Aqua Expeditions (IFC-38628)

Countries
  • Indonesia
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
Proposed
Bank Risk Rating
B
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.
Borrower
AQUA EXPEDITIONS PTE. LTD.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 10.00 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)
$ 12.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Corporate Actor Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 30, 2019

Disclosed by Bank Jan 9, 2019


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Project 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
  • International Finance Corporation (IFC)

 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

 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.

Contact Information

1/Project Contact

Aqua Expeditions 
Name: Michele Brambilla 
Title: CFO 
Tel: +65 6270 4002 
Email: mbrambilla@aquaexpeditions.com 

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

Website: https://www.aquaexpeditions.com 

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                            

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/