# EDGAR Filing Document

**Accession Number:** 0001733112
**File Stem:** 0001193125-25-317006
**Filing Date:** 2025-12
**Character Count:** 184771
**Document Hash:** a3dc7b4553bcad9059c14c19222fb98b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-317006.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001193125-25-317006

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Asian Infrastructure Investment Bank
- **CENTRAL INDEX KEY:** 0001733112
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-228613
- **FILM NUMBER:** 251566895

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 86-10-8358-0000

**MAIL ADDRESS:**
- **STREET 1:** AIIB HQ, TOWER A, ASIA FINANCIAL CENTER
- **STREET 2:** NO. 1 TIANCHEN EAST ROAD, CHAOYANG
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100101

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**For Foreign Governments and Political Subdivisions Thereof** 

**AMENDMENT NO. 5** 

**to** 

**ANNUAL REPORT** 

**of** 

**ASIAN INFRASTRUCTURE INVESTMENT BANK** 

**(Name of Registrant)** 

**Date of end of last fiscal year: December 31, 2024**

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

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| | | |
|:---|:---|:---|
| **Title of Issue** | **Amount as to**<br> **Which Registration**<br> **is Effective** | **Names of**<br> **Exchanges on**<br> **Which Registered** |
| N/A | N/A | N/A |

---

**Name and address of person authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**KRYSTIAN CZERNIECKI** 

**Sullivan & Cromwell LLP** 

**Neue Mainzer Strasse 52** 

**60311 Frankfurt am Main, Germany** 

\* The registrant files annual reports on Form 18-K on a voluntary basis.

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**TABLE OF CONTENTS** 

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| |
|:---|
| [EXPLANATORY NOTE](#tx933727_1)i |
| [SIGNATURE](#tx933727_2) ii |
| [EXHIBIT INDEX](#tx933727_3) iii |
| [EXHIBIT 14 — ASIAN INFRASTRUCTURE INVESTMENT BANK'S FINANCIAL CONDITION AND RESULTS OF OPERATIONS AS OF AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025](d933727dex14.htm) |
| [EXHIBIT 15 — ASIAN INFRASTRUCTURE INVESTMENT BANK, CONDENSED FINANCIAL STATEMENTS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025](d933727dex15.htm) |

---

**EXPLANATORY NOTE** 

This Amendment No. 5 to the annual report on Form 18-K for the fiscal year ended December 31, 2024 (the "Annual Report") is filed by the Asian Infrastructure Investment Bank ("AIIB"), a multilateral development bank established and operating under the Articles of Agreement, an international treaty to which governments are parties and which was open for signature on June 29, 2015 and entered into force on December 25, 2015, with a mandate to (i) foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors and (ii) promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions. This amendment to the Annual Report, including any future amendments, is intended to be incorporated by reference into any future prospectus filed by AIIB with the Securities and Exchange Commission to the extent such prospectus indicates that it intends this report to be incorporated by reference.

The Annual Report is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit 14 hereto, entitled "Asian Infrastructure Investment Bank's Financial Condition and Results of Operations as of and for the Nine Months Ended September 30, 2025," is added to the Annual Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit 15 hereto, entitled "Asian Infrastructure Investment Bank, Condensed Financial Statements (Unaudited) for the Nine Months Ended September 30, 2025," is added to the Annual Report.

i

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized, at Beijing, People's Republic of China, on the 12th day of December, 2025.

---

| | |
|:---|:---|
| ASIAN INFRASTRUCTURE INVESTMENT BANK | ASIAN INFRASTRUCTURE INVESTMENT BANK |
| By: | /s/ Domenico Nardelli |
| Name: | Domenico Nardelli |
| Title: | Acting Chief Financial Officer |

---

ii

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**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 14. | [Asian Infrastructure Investment Bank's Financial Condition and Results of Operations as of and for the Nine Months Ended September 30, 2025](d933727dex14.htm) |
| 15. | [Asian Infrastructure Investment Bank, Condensed Financial Statements (Unaudited) for the Nine Months Ended September 30, 2025](d933727dex15.htm) |

---

iii

## Ex-14

**Exhibit 14** 

**Asian Infrastructure Investment Bank's Financial Condition and Results of Operations as of and for the** 

**Nine Months Ended September 30, 2025** 

**PRESENTATION OF FINANCIAL AND OTHER INFORMATION** 

Amounts in tables and other totals in this Exhibit 14 to this annual report on Form 18-K may not sum exactly due to rounding differences.

**CAPITALIZATION AND INDEBTEDNESS** 

The following table sets forth AIIB's capitalization and indebtedness as of December 31, 2024 and does not give effect to any transaction since December 31, 2024:

---

| | |
|:---|:---|
|  | **As of December 31, 2024** |
|  | *(in thousands of US$)* |
|  **Borrowings** | 32953799 |
|  **Members' equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 19407500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves for accretion of paid-in capital receivables | (418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves for unrealized loss in fair-valued borrowings arising from changes in own credit risk | (193752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 3244205 |
|  **Total members' equity** | 22457535 |

---

Since December 31, 2024 and through September 30, 2025, there have been no material changes to the capitalization and indebtedness of AIIB, except for (i) an increase of US$116.9 million in paid-in capital; (ii) an increase of US$583.6 million in retained earnings; (iii) a decrease of US$125.7 million in reserves for unrealized loss in fair-valued borrowings arising from changes in AIIB's own credit risk; and (iv) the changes in amounts of outstanding borrowings reflected in the following table and the note to the table. The following table sets forth the notional amounts of AIIB's outstanding borrowings as of December 31, 2024 and as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025<sup>(1)(2)</sup>** | **As of September 30, 2025<sup>(1)(2)</sup>** | **As of December 31, 2024<sup>(1)(2)</sup>** | **As of December 31, 2024<sup>(1)(2)</sup>** |
| **Currency** | **Notional<br>Amount (in<br>millions)** | **Notional**<br>**Amount (in<br>millions of<br>US$)** | **Notional**<br>**Amount (in<br>millions)** | **Notional**<br>**Amount (in<br>millions of<br>US$)** |
|  Australian dollars | 2050.00 | 1355.05 | 1550.00 | 963.48 |
|  Chinese yuan | 20638.00 | 2897.60 | 19223.00 | 2628.57 |
|  Euro | 3650.00 | 4290.58 | 2650.00 | 2761.04 |
|  Georgian lari | 306.60 | 112.93 | 266.60 | 94.87 |
|  Hong Kong dollars | 8630.00 | 1109.13 | 5780.00 | 744.46 |
|  Hungarian forint | 2800.00 | 8.43 | 0.00 | 0.00 |
|  Indian rupee | 103820.00 | 1170.05 | 88820.00 | 1037.42 |
|  Indonesian rupiah | 267000.00 | 16.02 | 267000.00 | 16.02 |
|  Mexican pesos | 20151.75 | 1099.28 | 15151.75 | 731.53 |
|  Philippine pesos | 3800.00 | 65.28 | 4800.00 | 82.80 |
|  Polish złoty | 100.00 | 27.53 | 100.00 | 24.40 |
|  Pound sterling | 3800.00 | 5109.10 | 3300.00 | 4142.82 |
|  Russian rubles | 0.00 | 0.00 | 6677.70 | 60.97 |
|  South African rand | 500.00 | 28.93 | 500.00 | 26.67 |
|  Swiss franc | 300.00 | 376.79 | 200.00 | 221.61 |
|  Thai baht | 0.00 | 0.00 | 350.00 | 10.23 |
|  Turkish lira | 4000.00 | 96.20 | 6650.00 | 188.06 |
|  U.S. dollars | 21345.00 | 21345.00 | 19800.00 | 19800.00 |
|  Vietnamese dong | 700000.00 | 28.00 | 400000.00 | 16.00 |
|  **Total** |  | **39135.90** |  | **33550.94** |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The amounts set forth in this table exclude amounts of borrowings issued pursuant to AIIB's
Euro-Commercial Paper Programme (the "ECP Programme"). Under the ECP Programme, during the period from but excluding December 31, 2024 to and including September 30, 2025, AIIB issued an aggregate amount of
US$8,001.1 million of zero coupon notes and redeemed an aggregate amount of US$5,504.1 million equivalent of zero coupon notes, resulting in a net increase of US$2,496.9 million equivalent of borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The figures included in this table do not include premiums, discounts and other accounting adjustments. For the
amounts of AIIB's borrowings as of September 30, 2025, these premiums, discounts and other accounting adjustments are included in the total amount of borrowings

------

in AIIB's Condensed Statement of Financial Position as of September 30, 2025 and **Note C12** thereto, which are included in the Interim Financial Statements (as defined below) in Exhibit 15 of this annual report on Form 18-K. For the amounts of AIIB's borrowings as of December 31, 2024, these premiums, discounts and other accounting adjustments are included in the total amount of borrowings in AIIB's Statement of Financial Position as of December 31, 2024 and **Note C12** thereto, which are included in AIIB's audited financial statements as of and for the year ended December 31, 2024, included in Exhibit 2 of this annual report on Form 18-K.

**SELECTED FINANCIAL INFORMATION** 

The financial information included herein for the nine-month periods ended September 30, 2025 and September 30, 2024 and as of September 30, 2025 and December 31, 2024 is derived from the unaudited interim condensed financial statements as of and for the nine months ended September 30, 2025, including the notes thereto (the "Interim Financial Statements"), of the Bank. The Interim Financial Statements have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting." The financial condition and results of operations as of and for the nine-month period ended September 30, 2025 are not necessarily indicative of results to be expected for the full year 2025.

The selected financial information should be read in conjunction with the Interim Financial Statements in Exhibit 15 of this annual report on Form 18-K and the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Exhibit 14 of this annual report on Form 18-K.

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
|  | *(unaudited)* | *(unaudited)* |
|  | *(in thousands of US$)* | *(in thousands of US$)* |
|  **Selected Profit and Loss Information** |  |  |
|  Interest income | 1604596 | 1689626 |
|  Interest expense | (961946) | (871352) |
|  **Net interest income** | **642650** | **818274** |
|  Net fee and commission income | 33306 | 28883 |
|  Net gain on financial instruments measured at fair value and foreign exchange | 155514 | 276233 |
|  Net loss on financial instruments measured at amortized cost | (4820) | (181) |
|  Impairment provision (charge)/release | (27591) | 55224 |
|  General and administrative expenses | (215507) | (190583) |
|  **Operating profit for the period** | **583552** | **987850** |
|  Accretion of paid-in capital receivables | 181 | 531 |
|  **Net profit for the period** | **583733** | **988381** |
|  Other comprehensive income |  |  |
|  *- Items will not be reclassified to profit or loss* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain/(loss) in fair-valued borrowings arising from changes in own credit risk | 125672 | (143542) |
|  **Total comprehensive income** | **709405** | **844839** |

---

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| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of December 31,** |
|  | **2025** | **2024** |
|  | *(unaudited)* | *(audited)* |
|  | *(in thousands of US$)* | *(in thousands of US$)* |
|  **Selected Balance Sheet Information** |  |  |
|  Total assets | 66553257 | 57116442 |
|  Total liabilities | 43269965 | 34658907 |
|  Total members' equity | 23283292 | 22457535 |
|  Total liabilities and members' equity | 66553257 | 57116442 |

---

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

The following discussion should be read in conjunction with the Interim Financial Statements in Exhibit 15 of this annual report on Form 18-K.

**Overview** 

AIIB is a multilateral development bank ("MDB") with a mandate to (i) foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors and (ii) promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions. The Bank commenced operations on January 16, 2016 to help its members meet a substantial financing gap between the demand for infrastructure in Asia and available financial resources. The Bank aims to work with public and private sector partners to channel its own public resources, together with private and institutional funds, into sustainable infrastructure investment. The Bank maintains its principal office in Beijing, People's Republic of China ("China") and has an additional office in Abu Dhabi, the United Arab Emirates.

The Bank's mission is "Financing Infrastructure for Tomorrow," which reflects AIIB's commitment to sustainability, be it financial, economic, social or environmental in nature. The Bank has identified the following thematic priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Green Infrastructure: Prioritizing green infrastructure and supporting its members to meet their environmental
and development goals by financing projects that deliver local environmental improvements and investments dedicated to climate action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Connectivity and Regional Cooperation: Prioritizing projects that facilitate better domestic and cross-border
infrastructure connectivity within Asia and between Asia and the rest of the world, and supporting projects that complement cross-border infrastructure connectivity by generating direct measurable benefits in enhancing regional trade, investment and
digital and financial integration across Asian economies and beyond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technology-enabled Infrastructure: Supporting projects where the application of technology delivers better value,
quality, productivity, efficiency, resilience, sustainability, inclusion, transparency or better governance along the full project life cycle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Capital Mobilization: Supporting projects that directly or indirectly mobilize private financing into
sectors within the Bank's mandate.

The Bank has developed, and continues to develop, a wide range of operational policies, strategies and frameworks designed to ensure that there is a direct link between the Bank's mandate, mission and thematic priorities and the projects it finances. Sustainable development is an integral part of the Bank's identification, preparation and implementation of projects. In April 2021, the Bank launched its "Sustainable Development Bond Framework" which, among other things, summarizes the Bank's sustainability commitments and the reporting that the Bank provides on its website concerning the environmental and/or social impacts of Bank financings. The Bank's Sustainable Development Bond Framework and, unless otherwise indicated, information available on, or accessible through, AIIB's website are not incorporated herein by reference.

**Financing Portfolio** 

As of October 31, 2025, the Bank has approved 343 financings (including 272 loans, 37 investments in funds, five equity financings, 25 investments in fixed-income securities and four guarantees) with a total amount of US$66,403.0 million. This amount includes financings approved as of December 31, 2023 under the COVID-19 Crisis Recovery Facility (the "CRF"). Of these financings, 259 were approved by the Board of Directors with a total approved amount of US$55,972.2 million, and 84 were approved by the President, pursuant to his delegated authority to approve certain financings, with a total approved amount of US$10,430.8 million. Of the approved financings, the Bank has terminated or cancelled 17 financings. Of the 17 terminated or cancelled financings, 13 were loans with a total amount of US$1,510.5 million, three were investments in funds with a total amount of US$220.0 million and one was a fixed-income investment with a total amount of US$95.0 million. In addition, of the approved financings, 43 financings (42 loans with a total amount of US$10,298.7 million and one fixed-income investment with a total amount of US$80.0 million) have matured or were otherwise completed and are no longer outstanding.

As of October 31, 2025, the aggregate amount of approved loans, excluding terminated, cancelled, matured or completed loans, totaled US$46,051.0 million, of which US$15,437.9 million were undrawn commitment amounts and US$29,449.0 million were outstanding amounts. In respect of a loan approved by the Bank, undrawn commitment amounts are amounts that the Bank is obligated to provide under legally binding documentation, that the Bank has not yet disbursed and that the Bank does not have full discretion to decline to disburse. Outstanding amounts as of October 31, 2025 are on a cash basis. Outstanding amounts included in the tables below represent the gross carrying amount of the loans (i.e., including the transaction costs and fees that are capitalized through the effective interest method). For financings denominated in a currency other than U.S. dollars, approved amounts are measured based on prevailing foreign exchange rates as of the time of approval; undrawn commitment and outstanding amounts are measured based on prevailing foreign exchange rates as of the dates presented. Of all approved loans as of October, 2025, excluding terminated, cancelled, matured or completed loans, 152 were sovereign-backed loans, 65 were non-sovereign-backed loans and 111 were co-financings led by another MDB.

As of October 31, 2025, approved investments in funds, excluding terminated or cancelled investments, totaled US$3,175.5 million, of which US$1,090.1 million was outstanding.

As of October 31, 2025, approved equity financings totaled US$280.0 million, of which US$224.9 million was outstanding.

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As of October 31, 2025, approved investments in fixed-income securities, excluding terminated, cancelled, matured or completed investments, totaled US$3,192.3 million, of which US$1,526.8 million was outstanding.

As of October 31, 2025, the approved guarantees totaled US$1,500.0 million, of which no amount was outstanding.

As of October 31, 2025, approved financings (including approved financings under the CRF) span a broad range of sectors, including energy, digital infrastructure and technology, transport, urban, water, education infrastructure, economic resilience/policy-based financing (CRF), public health (CRF), finance/liquidity (CRF), rural infrastructure and agricultural development, health infrastructure and other and, excluding multi-country financings (discussed below), would fund projects in the following members: Argentina; Azerbaijan; Bangladesh; Benin; Brazil; Cambodia; China; Cook Islands; Côte d'Ivoire; Ecuador; Egypt; Fiji; Georgia; Hong Kong, China; Hungary; India; Indonesia; Jordan; Kazakhstan; Kyrgyzstan; Lao PDR; Maldives; Mongolia; Myanmar; Nepal; Oman; Pakistan; Philippines; Romania; Russia (as described under "–Recent Developments–AIIB Response to the War in Ukraine," all activities relating to Russia and Belarus are currently on hold and under review); Rwanda; Saudi Arabia; Singapore; Sri Lanka; Tajikistan; Thailand; Türkiye; Uzbekistan; and Viet Nam. As of October 31, 2025, of the approved financings (excluding terminated or cancelled financings), 30 (23 investments in funds, four investments in fixed-income securities, one loan and two guarantees) were classified as multi-country financings.

***Loan and Guarantee Geographic Distribution***

The following table sets forth AIIB's loan and guarantee portfolio classified by geographic distribution:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amount (in<br>millions of<br>US$)<sup>(1)</sup>** | **As a<br>percentage of<br>total loan and<br>guarantee<br>portfolio** | **Amount (in<br>millions of<br>US$)<sup>(1)</sup>** | **As a<br>percentage of<br>total loan and<br>guarantee<br>portfolio** |
|  <u>Undrawn Commitment Amounts</u><sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Asia | 1638.4 | 10% | 1380.1 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Asia | 1826.9 | 11% | 1495.5 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-Eastern Asia | 3544.9 | 21% | 2582.2 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Asia | 5574.3 | 34% | 5799.0 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Asia | 2355.2 | 14% | 1446.7 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 0% |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Regional |  | 0% |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Regional | 1697.3 | 10% | 1645.7 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Undrawn Commitment** | **16637.1** | **100%** | **14349.2** | **100%** |
|  <u>Outstanding Amounts</u><sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Asia | 3115.9 | 11% | 2868.8 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Asia | 2116.1 | 7% | 1908.5 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South-Eastern Asia | 7176.0 | 24% | 6763.3 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Asia | 10804.1 | 37% | 9552.0 | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Asia | 4587.9 | 16% | 4282.6 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceania | 90.8 | 0% | 110.4 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Regional | 296.7 | 1% | 220.6 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Regional | 1385.1 | 5% | 1129.0 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Outstanding** | **29572.6** | **100%** | **26835.3** | **100%** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The amounts set forth in this table include both sovereign-backed and non-sovereign-backed loans and undrawn commitment amounts for guarantees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Undrawn commitment amounts are amounts that the Bank is obligated to provide under legally binding
documentation, that the Bank has not yet disbursed and that the Bank does not have full discretion to decline to disburse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Outstanding amounts represent the gross carrying amount of the loans. As of September 30, 2025 and
December 31, 2024, AIIB had no amounts outstanding under the guarantees.

***Loans and Guarantees by Sector***

AIIB classifies its financings by sector and subsector. AIIB has developed the methodology for classifying loans and guarantees by sector and subsector based on AIIB's current and upcoming business focus, which reflects AIIB's mission of "Financing Infrastructure for Tomorrow," as well as sector and non-sector strategies. The classifications were also developed by reference to sector taxonomies developed by other MDBs. AIIB recognizes that the sectors and subsectors in its classification methodology may be cross-cutting. As a result, although the classification methodology has been developed to provide a consistent approach to classifying financings, AIIB may exercise discretion in determining how to classify certain financings, including projects that may relate to more than one sector or be in new business areas. AIIB periodically reviews its classification methodology to enable it to continue to reflect AIIB's priorities.

AIIB classifies its financings into 13 sectors: energy, digital infrastructure and technology, transport, urban, water, health infrastructure, education infrastructure, economic resilience/policy-based financing (CRF), public health (CRF), finance/liquidity (CRF), rural infrastructure and agricultural development, other productive sectors and other. AIIB may also classify a financing as multisector.

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Financings in the energy sector mainly relate to (i) conventional energy generation; (ii) renewable energy generation, including solar, wind, hydropower, geothermal, biomass and waste, as well as hybrid forms that combine energy storage and/or multiple renewable energy generation technologies; (iii) electricity transmission and distribution; (iv) energy storage; (v) hydrogen production and transportation; (vi) gas processing, storage, transportation and distribution; (vii) district heating and cooling networks; and (viii) energy efficiency and demand-side management.

Financings in the digital infrastructure and technology sector mainly relate to digital infrastructure and technology that is applicable to infrastructure, and include projects to support (i) connectivity; (ii) data processing and storage; (iii) development of new software and applications; and (iv) interfaces between users, digital services and applications through terminals and devices.

Financings in the transport sector mainly relate to (i) road connectivity and safety; (ii) railway projects; (iii) port and other waterway infrastructure; (iv) aviation; (v) urban transportation; and (vi) other issues related to transport logistics.

Financings in the urban sector mainly relate to (i) urban re-development; (ii) affordable housing; (iii) projects for the improvement of urban public services, such as street lighting, park facilities and digital public service delivery portals; (iv) integrated waste management; (v) renovation and protection of cultural heritage; (vi) urban tourism; (vii) urban resilience in the form of systems or facilities that enable cities to maintain continuity during shocks and stress; and (viii) urban integrated development in the form of multisectoral urban or suburban development initiatives, such as industrial parks, special economic zones, commercial business districts, new district development and satellite cities.

Financings in the water sector mainly relate to (i) water supply, sanitation and wastewater treatment; (ii) irrigation and drainage; (iii) water resources management; and (iv) water disaster resilience.

Financings in the health infrastructure sector mainly relate to (i) the construction, rehabilitation, upgrade and expansion of health care facilities; (ii) the digitalization of health care service; (iii) the improvement of energy efficiency; and (iv) the improvement of vaccine-manufacturing processes.

Financings in the education infrastructure sector mainly relate to (i) the construction, rehabilitation, upgrade and expansion of educational facilities; and (ii) the development of the digital infrastructure of schools.

The economic resilience/policy-based financing, public health and finance/liquidity sectors represent financings under the CRF. Economic resilience/policy-based financings are designed to supplement government measures supporting the social and economic response and recovery efforts (including infrastructure investments and investments in social and economic protection measures to prevent long-term damage to the productive capacity of the economy and to protect and restore productive capital) in cases such as the COVID-19 pandemic. Financings in the public health sector are designed to address immediate health care sector needs (including support for emergency public health responses and for the long-term sustainable development of the health care sector). Financings in the finance/liquidity sector mainly relate to (i) capital markets transactions; (ii) loans to financial institutions; and (iii) investment funds transactions.

Financings in the rural infrastructure and agricultural development sector mainly relate to (i) land conservation and soil management and (ii) the support of rural market infrastructure.

Financings in other productive sectors mainly relate to projects that support industry, non-urban tourism and agricultural production.

Financings in other sectors include projects that support disaster prevention and rehabilitation.

The following table sets forth AIIB's loan and guarantee portfolio by sector, as classified by AIIB in accordance with the methodology described above:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amount (in<br>millions of<br>US$)<sup>(1)</sup>** | **As a<br>percentage of<br>total loan and<br>guarantee<br>portfolio** | **Amount (in<br>millions of<br>US$)<sup>(1)</sup>** | **As a<br>percentage of<br>total loan and<br>guarantee<br>portfolio** |
|  <u>Undrawn Commitment Amounts</u><sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 2588.2 | 16% | 2710.9 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Infrastructure and Technology |  | 0% |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport | 6380.8 | 38% | 5177.0 | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban | 981.6 | 6% | 879.0 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water | 2612.6 | 16% | 2306.4 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Infrastructure | 1231.6 | 7% | 1118.2 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education Infrastructure | 167.1 | 1% | 175.9 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Economic Resilience/PBF<sup>(3)</sup> (CRF) | 280.6 | 2% | 291.8 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Health (CRF) | 106.1 | 1% | 165.8 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance/Liquidity (CRF) |  | 0% | 3.8 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Infrastructure and Agricultural Development | 10.1 | 0% | 36.6 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Productive Sectors |  | 0% |  | 0% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amount (in<br>millions of<br>US$)<sup>(1)</sup>** | **As a<br>percentage of<br>total loan and<br>guarantee<br>portfolio** | **Amount (in<br>millions of<br>US$)<sup>(1)</sup>** | **As a<br>percentage of<br>total loan and<br>guarantee<br>portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 307.5 | 2% | 10.5 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multisector | 1970.9 | 12% | 1473.3 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Undrawn Commitment** | **16637.1** | **100%** | **14349.2** | **100%** |
|  <u>Outstanding Amounts</u><sup>(4)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 4140.5 | 14% | 3500.7 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Infrastructure and Technology | 130.2 | 0% | 140.8 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport | 3935.1 | 13% | 3172.3 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban | 1526.1 | 5% | 1202.2 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water | 1767.0 | 6% | 1516.9 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Infrastructure | 22.3 | 0% | (1.1) | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education Infrastructure | 165.2 | 1% | 152.7 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Economic Resilience/PBF (CRF) | 11298.9 | 38% | 11197.0 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Health (CRF) | 3177.7 | 11% | 3151.5 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance/Liquidity (CRF) | 1345.4 | 5% | 1376.9 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Infrastructure and Agricultural Development | 72.4 | 0% | 45.7 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Productive Sectors |  | 0% |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 836.8 | 3% | 407.1 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multisector | 1154.8 | 4% | 972.8 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Outstanding** | **29572.6** | **100%** | **26835.3** | **100%** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The amounts set forth in this table include both sovereign-backed and non-sovereign-backed loans and undrawn commitment amounts for guarantees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Undrawn commitment amounts are amounts that the Bank is obligated to provide under legally binding
documentation, that the Bank has not yet disbursed and that the Bank does not have full discretion to decline to disburse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) PBF refers to policy-based extension financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Outstanding amounts represent the gross carrying amount of the loans. As of September 30, 2025 and
December 31, 2024, AIIB had no amounts outstanding under the guarantees.

***Loan and Guarantee Maturity***

As of September 30, 2025, based on the final repayment date of the loans and the expiry date of guarantees, US$2,777.9 million of AIIB's undrawn loan and guarantee commitment amounts and outstanding loan amounts are scheduled to mature through 2029, US$20,139.6 million is scheduled to mature in 2030-2040 and US$23,292.1 million is scheduled to mature from 2041 onwards.

***Ten Largest Obligors***

The following table sets forth the aggregate principal amount of loans and guarantees (reflecting undrawn loan and guarantee commitment amounts and outstanding loan amounts) to AIIB's ten largest obligors, determined based on undrawn commitment and outstanding amounts for both sovereign-backed and non-sovereign-backed loans and undrawn commitment amounts for guarantees, as of September 30, 2025:

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| | | |
|:---|:---|:---|
| **Obligor** | **Amount (in<br>millions of<br>US$)** | **As a percentage of<br>total loan and<br>guarantee portfolio** |
|  Republic of India | 8422.8 | 18% |
|  Republic of Indonesia | 5259.7 | 11% |
|  Republic of Türkiye | 4223.5 | 9% |
|  People's Republic of Bangladesh | 4137.4 | 9% |
|  Republic of the Philippines | 4016.4 | 9% |
|  People's Republic of China | 3317.9 | 7% |
|  Republic of Uzbekistan | 2724.6 | 6% |
|  Islamic Republic of Pakistan | 2579.8 | 6% |
|  Arab Republic of Egypt | 1410.5 | 3% |
|  Republic of Kazakhstan | 917.6 | 2% |

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**Income Statement** 

***Interest Income***

Interest income consists of (i) interest earned on loan investments, which includes the amortization of front-end fees and other costs related to loan origination; (ii) interest earned on debt securities; (iii) interest earned on cash, cash equivalents and deposits (primarily, term deposits); and (iv) interest earned from reverse repurchase agreements.

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*Nine Months Ended September 30, 2025 and 2024*. AIIB's total interest income decreased to US$1,604.6 million for the nine months ended September 30, 2025 from US$1,689.6 million for the nine months ended September 30, 2024, mainly as a result of a decrease in interest income from cash, cash equivalents and deposits and a decrease in interest income earned on loan investments, which were offset in part by an increase in interest income earned on debt securities and reverse repurchase agreements. Interest income from cash, cash equivalents and deposits decreased to US$155.7 million for the nine months ended September 30, 2025 from US$261.2 million for the nine months ended September 30, 2024, mainly as a result of a lower interest-rate environment as well as a lower average cash, cash equivalent and deposit balance during the nine months ended September 30, 2025, as compared to the average cash, cash equivalent and deposit balance during the nine months ended September 30, 2024. Interest income from loan investments decreased to US$1,100.2 million for the nine months ended September 30, 2025 from US$1,152.0 million for the nine months ended September 30, 2024, mainly as a result of a lower interest-rate environment and volatility in benchmark interest rates across key currencies. Interest income from debt securities increased to US$344.8 million for the nine months ended September 30, 2025 from US$276.4 million for the nine months ended September 30, 2024, mainly as a result of an increase in the amount of debt securities held by AIIB.

For the nine months ended September 30, 2025, 69% of AIIB's total interest income was from loan investments, 21% was from debt securities, 10% was from cash, cash equivalents and deposits, and less than 1% was from reverse repurchase agreements. For the nine months ended September 30, 2024, 68% of AIIB's total interest income was from loan investments, 16% was from debt securities, 15% was from cash, cash equivalents and deposits, and less than 1% was from reverse repurchase agreements.

***Interest Expense***

Interest expense mainly consists of interest expense on borrowings.

*Nine Months Ended September 30, 2025 and 2024*. AIIB's interest expense increased to US$961.9 million for the nine months ended September 30, 2025 from US$871.4 million for the nine months ended September 30, 2024, mainly as a result of an increase in outstanding bond issuances and an increase in the average maturity of AIIB's outstanding borrowings. The table below sets forth the aggregate amounts of AIIB's outstanding borrowings as of September 30, 2025 and September 30, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025<sup>(1)(2)</sup>** | **September 30, 2025<sup>(1)(2)</sup>** | **As of September 30, 2024<sup>(1)(2)</sup>** | **As of September 30, 2024<sup>(1)(2)</sup>** |
| **Currency** | **Notional<br>Amount (in<br>millions)** | **Notional<br>Amount (in<br>millions of<br>US$)** | **Notional**<br>**Amount (in<br>millions)** | **Notional**<br>**Amount (in<br>millions of<br>US$)** |
|  Australian dollars | 2050.00 | 1355.05 | 1550.00 | 1073.69 |
|  Chinese yuan | 20638.00 | 2897.60 | 16223.00 | 2316.41 |
|  Euro | 3650.00 | 4290.58 | 2650.00 | 2969.59 |
|  Georgian lari | 306.60 | 112.93 | 266.60 | 97.75 |
|  Hong Kong dollars | 8630.00 | 1109.13 | 4720.00 | 607.65 |
|  Hungarian forint | 2800.00 | 8.43 | 0.00 | 0.00 |
|  Indian rupee | 103820.00 | 1170.05 | 84570.00 | 1008.92 |
|  Indonesian rupiah | 267000.00 | 16.02 | 1017000.00 | 71.19 |
|  Mexican pesos | 20151.75 | 1099.28 | 15151.75 | 770.16 |
|  Philippine pesos | 3800.00 | 65.28 | 4800.00 | 85.68 |
|  Polish złoty | 100.00 | 27.53 | 100.00 | 26.19 |
|  Pound sterling | 3800.00 | 5109.10 | 3300.00 | 4427.94 |
|  Russian rubles | 0.00 | 0.00 | 6677.70 | 71.45 |
|  South African rand | 500.00 | 28.93 | 500.00 | 29.21 |
|  Swiss franc | 300.00 | 376.79 | 200.00 | 237.14 |
|  Thai baht | 0.00 | 0.00 | 350.00 | 10.87 |
|  Turkish lira | 4000.00 | 96.20 | 8900.00 | 260.41 |
|  U.S. dollars | 21345.00 | 21345.00 | 22100.00 | 22100.00 |
|  Vietnamese dong | 700000.00 | 28.00 | 0.00 | 0.00 |
|  **Total** |  | **39135.90** |  | **36164.25** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The amounts set forth in this table exclude amounts of borrowings issued pursuant to AIIB's ECP
Programme. Under the ECP Programme, from but excluding September 30, 2024 to and including September 30, 2025, AIIB issued an aggregate amount of US$8,733.6 million of zero coupon notes and redeemed an aggregate amount of
US$7,343.3 million equivalent of zero coupon notes, resulting in a net increase of US$1,390.3 million equivalent of borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The figures included in this table do not include premiums, discounts and other accounting adjustments. For the
amounts of AIIB's borrowings as of September 30, 2025, these premiums, discounts and other accounting adjustments are included in the total amount of borrowings in AIIB's Condensed Statement of Financial Position as of
September 30, 2025 and Note C12 thereto, which are included in the Interim Financial Statements in Exhibit 15 of this annual report on Form 18-K. For the amounts of AIIB's borrowings as of
September 30, 2024, these premiums, discounts and other accounting adjustments are included in the total amount of borrowings in AIIB's Condensed Statement of Financial Position as of September 30, 2024 and Note C12 thereto, which
are included in AIIB's unaudited interim condensed financial statements as of and for the nine months ended September 30, 2024, included in Exhibit 11 to AIIB's annual report on Form 18-K for
the fiscal year ended December 31, 2023.

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***Net Interest Income***

Net interest income is interest income less interest expense.

*Nine Months Ended September 30, 2025 and 2024*. Mainly for the reasons set forth above, AIIB's net interest income decreased to US$642.7 million for the nine months ended September 30, 2025 from US$818.3 million for the nine months ended September 30, 2024.

***Net Fee and Commission Income***

Net fee and commission income mainly consists of (i) loan and guarantee fees charged to borrowers and (ii) administration fees due to AIIB, including fees paid to AIIB for services as administrator of the Multilateral Cooperation Center for Development Finance and as implementing partner, technical partner or similar for other multilateral partnership facilities, less (iii) co-financing service fees paid in respect of co-financing arrangements.

*Nine Months Ended September 30, 2025 and 2024*. AIIB's net fee and commission income increased to US$33.3 million for the nine months ended September 30, 2025 from US$28.9 million for the nine months ended September 30, 2024, mainly as a result of an increase in loan and guarantee fees resulting from higher loan and guarantee volumes. Loan and guarantee fees increased to US$34.2 million for the nine months ended September 30, 2025 from US$30.7 million for the nine months ended September 30, 2024.

***Net Gain on Financial Instruments Measured at Fair Value and Foreign Exchange***

Net gain on financial instruments measured at fair value and foreign exchange consists of (i) net gain or loss on financial instruments measured at fair value through profit or loss and (ii) net foreign exchange gain or loss.

Net gain or loss on financial instruments measured at fair value through profit or loss reflects the change in fair value of (i) AIIB's investments in debt securities managed in the Bank's treasury investments portfolio, including bond investments, commercial paper and certificates of deposit, that are measured at fair value through profit or loss; (ii) portfolios of high credit quality securities managed by external asset managers engaged by AIIB, which are managed in the Bank's treasury investment portfolio; (iii) AIIB's investments with equity participation, which are managed in the Bank's investment operations portfolio and include investments in limited partnership funds managed by general partners that make investment decisions on behalf of the limited partners of such funds, investments in venture capital associates and others; (iv) a fixed-income portfolio managed by an external asset manager the primary objective of which is to develop climate bond markets in Asia and is managed in the Bank's investment operations portfolio; (v) AIIB's investments in money market funds; (vi) AIIB's own borrowings; and (vii) derivatives associated with each of AIIB's borrowings, loans and treasury portfolio.

Net foreign exchange gain or loss reflects the change in value, due to movements in currency exchange rates, of financial instruments held by the Bank that are measured at amortized cost. For financial instruments held by the Bank measured at fair value through profit or loss, the change in value due to movements in currency exchange rates is reported as part of their overall change in fair value through profit or loss.

*Nine Months Ended September 30, 2025 and 2024*. AIIB's net gain on financial instruments measured at fair value and foreign exchange decreased to US$155.5 million for the nine months ended September 30, 2025 from US$276.2 million for the nine months ended September 30, 2024, mainly as a result of a net loss on financial instruments measured at fair value through profit or loss of US$514.9 million for the nine months ended September 30, 2025 compared to a net gain on financial instruments measured at fair value through profit or loss of US$162.9 million for the nine months ended September 30, 2024. The decrease due to the net loss on financial instruments measured at fair value through profit or loss for the nine months ended September 30, 2025 was partially offset by a net foreign exchange gain of US$670.4 million for the nine months ended September 30, 2025 compared to US$113.3 million for the nine months ended September 30, 2024.

The net foreign exchange gain for the nine months ended September 30, 2025 was mainly due to foreign exchange gains on the Bank's portfolio of local currency-denominated loans mainly due to the depreciation of the U.S. dollar against the Euro, Russian ruble ("RUB") and Japanese Yen.

The net loss on financial instruments measured at fair value through profit or loss for the nine months ended September 30, 2025 was mainly due to net losses on the derivatives AIIB has entered into to hedge its investment operations and treasury investments portfolios, fair value losses on AIIB's own borrowings, determined on a net basis including fair value losses on those borrowings and fair value gains on the derivatives entered into to hedge those borrowings, as well as fair value losses on investments with equity participation managed in the Bank's investment operations portfolio. These losses were partially offset by net gains on AIIB's investments in (i) debt securities managed in the Bank's treasury investments portfolio, which include bond investments of high credit quality and high credit quality certificates of deposit and commercial paper, (ii) portfolios of high credit quality securities managed by external asset managers engaged by AIIB, which are managed in the Bank's treasury investments portfolio, (iii) debt securities for infrastructure and development purposes ****managed in the Bank's investment operations portfolio and (iv) money market funds.

***Net Loss on Financial Instruments Measured at Amortized Cost***

Net gain or loss on financial instruments measured at amortized cost reflects the change in amortized cost of the Bank's (i) treasury investments measured at amortized cost, which include investments in a fixed-income portfolio of high credit quality securities with a hold-to-maturity strategy, managed

------

internally by AIIB, and a fixed-income portfolio of high credit quality securities with a hold-to-maturity strategy managed by an external asset manager engaged by AIIB, as well as (ii) investment operations measured at amortized cost, which include investments in a fixed-income portfolio which comprises, among others, Asian infrastructure-related bonds and other investments in debt securities through private placements.

*Nine Months Ended September 30, 2025 and 2024*. AIIB's net loss on financial instruments measured at amortized cost was US$4.8 million for the nine months ended September 30, 2025 and US$0.2 million for the nine months ended September 30, 2024. The net loss for the nine months ended September 30, 2025 and the nine months ended September 30, 2024 mainly resulted from the disposal of certain bonds in the fixed-income portfolio which comprises, among others, Asian infrastructure-related bonds.

***Impairment Provision***

AIIB uses an expected credit loss ("ECL") model to estimate credit losses on financial assets, such as loan disbursements or bond investments, and on other instruments, such as undrawn loan commitments and issued guarantees. AIIB recognizes an ECL allowance at each reporting date and recognizes an impairment provision (either an impairment loss or the reversal of an impairment loss) that reflects the change in the ECL allowance between such reporting date and the previous reporting date. Impairment provisions are driven in large part by changes in loan volumes, risk parameters related to macroeconomic outlook and changes in AIIB's assessment of the credit risk of individual financings.

*Nine Months Ended September 30, 2025 and 2024*. AIIB recognized an impairment provision charge of US$27.6 million for the nine months ended September 30, 2025, compared to the release of an impairment provision of US$55.2 million for the nine months ended September 30, 2024. The impairment provision charge recognized for the nine months ended September 30, 2025 was mainly due to an increase in the ECL allowance with respect to certain non-sovereign-backed loans, partially offset by a lower ECL allowance with respect to certain sovereign-backed loans, due to rating improvements of certain sovereign obligors, an improved forward-looking economic outlook, AIIB's resolution in February 2025 of a credit-impaired bond, and revisions to AIIB's methodology for calculating ECL in respect of defaults of non-sovereign-backed loans. The release of an impairment provision for the nine months ended September 30, 2024 was mainly due to revisions to AIIB's methodology for calculating ECL in respect of defaults of sovereign-backed loans as well as AIIB's full exit from a credit impaired loan, which were partially offset by ECL increases in respect of certain non-sovereign backed loans. See Note D2 to AIIB's Condensed Statement of Financial Position as of September 30, 2025, which is included in the Interim Financial Statements in Exhibit 15 of this annual report on Form 18-K, for information regarding revisions during the nine months ended September 30, 2025 to AIIB's methodology for calculating ECL and "Risk Management–Risk Types–Credit Risk" in Exhibit 3 to this annual report on Form 18-K for further information regarding AIIB's methodology for calculating ECL, including regarding revisions during the nine months ended September 30, 2024 to this methodology.

***General and Administrative Expenses***

General and administrative expenses mainly consist of (i) staff costs, such as short-term employee benefits, including salaries, location premiums and medical and life insurance, and costs related to AIIB's defined contribution (i.e., retirement) plans; (ii) professional service expenses; (iii) IT services; (iv) facilities and administration expenses; (v) issuance cost in respect of borrowings; (vi) travel expenses; and (vii) other expenses.

*Nine Months Ended September 30, 2025 and 2024*. AIIB's general and administrative expenses increased to US$215.5 million for the nine months ended September 30, 2025 from US$190.6 million for the nine months ended September 30, 2024, mainly due to increases in staff costs, professional service expenses, travel expenses, the issuance cost in respect of the Bank's borrowings, and other expenses. Mainly as the result of the continuing ramp-up of AIIB's organizational activities, staff costs increased to US$119.2 million for the nine months ended September 30, 2025 from US$104.5 million for the nine months ended September 30, 2024, professional service expenses increased to US$31.4 million for the nine months ended September 30, 2025 from US$28.4 million for the nine months ended September 30, 2024, travel expenses increased to US$12.0 million for the nine months ended September 30, 2025 from US$10.2 million for the nine months ended September 30, 2024, the issuance cost in respect of the Bank's borrowings increased to US$10.2 million for the nine months ended September 30, 2025 from US$8.5 million for the nine months ended September 30, 2024, mainly as a result of an increased volume of issuances in the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, and other expenses increased to US$9.9 million for the nine months ended September 30, 2025 from US$8.4 million for the nine months ended September 30, 2024.

***Operating Profit***

*Nine Months Ended September 30, 2025 and 2024*. Mainly for the reasons set forth above, AIIB's operating profit decreased to US$583.6 million for the nine months ended September 30, 2025 from US$987.9 million for the nine months ended September 30, 2024.

***Accretion of Paid-in Capital Receivables***

Paid-in capital receivables represent amounts due from the Bank's members in respect of paid-in capital. These amounts are initially recognized at fair value, which reflects the discounted present value of future paid-in capital inflows, and subsequently measured at amortized cost. The difference between amortized cost and fair value is accounted for as a reserve under members' equity and is accreted through the income statement using the effective interest method.

*Nine Months Ended September 30, 2025 and 2024*. AIIB's accretion of paid-in capital receivables decreased to US$0.2 million for the nine months ended September 30, 2025 from US$0.5 million for the nine months ended September 30, 2024. This decrease was mainly due to lower contractual balances in paid-in capital receivables as of January 1, 2025 compared to January 1, 2024.

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***Other Comprehensive Income***

For financial liabilities, such as AIIB's borrowings, that are designated at fair value through profit or loss, fair value changes attributable to changes in AIIB's own credit risk are recognized in other comprehensive income (while other fair value changes are recognized under net gain or loss on financial instruments measured at fair value through profit or loss). Upon maturity of such financial liabilities, the recognition in other comprehensive income of fair value changes attributable to changes in AIIB's own credit risk is reversed.

*Nine Months Ended September 30, 2025 and 2024*. AIIB experienced an unrealized gain on borrowings arising from changes in AIIB's own credit risk of US$125.7 million for the nine months ended September 30, 2025, compared to an unrealized loss of US$143.5 million for the nine months ended September 30, 2024. The unrealized gain on borrowings for the nine months ended September 30, 2025 was mainly the result of the widening of the Bank's Chinese yuan credit spread against the relevant benchmark discount curve and the unrealized loss on borrowings for the nine months ended September 30, 2024 was mainly the result of the tightening of the Bank's overall credit spread against the relevant benchmark discount curves, particularly the U.S. dollar discount curve.

***Total Comprehensive Income***

*Nine Months Ended September 30, 2025 and 2024*. Mainly for the reasons set forth above, AIIB's total comprehensive income decreased to US$709.4 million for the nine months ended September 30, 2025 from US$844.8 million for the nine months ended September 30, 2024.

**Balance Sheet** 

***Assets***

Total assets mainly consist of (i) loan investments at amortized cost; (ii) investments at fair value through profit or loss managed in the Bank's treasury investment and investment operations portfolios; (iii) debt securities at amortized cost managed in the Bank's treasury investment and investment operations portfolios; (iv) cash and cash equivalents; (v) term deposits with initial maturities of more than three months; (vi) derivative assets; (vii) other assets, including reverse repurchase agreements, receivables for unsettled trades and cash collateral receivables; and (viii) paid-in capital receivables.

Investments at fair value through profit or loss mainly consist of (i) debt securities of high credit quality, such as bonds, certificates of deposit and commercial paper, which are mostly actively managed in the Bank's treasury investment portfolio, and securities for infrastructure and development purposes in the Bank's investment operations portfolio; (ii) investments in portfolios of high credit quality securities managed by external asset managers engaged by AIIB, which are managed in the Bank's treasury investment portfolio; (iii) investments with equity participation, which are managed in the Bank's investment operations portfolio and include investments in limited partnership funds managed by general partners that make investment decisions on behalf of the limited partners of such funds, investments in venture capital associates and others; and (iv) a fixed-income portfolio managed in the Bank's treasury investment portfolio by an external asset manager the primary objective of which is to develop climate bond markets in Asia. Debt securities at amortized cost consist of (i) a fixed-income portfolio of high credit quality securities with a hold-to-maturity strategy, managed internally by AIIB as part of the Bank's treasury investment portfolio; (ii) a fixed-income portfolio which comprises, among others, Asian infrastructure-related bonds and is managed in the Bank's investment operations portfolio; and (iii) a fixed-income portfolio of high credit quality securities with a hold-to-maturity strategy managed in the Bank's treasury investment portfolio by an external asset manager engaged by AIIB. Cash and cash equivalents consist of (i) term deposits with initial maturities of three months or less; (ii) money market funds; and (iii) demand deposits. Cash collateral receivables reflect the collateral paid to swap counterparties.

Assets of the Bank include high-quality liquid assets, which are defined as cash or assets that can be converted into cash at little or no loss in value.

*Nine Months Ended September 30, 2025 and December 2024*. As of September 30, 2025, AIIB's total assets were US$66,553.3 million, compared to total assets of US$57,116.4 million as of December 31, 2024. This increase resulted mainly from (i) an increase of US$2,794.8 million in cash and cash equivalents; (ii) an increase of US$2,705.9 million in loan investments measured at amortized cost; (iii) an increase of US$2,195.4 million in term deposits with initial maturity of more than three months; (iv) an increase of US$1,361.2 million in investments measured at fair value through profit or loss, including an increase of US$1,045.4 million in investments measured at fair value through profit or loss managed in the Bank's treasury investments portfolio and an increase of US$315.8 million in investments measured at fair value through profit or loss managed in the Bank's investment operations portfolio; (v) an increase of US$336.7 million in derivative assets; and (vi) an increase of $70.1 million in paid-in capital receivables. The increase was partially offset by a decrease of US$42.9 million in other assets, mainly resulting from a decrease in cash collateral receivables.

***Liabilities***

Total liabilities mainly consist of (i) borrowings; (ii) other liabilities, such as cash collateral payable, payable for unsettled trades (which are ordinary-course trades executed but not settled in advance of the reporting date), repurchase agreements, bank overdrafts, deferred interest, accrued expenses, staff cost payable and financial guarantee liabilities; and (iii) derivative liabilities.

*Nine Months Ended September 30, 2025 and December 2024*. As of September 30, 2025, AIIB's total liabilities were US$43,270.0 million, compared to total liabilities of US$34,658.9 million as of December 31, 2024. This increase resulted primarily from (i) an increase of US$8,318.5 million in borrowings (see "–Income Statement–Interest Expense") and (ii) an increase of US$502.5 million in other liabilities mainly due to increases in payable for unsettled trades, cash collateral payable, and staff cost payable.

------

***Members' Equity***

Members' equity consists of (i) paid-in capital; (ii) retained earnings; (iii) reserves for unrealized loss on borrowings measured at fair value arising from changes in the Bank's own credit risk; and (iv) reserves for accretion of paid-in capital receivables.

*Nine Months Ended September 30, 2025 and December 2024*. As of September 30, 2025, AIIB's total members' equity was US$23,283.3 million, compared to total members' equity of US$22,457.5 million as of December 31, 2024. This increase mainly resulted from an increase of US$583.6 million in retained earnings, a decrease of US$125.7 million in reserves for unrealized loss on borrowings measured at fair value arising from changes in AIIB's own credit risk and an increase of US$116.9 million in paid-in capital.

**Asset Quality** 

As of September 30, 2025, no AIIB assets were categorized as overdue or written off, except for (i) one non-sovereign-backed loan that was assessed as credit impaired with a carrying amount of US$27.2 million (net of the associated ECL allowance); (ii) six bond investments measured at amortized cost that were assessed as credit impaired with a carrying amount of US$0.2 million (net of the associated ECL allowance); and (iii) US$290.1 million of overdue contractual undiscounted paid-in capital receivables, which are not considered impaired.

**Recent Developments** 

***Departure of Chief Financial Officer***

On November 7, Mr. Andrew Cross resigned as Chief Financial Officer of AIIB, and Mr. Domenico Nardelli assumed the role of acting Chief Financial Officer.

***AIIB Response to the War in Ukraine***

On March 3, 2022, in response to events taking place in Ukraine, the Bank announced it would place all activities relating to Russia and Belarus on hold and under review, including all Russia- and Belarus-related projects in the Bank's rolling investment pipeline. AIIB's exposure to Russia and to the RUB, including through its financing activities, borrowings and governance and administration, is limited, consisting of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Financing activities.* The Bank previously had one loan outstanding to a borrower in Russia. This loan was
repaid in full on December 2, 2025. As a result, the Bank has no loans outstanding to borrowers in Russia. As of October 31, 2025, all funds in which the Bank has investments that are classified as multi-country financings have divested
any securities that provided the Bank with direct or indirect exposure to Russia. As a result, the Bank has no such exposure through its investments in these funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Borrowings.* AIIB previously issued four series of bonds denominated in RUB. None of these bonds are
outstanding as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Governance and administration.* The Governor appointed by Russia to AIIB's Board of Governors is
currently a subject of sanctions imposed by the United States, European Union, United Kingdom and certain other jurisdictions. AIIB does not expect that these sanctions, or other sanctions that may be imposed on Governors or Directors of AIIB
appointed by Russia, would be reasonably likely to affect the Bank's operations. Neither AIIB's Governors nor its Directors have signing authority over the Bank's operations, and no individual Governor or Director has sole or
majority decision making power with respect to the Bank. One member of AIIB's senior management is a Russian national. This individual is not a subject of sanctions imposed by any jurisdiction.

AIIB does not have exposure to Belarus or the Belarussian ruble, other than with respect to the same governance matters and processes common to all non-regional members.

***Governor Appointed by Israel***

The Governor appointed by Israel to AIIB's Board of Governors is currently a subject of sanctions imposed by the United Kingdom and certain other jurisdictions. AIIB does not expect that these sanctions, or other sanctions that may be imposed on Governors or Directors of AIIB appointed by Israel, would be reasonably likely to affect the Bank's operations. Neither AIIB's Governors nor its Directors have signing authority over the Bank's operations, and no individual Governor or Director has sole or majority decision making power with respect to the Bank.

## Ex-15

**Exhibit 15** 

**Asian Infrastructure Investment Bank** 

**Condensed Financial Statements (Unaudited)** 

**for the Nine Months Ended Sep. 30, 2025** 

------

**Contents** 

Financial Statements

---

| | |
|:---|:---|
|  Condensed Statement of Comprehensive Income | 1 |
|  Condensed Statement of Financial Position | 2 |
|  Condensed Statement of Changes in Equity | 3 |
|  Condensed Statement of Cash Flows | 4 |
|  Notes to the Condensed Financial Statements | 5-49 |
| A. General Information | 5 |
| B. Accounting Policies | 6 |
| C. Disclosure Notes | 7-32 |
| D. Financial Risk Management | 33-44 |
| E. Fair Value Disclosures | 45-49 |

---

------

**Asian Infrastructure Investment Bank** 

**Condensed Statement of Comprehensive Income** 

**For the nine months ended Sep. 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| *In thousands of US Dollars* | **Note** | **For the nine months<br>ended Sep. 30, 2025<br>(unaudited)** | **For the nine months<br>ended Sep. 30, 2024<br>(unaudited)** |
|  Interest income | C1 | 1604596 | 1689626 |
|  Interest expense | C1 | (961946) | (871352) |
|  **Net interest income** |  | **642650** | **818274** |
|  Net fee and commission income | C2 | 33306 | 28883 |
|  Net gain on financial instruments measured at fair value and foreign exchange | C3 | 155514 | 276233 |
|  Net loss on financial instruments measured at amortized cost | C9 | (4820) | (181) |
|  Impairment provision (charge)/release | C4 | (27591) | 55224 |
|  General and administrative expenses | C5 | (215507) | (190583) |
|  **Operating profit for the period** |  | **583552** | **987850** |
|  Accretion of paid-in capital receivables | C10 | 181 | 531 |
|  **Net profit for the period** |  | **583733** | **988381** |
|  Other comprehensive income<br> *Items will not be reclassified to profit or loss* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain/(loss) in fair-valued borrowings arising from changes in own credit risk | C12 | 125672 | (143542) |
|  **Total comprehensive income** |  | **709405** | **844839** |
|  **Attributable to:** |  |  |  |
|  Equity holders of the Bank |  | **709405** | **844839** |

---

The accompanying notes are an integral part of these financial statements.

------

**Asian Infrastructure Investment Bank** 

**Condensed Statement of Financial Position** 

**As at Sep. 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| *In thousands of US Dollars* | **Note** | **Sep. 30, 2025**<br> **(unaudited)** | **Dec. 31, 2024**<br> **(audited)** |
|  **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | C6 | 4717317 | 1922539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term deposits | C6 | 2657362 | 462012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at fair value through profit or loss | C7 | 13652065 | 12606677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities, at amortized cost | C9 | 10997220 | 11042476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment operations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan investments, at amortized cost | C8 | 29343010 | 26637065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities, at amortized cost | C9 | 767165 | 706013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at fair value through profit or loss | C7 | 2248100 | 1932264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital receivables | C10 | 304414 | 234336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | C13 | 1168760 | 832061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and equipment |  | 5735 | 5592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets |  | 6337 | 6776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | C11 | 685772 | 728631 |
|  **Total assets** |  | **66553257** | **57116442** |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings | C12 | 41272331 | 32953799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | C13 | 965864 | 1175585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid paid-in capital |  | 374 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | C14 | 1031396 | 528854 |
|  **Total liabilities** |  | **43269965** | **34658907** |
|  **Members' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | C15 | 19524400 | 19407500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reserves |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of paid-in capital receivables |  | (785) | (418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss in fair-valued borrowings arising from changes in own credit risk |  | (68080) | (193752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings |  | 3827757 | 3244205 |
|  **Total members' equity** |  | **23283292** | **22457535** |
|  **Total liabilities and members' equity** |  | **66553257** | **57116442** |

---

The accompanying notes are an integral part of these financial statements.

------

**Asian Infrastructure Investment Bank** 

**Condensed Statement of Changes in Equity** 

**For the nine months ended Sep. 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Reserves** | **Reserves** | | |
| <br>*In thousands of<br>US Dollars* | <br> **Note** |<br>**Subscribed<br>capital** |<br>**Less:<br>callable<br>capital** |<br>**Paid-in<br>capital** | **Accretion of<br>paid-in<br>capital<br>receivables** | **Unrealized loss in<br>fair-valued borrowings<br>arising from changes<br>in own credit risk** |<br>**Retained<br>earnings** |<br>**Total<br>member's<br>equity** |
|  **Jan. 1, 2024** |  | **97027300** | **(77621900)** | **19405400** | **(994)** | **(51740)** | **2096191** | **21448857** |
|  Capital subscription and contribution |  | 10500 | (8400) | 2100 |  |  |  | 2100 |
|  Net profit for the period |  |  |  |  |  |  | 988381 | 988381 |
|  Other comprehensive loss |  |  |  |  |  | (143542) |  | (143542) |
|  Paid-in capital receivables - accretion effect |  |  |  |  | (90) |  |  | (90) |
|  Transfer of accretion | C10 | - | - | - | 531 | - | (531) | - |
|  **Sep. 30, 2024 (unaudited)** | C15 | **97037800** | **(77630300)** | **19407500** | **(553)** | **(195282)** | **3084041** | **22295706** |
|  **Jan. 1, 2025** |  | **97037800** | **(77630300)** | **19407500** | **(418)** | **(193752)** | **3244205** | **22457535** |
|  Capital subscription and contribution |  | 584400 | (467500) | 116900 |  |  |  | 116900 |
|  Net profit for the period |  |  |  |  |  |  | 583733 | 583733 |
|  Other comprehensive loss |  |  |  |  |  | 125672 |  | 125672 |
|  Paid-in capital receivables - accretion effect |  |  |  |  | (548) |  |  | (548) |
|  Transfer of accretion | C10 | - | - | - | 181 | - | (181) | - |
|  **Sep. 30, 2025 (unaudited)** | C15 | **97622200** | **(78097800)** | **19524400** | **(785)** | **(68080)** | **3827757** | **23283292** |

---

The accompanying notes are an integral part of these financial statements.

------

**Asian Infrastructure Investment Bank** 

**Condensed Statement of Cash Flows** 

**For the nine months ended Sep. 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| *In thousands of US Dollars* | **Note** | **For the nine months<br>ended Sep. 30, 2025<br>(unaudited)** | **For the nine months<br>ended Sep. 30, 2024<br>(unaudited)** |
|  **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net profit for the period |  | 583733 | 988381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from term deposits |  | (75212) | (103905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense for borrowings | C12 | 950210 | 858130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense for leasing | C1 | 9 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance cost for borrowings | C5 | 10233 | 8507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of paid-in capital receivables | C10 | (181) | (531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss/(gain) on financial instruments measured at fair value through profit or loss |  | 550494 | (91230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment provision charge/(release) | C4 | 27591 | (55224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization |  | 3699 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in loan investments | C8 | (2737226) | (3349562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in debt securities in investment operations portfolio |  | (146618) | (8175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash paid for derivatives |  | (133777) | (560518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in other assets |  | 43652 | 274854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other liabilities |  | 502029 | 439196 |
|  **Net cash used in operating activities** |  | **(421364)** | **(1597012)** |
|  **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in investment with equity participation |  | (222855) | (246571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends received and return of capital contributions |  | 76811 | 78896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt securities at amortized cost purchased in treasury investment portfolio |  | (16178) | (3152559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt securities at amortized cost matured, terminated or sold under treasury investment portfolio |  | 62577 | 27015 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Increase)/decrease in other treasury investment |  | (321510) | 1201350 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Increase)/decrease in term deposits |  | (2180452) | 1005900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest received from term deposits |  | 60314 | 103658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in intangible assets, property and equipment |  | (4196) | (3175) |
|  **Net cash used in investing activities** |  | **(2545489)** | **(985486)** |
|  **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from borrowings, net | C12 | 17641327 | 12454018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayments of borrowings | C12 | (10877929) | (7142072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest payments on borrowings | C12 | (1047585) | (908762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital contributions received | C10 | 46155 | 26020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid paid-in capital received |  | 4 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease payments |  | (341) | (331) |
|  **Net cash from financing activities** |  | **5761631** | **4429242** |
|  **Net increase in cash and cash equivalents** |  | 2794778 | 1846744 |
|  Cash and cash equivalents at beginning of period |  | 1922539 | 1839122 |
|  **Cash and cash equivalents at end of period** | C6 | **4717317** | **3685866** |

---

The accompanying notes are an integral part of these financial statements.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

---

| | |
|:---|:---|
| **A** | **General Information**  |

---

The Asian Infrastructure Investment Bank (the "Bank" or "AIIB") is a multilateral development bank. By the end of year 2015, representatives from 57 founding members signed AIIB's Articles of Agreement (the "AOA") which entered into force on Dec. 25, 2015. The Bank commenced operations on Jan. 16, 2016. AIIB's principal office is in Beijing, the People's Republic of China ("China").

As at Sep. 30, 2025, the Bank's total approved membership is 110, of which 104 have completed the membership process and have become members of AIIB in accordance with the AOA.

AIIB's purpose is to: (i) foster sustainable economic development, create wealth, and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors; and (ii) promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.

The legal status, privileges and immunities for the operation and functioning of AIIB in China are agreed in the AOA and further defined in the Headquarters Agreement between the government of the People's Republic of China (the "Government") and the Bank on Jan. 16, 2016.

The Bank's first overseas office, an Interim Operational Hub (the "Hub"), was established in Abu Dhabi, the United Arab Emirates, upon the government of the United Arab Emirates (the "UAE") and the Bank signing an agreement regarding the establishment of an office in the UAE on April 19, 2023. The Hub provides proximity to global financial centers and connectivity with the international infrastructure ecosystem, which is important in maintaining AIIB's growth momentum.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

---

| | |
|:---|:---|
| **B** | **Accounting Policies**  |

---

---

| | |
|:---|:---|
| **B1** | **Basis of preparation**  |

---

These condensed interim financial statements for the nine months ended Sep. 30, 2025 have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"): IAS 34 *Interim Financial Reporting*, and should be read in conjunction with the annual financial statements for the year ended Dec. 31, 2024.

The accounting policies adopted are consistent with those used in the Bank's annual financial statements for the year ended Dec. 31, 2024. Investments at fair value through profit or loss and debt securities at amortized cost have been disaggregated by portfolios of treasury investment and investment operations. This allows for more detailed information to be provided to report users (refer to Notes C7 and C9). The comparative figures have been restated accordingly.

The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise judgment in its process of applying the Bank's accounting policies. The financial statements have been prepared on a going concern basis.

---

| | |
|:---|:---|
| **B2** | **New accounting pronouncements**  |

---

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, effective for annual reporting periods beginning on or after Jan. 1, 2027. The new standard aims to give users of financial statements more transparent and comparable information about an entity's financial performance. The Bank is undertaking assessments of the potential impact of the new standard and amendments to the standards.

In addition to IFRS 18, the IASB issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures in May 2024, effective for annual reporting periods beginning on, or after, Jan.1, 2026. The amendments provide further clarification regarding the classification and measurement of financial assets and liabilities. The Bank does not expect these amendments to have a material impact on its operations or financial statements.

---

| | |
|:---|:---|
| **B3** | **Comparatives**  |

---

The comparative date of the Condensed Statement of Financial Position is as at Dec. 31, 2024, while the comparative period of the Condensed Statement of Comprehensive Income, the Condensed Statement of Changes in Equity and the Condensed Statement of Cash Flows are from Jan. 1, 2024 to Sep. 30, 2024.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C1** | **Interest income and expenses**  |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended Sep. 30, 2025** | **For the nine months<br>ended Sep. 30, 2024** |
|  **Interest income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan investments <sup>(1)</sup> | 1100189 | 1152013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 344830 | 276364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents, and<br> deposits | 155698 | 261224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse repurchase agreements | 3879 | 25 |
|  **Total interest income** | **1604596** | **1689626** |
|  **Interest expense** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings <sup>(2)</sup> | (960143) | (871332) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements | (1794) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease | (9) | (20) |
|  **Total interest expense** | **(961946)** | **(871352)** |
|  **Net interest income** | **642650** | **818274** |

---

<sup>(1)</sup> Interest income for loan investments includes amortization of front-end fees and other incremental and directly related costs in relation to loan origination that are an integral part of the effective interest rate of those loans.

<sup>(2)</sup> Interest expense is accrued mainly based on the notional coupon rate. However, the Bank uses derivatives to manage interest rate and foreign currency risks, and hence, the actual borrowing cost for the Bank is swapped from fixed to floating rate. Please refer to Note C13 Derivatives for details.

---

| | |
|:---|:---|
| **C2** | **Net fee and commission income**  |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended Sep. 30, 2025** | **For the nine months<br>ended Sep. 30, 2024** |
|  Loan and guarantee fees | 34169 | 30690 |
|  MCDF administration fee <sup>(1)</sup>  | 1715 | 1647 |
|  Special Funds administration fee | 1064 | 349 |
|  Cofinancing service income | 35 | 210 |
|  **Total fee and commission income** | **36983** | **32896** |
|  Cofinancing service fee | (3677) | (4013) |
|  **Total fee and commission expense** | **(3677)** | **(4013)** |
|  **Net fee and commission income** | **33306** | **28883** |

---

<sup>(1)</sup> According to the Governing Instrument of the Finance Facility of the Multilateral Cooperation Center for Development Finance ("MCDF Finance Facility") and the agreement on the terms and conditions of service as the administrator ("Administrator") of the MCDF Finance Facility, the Bank provides administrative and financial services to the MCDF Finance Facility, including hosting of the Secretariat of the Multilateral Cooperation Center for Development Finance ("MCDF"). Therefore, the Bank charges an administration fee for the services provided as the Administrator of the MCDF Finance Facility. The MCDF serves as a multilateral initiative to foster high-quality infrastructure and connectivity investments in developing economies.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C3** | **Net gain on financial instruments measured at fair value and foreign exchange**  |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended Sep. 30, 2025** | **For the nine months<br>ended Sep. 30, 2024** |
|  Money Market Funds (Note C6) | 35569 | 71683 |
|  Investments at fair value through<br> profit or loss (Note C7) | 804812 | 777683 |
|  Borrowings (Note C12) | (1767948) | (857587) |
|  Derivatives (Note C13): |  |  |
|  - Borrowings associated | 1240749 | 245108 |
|  - Investments operations associated | (654180) | (105454) |
|  - Treasury investments associated | (173927) | 31480 |
|  **Net (loss)/gain on financial instruments measured at fair**<br> **value through profit or loss** | **(514925)** | **162913** |
|  Net foreign exchange gain <sup>(1)</sup> | 670439 | 113320 |
|  **Total** | **155514** | **276233** |

---

<sup>(1)</sup> The Bank uses derivatives to hedge net foreign currency exposures. Therefore, the net foreign exchange gains or losses arising from non-USD monetary items can be partially offset by the net gains or losses derived from derivative instruments.

---

| | |
|:---|:---|
| **C4** | **Impairment provision**  |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended Sep. 30, 2025** | **For the nine months<br>ended Sep. 30, 2024** |
|  Loan investments | 31927 | (59659) |
|  Debt Securities | (4071) | 4048 |
|  Guarantees | (265) | 387 |
|  **Total impairment provision** | **27591** | **(55224)** |

---

---

| | |
|:---|:---|
| **C5** | **General and administrative expenses**  |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended Sep. 30, 2025** | **For the nine months<br>ended Sep. 30, 2024** |
|  Staff costs | 119211 | 104477 |
|  Professional service expenses | 31383 | 28377 |
|  IT services | 18526 | 17200 |
|  Facilities and administration expenses | 14281 | 13372 |
|  Issuance cost for borrowings | 10233 | 8507 |
|  Travel expenses | 11983 | 10238 |
|  Others | 9890 | 8412 |
|  **Total general and administrative**<br> **expenses** | **215507** | **190583** |

---

Refer to Note C19 for details of key management remuneration.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C6** | **Cash, cash equivalent, and deposits with banks**  |

---

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  Cash |  |  |
|  Deposits with banks |  |  |
|  - Demand deposits <sup>(1)</sup> | 47781 | 46843 |
|  - Term deposits with initial maturity<br> of three months or less | 4303909 | 1557222 |
|  Money Market Funds <sup>(2)</sup> | 365627 | 318474 |
|  **Total cash and cash equivalents** | **4717317** | **1922539** |
|  Add: term deposits with initial maturity<br> more than three months <sup>(3)</sup> | 2657362 | 462012 |
|  **Total cash, cash equivalents, and deposits with banks** | **7374679** | **2384551** |

---

<sup>(1)</sup> USD27.91 million of demand deposits is segregated for the externally managed portfolios (Dec. 31, 2024: USD27.51 million).

<sup>(2)</sup> Money Market Funds

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended Sep. 30, 2025** | **For the year ended<br>Dec. 31, 2024** |
|  As at beginning of period/year | 318474 | 1150086 |
|  Additions | 18408400 | 22317336 |
|  Disposals | (18396816) | (23230751) |
|  Fair value gain, net | 35569 | 81803 |
|  **Total Money Market Funds** | **365627** | **318474** |

---

Money Market Funds ("MMFs") are rated triple-A equivalent and invest in a diversified portfolio of short-term high-quality assets. The objective of the investment is only to meet short-term cash commitments. The MMFs are subject to an insignificant risk of changes in value, with daily liquidity and an investment return comparable to normal USD denominated money market interest rates. The MMFs are exposed to credit, market and liquidity risks and are measured at fair value.

<sup>(3)</sup> Term deposits with initial maturity more than three months have maturities up to 24 months. As at Sep. 30, 2025, USD2.66 billion of term deposits have remaining maturity within 12 months (Dec. 31, 2024: USD0.46 billion).

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

---

| | |
|:---|:---|
| **C7** | **Investments at fair value through profit or loss**  |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended Sep. 30, 2025** | **For the year ended<br>Dec. 31, 2024** |
|  As at the beginning of period/year | 14538941 | 16635658 |
|  Investment, net | 627569 | (2526831) |
|  Return of capital contributions | (71157) | (95600) |
|  Net gain of investments | 804812 | 525714 |
|  **Total investments at fair value through profit or loss** | **15900165** | **14538941** |

---

Analysis of investments at fair value through profit or loss:

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  **Treasury investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; External Managers Program (a) | 4666535 | 4456279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt securities (b) | 8985530 | 8150398 |
|  **Subtotal** | **13652065** | **12606677** |
|  **Investment operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed income portfolio and debt securities (c) | 851287 | 676804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment with equity participation (d) | 1396813 | 1255460 |
|  **Subtotal** | **2248100** | **1932264** |
|  **Total investments at fair value through profit or loss** | **15900165** | **14538941** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank has engaged external asset managers to invest in portfolios of high credit quality securities (the
"External Managers Program"). The portfolios are fair value measured and securities are eligible for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank invests mainly in debt securities of high credit quality, such as bonds, certificates of deposit and
commercial papers, which are mostly actively managed within treasury investment portfolio. The debt securities are measured at fair value through profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank has engaged an external asset manager to invest in a fixed-income portfolio, which is to develop the climate
bond markets in Asia, composed of labeled green bonds and unlabeled climate-aligned bonds. Separately, the Bank also invests in securities for infrastructure and development purposes in its investment operations portfolio.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C7** | **Investments at fair value through profit or loss (Continued)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bank holds investments with equity participation which includes limited partnership funds ("LP
Funds"), trust, associates through venture capital and others.

LP Funds are managed by the general partners, who manage all investments on behalf of the limited partners. The Bank, along with other investors, has entered into LP Funds as a limited partner.

As at Sep. 30, 2025, the Bank held USD122.49 million investments in associates through venture capital (Dec. 31, 2024: USD124.54 million), which are measured at fair value through profit or loss in accordance with IFRS 9 by applying the exemption from adopting the equity method under IAS 28. For the nine months ended Sep. 30, 2025, these investments recorded a fair value gain of USD2.51 million, which is included in Note C3 (for the nine months ended Sep. 30, 2024: fair value gain of USD9.93 million).

The total remaining capital commitment amount for investments with equity participation has no significant change as at Sep. 30, 2025 compared to Dec. 31, 2024. The investments with equity participation do not have a fixed exit date.

Please refer to Note C19 for the transactions with associates through venture capital.

---

| | |
|:---|:---|
| **C8** | **Loan investments, loan commitments and related ECL allowance**  |

---

---

| | | |
|:---|:---|:---|
| **Loan investments** | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  Gross carrying amount | 29572568 | 26835342 |
|  ECL allowance | (229558) | (198277) |
|  **Net carrying amount** | **29343010** | **26637065** |

---

Loan investments are carried at amortized cost. At initial recognition, loan investments are measured at fair value using the assumptions market participants of either sovereign-backed or nonsovereign-backed projects would use when pricing the loan assets. The market where the Bank enters into such transactions is considered to be the principal market. The transaction price normally represents the fair value of loans at their initial recognition.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C8** | **Loan investments, loan commitments and related ECL allowance (Continued)**  |

---

All sovereign-backed loans to eligible members are subject to the same pricing, taking into account the "preferred creditor status" and other terms giving the Bank rights more favorable than those available to commercial creditors. The Bank applies commercial pricing practices to nonsovereign-backed loans. The Bank has no intention to sell sovereign-backed loans, nor does it believe there is a secondary market for such loans.

The Bank began offering variable spread loans in 2019 where the lending rate consists of a variable reference rate and a variable spread. The variable spread consists of a fixed contractual lending spread and maturity premium along with a variable borrowing cost margin. The reference rate and the borrowing cost margin are determined at each interest rate reset date and are applicable for the following six months. The borrowing cost margin is based on the cost of the underlying funding for these loans at the time of the reset. As at Sep. 30, 2025, USD20,668.3 million of the total carrying amount of the Bank's loans are variable spread loans (Dec. 31, 2024: USD18,687.9 million).

As at Sep. 30, 2025, USD2,277.1 million of the total carrying amount matures within 12 months (Dec. 31, 2024: USD1,823.0 million).

The following table sets out overall information about the credit quality of loan investments and undrawn loan commitments for effective contracts as at Sep. 30, 2025. The gross amounts of loans are net of the transaction costs and fees that are capitalized through the effective interest method, or EIR method. Loan commitment is recorded based on the legal obligation of the Bank to provide the financing, for which the Bank does not have the full discretion to withdraw.

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  Loan investments, gross carrying amount | 29572568 | 26835342 |
|  Undrawn loan commitments | 15340009 | 13005442 |
|  | 44912577 | 39840784 |
|  Total ECL allowance (a) | (230638) | (198712) |
|  | **44681939** | **39642072** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As at Sep. 30, 2025, the total ECL allowance related to undrawn loan commitments is USD1.08 million (Dec. 31,
2024: USD0.44 million), and is presented as a provision in Note C14.

For the nine months ended Sep. 30, 2025, the impairment provision charged on loan investments and undrawn loan commitments were USD31.93 million (impairment provision released for the nine months ended Sep. 30, 2024: USD59.66 million), as disclosed in Note C4.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C9** | **Debt securities at amortized cost**  |

---

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  **Treasury investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Externally managed fixed income portfolio (a) | 351085 | 413661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internally managed fixed income portfolio (b) | 10647799 | 10631623 |
| &nbsp;&nbsp;&nbsp;&nbsp; ECL allowance | (1664) | (2808) |
|  **Subtotal** | **10997220** | **11042476** |
|  **Investment operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment operations bond portfolios (c) | 775194 | 722185 |
| &nbsp;&nbsp;&nbsp;&nbsp; ECL allowance | (8029) | (16172) |
|  **Subtotal** | **767165** | **706013** |
|  **Net carrying amount** | **11764385** | **11748489** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank engaged an external asset manager to invest in a treasury investment portfolio of high credit quality
securities. The portfolio adopts a hold-to-maturity business strategy. The debt securities are initially recognized at fair value and subsequently measured at amortized
cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank has an internally managed treasury investment portfolio of high credit quality debt securities. The portfolio
adopts a hold-to-maturity business strategy. The debt securities are initially recognized at fair value and subsequently measured at amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank has invested in a fixed income debt securities investment portfolio which comprises Asian
infrastructure-related bonds and other investments of debt securities through private placements. The debt securities are initially recognized at fair value and subsequently measured at amortized cost.

For the nine months ended Sep. 30, 2025, USD4.82 million net investment loss was recognized as a result of disposal of certain debt securities in the portfolios (for the nine months ended Sep. 30, 2024: USD0.18 million).

Debt securities at amortized cost are subject to credit losses estimated by applying an ECL model, assessed on a forward-looking basis. As at Sep. 30, 2025, ECL allowances of USD8.03 million and USD1.66 million have been provided respectively to debt securities in investment operations and treasury investment portfolio (Dec. 31, 2024: USD16.17 million and USD2.81 million respectively).

As at Sep. 30, 2025, USD3,173.43 million of the gross carrying amount matures within 12 months (Dec. 31, 2024: USD2,858.41 million).

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C10** | **Paid-in capital receivables**  |

---

According to the AOA, payments for paid-in capital (refer to Note C15) are due in five installments, with the exception of members considered as less developed economies, who may pay in ten installments. Paid-in capital receivables represent amounts due from members in respect of paid-in capital. These amounts are initially recognized at fair value and subsequently measured at amortized cost. The fair value discount is accreted through income using the effective interest method. For the nine months ended Sep. 30, 2025, a total discount of USD0.55 million (for the nine months ended Sep. 30, 2024: USD0.09 million) has been debited to the reserve. An amount of USD0.18 million (for the nine months ended Sep. 30, 2024:USD0.53 million) has been accreted through income in the current year.

As at Sep. 30, 2025, overdue contractual undiscounted paid-in capital receivables, amounting to USD290.14 million (Dec. 31, 2024: USD218.35 million) (Note C15), are not considered impaired.

As at Sep. 30, 2025, USD299.64 million (Dec. 31, 2024: USD226.77 million) of the paid-in capital balance is due within 12 months.

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended Sep. 30, 2025** | **For the year ended<br>Dec. 31, 2024** |
|  As at the beginning of period/year | 234336 | 262637 |
|  Paid-in capital receivables originated | 116352 | 2010 |
|  Contributions received | (46155) | (30777) |
|  Transfer from prepaid paid-in capital to contribution | (300) | (200) |
|  Accretion to profit or loss | 181 | 666 |
|  **Total paid-in capital receivable** | **304414** | **234336** |

---

---

| | |
|:---|:---|
| **C11** | **Other assets**  |

---

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  Receivable for unsettled trades | 428825 | 100918 |
|  Cash collateral receivable (Note C13) | 243627 | 614349 |
|  Prepayments | 8468 | 8729 |
|  Receivable for Special Funds and MCDF administration fees | 2420 | 2756 |
|  Others | 2432 | 1879 |
|  **Total other assets** | **685772** | **728631** |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C12** | **Borrowings**  |

---

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  Borrowings carried at fair value | 37389726 | 31597860 |
|  Borrowings carried at amortized cost | 3882605 | 1355939 |
|  **Total borrowings** | **41272331** | **32953799** |

---

The Bank raises funds through various markets to support its operations and enhance its presence in the key capital markets which provide the Bank with cost-efficient funding levels. The Bank's debt issuance programs include the SEC-registered Shelf, Global Medium-Term Notes Programme, Australian Dollar and New Zealand Dollar Debt Issuance Programme, Renminbi Bond Issuance Program, and Euro Commercial Paper Programme (the "ECP"). Among these funding sources, the SEC-registered fixed-rate global notes have been the primary program of the Bank's borrowing activities. These funding initiatives have enabled the Bank to access diverse sources of capital and strengthen its financial position.

The following table sets out the details of the outstanding amount by denominated currency.

---

| | | |
|:---|:---|:---|
| **Denominated currency** | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  USD | 23638498 | 19669284 |
|  GBP | 5129667 | 4081553 |
|  EUR | 4824920 | 2875429 |
|  CNY | 2962095 | 2696075 |
|  AUD | 1356422 | 931979 |
|  INR | 1219458 | 1070727 |
|  HKD | 1147012 | 760550 |
|  CHF | 396535 | 244061 |
|  MXN | 242099 | 120519 |
|  Others | 355625 | 503622 |
|  **Total** | **41272331** | **32953799** |

---

Borrowings that are paired with swaps are designated as financial liabilities at fair value through profit or loss. The designation significantly reduces accounting mismatches that would otherwise arise if the borrowings were carried at amortized cost while the related swaps are carried at fair value. Interest from borrowings is calculated based on outstanding balances of the borrowings and coupon rates and presented as interest expense in the Statement of Comprehensive Income.

Floating rate notes and ECP are carried at amortized cost with interest expenses recognized under the effective interest rate method.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C12** | **Borrowings (Continued)**  |

---

The fair value changes for financial liabilities that are designated as at fair value through profit or loss that are attributable to changes in the Bank's own credit risk, are recognized in other comprehensive income in accordance with the requirements of IFRS 9. Fair value movements attributable to changes in the Bank's own credit risk are determined using the mark-to-market approach by applying an observable own credit spread curve to the Bank's exposure at the reporting date.

For the nine months ended Sep. 30, 2025, the fair value gain attributable to changes in the Bank's own credit risk included in the other comprehensive income amounted to USD125.67 million (for the nine months ended Sep. 30, 2024: fair value loss of USD143.54 million).

The following table sets out information about changes in liabilities arising from borrowing activities, including changes arising from cash flows and non-cash changes.

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended Sep. 30, 2025** | **For the year ended<br>Dec. 31, 2024** |
|  As at beginning of period/year | 32953799 | 30528131 |
|  Changes arising from cash flows |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; - Proceeds from borrowings, net | 17641327 | 14047018 |
| &nbsp;&nbsp;&nbsp;&nbsp; - Repayment of borrowings | (10877929) | (11655017) |
| &nbsp;&nbsp;&nbsp;&nbsp; - Interest payments | (1047585) | (1071831) |
| &nbsp;&nbsp;&nbsp;&nbsp; - Issuance cost for borrowings | 10233 | 9047 |
|  Non-cash changes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; - Accrued interest | 950210 | 1149257 |
| &nbsp;&nbsp;&nbsp;&nbsp; - Changes in fair value included in the other comprehensive income | (125672) | 142012 |
| &nbsp;&nbsp;&nbsp;&nbsp; - Changes in fair values included in profit or loss (Note C3) | 1767948 | (194818) |
|  **Total borrowings** | **41272331** | **32953799** |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C13** | **Derivatives**  |

---

As at Sep. 30, 2025, the Bank has entered into several interest rate swap, foreign exchange forward and cross currency swap contracts. The Bank makes use of derivatives primarily to hedge the Bank's borrowings, so as to convert issuance proceeds into the currency and interest rate structure sought by the Bank. The Bank also uses derivatives to manage the net interest rate and foreign exchange risks arising from its financial assets including, but not limited to, loans, certificates of deposit and bond investments.

Derivative contracts are financial instruments valued at each reporting date using valuation techniques that consider observable market data such as yield curves, interest rates, and foreign currency rates. Net interest paid or received on these derivative contracts is included within the net gain on financial instruments.

The following table sets out the contractual notional amounts and fair values of the derivatives as at Sep. 30, 2025 and Dec. 31, 2024. The payments under each of the derivative contracts are subject to enforceable master netting arrangements.

---

| | | | |
|:---|:---|:---|:---|
|  | **As at Sep. 30, 2025** | **As at Sep. 30, 2025** | **As at Sep. 30, 2025** |
|  | **Contractual notional** | **Fair value** | **Fair value** |
|  | **amount** | **Assets** | **Liabilities** |
|  **Derivatives** |  |  |  |
|  Interest rate swaps | 32227026 | 215309 | 106660 |
|  Cross currency swaps | 25437609 | 941828 | 850963 |
|  FX forwards | 2558319 | 11623 | 8241 |
|  **Total derivatives** | **60222954** | **1168760** | **965864** |
|  | **As at Dec. 31, 2024** | **As at Dec. 31, 2024** | **As at Dec. 31, 2024** |
|  | **Contractual notional** | **Fair value** | **Fair value** |
|  | **amount** | **Assets** | **Liabilities** |
|  **Derivatives** |  |  |  |
|  Interest rate swaps | 29233488 | 186848 | 365326 |
|  Cross currency swaps | 21170690 | 573143 | 800848 |
|  FX forwards | 2202738 | 72070 | 9411 |
|  **Total derivatives** | **52606916** | **832061** | **1175585** |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C13** | **Derivatives (Continued)**  |

---

The table below presents the undiscounted cash flows in/(out) of the derivatives the Bank has entered into as at Sep. 30, 2025 and Dec. 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As at Sep. 30, 2025** | **As at Sep. 30, 2025** | **As at Sep. 30, 2025** | **As at Sep. 30, 2025** | **As at Sep. 30, 2025** | **As at Sep. 30, 2025** |
|  | **Less than<br>1 month** | **1-3<br>months** | **3-12<br>months** | **1-5 years** | **Over 5<br>years** | **Total** |
|  **Total Derivatives** |  |  |  |  |  |  |
|  Interest rate swaps | (129444) | (89364) | 172095 | 199920 | 56608 | 209815 |
|  Gross settling cross currency swaps - inflow | 160645 | 2052670 | 4453102 | 16533183 | 6715176 | 29914776 |
|  Gross settling cross currency swaps - outflow | (155932) | (2097596) | (4292563) | (16399862) | (6389815) | (29335768) |
|  Gross settling FX forwards - inflow | 711428 | 1140965 | 704931 |  |  | 2557324 |
|  Gross settling FX forwards - outflow | (712982) | (1137824) | (699839) | - | - | (2550645) |
|  **Total derivatives** | **(126285)** | **(131149)** | **337726** | **333241** | **381969** | **795502** |
|  | **As at Dec. 31, 2024** | **As at Dec. 31, 2024** | **As at Dec. 31, 2024** | **As at Dec. 31, 2024** | **As at Dec. 31, 2024** | **As at Dec. 31, 2024** |
|  | **Less than<br>1 month** | **1-3<br>months** | **3-12<br>months** | **1-5 years** | **Over 5<br>years** | **Total** |
|  **Total Derivatives** |  |  |  |  |  |  |
|  Interest rate swaps | (4530) | 21557 | (254470) | 56429 | (1519) | (182533) |
|  Gross settling cross currency swaps - inflow | 418330 | 424420 | 4273174 | 15688201 | 3926744 | 24730869 |
|  Gross settling cross currency swaps - outflow | (407752) | (425956) | (4328376) | (15440357) | (3843978) | (24446419) |
|  Gross settling FX forwards - inflow | 548271 | 754050 | 816476 |  |  | 2118797 |
|  Gross settling FX forwards - outflow | (534221) | (736215) | (775191) | - | - | (2045627) |
|  **Total derivatives** | **20098** | **37856** | **(268387)** | **304273** | **81247** | **175087** |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C13** | **Derivatives (Continued)**  |

---

The Bank requires collateral in the form of cash against the exposures to derivative counterparties. The Bank records cash collateral in respect of the interest rate swaps and cross currency swaps based on the fair value of the swaps. This amount is presented separately in the Bank's Statement of Financial Position as the cash flows are not applied towards the settlement of net interest payments. The collateral would only be applied against amounts due in the event that some or all the corresponding swaps are terminated early, including, but not limited to, as a result of a default by the relevant counterparty. As at Sep. 30, 2025, the Bank has received cash collateral of USD429.71 million (Note C14) (Dec. 31, 2024: USD264.36 million) from the swap counterparties and has paid cash collateral of USD243.63 million (Note C11) (Dec. 31, 2024: USD614.35 million) to the swap counterparties.

Due to the collateral arrangements in the Bank's derivatives contracts, the counterparty valuation adjustment ("CVA") and debt valuation adjustment ("DVA") do not have a material impact on the derivative valuations as at Sep. 30, 2025 and Dec. 31, 2024.

The contractual notional amounts of the derivatives and carrying amount of the hedged financial instruments are as follows. The Bank's risk exposures have been well hedged. Therefore, the profit and loss are effectively managed on a net basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at Sep. 30, 2025** | **As at Sep. 30, 2025** | **As at Dec. 31, 2024** | **As at Dec. 31, 2024** |
|  | **Contractual<br>notional amount<br>of derivative** | **Gross carrying<br>amount of<br>economically<br>hedged financial<br>instruments** | **Contractual<br>notional amount<br>of derivative** | **Gross carrying<br>amount of<br>economically<br>hedged financial<br>instruments** |
|  Borrowings related hedge | 37591724 | 37389726 | 36211901 | 31597860 |
|  Loans related hedge | 7882429 | 6905842 | 6481437 | 6307348 |
|  Debt securities related hedge in investment operations portfolio | 1021419 | 1003955 | 617847 | 585619 |

---

Derivatives with notional amount of USD13,727.38 million are under the management of treasury investment portfolio (Dec. 31, 2024: USD9,295.73 million).

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C14** | **Other liabilities**  |

---

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  Payable for unsettled trades | 511811 | 120698 |
|  Cash collateral payable (Note C13) | 429708 | 264357 |
|  Deferred interest (Note C19) | 38262 | 39087 |
|  Accrued expenses | 27120 | 35187 |
|  Staff cost payable | 12733 | 6929 |
|  Financial guarantee liabilities | 9049 | 10997 |
|  Provision for loan and debt securities | 1542 | 435 |
|  Lease liability | 150 | 481 |
|  Bank overdrafts |  | 48306 |
|  Others | 1021 | 2377 |
|  **Total other liabilities** | **1031396** | **528854** |

---

---

| | |
|:---|:---|
| **C15** | **Share capital**  |

---

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | **Dec. 31, 2024** |
|  Authorized capital | 100000000 | 100000000 |
|  - Allocated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Subscribed | 97622200 | 97037800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Unsubscribed | 389800 | 974200 |
|  - Unallocated | 1988000 | 1988000 |
|  Total authorized capital | 100000000 | 100000000 |
|  Subscribed capital | 97622200 | 97037800 |
|  Less: callable capital | (78097800) | (77630300) |
|  Paid-in capital | 19524400 | 19407500 |
|  Paid-in capital comprises: |  |  |
|  - amounts received | 19219201 | 19172747 |
|  - amount due but not yet received | 290136 | 218353 |
|  - amount not yet due | 15063 | 16400 |
|  **Total paid-in capital** | **19524400** | **19407500** |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C15** | **Share capital (Continued)**  |

---

In accordance with Articles 4 and 5 of the AOA, the initial authorized capital stock of the Bank is USD100 billion, divided into 1,000,000 shares, which shall be available for subscription only by members.

The original authorized capital stock is divided into paid-in shares and callable shares, with paid-in shares having an aggregate par value of USD20 billion and callable shares having an aggregate par value of USD80 billion.

Payment of the amount subscribed to the callable capital stock of the Bank shall be subject to call only as and when required by the Bank to meet its liabilities. Calls on unpaid subscriptions shall be uniform in percentage on all callable shares.

In accordance with Article 37 of the AOA, any member may withdraw from the Bank at any time by delivering a notice in writing to the Bank at its principal office. A withdrawing member remains liable for all direct and contingent obligations to the Bank to which it was subject at the date of delivery of the withdrawal notice. At the time an economy ceases to be a member, the Bank shall arrange for the repurchase of such economy's shares by the Bank as a part of the settlement of accounts with such economy.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C15** | **Share capital (Continued)**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Member** | **Total share** | **Subscribed capital** | **Callable capital** | **Paid-in capital** |
|  Afghanistan | 866 | 86600 | 69300 | 17300 |
|  Algeria | 50 | 5000 | 4000 | 1000 |
|  Argentina | 50 | 5000 | 4000 | 1000 |
|  Armenia | 374 | 37400 | 29900 | 7500 |
|  Australia | 36912 | 3691200 | 2953000 | 738200 |
|  Austria | 5008 | 500800 | 400600 | 100200 |
|  Azerbaijan | 2541 | 254100 | 203300 | 50800 |
|  Bahrain | 1036 | 103600 | 82900 | 20700 |
|  Bangladesh | 6605 | 660500 | 528400 | 132100 |
|  Belarus | 641 | 64100 | 51300 | 12800 |
|  Belgium | 2846 | 284600 | 227700 | 56900 |
|  Benin | 50 | 5000 | 4000 | 1000 |
|  Brazil | 50 | 5000 | 4000 | 1000 |
|  Brunei Darussalam | 524 | 52400 | 41900 | 10500 |
|  Cambodia | 623 | 62300 | 49800 | 12500 |
|  Canada | 9954 | 995400 | 796300 | 199100 |
|  Chile | 100 | 10000 | 8000 | 2000 |
|  China | 297804 | 29780400 | 23824300 | 5956100 |
|  Cook Islands | 5 | 500 | 400 | 100 |
|  Croatia | 50 | 5000 | 4000 | 1000 |
|  Cyprus | 200 | 20000 | 16000 | 4000 |
|  Côte d'Ivoire | 50 | 5000 | 4000 | 1000 |
|  Denmark | 3695 | 369500 | 295600 | 73900 |
|  Djibouti | 5 | 500 | 400 | 100 |
|  EI Salvador | 50 | 5000 | 4000 | 1000 |
|  Ecuador | 50 | 5000 | 4000 | 1000 |
|  Egypt | 6505 | 650500 | 520400 | 130100 |
|  Ethiopia | 458 | 45800 | 36600 | 9200 |
|  Fiji | 125 | 12500 | 10000 | 2500 |
|  Finland | 3103 | 310300 | 248200 | 62100 |
|  France | 33756 | 3375600 | 2700500 | 675100 |
|  Georgia | 539 | 53900 | 43100 | 10800 |
|  Germany | 44842 | 4484200 | 3587400 | 896800 |
|  Ghana | 50 | 5000 | 4000 | 1000 |
|  Greece | 100 | 10000 | 8000 | 2000 |
|  Guinea | 50 | 5000 | 4000 | 1000 |
|  Hong Kong, China | 7651 | 765100 | 612100 | 153000 |
|  Hungary | 1000 | 100000 | 80000 | 20000 |
|  Iceland | 176 | 17600 | 14100 | 3500 |
|  India | 83673 | 8367300 | 6693800 | 1673500 |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C15** | **Share capital (Continued)**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Member** | **Total share** | **Subscribed capital** | **Callable capital** | **Paid-in capital** |
|  Indonesia | 33607 | 3360700 | 2688600 | 672100 |
|  Iran | 15808 | 1580800 | 1264600 | 316200 |
|  Iraq | 250 | 25000 | 20000 | 5000 |
|  Ireland | 1313 | 131300 | 105000 | 26300 |
|  Israel | 7499 | 749900 | 599900 | 150000 |
|  Italy | 25718 | 2571800 | 2057400 | 514400 |
|  Jordan | 1192 | 119200 | 95400 | 23800 |
|  Kazakhstan | 7293 | 729300 | 583400 | 145900 |
|  Kenya | 50 | 5000 | 4000 | 1000 |
|  Korea | 37387 | 3738700 | 2991000 | 747700 |
|  Kuwait | 5360 | 536000 | 428800 | 107200 |
|  Kyrgyz Republic | 268 | 26800 | 21400 | 5400 |
|  Lao PDR | 430 | 43000 | 34400 | 8600 |
|  Liberia | 50 | 5000 | 4000 | 1000 |
|  Libya | 526 | 52600 | 42100 | 10500 |
|  Luxembourg | 697 | 69700 | 55800 | 13900 |
|  Madagascar | 50 | 5000 | 4000 | 1000 |
|  Malaysia | 1095 | 109500 | 87600 | 21900 |
|  Maldives | 72 | 7200 | 5800 | 1400 |
|  Malta | 136 | 13600 | 10900 | 2700 |
|  Mauritania | 50 | 5000 | 4000 | 1000 |
|  Mongolia | 411 | 41100 | 32900 | 8200 |
|  Morocco | 50 | 5000 | 4000 | 1000 |
|  Myanmar | 2645 | 264500 | 211600 | 52900 |
|  Nauru | 5 | 500 | 400 | 100 |
|  Nepal | 809 | 80900 | 64700 | 16200 |
|  Netherlands | 10313 | 1031300 | 825000 | 206300 |
|  New Zealand | 4615 | 461500 | 369200 | 92300 |
|  Norway | 5506 | 550600 | 440500 | 110100 |
|  Oman | 2592 | 259200 | 207400 | 51800 |
|  Pakistan | 10341 | 1034100 | 827300 | 206800 |
|  Papua New Guinea | 50 | 5000 | 4000 | 1000 |
|  Peru | 1546 | 154600 | 123700 | 30900 |
|  Philippines | 9791 | 979100 | 783300 | 195800 |
|  Poland | 8318 | 831800 | 665400 | 166400 |
|  Portugal | 650 | 65000 | 52000 | 13000 |
|  Qatar | 6044 | 604400 | 483500 | 120900 |
|  Romania | 1530 | 153000 | 122400 | 30600 |
|  Russia | 65362 | 6536200 | 5229000 | 1307200 |
|  Rwanda | 50 | 5000 | 4000 | 1000 |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C15** | **Share capital (Continued)**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Member** | **Total share** | **Subscribed capital** | **Callable capital** | **Paid-in capital** |
|  Samoa | 21 | 2100 | 1700 | 400 |
|  Saudi Arabia | 25446 | 2544600 | 2035700 | 508900 |
|  Serbia | 50 | 5000 | 4000 | 1000 |
|  Singapore | 2500 | 250000 | 200000 | 50000 |
|  Solomon Islands | 5 | 500 | 400 | 100 |
|  South Africa | 50 | 5000 | 4000 | 1000 |
|  Spain | 17615 | 1761500 | 1409200 | 352300 |
|  Sri Lanka | 2690 | 269000 | 215200 | 53800 |
|  Sudan | 590 | 59000 | 47200 | 11800 |
|  Sweden | 6300 | 630000 | 504000 | 126000 |
|  Switzerland | 7064 | 706400 | 565100 | 141300 |
|  Tajikistan | 309 | 30900 | 24700 | 6200 |
|  Thailand | 14275 | 1427500 | 1142000 | 285500 |
|  Timor-Leste | 160 | 16000 | 12800 | 3200 |
|  Togo | 50 | 5000 | 4000 | 1000 |
|  Tonga | 12 | 1200 | 1000 | 200 |
|  Tunisia | 50 | 5000 | 4000 | 1000 |
|  Türkiye | 26099 | 2609900 | 2087900 | 522000 |
|  United Arab Emirates | 11857 | 1185700 | 948600 | 237100 |
|  United Kingdom | 30547 | 3054700 | 2443800 | 610900 |
|  Uruguay | 50 | 5000 | 4000 | 1000 |
|  Uzbekistan | 2198 | 219800 | 175800 | 44000 |
|  Vanuatu | 5 | 500 | 400 | 100 |
|  Viet Nam | 6633 | 663300 | 530600 | 132700 |
|  **Total** | **976222** | **97622200** | **78097800** | **19524400** |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C16** | **Reserves**  |

---

Based on Article 18.1 of the AOA, the Board of Governors shall determine at least annually what part of the net income of the Bank shall be allocated, after making provision for reserves, to retained earnings or other purposes and what part, if any, shall be distributed to the members.

---

| | |
|:---|:---|
| **C17** | **Distributions**  |

---

Retained earnings as at Sep. 30, 2025 are USD3,827.76 million (Dec. 31, 2024: USD3,244.21 million). For the nine months ended Sep. 30, 2025, USD0.18 million (for the nine months ended Sep. 30, 2024: USD0.53 million) of retained earnings has been transferred to the reserve for accretion of the paid-in capital receivables.

No dividends were declared during the reporting period.

---

| | |
|:---|:---|
| **C18** | **Unconsolidated structured entities**  |

---

Special Funds established and administered by the Bank based on Article 17.1 of the AOA are unconsolidated structured entities for accounting purposes. Consistent with Article 10 of the Bank's AOA, the resources of the Special Funds shall at all times and in all respects be held, used, committed, invested or otherwise disposed of entirely separately from the Bank's ordinary resources.

**The Project Preparation Special Fund** 

The objective of the Project Preparation Special Fund is to support and facilitate preparatory activities during the preparation and early implementation of projects, on a grant basis, for the benefit of one or more members of the Bank that, at the time when the decision to extend the grant is made by the Bank, are classified as recipients of financing from the International Development Association ("IDA"), and other members of the Bank with substantial development needs and capacity constraints.

The resources of the Project Preparation Special Fund consist of: (a) amounts accepted from any member of the Bank, any of its political or administrative sub-divisions, or any entity under the control of the member or such sub-divisions or any other economy, entity or person approved by the President that may become a contributor to the Special Funds; (b) income derived from investment of the resources of the Special Funds; and (c) funds reimbursed to the Special Funds, if any.

The full cost of administering the Project Preparation Special Fund is charged to the Project Preparation Special Fund. The Bank charges an administration fee based on the principle of full cost recovery on the contribution amount received by the Project Preparation Special Fund, and the Project Preparation Special Fund bears all expenses appertaining directly to operations financed from the resources of the Project Preparation Special Fund.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C18** | **Unconsolidated structured entities (Continued)**  |

---

As at Sep. 30, 2025, the Project Preparation Special Fund aggregate contributions received amounted to USD129 million (Dec. 31, 2024: USD128 million). For the nine months ended Sep. 30, 2025, fees recognized as income amounted to USD0.01 million (for the nine months ended Sep. 30, 2024: USD0.17 million).

**The Special Fund Window for Less Developed Members (the "Special Fund Window")** 

The Special Fund Window provides interest rate buy-down to eligible sovereign-backed financing aligned with AIIB's Corporate Strategy in eligible members according to the approved Rules and Regulations. The Special Fund Window is funded by the amounts transferred by the Bank from its Project Preparation Special Fund and voluntary contributions from the Bank's Members.

The full cost of administering the Special Fund Window is charged to the Special Fund Window. The Bank charges an administration fee based on the principle of full cost recovery on the contribution amount received by the Special Fund Window, and the Special Fund Window bears all expenses appertaining directly to operations financed from the resources of the Special Fund Window.

For the nine months ended Sep. 30, 2025, fees recognized as income amounted to USD0.74 million (for the nine months ended Sep. 30, 2024: USD0.03 million).

As at Sep. 30, 2025, USD0.68 million of administration fee receivable by the Bank (Dec. 31, 2024: USD0.61 million), and the interest rate buy-down balance for eligible sovereign-backed loans from the Special Fund Window amounted to USD38.26 million (Dec. 31, 2024: USD39.09 million) (Note C14).

**AIIB Project-Specific Window** 

On March 19, 2024, the Bank established the Project-Specific Window for the Bank to accept, manage and disburse external grants for the co-financing of eligible projects in the Bank's low- and middle-income members and small island members as defined in the Rules and Regulations of the AIIB Project-Specific Window.

The resource of the Project-Specific Window consists of contributions from eligible contributors to co-finance specific eligible projects approved by the contributors. Contributions received will be channeled and disbursed to the approved specific projects. The full cost of administration shall be charged to the Project-Specific Window.

The full cost of administering the Project-Specific Window is charged to the Project-Specific Window. The Bank charges an administration fee based on the principle of full cost recovery on the contribution amount received by the Project-Specific Window, and the Project-Specific Window bears all expenses appertaining directly to operations financed from the resources of the Project-Specific Window.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C18** | **Unconsolidated structured entities (Continued)**  |

---

For the nine months ended Sep. 30, 2025, fees recognized as income amounted to USD0.16 million (for the nine months ended Sep. 30, 2024: none).

As at Sep. 30, 2025, there was no administration fee receivable by the Bank (Dec. 31, 2024: none).

**AIIB External Special Funds** 

Special Fund resources received by AIIB in its role as implementing entity of multilateral partnership facilities are considered as AIIB External Special Funds collectively. AIIB became the Global Infrastructure Facility Technical Partner ("GIF TP") on June 23, 2021 after executing the Financial Procedures Agreement; the MCDF Implementing Partner ("MCDF IP") on Aug. 9, 2021 after executing the Implementing Partner Agreement; the Pandemic Prevention, Preparedness and Response Trust Fund Implementing Entity ("PPR IE") on Feb. 10, 2023 after executing the Financial Procedures Agreement; and the Green Climate Fund Accredited Entity ("GCF AE) on June 25, 2025 after executing the Accreditation Master Agreement. Resources from the multilateral partnership facilities are administered in separate External Special Funds.

The Bank is not obliged to provide financial support to the Special Funds.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C19** | **Related party transactions**  |

---

Parties are generally considered to be related if the parties are under common control, or one party has the ability to control the other party or can exercise significant influence over the other party in making financial or operational decisions. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely to the legal form.

Major outstanding balances with related parties are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
|  | China<br>related<br>entities | Key<br>management<br> personnel | Other<br>related<br>parties | China<br>related<br>entities | Key<br>management<br> personnel | Other<br>related<br>parties |
|  Loan investments | 1795803 |  |  | 1525013 |  |  |
|  LP Fund | 75524 |  |  | 71798 |  |  |
|  Equity and debt security investments in/or related to associates through venture capital |  |  | 203706 |  |  | 183097 |
|  Other assets |  |  | 675 |  |  | 611 |
|  Staff loan |  | 50 |  |  | 13 |  |
|  Other liabilities | - | - | 38263 | - | - | 39087 |

---

The income and expense items affected by transactions with related parties are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the nine months**<br> **ended Sep. 30, 2025** | **For the nine months**<br> **ended Sep. 30, 2025** | **For the nine months**<br> **ended Sep. 30, 2025** | **For the nine months**<br> **ended Sep. 30, 2024** | **For the nine months**<br> **ended Sep. 30, 2024** | **For the nine months**<br> **ended Sep. 30, 2024** |
|  | China<br>related<br>entities | Key<br>management<br> personnel | Other<br>related<br>parties | China<br>related<br>entities | Key<br>management<br> personnel | Other<br>related<br>parties |
|  Income from loan<br> investments | &nbsp;&nbsp;&nbsp;&nbsp;52837 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;55878 |  |  |
|  Net gain/(loss) on LP fund | 3613 |  |  | (2812) |  |  |
|  Net gain on equity and debt security investments in/or related to associates through venture capital |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6047 |  |  | 16207 |
|  Income from staff loan |  | 2 |  |  | 2 |  |
|  Income from Special Funds (Administration Fee) | - | - | 916 | - | - | 200 |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C19** | **Related party transactions (Continued)**  |

---

Shareholder with significant influence

The Bank considers China as the member that has a significant influence over the Bank's financial and operating policies through its ability to exercise its voting powers in the Board. As at Sep. 30, 2025 the Government of China (the "Government") owned approximately 30.51% of the paid-in capital of the Bank (Dec. 31, 2024: approximately 30.69%).

The Bank enters into transactions with enterprises ultimately controlled by the Government (State-owned Entities), including but not limited to, lending, debt securities, equity and fund investments, deposits and interbank placements, goods and services.

The Bank considers the transactions with China state-owned entities are activities conducted in the ordinary course of business, and the dealings of the Bank have not been significantly or unduly affected by the fact that these entities are ultimately controlled by the Government.

Significant transactions with China related entities are as follow:

**<sup>(1)</sup>** **Loan investments** 

The Bank has loan facilities to nonsovereign borrowers that are ultimately controlled by State-owned Entities with a total outstanding balance of USD224.08 million as at Sep. 30, 2025 (Dec. 31, 2024: USD221.1 million). The Bank entered into the agreements with the borrowers in the ordinary course of business under normal commercial terms and at market rates.

The Bank has sovereign-backed facilities to China with a total outstanding balance of USD1,571.72 million equivalent as at Sep. 30, 2025 (Dec. 31, 2024: USD1,303.91 million). The Bank's standard interest rate for sovereign-backed loans has been applied.

**<sup>(2)</sup>** **LP Fund** 

In July 2019, the Bank approved a USD75 million investment into a limited partnership fund organized under the laws of Hong Kong, China and subscribed to an interest therein in November 2019. In addition to the Bank, the Government and other entities related therewith are also limited partners of the Fund. The Bank will not take part in the management of the Fund. As at Sep. 30, 2025, the fair value of the Bank's interest in the Fund is USD75.52 million (Dec. 31, 2024: USD71.80 million).

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C19** | **Related party transactions (Continued)**  |

---

Transactions with other related parties are as follows:

**<sup>(1)</sup>** **Equity and debt security investments in/or related to associates** 

The fair value of the Bank's interest in the investment in associates through venture capital is USD122.49 million. As at Sep. 30, 2025, the Bank holds USD81.21 million of infrastructure asset-backed securities issued by one associate.

**<sup>(2)</sup>** **Transactions with Special Funds** 

As at Sep. 30, 2025, other assets include a receivable from Special Fund Window for the administration fee of USD0.68 million (Dec. 31, 2024: USD0.61 million).

As at Sep. 30, 2025, the interest rate buy-down balance from Special Fund Window was USD38.26 million (Dec. 31, 2024: USD39.09 million).

**Key management personnel** 

Key management personnel are those persons who have the authority and responsibility to plan, direct and control the activities of the Bank. Key management personnel of the Bank is defined as the members of the Bank's Executive Committee, that is, in accordance with the Terms of Reference of the Executive Committee dated Jan. 5, 2022, the President, the Vice Presidents, the General Counsel, the Chief Risk Officer, the Chief Financial Officer and the Chief Economist. On Jan. 1, 2025, leadership positions of the Investment Client Units are titled as Chief Investment Officers. The Chief Investment Officers are members of the Bank's Executive Committee. On Sep. 1, 2025, the Chief Partnerships Officer was included as a member of the Bank's Executive Committee.

For the nine months ended Sep. 30, 2025 and the nine months ended Sep. 30, 2024, other than loan granted to key management personnel as disclosed above, the Bank has no material transactions with key management personnel.

The compensation of key management personnel for the nine months ended Sep. 30, 2025 comprises short-term employee benefits of USD3.41 million (for the nine months ended Sep. 30, 2024: USD3.30 million) and defined contribution plans of USD0.68 million (for the nine months ended Sep. 30, 2024: USD0.66 million).

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C19** | **Related party transactions (Continued)**  |

---

**Use of office building** 

In accordance with Article 5 of the Headquarters Agreement, Government will provide a permanent office building ("Permanent Premises") and temporary office accommodation to the Bank, free of charge. The Permanent Premises and temporary office accommodation are provided to the Bank for the purposes of carrying out its Official Activities, as defined in Article 1(k) of the Headquarters Agreement. The Bank does not have legal ownership of the Permanent Premises. Please refer to Headquarters Agreement disclosed on public domain of AIIB website.

The provision of the Permanent Premises and temporary office accommodation is not subject to any consideration payable by the Bank, or any conditions relating to the Bank's lending or investing activities. The Bank, however, remains responsible for the management of the Premises and/or for the associated costs, including that of utilities and services.

On June 1, 2020, the Bank officially moved to the Permanent Premises. The temporary office was returned to the Government on June 5, 2020.

The Permanent Premises of the Bank are located at Towers A and B, Asia Financial Center, No.1 Tianchen East Road, Chaoyang District, Beijing 100101 and, as of the reporting date, provides the Bank with approximately 110,866 square meters of office space and associated facilities and equipment.

On Sep. 11, 2019, the People's Government of Tianjin Municipality (the "Tianjin Municipality") and the Bank entered into a Memorandum of Understanding (the "MOU"), in accordance with Article 5 of the Headquarters Agreement, to set out the arrangements regarding the premises of the Bank as its backup business office in Tianjin (the "Tianjin Premises"). Specifically, according to the MOU, Tianjin Municipality will provide the Tianjin Premises to the Bank for its use, free of charge, similar to the arrangements for the Permanent Premises.

On March 31, 2021, Tianjin Municipality officially handed over the Tianjin Premises to the Bank. The Tianjin Premises are located at Level 25, Level 26, 3-14, No. 681, Ronghe Road, Binhai New Area, Tianjin, and provide the Bank with approximately 4,258 square meters of office space.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**C** **Disclosure Notes** 

---

| | |
|:---|:---|
| **C20** | **Segment reporting**  |

---

The Bank has only one reportable segment since financial results are reviewed and resource allocation decisions are made at the entity level.

The table below illustrates the geographic distribution of the Bank's loan and guarantee revenue by destination for the nine months ended Sep. 30, 2025, and Sep. 30, 2024.

Loan and guarantee revenue comprises loan interest income, loan commitment fee, guarantee fees and other service fees.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the nine months ended<br>Sep. 30, 2025** | **For the nine months ended<br>Sep. 30, 2025** | **For the nine months ended<br>Sep. 30, 2025** | **For the nine months ended<br>Sep. 30, 2024** | **For the nine months ended<br>Sep. 30, 2024** | **For the nine months ended<br>Sep. 30, 2024** |
| **Region** | **Sovereign -<br>backed loans**<br> **and guarantees** | **Nonsovereign<br>-backed**<br> **loans** | **Total** | **Sovereign<br>-backed loans<br>and guarantees** | **Nonsovereign**<br> **- backed<br>loans** | **Total** |
|  Central Asia | 93028 | 17566 | 110594 | 95563 | 14292 | 109855 |
|  Eastern Asia | 55990 | 10687 | 66677 | 59436 | 10130 | 69566 |
|  Southeastern Asia | 242678 | 20302 | 262980 | 231765 | 19852 | 251617 |
|  Southern Asia | 404127 | 21704 | 425831 | 426131 | 18883 | 445014 |
|  Western Asia | 149201 | 47450 | 196651 | 177168 | 57592 | 234760 |
|  Oceania | 4276 |  | 4276 | 5674 |  | 5674 |
|  Other Regional | - | 13386 | 13386 | - | 12589 | 12589 |
|  Total Regional | 949300 | 131095 | 1080395 | 995737 | 133338 | 1129075 |
|  Total Non-Regional | 38728 | 15235 | 53963 | 40630 | 12998 | 53628 |
|  **Total** | **988028** | **146330** | **1134358** | **1036367** | **146336** | **1182703** |

---

---

| | |
|:---|:---|
| **C21** | **Events after the end of the reporting period**  |

---

There have been no other material events since the reporting date that would require disclosure or adjustment to these financial statements.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D1** | **Overview**  |

---

The Bank adopts a proactive and comprehensive approach to risk management that is instrumental to the Bank's financial viability and success in achieving its mandate. The ability to identify, mitigate and manage risk begins with the Bank's policies established with a strong risk culture. In addition to establishing appropriate risk parameters and a thorough and robust project review and monitoring process, the risk management function provides independent oversight of credit and other investment risk, market risk, liquidity risk, counterparty credit risk, model risk, operational risk, and compliance risk in the Bank's activities. It is also designed to manage assets and liabilities to minimize the volatility in its equity value and to maintain sufficient liquidity.

For further information, please refer to the accompanying notes D Financial Risk Management included in the Bank's financial statements for the year ended Dec. 31, 2024.

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks**  |

---

***Credit quality analysis***

Except for loan investments, debt securities and issued guarantee commitments, other financial assets are paid-in capital receivables, deposits with banks and MMFs, for which the credit risk is not material.

The following table sets out the debt securities at amortized cost, loans and undrawn loan commitments for sovereign-backed loans, nonsovereign-backed loans exclusive of any received sovereign guarantees, with their respective ECL allowance balance as at Sep. 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
|  | **Gross**<br> **Carrying**<br> **amount** | **Undrawn<br>Commitments** | **ECL** | **Gross**<br> **Carrying**<br> **amount** | **Undrawn<br>Commitments** | **ECL** |
|  Sovereign-backed loans | 26530501 | 14313642 | (35256) | 24433825 | 11868382 | (63078) |
|  Nonsovereign-backed loans | 3042067 | 1026367 | (195382) | 2401517 | 1137060 | (135634) |
|  Loan investments | 29572568 | 15340009 | (230638) | 26835342 | 13005442 | (198712) |
|  Debt securities | 11774079 | 151167 | (10157) | 11767469 | - | (18980) |
|  **Total** | **41346647** | **15491176** | **(240795)** | **38602811** | **13005442** | **(217692)** |

---

The maximum credit risk exposure of the issued financial guarantees as at Sep. 30, 2025 is USD1,297.05 million (Dec. 31, 2024: USD1,343.73 million), with an associated ECL allowance of USD0.83 million (Dec 31, 2024: USD1.1 million). The issued financial guarantees are classified as Stage 1.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Concentration of credit risk in investment operations portfolio

The geographical distribution by the destination of the Bank's loan investments (gross carrying amount of loans and exposure of undrawn loan commitments), issued guarantee commitments and associated ECL is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| **Region** | **Stage 1** | **Stage 2** | **Total** | **Stage 1** | **Stage 2** | **Total** |
|  **Sovereign-backed loans and guarantees<sup>(1)</sup>** |  |  |  |  |  |  |
|  Central Asia | 4156814 |  | 4156814 | 3670967 | 50099 | 3721066 |
|  Eastern Asia | 3525104 |  | 3525104 | 2929068 |  | 2929068 |
|  Southeastern<br> Asia | 10063782 | 65146 | 10128928 | 8853967 | 69720 | 8923687 |
|  Southern Asia | 15368799 | 349966 | 15718765 | 14159500 | 757041 | 14916541 |
|  Western Asia | 5928171 |  | 5928171 | 4796682 |  | 4796682 |
|  Oceania | 90777 | - | 90777 | 110445 | - | 110445 |
|  Total Regional | 39133447 | 415112 | 39548559 | 34520629 | 876860 | 35397489 |
|  Total<br> Non-Regional | 2592629 | - | 2592629 | 2248448 | - | 2248448 |
|  **Subtotal** | **41726076** | **415112** | **42141188** | **36769077** | **876860** | **37645937** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| **Region** | **Stage 1** | **Stage 2** | **Total** | **Stage 1** | **Stage 2** | **Total** |
|  **ECL allowance** |  |  |  |  |  |  |
|  Central Asia | 1553 |  | 1553 | 1459 | 2395 | 3854 |
|  Eastern Asia | 373 |  | 373 | 393 |  | 393 |
|  Southeastern Asia | 1361 | 6889 | 8250 | 1495 | 7195 | 8690 |
|  Southern Asia | 14706 | 5508 | 20214 | 18405 | 26270 | 44675 |
|  Western Asia | 2867 |  | 2867 | 3614 |  | 3614 |
|  Oceania | 351 | - | 351 | 540 | - | 540 |
|  Total Regional | 21211 | 12397 | 33608 | 25906 | 35860 | 61766 |
|  Total<br> Non-Regional | 2484 | - | 2484 | 2412 | - | 2412 |
|  **Subtotal** | **23695** | **12397** | **36092** | **28318** | **35860** | **64178** |

---

<sup>(1)</sup> The issued financial guarantees are classified as Stage 1.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Concentration of credit risk in investment operations portfolio (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| **Region** | **Stage 1** | **Stage 2** | **Stage 3 <sup>(1)</sup>** | **Total** | **Stage 1** | **Stage 2** | **Total** |
|  **Nonsovereign-backed loans** |  |  |  |  |  |  |  |
|  Central Asia | 332329 | 265185 |  | 597514 | 433911 | 93812 | 527723 |
|  Eastern Asia | 417944 |  |  | 417944 | 475002 |  | 475002 |
|  Southeastern Asia | 565350 | 26601 |  | 591951 | 479076 |  | 479076 |
|  Southern Asia | 619331 | 40302 |  | 659633 | 393713 | 40746 | 434459 |
|  Western Asia | 818845 | 165197 | 30861 | 1014903 | 1009900 | 43969 | 1053869 |
|  Other Regional | - | 296693 | - | 296693 | - | 220564 | 220564 |
|  Total Regional | 2753799 | 793978 | 30861 | 3578638 | 2791602 | 399091 | 3190693 |
|  Total Non- Regional | 298853 | 190943 | - | 489796 | 243377 | 104506 | 347883 |
|  **Subtotal** | **3052652** | **984921** | **30861** | **4068434** | **3034979** | **503597** | **3538576** |
|  **Total** | **44778728** | **1400033** | **30861** | **46209622** | **39804056** | **1380457** | **41184513** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| **Region** | **Stage 1** | **Stage 2** | **Stage 3 <sup>(1)</sup>** | **Total** | **Stage 1** | **Stage 2** | **Total** |
|  **ECL allowance** |  |  |  |  |  |  |  |
|  Central Asia | 841 | 18606 |  | 19447 | 471 | 13013 | 13484 |
|  Eastern Asia | 580 |  |  | 580 | 1293 |  | 1293 |
|  Southeastern Asia | 3940 | 212 |  | 4152 | 2548 |  | 2548 |
|  Southern Asia | 2074 | 5327 |  | 7401 | 2166 | 4501 | 6667 |
|  Western Asia | 2952 | 15333 | 3688 | 21973 | 6583 | 4119 | 10702 |
|  Other Regional | - | 110252 | - | 110252 | - | 86141 | 86141 |
|  Total Regional | 10387 | 149730 | 3688 | 163805 | 13061 | 107774 | 120835 |
|  Total Non- Regional | 620 | 30957 | - | 31577 | 3302 | 11497 | 14799 |
|  **Subtotal** | **11007** | **180687** | **3688** | **195382** | **16363** | **119271** | **135634** |
|  **Total** | **34702** | **193084** | **3688** | **231474** | **44681** | **155131** | **199812** |

---

<sup>(1)</sup> A nonsovereign-backed loan was assessed as "credit impaired" and downgraded to Stage 3. As at Sep. 30, 2025, USD3.01 million of ECL allowance has been provided for the loan.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Concentration of credit risk in investment operations portfolio (Continued)

The sector distribution of the proceeds of the Bank's projects for loan investments (gross carrying amount of loans and exposure of undrawn loan commitments), issued guarantee commitments and associated ECL is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| **Sector** | **Stage 1** | **Stage 2** | **Total** | **Stage 1** | **Stage 2** | **Total** |
|  **Sovereign-backed loans and guarantees** |  |  |  |  |  |  |
|  CRF<sup>(1)</sup>-Economic Resilience/PBF<sup>(2)</sup> | 11579450 |  | 11579450 | 11488734 |  | 11488734 |
|  CRF-Finance/Liquidity | 732616 |  | 732616 | 634914 | 170213 | 805127 |
|  CRF-Public Health | 3246237 |  | 3246237 | 3217801 |  | 3217801 |
|  Education Infrastructure | 252239 |  | 252239 | 249841 |  | 249841 |
|  Energy | 4989564 | 293208 | 5282772 | 4593591 | 293322 | 4886913 |
|  Transport | 9600255 | 121904 | 9722159 | 7552870 | 213023 | 7765893 |
|  Urban | 2129877 |  | 2129877 | 1602243 | 200302 | 1802545 |
|  Water | 4379657 |  | 4379657 | 3823313 |  | 3823313 |
|  Health Infrastructure | 1132065 |  | 1132065 | 1007497 |  | 1007497 |
|  Multi-sector | 2457274 |  | 2457274 | 2098414 |  | 2098414 |
|  Others | 1226842 | - | 1226842 | 499859 | - | 499859 |
|  **Subtotal** | **41726076** | **415112** | **42141188** | **36769077** | **876860** | **37645937** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| **Sector** | **Stage 1** | **Stage 2** | **Total** | **Stage 1** | **Stage 2** | **Total** |
|  **ECL allowance** |  |  |  |  |  |  |
|  CRF-Economic Resilience/PBF | 10864 |  | 10864 | 14111 |  | 14111 |
|  CRF-Finance/Liquidity | 1231 |  | 1231 | 1831 | 3158 | 4989 |
|  CRF-Public Health | 1047 |  | 1047 | 1206 |  | 1206 |
|  Education Infrastructure | 27 |  | 27 | 13 |  | 13 |
|  Energy | 2275 | 4668 | 6943 | 2883 | 7886 | 10769 |
|  Transport | 1466 | 7729 | 9195 | 955 | 13076 | 14031 |
|  Urban | 1339 |  | 1339 | 813 | 11740 | 12553 |
|  Water | 1351 |  | 1351 | 1674 |  | 1674 |
|  Health Infrastructure | 15 |  | 15 | 16 |  | 16 |
|  Multi-sector | 1619 |  | 1619 | 2358 |  | 2358 |
|  Others | 2461 | - | 2461 | 2458 | - | 2458 |
|  **Subtotal** | **23695** | **12397** | **36092** | **28318** | **35860** | **64178** |

---

<sup>(1)</sup> Crisis Recovery Facility (CRF) supported AIIB's members and clients in alleviating and mitigating economic, financial and public health pressures arising from COVID-19.

<sup>(2)</sup> PBF refers to policy-based financing.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Concentration of credit risk in investment operations portfolio (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| **Sector** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Total** |
|  **Nonsovereign-backed loans** |  |  |  |  |  |  |  |
|  CRF-Finance/Liquidity | 316098 | 296693 |  | 612791 | 355018 | 220564 | 575582 |
|  CRF-Public Health | 37538 |  |  | 37538 | 99502 |  | 99502 |
|  Digital Infrastructure and Technology | 130238 |  |  | 130238 | 140755 |  | 140755 |
|  Energy | 1017251 | 397820 | 30861 | 1445932 | 1041654 | 283033 | 1324687 |
|  Multi-sector | 668425 |  |  | 668425 | 347662 |  | 347662 |
|  Transport | 303352 | 290408 |  | 593760 | 583374 |  | 583374 |
|  Urban | 377824 |  |  | 377824 | 278666 |  | 278666 |
|  Education Infrastructure | 80054 |  |  | 80054 | 78769 |  | 78769 |
|  Health Infrastructure | 121872 | - | - | 121872 | 109579 | - | 109579 |
|  **Subtotal** | **3052652** | **984921** | **30861** | **4068434** | **3034979** | **503597** | **3538576** |
|  **Total** | **44778728** | **1400033** | **30861** | **46209622** | **39804056** | **1380457** | **41184513** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
| **Sector** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Total** |
|  **ECL allowance** |  |  |  |  |  |  |  |
|  CRF-Finance/Liquidity | 686 | 110252 |  | 110938 | 1842 | 86141 | 87983 |
|  CRF-Public Health | 107 |  |  | 107 | 361 |  | 361 |
|  Digital Infrastructure and Technology | 221 |  |  | 221 | 330 |  | 330 |
|  Energy | 4355 | 33948 | 3688 | 41991 | 4661 | 33130 | 37791 |
|  Multi-sector | 1916 |  |  | 1916 | 1989 |  | 1989 |
|  Transport | 1697 | 36487 |  | 38184 | 5760 |  | 5760 |
|  Urban | 1501 |  |  | 1501 | 1381 |  | 1381 |
|  Education Infrastructure | 8 |  |  | 8 | 7 |  | 7 |
|  Health Infrastructure | 516 | - | - | 516 | 32 | - | 32 |
|  **Subtotal** | **11007** | **180687** | **3688** | **195382** | **16363** | **119271** | **135634** |
|  **Total** | **34702** | **193084** | **3688** | **231474** | **44681** | **155131** | **199812** |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reconciliation of gross carrying amount of loans and exposure of undrawn loan commitments, issued guarantee commitments, debt securities and ECL.

An analysis of the changes in the gross carrying amount of loans, exposure of undrawn loan commitments and issued guarantee commitments, with the related changes in ECL allowances is as follows:

**Sovereign-backed loans and issued guarantee commitments**

---

| | | | |
|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Total** |
|  **Gross carrying amount of loans and exposure of undrawn loan/issued guarantee commitments as at Jan. 1, 2025** | 36769077 | 876860 | 37645937 |
|  New loans, commitments and guarantees originated | 4279269 |  | 4279269 |
|  Repayments | (606968) | (30450) | (637418) |
|  Movement in net transaction costs, fees, and related income through EIR method | 11184 | 7026 | 18210 |
|  Cancelled commitment | (244404) | (3636) | (248040) |
|  Foreign exchange movements | 1083230 |  | 1083230 |
|  Transfer to stage 1 | 434688 | (434688) |  |
|  Transfer to stage 2 | - | - | - |
|  **As at Sep. 30, 2025** | **41726076** | **415112** | **42141188** |
|  | **Stage 1** | **Stage 2** | **Total** |
| **ECL allowance as at Jan. 1, 2025** | 28318 | 35860 | 64178 |
|  Additions | 1516 |  | 1516 |
|  Change in risk parameters <sup>(1)</sup> | (6863) | (4136) | (10999) |
|  Change from lifetime (stage 2) to 12-month (stage 1) ECL | 789 | (19327) | (18538) |
|  Change from 12-month (stage 1) to lifetime (stage 2) ECL |  |  |  |
|  Reversal of ECL allowance | (65) | - | (65) |
|  **As at Sep. 30, 2025** | **23695** | **12397** | **36092** |

---

<sup>(1)</sup> The change in the loss allowance is due to change in the Probability of Default, Loss Given Default and Exposure at Default used to calculate the expected credit loss for the loans.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

**Nonsovereign-backed loans** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
|  **Gross carrying amount of loans and exposure of undrawn loan commitments as at Jan. 1, 2025** | 3034979 | 503597 |  | 3538576 |
|  New loans and commitments originated | 807769 |  |  | 807769 |
|  Repayments | (375233) | (23840) |  | (399073) |
|  Movement in net transaction costs, fees, and related income through EIR method | (10976) | (904) |  | (11880) |
|  Derecognition |  |  |  |  |
|  Cancelled commitment | (48449) |  |  | (48449) |
|  Foreign exchange movements | 109611 | 71880 |  | 181491 |
|  Transfer to stage 1 |  |  |  |  |
|  Transfer to stage 2 | (465049) | 465049 |  |  |
|  Transfer to stage 3 | - | (30861) | 30861 | - |
|  **As at Sep. 30, 2025** | **3052652** | **984921** | **30861** | **4068434** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
|  **ECL allowance as at Jan. 1, 2025** | 16363 | 119271 |  | 135634 |
|  Additions | 17372 |  |  | 17372 |
|  Change in risk parameters <sup>(1)</sup> | (4981) | 20130 |  | 15149 |
|  Change from lifetime (stage 2) to 12- month (stage 1) ECL |  |  |  |  |
|  Change from lifetime (stage 2) ECL to lifetime (stage3) ECL | (17295) | 41286 | 3688 | 27679 |
|  Reversal of ECL allowance | (452) | - | - | (452) |
|  **As at Sep. 30, 2025** | **11007** | **180687** | **3688** | **195382** |
|  **Total gross carrying amount of loans and exposure of undrawn loan commitments as at Sep. 30, 2025** | **44778728** | **1400033** | **30861** | **46209622** |
|  **Total ECL allowance as at Sep. 30, 2025** | **34702** | **193084** | **3688** | **231474** |

---

<sup>(1)</sup> The change in the loss allowance is due to change in the Probability of Default, Loss Given Default and Exposure at Default used to calculate the expected credit loss for the loans. It also includes those changes resulting from Post Model Adjustment.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

**Sovereign-backed loans and issued guarantee commitments** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Total** |
|  **Gross carrying amount of loans and exposure of undrawn loan/issued guarantee commitments as at Jan. 1, 2024** | 31047342 | 1530986 | 32578328 |
|  New loans, commitments and guarantees originated | 6721414 |  | 6721414 |
|  Repayments | (1190845) | (49913) | (1240758) |
|  Movement in net transaction costs, fees, and related income through EIR method | (32970) | 135 | (32835) |
|  Cancelled commitment | (41002) |  | (41002) |
|  Foreign exchange movements | (339210) |  | (339210) |
|  Transfer to stage 1 | 604348 | (604348) |  |
|  Transfer to stage 2 | - | - | - |
|  **As at Dec. 31, 2024** | **36769077** | **876860** | **37645937** |
|  | **Stage 1** | **Stage 2** | **Total** |
| **ECL allowance as at Jan. 1, 2024** | 32804 | 153923 | 186727 |
|  Additions | 3718 |  | 3718 |
|  Change in risk parameters <sup>(1)</sup> | (8755) | (103957) | (112712) |
|  Change from lifetime (stage 2) to 12-month (stage 1) ECL | 558 | (14106) | (13548) |
|  Change from 12-month (stage 1) to lifetime (stage 2) ECL |  |  |  |
|  Reversal of ECL allowance | (7) | - | (7) |
|  **As at Dec. 31, 2024** | **28318** | **35860** | **64178** |

---

<sup>(1)</sup> The change in the loss allowance is due to change in the Probability of Default, Loss Given Default and Exposure at Default used to calculate the expected credit loss for the loans. It also includes those changes resulting from methodology updates. For details, please refer to section D3 ECL measurement in the Bank's annual financial statements for the year ended Dec. 31, 2024. 

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

**Nonsovereign-backed loans** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
|  **Gross carrying amount of loans and exposure of undrawn loan commitments as at Jan. 1, 2024** | 2258213 | 496516 | 67255 | 2821984 |
|  New loans and commitments originated | 1156213 |  |  | 1156213 |
|  Repayments | (123757) | (30554) |  | (154311) |
|  Movement in net transaction costs, fees, and related income through EIR method | 316 | 436 | (170) | 582 |
|  Derecognition |  |  | (67085) | (67085) |
|  Cancelled commitment | (65681) | (45364) |  | (111045) |
|  Foreign exchange movements | (55766) | (51996) |  | (107762) |
|  Transfer to stage 1 |  |  |  |  |
|  Transfer to stage 2 | (134559) | 134559 | - | - |
|  **As at Dec. 31, 2024** | **3034979** | **503597** | **-** | **3538576** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
|  **ECL allowance as at Jan. 1, 2024** | 7429 | 25180 | 62751 | 95360 |
|  Additions | 1683 |  |  | 1683 |
|  Change in risk parameters <sup>(1)</sup> | 8179 | 77055 |  | 85234 |
|  Change from lifetime (stage 2) to 12-month (stage 1) ECL |  |  |  |  |
|  Change from 12-month (stage 1) to lifetime (stage 2) ECL | (758) | 17514 |  | 16756 |
|  Reversal of ECL allowance | (170) | (478) | (62751) | (63399) |
|  **As at Dec. 31, 2024** | **16363** | **119271** | **-** | **135634** |
|  **Total gross carrying amount of loans and exposure of undrawn loan commitments as at Dec. 31, 2024** | **39804056** | **1380457** | **-** | **41184513** |
|  **Total ECL allowance as at Dec. 31, 2024** | **44681** | **155131** | **-** | **199812** |

---

<sup>(1)</sup> The change in the loss allowance is due to change in the Probability of Default, Loss Given Default and Exposure at Default used to calculate the expected credit loss for the loans. It also includes those changes resulting from methodology updates and Post Model Adjustment. For details, please refer to section D3 ECL measurement in the Bank's annual financial statements for the year ended Dec. 31, 2024. 

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

**Debt securities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3 <sup>(1)</sup>** | **Total** |
|  **Debt securities as at Jan. 1, 2025** | 11752481 |  | 14988 | 11767469 |
|  New debt securities | 2025314 |  | 252 | 2025566 |
|  Accrual and amortization | 15807 |  | 230 | 16037 |
|  Foreign exchange movements | (7015) |  |  | (7015) |
|  Transfer to stage 1 |  |  |  |  |
|  Transfer to stage 2 |  |  |  |  |
|  Transfer to stage 3 |  |  |  |  |
|  Derecognition | (1866675) |  | (10136) | (1876811) |
|  **As at Sep. 30, 2025** | **11919912** |  | **5334** | **11925246** |
|  | **Stage 1** | **Stage 2** | **Stage 3 <sup>(1)</sup>** | **Total** |
| **ECL allowance as at Jan. 1, 2025** | 4970 |  | 14010 | 18980 |
|  Additions | 1594 |  | 128 | 1722 |
|  Change in risk parameters | (999) |  | 12 | (987) |
|  Change from lifetime (stage 2) to 12-month (stage 1) ECL |  |  |  |  |
|  Change from 12-month (stage 1) to lifetime (stage 2) ECL |  |  |  |  |
|  Change from 12-month (stage 2) to lifetime (stage 3) ECL |  |  |  |  |
|  Reversal of ECL allowance | (573) |  | (8985) | (9558) |
|  **As at Sep. 30, 2025** | **4992** |  | **5165** | **10157** |

---

<sup>(1)</sup> As at Sep. 30, 2025, the Bank held debt securities from three issuers that were assessed as "credit impaired" and classified as Stage 3. Among these, debt securities totaling USD5.14 million have undergone a restructuring program. 

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

**Debt securities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
|  **Debt securities as at Jan. 1, 2024** | 8266858 |  | 14490 | 8281348 |
|  New debt securities | 6721328 |  |  | 6721328 |
|  Accrual and amortization | 65926 |  | 498 | 66424 |
|  Foreign exchange movements | (2307) |  |  | (2307) |
|  Transfer to stage 1 |  |  |  |  |
|  Transfer to stage 2 |  |  |  |  |
|  Transfer to stage 3 |  |  |  |  |
|  Derecognition | (3299324) |  | - | (3299324) |
|  **As at Dec. 31, 2024** | **11752481** |  | **14988** | **11767469** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **ECL allowance as at Jan. 1, 2024** | 1224 |  | 13759 | 14983 |
|  Additions | 1819 |  |  | 1819 |
|  Change in risk parameters | 2095 |  | 251 | 2346 |
|  Change from lifetime (stage 2) to 12-month (stage 1) ECL |  |  |  |  |
|  Change from 12-month (stage 1) to lifetime (stage 2) ECL |  |  |  |  |
|  Change from 12-month (stage 1) to lifetime (stage 3) ECL |  |  |  |  |
|  Reversal of ECL allowance | (168) |  | - | (168) |
|  **As at Dec. 31, 2024** | **4970** |  | **14010** | **18980** |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

**D** **Financial Risk Management** 

---

| | |
|:---|:---|
| **D2** | **Credit and other investment risks (Continued)**  |

---

***Credit quality analysis (Continued)***

***Change of accounting estimates in LGD methodology***

As part of its credit risk monitoring and model governance processes, the Bank periodically evaluates the performance of the ECL model and reviews the appropriateness of critical modelling methodology and risk parameter inputs.

During the nine months ended Sep. 30, 2025, the Bank conducted a comprehensive review on Loss Given Defaults (LGD) methodology for nonsovereign investments applied to ECL calculation. The Bank currently adopts a nonsovereign LGD framework across a range of asset classes, including Project Finance, Corporates, and Financial Institutions. Following a comprehensive review in 2025, the Bank recalibrated the nonsovereign LGD to ensure alignment with external standards by drawing on accumulated experience, rating agency data, and benchmarking against Multilateral Development Bank (MDB) practices. The ECL impact attributed to this methodological modification was about a decrease of USD8 million as of the third quarter of 2025.

***Change of accounting estimates for Post Model Adjustment (PMA)***

In assessing the appropriateness of the Bank's provisions for ECL, the Bank considers all available information within its credit rating, LGD assessment and "forward-looking" variables for each investment when calculating ECL under the Bank's model. Where necessary, the Bank includes post model adjustments (PMA) to reflect information beyond forecastable variables, including geopolitical and economic factors, which are assessed at individual project level. As at Sep. 30, 2025, the PMAs resulted in an increase of provision amounting to USD121 million (Dec. 31, 2024: USD81 million).

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

---

| | |
|:---|:---|
| **E** | **Fair Value Disclosures**  |

---

The majority of the Bank's assets and liabilities in the Statement of Financial Position are financial assets and financial liabilities. Fair value measurement of nonfinancial assets and nonfinancial liabilities does not have a material impact on the Bank's financial position and operations, taken as a whole.

The Bank does not have any financial assets or financial liabilities subject to nonrecurring fair value measurements for the nine months ended Sep. 30, 2025 (for the year ended Dec. 31, 2024: none).

The fair value of the Bank's financial assets and financial liabilities are determined as follows:

- If traded in active markets, fair values of financial assets and financial liabilities with standard terms and conditions are determined with reference to quoted market bid prices and ask prices, respectively.

If not traded in active markets, fair values of financial assets and financial liabilities are determined in accordance with generally accepted pricing models or discounted cash flow analysis using prices from observable current market transactions for similar instruments or using unobservable inputs relevant to the Bank's assessment. <br>

**Fair value hierarchy** 

The Bank classifies financial assets and financial liabilities into the following three levels based on the extent to which inputs to valuation techniques used to measure fair value of the financial assets and financial liabilities are observable:

Level 1: Fair value measurements are those derived from quoted prices (unadjusted) in an active market for identical assets or liabilities;

Level 2: Fair value measurements are those derived from inputs other than quoted included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and

Level 3: Fair value measurements are based on models, and unobservable inputs are significant to the entire measurement.

In June 2024, the Bank enhanced the methodology to assess the fair value hierarchy at the security level. Please refer to below tables for the fair value hierarchy of the financial assets and liabilities as at Sep. 30, 2025 and Dec. 31, 2024 following the new method.

The Bank recognizes transfers in and transfers out of levels at the end of the reporting period during which the change has occurred.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

---

| | |
|:---|:---|
| **E** | **Fair Value Disclosures**  |

---

**Financial assets and financial liabilities not measured at fair value on the Statement of Financial Position** 

The table below summarizes the carrying amounts and fair values of those financial instruments not measured in the Statement of Financial Position at their fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** |
|  | **Carrying**<br> **amount** | **Fair value** | **Carrying**<br> **amount** | **Fair value** |
|  ***Financial assets*** |  |  |  |  |
|  - Loan investments, at amortized cost | 29343010 | 30259843 | 26637065 | 27310079 |
|  - Debt securities, at amortized cost | 11764386 | 11848033 | 11748489 | 11647162 |
|  - Paid-in capital receivables | 304414 | 303699 | 234336 | 233504 |
|  ***Financial liabilities*** |  |  |  |  |
|  - Borrowings | 3882605 | 3886693 | 1355939 | 1360395 |

---

As at Sep. 30, 2025, other than those disclosed above, the Bank's balances of financial instruments are not measured at fair value but with short-term maturity approximate their fair values.

Fair value of loan investments and paid-in capital receivables measured at amortized cost has been calculated using Level 3 inputs by discounting the cash flows at a current interest rate applicable to each loan and paid-in capital receivable.

The significant input used in the fair value of loan are risk-free rate, credit default swap spreads, expected recovery rate and foreign exchange rates. Management makes certain assumptions about the unobservable inputs to the model. These are regularly assessed for reasonableness and impact on the fair value of loans. An increase in the level of forecast cash flows in subsequent periods would lead to an increase in the fair value and an increase in the discount rate used to discount to forecast cash flow would lead to a decrease in the fair value of loans.

Fair value of debt securities held at amortized cost are generally based upon quoted market prices, if available. If the market prices are not readily available, fair values are estimated using either values obtained from independent parties offering pricing services or adjusted quoted market prices of comparable investments or using the discounted cash flow methodology.

Fair value of borrowings held at amortized cost are generally based upon quoted market prices, if available. If the market prices are not readily available, fair values are determined using discounted cash flow models.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

---

| | |
|:---|:---|
| **E** | **Fair Value Disclosures**  |

---

**Financial assets and financial liabilities measured at fair value on the Statement of Financial Position (Continued)** 

The table below summarizes the fair values of the financial assets and financial liabilities measured in the Statement of Financial Position at their fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **As at Sep. 30, 2025** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets and financial**<br> **liabilities** |  |  |  |  |
|  Investments at fair value through profit or loss |  |  |  |  |
|  - External Managers Program | 4478171 | 188364 |  | 4666535 |
|  - Investments with equity participation |  |  | 1396813 | 1396813 |
|  - Debt securities | 7732189 | 1840511 |  | 9572700 |
|  - Investment operations fixed-income portfolio | 214644 | 49473 |  | 264117 |
|  Money Market Funds |  | 365627 |  | 365627 |
|  Derivative assets | - | 1168760 | - | 1168760 |
|  **Total financial assets** | **12425003** | **3612735** | **1396813** | **17434552** |
|  Borrowings |  | (37389726) |  | (37389726) |
|  Derivative liabilities | - | (965864) | - | (965864) |
|  **Total financial liabilities** | **-** | **(38355590)** | **-** | **(38355590)** |
|  **As at Dec. 31, 2024** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets and financial liabilities** |  |  |  |  |
|  Investments at fair value through profit or loss |  |  |  |  |
|  - External Managers Program | 4284987 | 171292 |  | 4456279 |
|  - Investments with equity participation |  |  | 1255460 | 1255460 |
|  - Debt securities | 7194609 | 1382394 |  | 8577003 |
|  - Investment operations fixed-income portfolio | 204264 | 45935 |  | 250199 |
|  Money Market Funds |  | 318474 |  | 318474 |
|  Derivative assets | - | 832061 | - | 832061 |
|  **Total financial assets** | **11683860** | **2750156** | **1255460** | **15689476** |
|  Borrowings |  | (31597860) |  | (31597860) |
|  Derivative liabilities | - | (1175585) | - | (1175585) |
|  **Total financial liabilities** | **-** | **(32773445)** | **-** | **(32773445)** |

---

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

---

| | |
|:---|:---|
| **E** | **Fair Value Disclosures**  |

---

**Financial assets and financial liabilities measured at fair value on the Statement of Financial Position (Continued)** 

The MMFs' shares are not traded in any market. The fair value of the MMFs is derived from that of the net assets value; therefore, MMFs are classified as Level 2 instruments.

External Managers Program and debt securities have been valued either using the discounted cash flow method based on observable market input, or obtained from market price. Derivative instruments and borrowings have been valued using discounted cash flow methodology based on observable market inputs. Quoted prices (unadjusted) in active markets are typical Level 1 inputs, while inputs other than quoted prices included within Level 1 that are observable for the asset and liability, either directly or indirectly, are typically Level 2 inputs.

In some situations, the inputs used to measure fair value might fall in different level of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. When unobservable inputs are significant to the fair value measurement, those financial instruments are to be categorized as level 3.

During the nine months ended Sep. 30, 2025, due to changes in market conditions for certain investment securities, quoted prices in active markets were no longer available for these securities. However, there was sufficient information available to measure the fair values of these securities based on observable market inputs. Therefore, there were USD33.52 million of debt instruments transferred from Level 1 to Level 2 of the fair value hierarchy. In addition, there were transfers of USD47.34 million in investments of debt instruments from Level 2 to Level 1, when quoted prices in active markets become available.

The table below provides a reconciliation of the fair values of the Bank's Level 3 financial assets for the nine months ended Sep. 30, 2025 and the year ended Dec. 31, 2024.

**Investments with equity participation:** 

---

| | | |
|:---|:---|:---|
|  | **For the nine<br>months ended<br>Sep. 30, 2025** | **For the year<br>ended**<br> **Dec. 31, 2024** |
|  As at beginning of period/year | 1255460 | 980416 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 222855 | 326578 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital contributions | (71157) | (95600) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value (loss)/gain, net | (10345) | 44066 |
|  **Total** | **1396813** | **1255460** |

---

The fair value gains or losses are all attributable to the change in unrealized gains or losses relating to those financial assets held at the end of the reporting period.

------

**Asian Infrastructure Investment Bank** 

**Notes to the Financial Statements** 

**For the nine months ended Sep. 30, 2025** 

***(All amounts in thousands of US Dollars unless otherwise stated)***

---

| | |
|:---|:---|
| **E** | **Fair Value Disclosures**  |

---

**Financial assets and financial liabilities measured at fair value on the Statement of Financial Position (Continued)** 

The fair value of the investments with equity participation is mainly based on an adjusted net assets method. To assess the fair value of the underlying assets of the equity investments, discounted cash flow valuation technique is mainly adopted. The unobservable inputs mainly include weighted average cost of capital, liquidity discount and projected cash flows.

There has been no transfer in and/or out of Level 3 during the nine months ended Sep. 30, 2025 (for the year ended Dec. 31, 2024: none).