50940 - EAICF BlackRock

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Summary of Investment Information

Project Number

50940

Company Name

Emerging Asia Infrastructure Credit Fund SCSp

Date SPI Disclosed

May 20, 2026

Country

Southeast Asia Subregion

Region

East Asia and the Pacific

Projected Board Date

Jan 8, 2026

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

May 21, 2026

Department

Regional Industry - MAS Asia & Pac

Industry

Funds

Previous Events

Approved : Jan 8, 2026
Signed : May 14, 2026

Sector

Other Sector Fund

Additional Project Attributes

Blended Finance

Project Description

The proposed IFC investment consists of up to US$50 million equity subscriptions into limited partnership interests of the Emerging Asia Infrastructure Credit Fund (EAICF or the Fund), a US$750 million target blended finance fund. The proposed investment comprises: (i) up to US$40 million into a senior tranche for IFC's own account; (ii) up to US$5 million into a junior tranche for IFC’s own account; and (iii) up to US$5 million into a junior tranche, to be supported by Frontier Opportunities Fund (FOF) as described in the Blended Finance Section. The Fund will provide senior, mezzanine and subordinated debt to support the transition of private sector borrowers, including in the industrial, and decarbonization technologies sectors, towards low-carbon growth. Also, the Fund will have a primary focus on Southeast Asia (SEA) (80% of capital commitments), with the remaining allocation potentially targeted to South Asia (SA). Emerging Asia Infrastructure Credit Fund GP S.a r.l., a Luxemburg private limited company managed by BlackRock Financial Management Inc. (BlackRock), will serve as the general partner of the Fund (the General Partner).

Associated Advisory Engagement

We anticipate that IFC as a strategic knowledge partner will complement the proposed investment with technical advisory services to the Fund's Industrial Transformation Council in support of industrial decarbonization efforts.

Sponsor / Cost / Location

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

Development Impact

Project outcomes: Stakeholder Effects - Increased Access to Climate Finance especially for industrial decarbonization. The Fund will increase access to finance across SEA and SA for industrial and infrastructure projects, enabling sustainable economic growth as the region transitions to a low-carbon economy. The Fund will focus primarily on industrial decarbonization (approximately 45-55% of the Fund). Climate financing may also stimulate innovation in manufacturing industries, fostering the development and deployment of cutting-edge technologies such as green hydrogen, Carbon Capture, Utilization, and Storage (CCUS), electrification, sustainable aviation fuel, and circular economy practices. The Fund will offer customized solutions tailored to the specific needs of at least 10 investments with individual investments ranging between US$25 million and US$75 million and an average investment size of US$50 million. Assessment of Contribution to Market Creation: Sustainability. IFC anticipates that the Project will foster sustainability in Emerging Asia, specifically SEA (80% of investments) by demonstrating mechanisms to draw long term financing for industrial decarbonization, including sectors transitioning to low-carbon growth and emerging decarbonization technology solutions. Through demonstration and replication, the Project is expected to help crowd-in private capital for climate financing activities through new climate-focused debt funds. Through this intervention, IFC anticipates the Project will strengthen the climate finance market in SEA by demonstrating the viability of a debt fund focused on industrial decarbonization, incorporating innovative financing structures and risk mitigation tools. The Project aims to deepen market functioning by positioning EM debt as a competitive asset class and mobilizing institutional capital, especially insurance providers, that are relatively new to the low-carbon transition space specifically in SEA.

Financial additionality: Resource Mobilization - IFC's participation in the Fund is expected to catalyze investments from other institutional investors, including regional insurance companies, for industrial decarbonization in Emerging Asia, by enhancing the risk-return profile for institutional investors in the senior tranche. Non-Financial additionality: Knowledge, Innovation and Capacity Building - IFC through Advisory Services will serve as a strategic knowledge partner to the Industrial Transformation Council, supporting industrial decarbonization by engaging key stakeholders, building capacity, and identifying actionable solutions aimed at developing a robust pipeline of financing opportunities for the Fund. These engagements will include deep-dive analyses and mapping key players. In collaboration with the IBRD, IFC will participate in policy dialogues to share updates on green industrial policies and provide on-demand advisory services to strengthen the Fund's readiness. This integrated approach will harness expert insights, and market intelligence to advance industrial decarbonization and support climate-aligned investments in the target countries. In addition, as part of IFC's requirements and recommendations, BlackRock will enhance the Fund's risk management framework to screen out higher risk transactions, in line with IFC's approach, as well as refine due diligence questions related to supply chain, gender-based violence and harassment (GBVH), and child protection. IFC is also working with BlackRock to institutionalize best practices in disclosure, monitoring, and governance. These efforts are expected to support the Fund's ESG performance, further transparency and accountability, and support the delivery of sustainability and resilience outcomes across its portfolio.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of Outstanding Climate Loans	number	15	Not Available	Not Available	Not Available
Value of Outstanding Loans, Climate	$	US$750 million	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Project involves an investment of up to US$50 million in EAICF, an industrial decarbonization debt fund, to provide financing for hard-to-abate sectors and low-carbon transformation technologies (such as carbon capture, utilization, and storage, electrification, green hydrogen, and sustainable aviation fuel) across South and Southeast Asia. The expected E&S risks and impacts of the Project are considered medium. As such, the Project has been categorized as Category FI-2 in accordance with IFC's Sustainability Policy. The Project will not support coal-related, oil and gas, or higher-risk business activities that may include: a) involuntary resettlement; b) risk of adverse impacts on Indigenous Peoples; c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage; d) risk of retrenchment, or e) significant Occupational Health and Safety risks. Applicable E&S performance requirements for this Project include the IFC Exclusion List, relevant host country E&S laws and regulations, and the IFC Performance Standards. The key E&S risks and impacts derive from the activities of sub-borrowers and their E&S capacity and systems in place to manage these risks, as well as the Fund Manager's capacity to identify and manage the potential E&S risks associated with its financing activities. Typical risks and impacts related to the Fund's investment activities include pollution prevention, supply chain-related risks, labor and working conditions, and waste management, among others.

IFC will periodically disclose the names, locations and sectors for Category A sub-projects that have been supported by IFC investments through financial intermediaries, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of July 1, 2020.

The Project involves an investment of up to US$50 million in EAICF, an industrial decarbonization debt fund, to provide financing for hard-to-abate sectors and low-carbon transformation technologies (such as carbon capture, utilization, and storage, electrification, green hydrogen, and sustainable aviation fuel) across South and Southeast Asia. The expected E&S risks and impacts of the Project are considered medium. As such, the Project has been categorized as Category FI-2 in accordance with IFC's Sustainability Policy. The Project will not support coal-related, oil and gas, or higher-risk business activities that may include; a) involuntary resettlement; b) risk of adverse impacts on Indigenous Peoples; c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage; d) risk of retrenchment, or e) significant Occupational Health and Safety risks. Applicable E&S performance requirements for this Project include the IFC Exclusion List, relevant host country E&S laws and regulations, and the IFC Performance Standards.

BlackRock has developed a customized E&S management system specific to the prospective transactions financed under EAICF. The ESMS will apply to the Fund's financing activities and will be integrated into the Fund's investment cycle. The ESMS outlines the E&S risk assessment process, from screening to E&S due diligence to investment approval to post-investment monitoring. An in-house E&S team supports the ESMS implementation within the fund. As part of the Project, BlackRock will need to: 1) enhance the E&S management system to include procedures to screen out higher-risk transactions, align E&S assessment questionnaires with the IFC Performance Standards, and develop E&S clauses for inclusion in legal agreements with borrowers, among others; 2) provide E&S risk management training to relevant staff; and 3) implement an external communication mechanism relevant to the Fund's investment activities.

S.no	Title	Anticipated Completion Date
1	Enhance ESMS	04/30/2026
2	E&S risk management training	12/30/2026
3	Implement external communication mechanism	06/30/2026

Contacts

For Inquiries About the Project, Contact

BlackRock Financial Management Inc. (BlackRock)
Matt Kaczmarek
Head of EM Strategy and Sustainable Investing

Matt.Kaczmarek@blackrock.com
50 Hudson Yards, New York City
www.blackrock.com

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