37488 - MCPP Infrastructure

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Summary of Investment Information

Project Number

37488

Company Name

EASTSPRING INFRASTRUCTURE DEBT FUND

Date SPI Disclosed

Mar 8, 2016

Country

World Region

Region

Global

Projected Board Date

Apr 21, 2016

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

Nov 3, 2017

Department

WBG Infrastructure

Industry

Infrastructure

Previous Events

Approved : Jun 9, 2017
Signed : Jun 28, 2017
Invested : Oct 31, 2017

Sector

Electric Power Other (Including Holding Companies)

Project Description

As part of its strategic focus on mobilizing third party capital for infrastructure investment in emerging markets, IFC is proposing to support the development of, and to invest in, a series of third party infrastructure debt platforms (the “vehicles”) that will invest in senior loans in infrastructure projects alongside IFC. IFC will provide anchor investment in the form of subordinated debt/equity in each vehicle, an unfunded portfolio guarantee and/or financial instruments structured that synthetically replicate such structures. In this way IFC will provide credit enhancement for third party investors enabling them to consider this asset class. In addition to investing in the vehicles, IFC will contract with the vehicles to provide co-investments using IFC’s Managed Co-Lending Portfolio Program (MCPP). Under MCPP IFC creates loan portfolios for third party investors based on pre-agreed eligibility criteria. All investments made by the vehicles will be in IFC originated senior loans on the same terms and conditions as with IFC’s investment for its own account. All underlying loans will need to meet IFC’s own internal standards and IFC will be required to seek independent Board approval for each loan following its standard approval process; it is only upon IFC’s commitment for its own account that a portion of the loans would then be allocated to the relevant vehicle.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	0.0
Equity	125.0

Development Impact

1. Given that the vehicles will co - invest with IFC (on the same terms and conditions) the proposed investment will support private sector development by increasing access to long term debt capital for infrastructure projects across emerging markets from an asset pool (i.e. institutional investors located in OECD countries) that has yet to venture into infrastructure investments in emerging markets.
2. Under MCPP investors approve funding in projects much earlier than traditional co-lenders, providing IFC''s clients with greater certainty of finance and reducing their transaction costs during the project development phase, allowing for a faster process to financial close.
3. The vehicles directly leverage IFC''s own economic capital allowing IFC to participate in larger transactions.

1. Standard setting: The vehicles have been specifically designed to facilitate institutional investor participation into emerging market infrastructure lending creating a model that can be replicated to significantly scale mobilization from investors such as insurance companies.
2. Sustainable Investment: Under MCPP IFC originates and assesses each individual loan. As such IFC is able to support good social and environmental performance through the application of its performance standards.

E&S Category Rationale / Risks and Mitigation

This project is considered to be a Category FI-1 according to IFC’s Sustainability Policy. Each vehicle makes co investments with IFC following the MCPP process. To that end IFC will appraise and supervise each underlying project according to IFC’s existing policies and procedures, including those regarding disclosure, and against the applicable IFC Performance Standards. As with any direct IFC investment, the IFC will specify any identified measures necessary for any underlying project to meet the Performance Standards as conditions of financing. And as is currently practiced, IFC will monitor the ongoing E&S performance of the each underlying project by reviewing periodic reports provided by project sponsors, as well as by conducting follow-up supervision of project activities.

Contacts

For Inquiries About the Project, Contact

Anjali Varma
Senior Syndications Officer
2121 Pennsylvania Avenue NW
Washington DC
mailto:Avarma@ifc.org

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

N/A

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
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Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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