According to the bank's website, "the transaction involves the administration by the Asian Development Bank (ADB) of an equity investment of up to the equivalent of $2,000,000, with an initial investment of up to $500,000 in a non-operating holding company called Fairbanc Pte Ltd (Fairbanc) in Singapore to expand its operations in Indonesia (conducted through its operating Indonesian subsidiary, PT Fairbanc Technologies Indonesia), to be provided by the ADB Ventures Investment Fund 1 under the ADB Ventures Financing Partnership Facility. The balance of the approved equity amount may be invested in subsequent fundraising rounds that Fairbanc is expected to undertake by June 2024. Consistent with the establishment arrangements for the fund, ADB will not invest its own capital alongside the fund".
Mellor, Dominic P.
Private Sector Operations Department
Contact details not provided at the time of disclosure
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