39175 - MCPP AXA

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Summary of Investment Information

Project Number

39175

Company Name

EMERGING MARKETS INFRASTRUCTURE LOANS S.A.R.L

Date SPI Disclosed

Aug 9, 2017

Country

World Region

Region

Global

Projected Board Date

Sep 21, 2017

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

Apr 26, 2018

Department

WBG Infrastructure

Industry

other

Previous Events

Approved : Oct 4, 2017
Signed : Apr 16, 2018
Invested : May 23, 2018

Sector

Infrastructure Fund

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 an infrastructure debt platform (the “vehicle”) that will invest in senior loans in infrastructure projects alongside IFC. IFC will provide support to the vehicle in the form of an unfunded portfolio guarantee, which will enable third party investors to consider this asset class.

In addition to providing the unfunded portfolio guarantee, IFC will contract with the vehicle 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 vehicle 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 vehicle.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	50.0
Loan	0.0
Equity

Development Impact

1. Given that the vehicle 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 in significant scale 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 vehicle is directly leveraging IFC's own economic capital allowing IFC to participate in larger transactions.

1. Standard setting: The vehicle is being 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. The 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 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

International Finance Corporation
Carl Chastenay
Senior Syndications Officer
1 202 458 9622
CChastenay@ifc.org
Washington DC 20433
www.ifc.org

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IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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.

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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.

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Online form: available at https://www.cao-ombudsman.org/
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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.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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