Regional: REG: SHORECAP INTERNATIONAL FUND
REG: SHORECAP INTERNATIONAL FUND
Project Details
-
Project Officer
Taneja, Anshukant
Private Sector Operations Department
Request for information -
Country/Economy
Regional -
Sector
- Finance
| Project Name | REG: SHORECAP INTERNATIONAL FUND | ||||
| Project Number | 38906-014 | ||||
| Borrower / Company | SHORECAP INTERNATIONAL LIMITED |
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| Country / Economy | Regional |
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| Location | Regional | ||||
| Type or Modality of Assistance |
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| Strategic Agendas | Inclusive economic growth |
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| Drivers of Change | |||||
| Sector / Subsector | Finance / Infrastructure finance and investment funds |
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| Gender Equity and Mainstreaming | |||||
| Responsible ADB Department | Private Sector Operations Department | ||||
| Responsible ADB Division | Portfolio Management Division, PSOD | ||||
| Responsible ADB Officer | Taneja, Anshukant | ||||
| Project Sponsor(s) | |||||
| Description | REG: SHORECAP INTERNATIONAL FUND | ||||
| Objectives and Scope | The Fund has made investments in target investees that provide banking and other financial services to MSEs in order to create jobs for or otherwise benefit low-income persons, or have the potential to expand financial services to low-income communities that have historically been excluded from the formal banking system. Investees have included small business banks, microfinance banks, regulated microfinance non banks and microfinance non governmental organizations primarily those transforming into formal financial institutions that provide access to financial services to individuals and sectors of the economy typically ignored by mainstream financial institutions. | ||||
| Status of Development Objectives | The Fund's investees have so far made a considerable number of new development loans. Development loans are loans to (i) small enterprises that create jobs for the poor and (ii) low-income microentrepreneurs in impoverished areas. | ||||
| Linkage to Country/Regional Strategy | This project is well aligned with ADB's central mission of poverty reduction through the implementation of various ADB strategy and regional guidelines with regard to (i) promotion of microfinancing, (ii) support for SMEs, (iii) enhancement of financial markets, and (iv) encouragement of appropriate private-sector led initiatives in addressing these goals. This will directly address the key elements of ADB's poverty reduction strategy, namely the promotion of (i) pro-poor, sustainable economic growth (through directly assisting MSE sectors via support for qualified investees); (ii) social development (through ensuring that these investees reach out to poor, underserved areas of their economies, as well as embrace socially sound practices); and (iii) good governance (through the Fund's board membership and active role within investee institutions to promote good corporate governance as a core part of the investment strategy). |
| Safeguard Categories | |
|---|---|
| Environment | FI |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | All companies in which the Fund invests complies with national environmental laws, regulations, and standards, or agree to adopt a program to comply with them or, as soon as possible, to reasonably mitigate any noncompliance with them, and to comply with the ADB and World Bank environmental and social safeguard policies. |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Stakeholder Communication, Participation, and Consultation | |
| Timetable for assistance design, processing and implementation | |
|---|---|
| Concept Clearance | 10 Feb 2004 |
| Credit Committee Meeting | - |
| Approval | 05 May 2004 |
| PDS Creation Date | 01 Sep 2006 |
| Last PDS Update | 30 Sep 2014 |
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
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Safeguard Documents See also: Safeguards
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Evaluation Documents See also: Independent Evaluation
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Related Publications
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