Project Name Administration of Equity Investment in E Green Global Co. Ltd.
Project Number 55272-001
Borrower / Company ASIAN DEVELOPMENT BANK
E Green Global Co. Ltd.
Country / Economy Regional
China, People's Republic of
Location China - Nation-wide
Type or Modality of Assistance
Equity ADB Ventures Investment Fund 1 USD 0.00 Approved
8404 Equity ADB Ventures Investment Fund 1 USD 4.00 million Approved
Operational Priorities OP1: Addressing remaining poverty and reducing inequalities
OP2: Accelerating progress in gender equality
OP3: Tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability
OP5: Promoting rural development and food security
Sector / Subsector

Agriculture, natural resources and rural development / Agriculture research and application

Gender Effective gender mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Office of the Director General, PSOD
Responsible ADB Officer Hersson, Daniel
Project Sponsor(s)
Description

The transaction involves the administration by the Asian Development Bank (ADB) of an equity investment of up to the won equivalent of $4,000,000, with an initial investment of up to W2,936,198,018, equivalent of $2,500,000, in E Green Global Co. Ltd. (EGG) in the Republic of Korea (ROK) to initially expand its operations in the People's Republic of China (PRC) (conducted through its operating PRC subsidiary, E Green Global [China] Co. Ltd.), to be provided by the ADB Ventures Investment Fund 1 under the ADB Ventures Financing Partnership Facility. The balance of the approved equity amount may be invested in subsequent fundraising rounds that EGG is expected to undertake. Consistent with the establishment arrangements for the fund, ADB will not invest its own capital alongside the fund.

EGG is an agricultural technology (agritech) company that has built the world's first mass production platform for successfully commercializing non-genetically modified, high-quality virus-free potato microtubers (MCTs). EGG's lab-to-farm process of producing MCTs contributes to significant reductions in water and greenhouse gas (GHG) emissions of the potato industry through more efficient farming operations that reduce the use of fertilizers and diesel while increasing potato yield per hectare of land. EGG's mission to strengthen food security through less resource-intensive potato farming practices aligns with ADB's operational priorities (OPs) of accelerating progress in gender equality, promoting rural development and greater food security; and tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability in Asia and the Pacific. This is a regional transaction, with ADB funding earmarked for activities that will generate expected impacts in India, Kazakhstan, and the PRC.

Objectives and Scope
Linkage to Country/Regional Strategy
Safeguard Categories
Environment C
Involuntary Resettlement C
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance -
Credit Committee Meeting -
Approval 22 Sep 2021
Last PDS Update 22 Sep 2021
 
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Source URL: https://www.adb.org/projects/55272-001/main