Philippines: PHILIPPINE INVESTMENT ALLIANCE FOR INFRASTRUCTURE (PINAI)

Nonsovereign Project | 45929-014

Summary

PHILIPPINE INVESTMENT ALLIANCE FOR INFRASTRUCTURE (PINAI)

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Project Name PHILIPPINE INVESTMENT ALLIANCE FOR INFRASTRUCTURE (PINAI)
Project Number 45929-014
Borrower/Company PHILIPPINE INVESTMENT ALLIANCE INFR
Country Philippines
Location Philippines
Approval Number 7357
Type or Modality of Assistance
7357 Equity Investment PHP 25.00 million Committed
Strategic Agendas
Drivers of Change
Sector / Subsector Finance - Infrastructure finance and investment funds
Gender Equity and Mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Private Sector Investment Funds & Special Initiatives Div
Responsible ADB Officer Janette A. Hall
Project Sponsor(s)
Description PHILIPPINE INVESTMENT ALLIANCE FOR INFRASTRUCTURE (PINAI)
Objectives and Scope The Fund makes equity and equity-linked investments in core infrastructure assets in the Philippines which exhibit all of the following characteristics: a) provide an essential service to the community; (b) benefit from barriers to competition or other strategic competitive advantage; and (c) have a long economic life. Also, the investment will have at least one of the following characteristics: d) substantially all of their revenues secured through long term contracts; or (e) generate sustainable and predictable cash flows as a result of stable usage/demand due to a quasi-monopolistic position or limited availability or alternatives, possibly with capital growth potential.
Linkage to Country/Regional Strategy The investment in the Fund is aligned to the Country Partnership Strategy's goal for private sector operations to be oriented to the needs of government priorities, as it focuses on (i) infrastructure finance and (ii) renewable energy and energy efficiency projects either through direct assistance or through investments in private equity funds operating in the Philippines.
Status of Development Objectives Private equity funds (PEFs) are relatively nascent in the Philippines and the country sees limited investment activity through this asset class. The Fund's management team is based locally and provides the market with a clear example of effective financial intermediation (through private equity) and the mobilization of new institutional capital and expertise into a sector where such facets of investing are in high demand. PINAI's success is envisaged to launch more PEFs in the country, attract more institutional capital, and further develop domestic capital markets. In addition, investment in the Fund is expected to contribute towards increased private sector infrastructure investments in the Philippines. As the Fund is in its early stages of investing, these development objectives are not yet fully realized.
Safeguard Categories
Environment FI
Involuntary Resettlement FI
Indigenous Peoples FI
Summary of Environmental and Social Aspects
Environmental Aspects The Fund has a social safeguards screening checklists to identify the potential involuntary resettlement and indigenous peoples impacts of the investments activities and determine the impact category based on the significance of those impacts. An ESMS consistent with ADB's environmental and social policy principles and requirements was also adopted by the Fund manager.
Involuntary Resettlement The Fund has a social safeguards screening checklists to identify the potential involuntary resettlement and indigenous peoples impacts of the investments activities and determine the impact category based on the significance of those impacts. An ESMS consistent with ADB's environmental and social policy principles and requirements was also adopted by the Fund manager.
Indigenous Peoples The Fund has a social safeguards screening checklists to identify the potential involuntary resettlement and indigenous peoples impacts of the investments activities and determine the impact category based on the significance of those impacts. An ESMS consistent with ADB's environmental and social policy principles and requirements was also adopted by the Fund manager.
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 27 Feb 2012
Due Diligence 08 Jun 2012
Credit Committee Meeting 21 Jun 2012
Approval 30 Jul 2012
PDS Creation Date 20 Jun 2012
Last PDS Update 30 Sep 2014
Title Document Type Document Date
Philippine Investment Alliance for Infrastructure Fund Reports and Recommendations of the President Jul 2012

Safeguard Documents

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Evaluation Documents

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