China Cube Water Loan (IFC-44694)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • China
Geographic location where the impacts of the investment may be experienced.
Specific Location
Henan, Heilongjiang, Guangdong and Shaanxi Province
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
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
Apr 26, 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
CHINA CUBE WATER LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Water and Sanitation
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)
$ 32.38 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.
Currency conversion note:
Bank reported 210
Converted using 2021-04-26 exchange rate.
Loan Amount (USD)
$ 32.38 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.
Currency conversion note:
Bank reported 210
Converted using 2021-04-26 exchange rate.
Project Cost (USD)
$ 79.41 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.
Currency conversion note:
Bank reported 515
Converted using 2021-04-26 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 20, 2024

Disclosed by Bank Mar 22, 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 the bank document, IFC provides loans to China Cube Water (“CCW” or the “Company”) to " support the company’s maintenance, upgrade and expansion of its wastewater treatment plants (WWTP), and repayment of existing project-level debt.

IFC’s loan will support the upgrade and expansion of the following WWTPs:

- Upgrade of Henan #2 plant in Yongcheng County, Shangqiu City, Henan Province

- Expansion of Henan #3 plant in Yongcheng County, Shangqiu City, Henan Province

- Upgrade and expansion of Henan #4 plant in Yongcheng County, Shangqiu City, Henan Province

- Upgrade and expansion of Henan #5 plant in Yongcheng County, Shangqiu City, Henan Province

- Upgrade of Henan #6 plant in Yichuan County, Luoyang City, Henan Province

- Upgrade and expansion of Shaanxi plant in Xianyang City, Shaanxi Province".

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

 "Total project cost is estimated at RMB515 million (~US$79.2 million), which is to be financed by a combination of IFC and other DFI’s loan, plus the Company’s equity".

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 IFC, CCW is 100% owned by Fund I managed by I-Squared Capital (ISQ or the Sponsor), a US based private equity firm. CCW was founded by local entrepreneurs in China but has since acquired by ISQ, and by 2019 became ISQ’s wholly owned flagship platform company in the environmental protection sector.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
I Squared Capital Parent Company Finance owns China Cube Water Ltd. Client Water and Sanitation

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.

1/ The Project Contact

China Cube Water Limited

Contact: Jing Li

Title: Chief Finance Officer

Tel: (86) 025-52787862

Email: Jing_Li@Chinacubewater.com

Address: #606 No.2 Building, Yuhua E-Park,

No.109 Ruanjian Avenue, Nanjing, China

Website: http://www.chinacubewater.com

2/ The IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

3/ Local Access for Project Documentation

Company: China Cube Water Limited

Point of Contact: Jing Li

Telephone Number: (86) 025-52787862

Email: Jing_Li@Chinacubewater.com

Mailing Address: #606 No.2 Building, Yuhua E-Park, No.109 Ruanjian Avenue, Nanjing, China

Website: http://www.chinacubewater.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