Featured Summary:
- AIIB secured $83.5 million in new commitments, raising its Project Preparation Special Fund to $213 million
- The fund has approved $110 million in grants for 45 projects across 13 countries
- Grants cover feasibility studies, engineering designs and procurement preparation
- AIIB is financing major energy and transport projects, but the number of grant-backed projects reaching construction remains unclear
The Asian Infrastructure Investment Bank (AIIB) announced $83.5 million in new commitments to its Project Preparation Special Fund on November 3, bringing total commitments to approximately $213 million. Seven member countries have contributed or pledged funding to the programme since its establishment in 2016.
By September 2026, the fund had approved $110 million in grants covering 45 infrastructure projects across 13 member economies. The grants finance feasibility studies, engineering designs, environmental assessments and procurement preparation for proposed developments.
The latest commitments have not been allocated to specific projects, and AIIB has not disclosed how many of the 45 grant-supported developments have secured construction financing.
The funding expands the bank’s project preparation programme, with further investment approvals dependent on the progress of individual developments.
AIIB Grants Prepare Transport, Energy and Water Investments
Nepal’s Department of Roads received a $2.1 million preparation grant in September 2025 for improvements to the Siddhartha Highway between Butwal and Pokhara.
The proposed development includes road widening, tunnels, bridges and slope stabilisation along the mountainous route. AIIB issued consulting requests in August 2026 for the detailed project report and environmental assessments, with amendments published through October.
In Uzbekistan, a $2.1 million grant approved in October 2023 supports Tashkent Metro’s proposed 100-megawatt solar power development. Photovoltaic installations are planned above metro lines and on depot rooftops covering more than 380,000 square metres.
The funding covers feasibility studies, technical designs and environmental assessments. AIIB’s published grant record does not confirm subsequent construction financing.
Cambodia’s water supply programme has advanced further in AIIB’s investment review process. Following a $3.6 million preparation grant approved in January 2024, a related $225 million sovereign financing proposal reached concept review in September 2026.
The proposed investment focuses on Kampot province, with a treatment plant designed for 117,000 cubic metres of water daily and 282 kilometres of transmission pipelines.
The original preparation programme covered five provincial areas, while the newer investment proposal has a narrower scope. Financing approval remains outstanding.
AIIB Mobilises Private Capital for Infrastructure Investment
The Asian Infrastructure Investment Bank (AIIB) reported $4.483 billion in private capital mobilisation in 2025, while approving $10.59 billion in financing across 57 projects.
Nonsovereign operations accounted for 29 approvals, reflecting the bank’s activity beyond government-backed infrastructure lending. The figures cover AIIB’s wider portfolio, not projects financed through its preparation fund.
HSBC secured AIIB approval in August 2026 for a green, social and sustainability bond investment platform, with the bank committing up to $500 million.
The Luxembourg-based vehicle will invest in bonds financing sustainable infrastructure across AIIB’s regional members. HSBC will manage the platform, which also provides for participation by private investors through separate investment accounts and fund structures.
In India, Shriram Finance received approval for a facility of up to $250 million in January 2026, including up to $100 million in private capital mobilisation through risk-transfer arrangements.
The financing supports lending for low-emission vehicles and renewable energy infrastructure. Shriram previously received a $100 million AIIB facility, disbursed in July 2023.
Private credit is another channel for infrastructure financing. AIIB approved $125.5 million for Keppel Private Credit Fund III, including $75.5 million in fund investment and up to $50 million in co-investments.
Keppel is targeting $1 billion in total fund capital for lending to infrastructure-related businesses across Asia-Pacific markets, including energy, transport, logistics and digital infrastructure.
AIIB Approves Major Rail and Energy Investments
Türkiye’s Istanbul North Rail Crossing Project received approval for up to $1.5 billion in AIIB financing in May 2026, with the first phase signed in July.
The $8.27 billion development covers a 127-kilometre electrified railway linking Çayırova and Çatalca through the Yavuz Sultan Selim Bridge.
Passenger trains will operate at speeds of up to 160 kilometres per hour, while freight services are designed for 80–120 kilometres per hour.
The Directorate-General of Infrastructure Investments will implement the railway, with financing support from the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Islamic Development Bank and OPEC Fund.
Freight transit between Çayırova and Çatalca is expected to fall from approximately 13 hours to 3.6 hours. Procurement notices and an updated procurement plan were published during 2026, but the available records do not confirm an award of the main construction contract.
India’s ReNew Vyoman Private Limited received approval for $100 million in AIIB senior debt financing in November 2025 for a renewable energy project in Andhra Pradesh.
The development combines 250 megawatts of wind generation, 435 megawatts of solar capacity and a 173-megawatt battery system providing 415 megawatt-hours of storage.
A 25-year agreement with the Solar Energy Corporation of India covers 300 megawatts of peak power supply at ₹4.69 per kilowatt-hour. AIIB’s published records confirm financing approval but do not establish that the facility has entered commercial operation.
AIIB’s Infrastructure Grants Await Larger Financing Commitments
Pakistan’s National Highway N-5 reconstruction programme received a $2 million preparation grant from AIIB for climate resilience, road safety and environmental assessments. The bank subsequently approved financing for the reconstruction of priority sections along the 1,819-kilometre highway.
The programme is being financed in tranches, with implementation requirements covering construction progress, disbursements and resettlement.
AIIB reported in September 2024 that preparation-supported projects were associated with $6.33 billion in potential financing, covering approved investments and proposals still under consideration.
The bank estimated $80 in potential financing for every dollar of preparation support. It also reported that assistance had shortened the average period between loan approval and signing from four months to two. The $6.33 billion figure includes financing proposals and is not a measure of completed investment.
AIIB’s November 2026 announcement does not provide an updated total for financing secured by grant-supported projects. The bank plans further discussions with existing and prospective fund contributors ahead of its annual meeting in Azerbaijan in July 2027.
The status of projects awaiting investment approval, procurement awards and construction financing remains central to assessing the expanded programme.
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