Crescent Loan (IFC-45379)

Countries
  • Indonesia
  • Maldives
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
Fonimagoodhoo Island (Maldives), and others
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
May 10, 2023
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
Crescent Global Management Ltd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
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.
Loan 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)
$ 350.00 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 @ IFC website

Updated in EWS Jul 4, 2023

Disclosed by Bank Jun 20, 2023

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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.

The proposed investment is for a debt facility of up to US$100 million comprising (i) US$50 million IFC A Loan and (ii) US$50 million mobilized by MCPP One Planet, to support Crescent Investment Management III Ltd. (Crescent Point), the General Partner for Crescent Asia Consumer and Deep Value Fund III, L.P.. Crescent Point is forming a hotel and resorts management platform to acquire and manage hospitality assets within large Southeast Asian countries such as Indonesia, Philippines, Thailand and Vietnam, plus other attractive hospitality markets such as Maldives. IFC will help Crescent Point to implement Excellence in Design for Greater Efficiencies certification of the hotels under the project.
The first investment identified under the Crescent Loan Project is the acquisition and retrofitting of a resort in the Baa Atoll, Maldives.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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, Crescent Point and its affiliates (CP Group) manages consumer-focused private equity funds with a geographic focus in China and Southeast Asia started in 2003. Over the last 20 years, CP Group has invested over US$2.0 billion in over 50 companies. CP Group is headquartered in Singapore and has four local offices including Shanghai, HCMC, Jakarta and Manila currently.  

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Crescent Point Group Parent Company Finance

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Phone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Crescent Investment Management III Ltd:

Yin Shao Siang - Director, Investments
Ho Ning Li - ESG Lead
Phone: +65 6511 3088
Email: ir@cgcm.com
Address: 38 Beach Road, #32-12 South Beach Tower, Singapore 189767
Website: https://www.cgcm.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