Nonsovereign Project | 40926-014 Status: Approved



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Project Name REG: KULA FUND II
Project Number 40926-014
Country Regional
Location Brisbane, Fiji, Port Moresby
Approval Number 7237
Type or Modality of Assistance
7237 Investment Fund-Equity Investment-LLC USD 5.00 million Committed
Strategic Agendas Inclusive economic growth
Drivers of Change Private sector development
Sector / Subsector

Finance - Infrastructure finance and investment funds

Gender Equity and Mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Anshukant Taneja
Project Sponsor(s)
Description REG: KULA FUND II
Objectives and Scope The primary objective of the Fund is to provide long-term equity finance to SMEs in the Pacific islands. SMEs throughout the region need long-term financing to take advantage of broadly stable economic conditions, but struggle to meet collateral requirements for traditional debt financing. The Fund aims to fill this gap, and to actively assist investee companies to develop business plans, improve capital structures, and implement international standards of corporate governance.
Linkage to Country/Regional Strategy ADB's investment in the Fund is consistent with ADB's Pacific Strategy and supports the increased private sector focus of ADB's Pacific Department on both regional and country levels. The Fund (i) will help advance financial sector development, (ii) is designed to directly support private sector activity through provision of equity funding and management support to investee companies, and (iii) will help build capacity in a fledgling private equity market.
Status of Development Objectives The Fund helps to (i) create sustainable private sector jobs in the Pacific islands through its investee companies; (ii) build capacity in a narrow financial sector; (iii) diversify sources of finance available for SMEs; and (iv) build sustainable private sector companies by providing management advice to SMEs.
Safeguard Categories
Environment FI
Involuntary Resettlement C
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects All companies in which the Fund invests complies with national environmental laws, regulations, and ADB's environmental and social safeguard policies; or agree to adopt a program to comply with such standards.
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 12 Apr 2006
Due Diligence 06 Apr 2006
Credit Committee Meeting -
Approval 29 Jun 2006
PDS Creation Date 25 Aug 2006
Last PDS Update 30 Sep 2014
Title Document Type Document Date
Proposed Equity Investment in Kula Fund II Limited Reports and Recommendations of the President Jun 2006

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