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According to AIIB documents, the objective of the project is to foster Technology-enabled Infrastructure innovation in developing Asian economies through mobilizing private capital. Through the project, AIIB will invest in STIC Asia Infrastructure Innovation Fund - the parallel fund (the "Fund") of STIC Global Innovation Growth Fund (the "Main Fund").
The Fund will invest in small/mid-cap companies in the Digital Infrastructure, Transport & Logistics, Smart City, Social Infrastructure, and Green Energy Infrastructure sectors in Southeast/South Asian economies and the Republic of Korea. It aims to foster the adoption and development of technologies in the above-mentioned sectors and contribute to mobilizing capital from Korean institutional investors toward developing Asia.
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 Manager has prepared an Environmental, Social and Governance Framework (ESGF) in accordance with AIIB's Environmental and Social Framework (ESF), including the Environmental and Social Standards (ESSs) and equivalents such as IFC Performance Standards and the Bank's Environmental and Social Exclusion List (ESEL). The ESGF will be applicable to all projects. AIIB has reviewed the ESGF to confirm that the requirements of scoping, screening, categorization, monitoring and grievance redress is adequately met. AIIB will require prior review and approval of the first three sub projects and thereafter for all Category A and selected Category B subprojects. The Fund's approximate pipeline (Digital Infrastructure, Smart City, Transport & Logistics, Green Energy) has been mutually agreed and is aligned with AIIB's sector strategies and geographies. 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 Fund Manager will be required to disclose the name, industry and location of portfolio companies supported with AIIB's proceeds on its website within twelve months from closing an investment. The Fund will be required to create an External Communication Mechanism (ECM) to address third-party views, enquiries or concerns regarding their own ES processes and outcomes, as well as ES impacts and performances of their portfolio investee companies. In addition, the Bank will require the Fund, with respect to investee companies using AIIB proceeds, to disclose at an appropriate time the required ES documentation at the investee level, as well as information on the Grievance Redress Mechanism (GRM) and the Project affected People's Mechanism (PPM). The Fund will require portfolio investee companies to establish subproject-level GRMs to address concerns and grievances from both investee company staff and Project-affected people. The Fund Manager will monitor these aspects as part of its portfolio monitoring process.
| Private Actor 1 | Private Actor 1 Role | Private Actor 1 Sector | Relation | Private Actor 2 | Private Actor 2 Role | Private Actor 2 Sector |
|---|---|---|---|---|---|---|
| STIC Global Innovation Growth Fund | Parent Company | Finance | owns | STIC Asia Infrastructure Innovation Fund | Client | Finance |
AIIB
1.Byeongwan Kim,
Investment Officer
2. Kishlaya Misra,
Investment Officer,
STIC Investment Inc.
1.Kyunghyung Lee,
Managing Partner
2. Hanju Lee,
Managing Director
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
