Early Warning System

Regions

South Asia

Geographic location where the impacts of the investment may be experienced.

Countries

India

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

Asian Infrastructure Investment Bank (AIIB)

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

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 24, 2018

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

National Investment and Infrastructure Fund Ltd

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
Finance
Industry and Trade
Infrastructure
Transport

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)

$ 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.

Loan Amount (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.

Project Cost (USD)

$ 2,100.00 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.

Bank Documents

Project Summary Information

Campaign Documents

Primary Source

Original disclosure @ AIIB website

Updated in EWS Jun 4, 2024

Disclosed by Bank May 23, 2017

Contribute Information
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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 AIIB documents:

"The objective of the Fund is to mobilize more private sector capital into infrastructure sectors, and increase infrastructure investment in India. These investments will include operating companies and new ventures. The platform could also consider investments into other commercially viable investments within the broader strategy of the Fund...

Sector specific platform companies will be the primary investment vehicles of the Fund. For each sector of interest, the Fund will create a platform company in partnership with a limited number of financial investors. Operating expertise will be sought either through the inclusion of an operating partner or through a management team backed by NIIF and other partners...

The Fund will exclusively invest in India and intends to operate mostly through scalable platform companies that will target infrastructure assets primarily in the following sectors: roads, ports, airports, power (generation, transmission, distribution), urban infrastructure, and logistics..."

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.

As stated by the AIIB, the Project has been placed in Category FI, because the financing structure involves the provision of AIIB’s funds through a Financial Intermediary (FI). AIIB delegates to NIIFL the decision-making on the use of Bank funds, including the selection, appraisal, approval and monitoring of sub-funds and the oversight of their respective investments in portfolio companies, in accordance with the investment documentation and the Environmental and Social Management System (ESMS) adopted by NIIFL and approved by AIIB.

Investment Description

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

Asian Infrastructure Investment Bank (AIIB)

The target fund size is $2,100 USD million. The estimated AIIB investment is $200 USD million.

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.

National Investment and Infrastructure Fund Limited (NIIF) (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.

As stated by the AIIB, since infrastructure investments require long-term, patient capital, the Government of India anchored the establishment of the National Investment and Infrastructure Fund Ltd (NIIFL), a fund manager that manages investments in infrastructure and related sectors in India. NIIF Limited manages over USD 4.3 billion of capital commitments across its three funds – Master Fund, Fund of Funds and Strategic Opportunities Fund, each with its distinct investment strategy. The Fund of Funds, registered with the Securities and Exchange Board of India (‘SEBI’) as NIIF Fund of Funds– I (Fund ), is in a unique and strong position to provide fillip to funds dedicated to infrastructure and related sectors in India.

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.

AIIB Team Leader:

Mr. Kishlaya Misra - Project Team Leader
Address: B-9 Financial Street, Xicheng District, Beijing, P.R. China 100033
Phone: +86 10 8358 0208
Email: kishlaya.misra@aiib.org
Website: www.aiib.org

Financial Intermediary - National Investment and Infrastructure Fund (NIIF):

Mr. Anand Unnikrishnan - Head, Fund of Funds
Address: 4th Floor, UTI Tower, GN Block, Bandra Kurla Complex, Bandra East, Mumbai, India 400051
Phone: +91 22 6264 6628
Email: Anand.Unnikrishnan@niifindia.in

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides “an opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIB’s failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.” Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html.