EM INF Fund (IFC-50401)

Regions
  • World
Geographic location where the impacts of the investment may be experienced.
Specific Location
Latin America, Sub-Saharan Africa, Middle East & North Africa, and Asia
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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."
Borrower
Ninety One EM INF Fund
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)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 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)
$ 500.00 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 Oct 25, 2025

Disclosed by Bank Sep 22, 2025

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Contact the EWS Team

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 proposed project consists of an IFC investment of up to US$100 million in the Ninety One Emerging Markets Infrastructure Debt Fund (“EM INF” or the “Fund”). The Fund will be a 10-year closed-end global infrastructure fund with a target size of US$500 million to US$1 billion. The purpose of the Fund is to invest in infrastructure assets across Latin America, Sub-Saharan Africa, Middle East & North Africa, and Asia (excluding China, Japan and South Korea). The Fund will be managed by Ninety UK Limited and its related associates.                                

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project is proposed to be a structured debt fund aiming to invest in infrastructure assets across Latin America, Sub-Saharan Africa, the Middle East and Asia. The Project will invest in both primary infrastructure debt financing as well as in open market debt transactions. Targeted investments include climate and sustainability related sectors, such as renewables, power transmission, telecom, transport and sanitation, which are considered to entail medium to high E&S risks. The client will be required to screen out higher E&S risk sub-projects. The Project will not support coal-related activities, nor sub-projects in the mining, upstream and midstream oil & gas sectors. Investments in large hydro power sub-projects and financial intermediaries financing higher E&S transactions will also be excluded. 

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

IFC is considering an investment of US$100 million in the Project. The final amount of the IFC investment is subject to change as the structure and other details continue to be refined.

The Fund will be a 10-year closed-end global infrastructure fund with a target size of US$500 million to US$1 billion.

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.

Ninety One is a global asset manager, the largest in Sub Saharan Africa (SSA) with assets under management of £130.8billion as of 31 March 2025. The Fund Manager has a proven track record and experienced team across multiple debt and equity investment strategies. It is listed on the Johannesburg Stock Exchange and the London Stock Exchange, and its 1,190 employees are located in South Africa, the United Kingdom and several other countries. Ninety One has globally invested in around 1,000 EM companies in the form of debt and equity and partnered with close to 200 financial institutions.

As of March 2025, employees are cumulatively the largest shareholders of Ninety One (approx. 33.7%), followed by PIC (approx. 19.2%) and Investec (approx. 15.1%), with the remaining shares (circa 32%) widely held by other shareholders (Source: Ninety One as at 31 March 2025 https://ninetyone.com/en/. Ninety One employee ownership based on latest public data).


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.

Ninety One UK Limited
Martijn Proos
Co-Head, Emerging Market Alternative Credit
+44 20 3938 2883
Martijn.Proos@ninetyone.com
55 Gresham St, London
www.ninetyone.com

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