The Asian Infrastructure Investment Bank (AIIB), established in 2016, was designed 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.

In March 2019, ADB and AIIB signed a cofinancing agreement for sovereign operations. The partnership prioritizes, among others, projects that focus on connectivity through infrastructure, adaptation and resilience to climate change, and an integrated region rooted in cooperation and partnerships. AIIB cofinanced one project in 2019, the Bangladesh: Dhaka and Western Zone Transmission Grid Expansion Project.