China-led Asian Infrastructure Investment Bank (AIIB) has decided to freeze and review all of its activities linked to Russia and Belarus in response to Russia’s invasion of Ukraine.

The bank said that it would extend funding “flexibly and quickly” and support members affected directly or indirectly as a result of the conflict.

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In a press statement, AIIB said: “AIIB is a multilateral organisation created by an international treaty, and adherence to international law lies at the very core of our institution.

“AIIB Management believes that multilateralism provides the best framework for countries to cooperate in dealing with common challenges and supporting development.”

Furthermore, the bank is monitoring the situation and assessing its impact on its operations and members’ economies.

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“Economic advance from commodity price shocks, financial market volatility and other factors may adversely impact our members’ economic situation.

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“We will work closely with our partner multilateral organisations to provide any needed support expeditiously,” the multilateral development bank noted.

The bank, which started operations in Beijing in January 2016, currently has 105 members.

Recently, AIIB approved on-lending funds of $100m to Brazilian development bank Banco de Desenvolvimento de Minas Gerais (BDMG) for the BDMG Renewables and Asia Connectivity Facility.

The funds will be used by companies or institutions to support the renewable and infrastructure-related projects in and around Minas Gerais.

The facility forms part of Brazil’s government-backed Asia Connection programme which aims investments from Asian companies, research institutions and financiers in projects in Minas Gerais to promote trade, technology and knowledge exchange across regions.

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AIIB currently has 105 members. Credit: AIIB.