Aqua Expeditions (IFC-38628)

  • Indonesia
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 12.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Corporate Actor Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 7, 2020

Disclosed by Bank Jan 9, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank document, Aqua Expeditions Pty. Ltd. (‘Aqua’ or the ‘company’) operates two cruise boats providing soft-adventure experiences with one vessel based on the Mekong River and traversing sections of the river in both Cambodia and Vietnam, and the other on the Amazon River in Peru with its headquarters in Singapore.

Aqua is currently finalizing the design of another boat to be operated in Peru with the capacity of 40 passengers and construction is expected to be completed by mid-2020. The company is currently exploring opportunities to expand operations further and IFC is considering a $10 million loan to support additional capacity for coastal cruises in Indonesia. For purposes of vessel construction, the company only works with established shipyards while for ongoing maintenance they are reliant on contractors where the vessels are located.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

 The total Project Cost of the Indonesia expansion is US$12.5 million. The proposed transaction is an A Loan of up to US$10 million.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

 The Company was founded by Francesco Lorenzo Galli Zugaro (CEO) and Fred Brown. The company is owned by Mr. Galli Zugaro, his father in law, Fred Brown and Bison Capital, a US-based investor.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Aqua Expeditions Pty. Ltd Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

1/Project Contact

Aqua Expeditions 
Name: Michele Brambilla 
Title: CFO 
Tel: +65 6270 4002 

Address: 10 Jalan Kilang, 06-04/05, Sime Darby Enterprise Centre, Singapore, Singapore 159410 


2/ IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

3/ Local Access for Project Documentation

 The SII will be disclosed locally at the following address:

10 Jalan Kilang, 06-04/05, Sime Darby Enterprise Centre, Singapore, Singapore 159410                            


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 You can learn more about the CAO and how to file a complaint at

How it works

How it works