MCPP Infrastructure (IFC-37488)

Regions
  • World
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
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
Jun 9, 2017
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
Eastspring Infrastructure Debt Fund
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 125.00 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 @ IFC website

Updated in EWS Aug 8, 2018

Disclosed by Bank Mar 8, 2016


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Project Description

According to IFC website, as part of its strategic focus on mobilizing third party capital for infrastructure investment in emerging markets, IFC is proposing to support the development of, and to invest in, a series of third party infrastructure debt platforms that will invest in senior loans in infrastructure projects alongside IFC. The following are the expected development impacts:

1. Given that the vehicles will co - invest with IFC (on the same terms and conditions) the proposed investment will support private sector development by increasing access to long term debt capital for infrastructure projects across emerging markets from an asset pool (i.e. institutional investors located in OECD countries) that has yet to venture into infrastructure investments in emerging markets.
2. Under MCPP investors approve funding in projects much earlier than traditional co-lenders, providing IFC's clients with greater certainty of finance and reducing their transaction costs during the project development phase, allowing for a faster process to financial close.
3. The vehicles directly leverage IFC's own economic capital allowing IFC to participate in larger transactions.

People Affected By This Project

1. Given that the vehicles will co - invest with IFC (on the same terms and conditions) the proposed investment will support private sector development by increasing access to long term debt capital for infrastructure projects across emerging markets from an asset pool (i.e. institutional investors located in OECD countries) that has yet to venture into infrastructure investments in emerging markets.
2. Under MCPP investors approve funding in projects much earlier than traditional co-lenders, providing IFC''s clients with greater certainty of finance and reducing their transaction costs during the project development phase, allowing for a faster process to financial close.
3. The vehicles directly leverage IFC''s own economic capital allowing IFC to participate in larger transactions.

Investment Description
  • International Finance Corporation (IFC)

Each vehicle will be managed by a third party asset manager. IFC is currently contemplating making an investment in two vehicles, a fund to be established by Eastspring Investments (http://www.eastspring.com) and Allianz Global Investors (http://www.allianzgi.com). Each vehicle will become an MCPP investor and as such all investment origination and supervision will be conducted by IFC under the Managed Co-lending Portfolio Program.

Private Actors
  • Eastspring Investments -- Financial Intermediary
Contact Information

Project Contact: Anjali Varma
Senior Syndications Officer, IFC
Office Address: 2121 Pennsylvania Avenue NW, Washington DC
Email Address: Avarma@ifc.org

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/