South Asia Growth Fund II, L.P. (IFC-39369)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Bangladesh
  • India
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
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."
Voting Date
Jun 30, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
SOUTH ASIA GROWTH FUND II, L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 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)
$ 200.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 4, 2022

Disclosed by Bank May 20, 2021

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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 IFC, through this project, they are proposing an equity investment of up to US$15 million, capped at  20% of aggregate commitments, with an equivalent amount of co-investment envelope, in South Asia Growth Fund II, L.P (the Fund or SAGF II), a limited partnership organized under the laws of Province of Ontario, Canada. The Fund is targeting US$200 million in commitments to invest in 8-10 companies focused on clean energy supply and resource efficiency in India and in Bangladesh.  

The objectives of project are: (i) Access to equity for small to mid-cap companies in India; (ii) Increased environmental and energy efficiency within targeted sectors in India. Market creation outcome is linked to the Fund's portfolio companies' ability to promote and scale resource efficiency and technology solutions.

 

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Project level outcomes are: (i) Access to equity for small to mid-cap companies in India; (ii) Increased environmental and energy efficiency within targeted sectors in India.
Market creation outcome is linked to the Fund's portfolio companies' ability to promote and scale resource efficiency and technology solutions.

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

South Asia Growth Partners II, L.P. (General Partner), a limited partnership organized under the laws of the Province of Ontario, Canada, is the General Partner of the Fund. The Fund's offshore sponsor is GEF Capital Partners, LLC, a Delaware limited liability company (GEF Capital ). The Fund will engage GEF Capital to carry out certain investment management and administration duties. GEF Capital was founded in 2018 and is led by Raj Pai, Sridhar Narayan and four other partners.

 


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.

 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFCÕs Access to Information Policy Advisor, who reports directly to IFCÕs Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

How it works

How it works