Original disclosure @ AIIB website
Updated in EWS Feb 13, 2023
Disclosed by Bank Sep 14, 2022
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Acording to the AIIB, the objective of the project is to increase the penetration of low-carbon transportation vehicles in India, by providing USD100 million (or equivalent in INR) financing to Shriram Finance Limited (SFL) to support and expand its lending to new energy efficient vehicle ownerships in India.
AIIB’s Environmental and Social Policy (ESP) is applicable to this on-lending facility. The Project has been placed in Category FI, because the financing structure involves the provision of funds through an FI, whereby AIIB delegates to SFL the decision-making on the use of AIIB’s funds in so far as the financing meets agreed upon conditions.
AIIB has reviewed the ESMS and confirmed that it is aligned with AIIB’s Environmental and Social Policy (ESP), including applicable Environmental and Social Standards (ESSs) and the Environmental and Social Exclusion List (ESEL). The financing of coal mining, coal transportation or coal-fired power plants as well as infrastructure exclusively dedicated to support any of these activities will be excluded.
The Borrower, Shriram Finance Limited, is a non-banking finance company that primarily provides commercial vehicle loans for trucks, passenger vehicles, tractors and farm equipment, and construction equipment in India.
AIIB's Project Team Leader:
Neeraj Jain - Senior Investment Officer, Financial Institutions and Syndication
Parag Sharma - Joint Managing Director and Chief Financial Officer
Company's website: www.shriramfinance.in
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