John Keells Modern Retail Infrastructure Expansion Project (ADB-55143-001)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Sri Lanka
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
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
B
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
Dec 13, 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
John Keels Holdings PLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Climate and Environment
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 40.00 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.
Bank Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS Apr 29, 2022

Disclosed by Bank Jul 13, 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 ADB documents, the proposed investment seeks to strengthen value chain linkages for farmers supplying to markets and enhance food security and safety for consumers. The proceeds from this investment will be used towards the expansion of the group''s modern retail and distribution businesses, including the construction and equipping of new supermarkets and the setting up of new, state of the art distribution logistics centers. The investment will result in job creation, gender equality measures, boost tax collection.

The project is consistent with ADB''s Strategy 2030 and four of its operational priorities: 1 addressing remaining poverty and reducing inequalities (by improving the incomes of farmers and creating jobs); 2 accelerating progress in gender equality (by promoting gender equality through a gender action plan); 3 enhancing environmental sustainability (by promoting the adoption of climate-smart technologies to ensure sustainable use of land and water resources); and 5 promoting rural development and food security (by improving market connectivity, enhancing food safety, and increasing food security). The project is also consistent with country partnership strategy, 2018 2022 with Sri Lanka because it strengthens agricultural infrastructure and commercialization and promotes private sector development.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
<table> <tbody> <tr> <td>7704</td> <td>Equity</td> <td>Ordinary capital resources</td> <td align="right">LKR 3,022.05 million</td> <td>Approved</td> </tr> <tr> <td>7705</td> <td>Equity</td> <td>Ordinary capital resources</td> <td align="right">LKR 5,036.75 million</td> <td>Approved</td> </tr> <tr> <td>JL09</td> <td>Equity</td> <td>Leading Asia's Private Infrastructure Fund (LEAP)</td> <td align="right">USD 15.00 million</td> <td>Approved</td> </tr> <tr> <td>JL10</td> <td>Equity</td> <td>Leading Asia's Private Infrastructure Fund (LEAP)</td> <td align="right">USD 25.00 million</td> <td>Approved</td> </tr> </tbody> </table>

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 an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

How it works

How it works