IFC as implementing entity of the IDA PSW LCF is expected to provide up to FJD 27 million (approximately US$11.8 million equivalent) in the form of a subsidized cross-currency swap (“blended concessional finance co-investment”). Without the support of the blended concessional finance co-investment the envisaged development impact of the Project as described will not be achievable at the expected extent because IFC would not be able to provide its financing in FJD due to a lack of currency hedging solutions. The level of concessionality (i.e., “subsidy”) provided by the blended concessional finance co-investment is estimated to be up to [31%] of the total project cost. The total cost of the project is FJD 27 million (approximately US$11.8 million equivalent). This estimate is based on the difference between (i) a “reference swap price” and (ii) the “concessional swap rate” being received by the IDA PSW LCF. Further details and historical information on estimated subsidy levels in IFC’s blended finance portfolio can be found at: www.ifc.org/blendedfinance. As is the case with all of IFC’s blended concessional finance co-investments, this project has been assessed against the Enhanced Blended Concessional Finance Principles for DFI Private Sector Operations adopted by IFC and more than 20 other DFIs in 2017. Further information on these Enhanced Principles and IFC’s blended finance approach and governance can also be found at: www.ifc.org/blendedfinance.

12.09 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	12.09
Equity

* These investment figures are indicative

Project-level impact: (i) stakeholder effects on employees through increased jobs and gender equity (ii) stakeholder effects on suppliers through increased demand, and (iii) environmental effects, through the development of green certified buildings. Market-level impact: (i) promote sustainability in Fiji’s commercial property sector via demonstration and replication channels; and (ii) contribute to deepening of the capital markets in Fiji.

IFC's additionality includes (i) long-term financing with innovative financing structure, which is not readily available in the market; (ii) standard setting of best ESG practices, including gender and corporate governance; and (iii) capacity building for the adoption of green building standards.

This is a Category B Project according to IFC’s Policy on Environmental and Social Sustainability (2012), as the proposed project is expected to have limited adverse E&S risks and/or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures, as described in the following sections. Key E&S risk and issues associated with this project include: the company’s E&S management systems (ESMS) and capacity; adequacy of E&S assessment and management plans; provision of fair and safe working conditions including Occupational Health and Safety (OHS) risks; life and fire safety (L&FS) and emergency response procedures and stakeholder engagement and grievance mechanism.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.