In this Jan 14, 2016 photo, pedestrians walk past the headquarters of the Asian Infrastructure Investment Bank (AIIB) in Beijing, China. (PHOTO / IC)
BEIJING – Investments in projects and funds by the Asian Infrastructure Investment Bank (AIIB)surpassed US$4.2 billion in 2017, according to the bank's annual report.
The report said total amount of private cofinancing by AIIB surpassed US$560 million in 2017, a substantial increase from US$5 million in 2016
The figure was a sharp increase from US$1.7 billion of investments a year earlier as the bank funded 23 approved projects in sectors including transport, energy and telecommunication, up from 8 projects in 2016.
Net profit of the bank in 2017 came in at US$252 million, up from US$167 million a year earlier, according to the report.
READ MORE: Asia's development a boon for developed countries, says AIIB
The report identified the bank's thematic priorities as sustainable infrastructure, cross-border connectivity and private capital mobilization.
In 2017, total amount of private cofinancing by AIIB surpassed US$560 million, a substantial increase from US$5 million in 2016, added the report.
The report also highlights cooperation with other multilateral development banks to bridge the gap in infrastructure financing, with Asia's infrastructure funding needs estimated at US$1.7 trillion per year until 2030.
ALSO READ: US companies invited to join AIIB projects
AIIB membership grew to 84 last year from 57 in 2016. On May 2, the bank announced new members Papua New Guinea and Kenya, bringing its total approved membership to 86.
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