 / 0.83
Does the DFI clearly articulate what E&S documentation will be disclosed for medium and high-risk projects?0.83 / 0.83
Does the DFI disclose the E&S policies/standards it applies (e.g. IFC Performance Standards or in-house policies) for its investments?0.83 / 0.83
Does the DFI have a policy that specifies when a document should be translated and in which language?0 / 0.83
Does the DFI disclose an explanation of project risk categorisation?0.83 / 0.83
Does the DFI disclose a list of investment exemptions?0.83 / 0.83

E&S community disclosure policy

Score: 4 out of 4
Does the DFI have a community disclosure policy?1 / 1
Does the policy require early disclosure to project-affected people?1 / 1
Does the DFI clearly articulate what E&S documentation will be disclosed to project-affected people for investments?1 / 1
Does the DFI have a free, prior, and informed consent (FPIC) policy?1 / 1

IAM global disclosure documentation

Score: 2 out of 2
Does the DFI disclose the availability of the Independent Accountability Mechanism (IAM) on its website?1 / 1
Does the DFI IAM have a publicly available registry that publishes results, responses, or findings?1 / 1

IAM community disclosure policy

Score: 2 out of 2
Does the DFI require clients to disclose the availability of the IAM to project-affected people where appropriate? Or; Does the DFI state that it will disclose the availability of IAM to project-affected people?2 / 2

PGM community disclosure policy

Score: 2 out of 2
Does the DFI require clients to disclose the availability of the project-level grievance mechanism (PGM) to project-affected people where appropriate? Or; Does the DFI state that it will disclose the availability of the PGM to project-affected people?2 / 2

Summary of E&S risks

Score: 0.75 out of 2
Does the DFI disclose a summary of E&S risks for an activity?0.75 / 1
Are E&S standards triggered by the project identified?0 / 1

E&S project plans / assessments

Score: 1 out of 4
Does the DFI disclose the minimum E&S documentation for the risk categorisation?0 / 1.33
Does the DFI disclose what E&S documentation was produced for the activity?1 / 1.33
Does the DFI disclose all identified E&S documents that were produced for the activity?0 / 1.33

Assurance of community disclosure

Score: 0.75 out of 6
Does the DFI state if disclosure of the activity to projected-affected people was required?0.75 / 0.75
If yes, then: Does the DFI state the date of community E&S disclosure?0 / 0.75
Does the DFI state the place of community E&S disclosure?0 / 0.75
Does the DFI state the method of community disclosure?0 / 0.75
Does the DFI state what documentation was disclosed?0 / 0.75
Does the DFI identify the language of disclosure to project-affected people?0 / 0.75
Does the DFI state if the presence of a project grievance mechanism was disclosed and the method it was disclosed?0 / 0.75
Does the DFI state if the presence of an independent accountability mechanism was disclosed and the method it was disclosed?0 / 0.75

Beneficial ownership (non-sovereign only)

Score: 0 out of 2
Does the DFI identify the main shareholders of the client company?0 / 1
Does the DFI disclose a beneficial ownership statement?0 / 1

IAM global disclosure

Score: 1 out of 1
Does the DFI disclose the presence of the IAM on the DFI project page?1 / 1

Financial Information

1.75 / 15
About component

This information provides details on the financial performance of DFIs and the structuring of investments. At the organisation level, this includes audited financial reports. At the project level, this includes currency of investment, mobilisation, and concessionality

Financial reports / statements

Score: 0.75 out of 1
Does the DFI disclose audited financial reports/statements?0.75 / 1

Climate finance methodology

Score: 1 out of 1
Does the DFI publish a methodology explaining its approach to calculating climate finance?1 / 1

Repeat investment (non-sovereign only)

Score: 0 out of 1
Does the DFI disclose whether an investment is a repeat investment?0 / 1

Currency of investment

Score: 0 out of 1
Does the DFI disclose the currency that the investment is made in?0 / 1

Co-financing

Score: 0 out of 1
Does the DFI disclose whether investment has co-financers or guarantors?0 / 0.33
If there are co-financers, does the DFI disclose the identity of the co-financers?0 / 0.33
And, does the DFI disclose the amount of financing provided by each co-financer?0 / 0.33

Concessionality (non-sovereign only)

Score: 0 out of 2
Does the DFI disclose how much of the DFI investment amount was concessional?0 / 1
Does the DFI disclose why concessional finance was necessary?0 / 1

Mobilisation (non-sovereign only)

Score: 0 out of 3
Does the DFI disclose how much private finance was mobilised?0 / 3

Instrument-specific disclosure (non-sovereign only)

Score: 0 out of 1
Equity - Share of equity: does the DFI disclose what percentage of the client company was purchased through the investment?0 / 0.5
Debt - Loan tenor: does the DFI disclose what is the length of the loan?0 / 0.5

Climate finance

Score: 0 out of 4
Does the DFI disclose whether an investment includes climate finance?0 / 0.8
If the investment includes climate finance: Does the DFI disclose whether it is mitigation and/or adaptation climate finance?0 / 0.8
Does the DFI disclose the amount of climate finance for the investment?0 / 0.8
Does the DFI disclose the amount of mitigation and/or adaptation finance for the investment?0 / 0.8
Does the DFI disclose a rationale for why climate finance has been counted?0 / 0.8

Financial Intermediary Sub-investments

1.25 / 10
About component

This information relates to the ways in which investments in FIs are used. At the organisation level, this includes FI sub-investment policy. At the project level, this includes private equity fund sub-investments and FI (bank) sub-investments.

FI sub-investment policy

Score: 0 out of 3.75
Does the DFI have a policy for disclosing qualifying sub-investments?0 / 1.25
Is the DFI policy for disclosing qualifying sub-investments in line, or more comprehensive, than the DFI Transparency Tool?0 / 1.25
Does the DFI define use of funds for FIs (banks) at organisational level?0 / 1.25

Private equity fund sub-investments

Score: 0 out of 2.5
Does the DFI disclose private equity fund sub investments?0 / 1.25
Does the DFI disclose private equity fund sub-investments satisfying the DFI Transparency Tool?0 / 1.25

FI (bank) use of funds

Score: 1.25 out of 1.25
Does the DFI disclose use of funds for FIs (banks) at project level?1.25 / 1.25

FI (bank) sub-investments

Score: 0 out of 2.5
Does the DFI disclose FI (banks) qualifying sub-investments according to their policy?0 / 1.25
Does the DFI disclose FI (banks) sub-investments in line with the DFI Transparency Tool?0 / 1.25
DFI

DFI Transparency Index 2025

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