Multicountry: Keppel Asia Infrastructure Fund (AIIB-000342)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 1, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Devarshi Das, Chief Executive Officer, Keppel Capital Alternative Asset, Infrastructure
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS Jun 29, 2020


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Project Description

According to the AIIB website:

The objective is to mobilize private capital investments into infrastructure in AIIB's members via a fund with a market risk-adjusted return.

The Keppel Asia Infrastructure Fund (the "Fund") is a closed-end infrastructure private equity fund with a target fund size of USD1 billion. The Fund will leverage on Keppel Group's (i) infrastructure track record and regional network; (ii) project development and asset management capabilities; (iii) fund management experience; and (iv) investor network to invest growth and expansion capital into infrastructure projects in Asia. The first closing was achieved on January 28, 2020 and the final closing will be not later than 15 months after the date of the first closing.

AIIB's Environmental and Social Policy is applicable to this project. The project has been placed in Category FI, because the financing structure involves the provision of funds through a Financial Intermediary (the Fund), whereby AIIB delegates to the Fund Manager the decision-making on the use of AIIB's funds for investments in subprojects that meet the conditions in the project's environmental and social documentation to be agreed with the Fund Manager in the form of eligibility criteria and investment guidelines, and applied through an Environmental, Social and Governance System.

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)
Private Actors
  • Keppel Asia Infrastructure Fund -- Financial Intermediary
Contact Information

AIIB

Thomas Walenta

Senior Investment Officer

thomas.walenta@aiib.org

Borrower

Devarshi Das

Chief Executive Officer
Keppel Capital Alternative Asset, Infrastructure

devarshi.das@kecapital.com

 

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM).  The PPM provides “an opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIB’s failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.” Two or more project-affected people can file a complaint.  Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply.  You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html.