Multicountry: Global Infrastructure Partners Emerging Markets Fund I ("GIP EM" or the "Fund") (AIIB-000355)

Regions
  • East Asia and Pacific
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Countries
  • Brazil
  • Chile
  • China
  • Colombia
  • India
  • Indonesia
  • Malaysia
  • Mexico
  • Peru
  • Philippines
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
Proposed
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
Jun 1, 2021
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
Regional
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Fund
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 5,000.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS May 26, 2021


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Project Description

OBJECTIVE

To mobilize and attract private capital from institutional investors to create sustainable infrastructure as an asset class for investment in growing middle-income emerging markets in Asia and Latin America.

DESCRIPTION

GIP EM is a closed-end fund with a target size of USD5 billion. The Fund aims to take advantage of the large number of investment opportunities in the infrastructure sector across growing middle-income emerging markets globally with a focus on China, India, Indonesia, Malaysia, the Philippines and Vietnam in Asia, and Brazil, Chile, Colombia, Mexico and Peru in Latin America.

ENVIRONMENTAL AND SOCIAL INFORMATION

AIIB's Environmental and Social Policy (ESP) 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). AIIB will delegate to the Fund Manager the decision-making on the use of AIIB's proceeds for further investing in accordance with the Environmental, Social and Governance Management System (ESGMS) to be agreed with AIIB. The ESGMS, acceptable to AIIB, will be adopted by the Fund prior to the execution of the financing agreements for this Project.

The Fund Manager's ESGMS shall include screening, categorizing, appraisal, contracting and monitoring of investments supported by AIIB in accordance with the ESP, the Environmental and Social Exclusion List, regulatory requirements in the jurisdictions of operation and, where applicable, the AIIB Environmental and Social Standards (ESS). AIIB financing will not be utilized to fund portfolio companies' Category A or high-risk Category B subprojects.

Coal mining, coal transportation and coal-fired power plants, as well as infrastructure exclusively dedicated to support any of these activities will be excluded from eligibility for financing under the Project. The ESGMS will include processes for timely disclosure of environmental and social (ES) information, conduct of stakeholder engagement activities, and establishment of subproject-level Grievance Redress Mechanisms (GRMs) to address concerns and grievances from both project workers and project-affected people. The Fund Manager will monitor these aspects as part of its portfolio monitoring process. For all investments supported by AIIB, the Fund will require the establishment of a portfolio company-level ESGMS aligned with the Fund ESGMS.

The Fund Manager will be required to periodically disclose the names, locations and sectors of portfolio companies that are being supported by AIIB's financing, subject to regulatory constraints and market sensitivities. Furthermore, the Fund Manager will be required to create an external communication mechanism to address views of affected people, enquiries or concerns regarding its own ES processes and outcomes as well as ES impacts and performance of the portfolio companies invested by the Fund. The Fund will submit to AIIB an annual ES monitoring report on the ES performance of all AIIB-supported investments. AIIB will conduct regular monitoring of the Fund's activities, including visits to selected investments when travel restrictions are lifted.

Investment Description

Contact Information

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan 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 AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó 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


PROJECT TEAM LEADER

Asian Infrastructure Investment Bank

Thomas Walenta

Senior Investment Officer

thomas.walenta@aiib.org

 

Jingyi Zhang

Investment Officer

jingyi.zhang@aiib.org

 

IMPLEMENTING ENTITY

GIM EM Manager, LLC

Annabel Wiscarson

Head of Investor Relations

annabel.wiscarson@global-infra.com