EAICF BlackRock (IFC-50940)

Regions
  • East Asia and Pacific
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Bangladesh
  • Cambodia
  • India
  • Indonesia
  • Laos
  • Malaysia
  • Philippines
  • Sri Lanka
  • Thailand
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
Southeast Asia
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
Jan 8, 2026
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
Emerging Asia Infrastructure Credit Fund SCSp
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 55.00 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)
$ 750.00 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.
Media Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 11, 2026

Disclosed by Bank May 20, 2026

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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’s website, the proposed IFC investment consists of up to US$50 million equity subscriptions into limited partnership interests of the Emerging Asia Infrastructure Credit Fund (EAICF), a US$750 million target blended finance fund. The proposed investment comprises: (i) up to US$40 million into a senior tranche for IFC's own account; (ii) up to US$5 million into a junior tranche for IFC’s own account; and (iii) up to US$5 million into a junior tranche, to be supported by Frontier Opportunities Fund (FOF) as described in the Blended Finance Section.

The Fund will provide senior, mezzanine and subordinated debt to support the transition of private sector borrowers, including in the industrial, and decarbonization technologies sectors, towards low-carbon growth. Also, the Fund will have a primary focus on Southeast Asia (SEA) (80% of capital commitments), with the remaining allocation potentially targeted to South Asia (SA). Emerging Asia Infrastructure Credit Fund GP S.a r.l., a Luxemburg private limited company managed by BlackRock Financial Management Inc., will serve as the general partner of the Fund.

The Fund will primarily invest in emerging Southeast Asia with key markets being Indonesia, Malysia, Philippines, Thailand, Vietnam, Laos, and Cambodia. Up to 20% of the Fund may be invested in South Asia focusing on India, Sri Lanka, and Bangladesh.

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.

The Project involves an investment of up to US$50 million in EAICF, an industrial decarbonization debt fund, to provide financing for hard-to-abate sectors and low-carbon transformation technologies (such as carbon capture, utilization, and storage, electrification, green hydrogen, and sustainable aviation fuel) across South and Southeast Asia. The expected E&S risks and impacts of the Project are considered medium. As such, the Project has been categorized as Category FI-2 in accordance with IFC's Sustainability Policy.

The Project will not support coal-related, oil and gas, or higher-risk business activities that may include: a) involuntary resettlement; b) risk of adverse impacts on Indigenous Peoples; c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage; d) risk of retrenchment, or e) significant Occupational Health and Safety risks. Applicable E&S performance requirements for this Project include the IFC Exclusion List, relevant host country E&S laws and regulations, and the IFC Performance Standards.

The key E&S risks and impacts derive from the activities of sub-borrowers and their E&S capacity and systems in place to manage these risks, as well as the Fund Manager's capacity to identify and manage the potential E&S risks associated with its financing activities. Typical risks and impacts related to the Fund's investment activities include pollution prevention, supply chain-related risks, labor and working conditions, and waste management, among others.

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

According to IFC, the proposed investment entails an investment of US$55 million for IFC's own account in a US$750 million target blended finance fund, EAICF, to support private sector industrial transformation across Southeast Asia.

IFC's Investment as Approved by the Board: Equity 55.00 million (USD)

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.

Emerging Asia Infrastructure Credit Fund GP S.a r.l., (the Project Company) is set up under a Special Limited Partnership. BlackRock Financial Management, Inc., the manager of the Fund and the Sponsor, is incorporated under the laws of the State of Delaware, United States of America. The ultimate beneficial company, BlackRock, Inc.is owned 9.04% by Vanguard, 6.5% by BlackRock and 84.5% by other Minority Shareholders as of March 2026. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - BlackRock, Inc. Parent Company Finance
- - - - Emerging Asia Infrastructure Credit Fund GP S.a r.l. Client -

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.

For Inquiries About the Project, Contact:
BlackRock Financial Management Inc. (BlackRock)
Matt Kaczmarek
Head of EM Strategy and Sustainable Investing
Matt.Kaczmarek@blackrock.com
50 Hudson Yards, New York City
www.blackrock.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

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