ASEAN Frontier Markets Fund (IFC-43894)

Countries
  • Cambodia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Cambodia and Laos
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Mar 31, 2022
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
Emerging Markets Investment Advisers (EMIA)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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)
$ 250.00 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)
$ 55.00 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.
Campaign Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 10, 2024

Disclosed by Bank Feb 4, 2022

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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's website, "the Fund will also seek a limited number of opportunities in other ASEAN-based companies which will typically have a strategic interest in, or growth plans to, Cambodia and Laos. The Fund will target growth-oriented sectors, including consumer, financial services, healthcare, and education. The fund will be supported by the IDA19PSW Blended Finance Facility, created by the World Bank Group to catalyze private sector investments in IDA countries with a focus on fragile and conflict-affected states."

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.

Expected development impact includes i) access to equity capital for fund investees, namely SMEs; and ii) deepening the PE landscape in the region, particularly in Cambodia and Laos.

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

According to the IFC, IFC's proposed investment is US$5m through the SME Ventures Program, and US$5m through IDA19 PSW Blended Finance Facility, for a total investment amount of US$10m.                                             

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

According to Pitchbook, ASEAN Frontier Markets Fund (AFMF or the “Fund”) is a buyout fund managed by Emerging Markets Investment Advisers. The fund is located in Phnom Penh, Cambodia and invests in ASEAN-based companies and plans to grow in Laos and Cambodia. The fund seeks ESG investments.

According to the IFC, the Fund will be managed by Emerging Markets Investment Advisers (the “Fund Manager” or “EMIA”), a fund manager focused primarily on Cambodia and Laos. EMIA, led by Joshua Morris and Trent Eddy, currently manages two funds:  Cambodia-Laos Development Fund (CLDF) and Cambodia-Laos-Myanmar Development Fund (CLMDF II).       


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.

Emerging Markets Investment Advisers

Joshua Morris
CEO
+65 834 720 69
joshua.morris@emergingmarkets.asia
15 Beach Road #02-01 Singapore 189677
www.emergingmarkets.asia/investments

 

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 IFC's Access to Information Policy Advisor, who reports directly to IFC's 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