The proposed CCW-FCS support is in the form of a subordinated loan of up to US$25 million ("blended concessional finance co-investment"), which helps to mobilize capital from IFC’s own account and from other investors. Without the support of the blended concessional finance co-investment, the envisaged development impact of the Project as described will not materialize, as the financing can otherwise not be secured at the required size and tenor. The level of concessionality (i.e., “subsidy”) provided by the blended concessional finance co-investment is estimated to be up to 1% of the total project cost. The total cost of the Project is up to US$177 million. This estimate is based on the difference between (i) a "reference price" (a market price if available; the price calculated using IFC’s pricing model, which comprises three main elements: risk, cost and profit; or a negotiated price) and (ii) the “concessional price” being charged under the Project. 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, IFC’s blended finance approach and governance, and details and historical information on estimated subsidy levels in IFC’s blended finance portfolio can be found at: www.ifc.org/blendedfinance.

The Project is expected to increase access to high-quality mixed-use commercial property and housing, while generating environmental benefits through reductions in energy and water consumption as well as GHG emissions. By expanding the supply of modern, resource-efficient real estate assets, the Project is expected to support improved urban infrastructure and contribute to more sustainable urban development. In addition, the Project is expected to enhance market competitiveness by supporting the growth of a leading real estate developer, encouraging other market participants to enter and expand, and promoting higher sustainability standards across the real estate sector.

IFC’s involvement is expected to provide both financial and non-financial additionality. Financial additionality includes the provision of a long-term financing structure that is not readily available in the local market, as well as resource mobilization through B1/parallel loans to support the Company’s growth and funding needs. On the non-financial side, IFC will support the strengthening of the Company’s environmental and social management systems. IFC’s involvement is also expected to contribute knowledge, innovation, capacity building, and support in EDGE certification.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of New Products/Services : housing units	number		Not Available	Not Available	Not Available
Space : Retail	sqm		Not Available	Not Available	Not Available
Direct Employment (#) Operations And Maintenance	individuals		Not Available	Not Available	Not Available

The project is classified as Category B under IFC’s Policy E&S Sustainability due to limited and site specific E&S risks and impacts and readily addressed through mitigation measures. Key E&S risks associated with the proposed investment include (i) Company's capacity to assess and manage E&S impacts, including a PSs compliant ESIA; (ii) supply chain and contractors’ management; (iii) labor and working conditions, including occupational health and safety (OHS), workers grievance mechanism (GM), nondiscrimination and equal opportunities, gender based violence and harassment (GBVH), emergency planning, seasonal and migrant workers; (iv) air emissions, waste, wastewater, hazardous materials, noise; (v) resource-efficiency; (vi) community health, safety and security, including traffic and road safety; (vii) emergency preparedness and response, structural safety, and life and fire safety; and (viii) stakeholder engagement and grievance mechanism.

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