fbpx 51346-001: Supporting Private Education Ecosystem, including Affordable Private Schools | Asian Development Bank

India: Supporting Private Education Ecosystem, including Affordable Private Schools

Nonsovereign (Private) Project | 51346-001 Status: Proposed

The transaction consists of an equity investment of up to $9,600,000 (in Indian rupee equivalent) in the Indian School Finance Company Private Limited (ISFC) including a proposed administration of an equity investment of up to $9,600,000 (in Indian rupee equivalent) by Leading Asia's Private Infrastructure Fund (LEAP) to Support the Private Education Ecosystem, including Affordable Private Schools.

Project Details

Project Officer
Kumar, Apurva Request for information
Country
  • India
Sector
  • Finance
 
Project Name Supporting Private Education Ecosystem, including Affordable Private Schools
Project Number 51346-001
Borrower/Company Indian School Finance Company Private Limited
Country India
Location Nation-wide
Type or Modality of Assistance
Equity Ordinary capital resources USD 9.60 million Approved
JL07 Equity Leading Asia's Private Infrastructure Fund (LEAP) USD 9.60 million Approved
Strategic Agendas Inclusive economic growth
Drivers of Change Partnerships
Private sector development
Sector / Subsector

Education / Education sector development

Finance / Finance sector development

Gender Equity and Mainstreaming Effective gender mainstreaming
Responsible ADB Department
Responsible ADB Division
Responsible ADB Officer Kumar, Apurva
Project Sponsor(s)
Description The transaction consists of an equity investment of up to $9,600,000 (in Indian rupee equivalent) in the Indian School Finance Company Private Limited (ISFC) including a proposed administration of an equity investment of up to $9,600,000 (in Indian rupee equivalent) by Leading Asia's Private Infrastructure Fund (LEAP) to Support the Private Education Ecosystem, including Affordable Private Schools.
Objectives and Scope The Asian Development Bank's (ADB's) equity investment will support ISFC's growth, including in less developed regions of India and for women borrowers.
Linkage to Country/Regional Strategy The project will support the development of the private education ecosystem in India, aligned with the government's push towards quality education for all. The project is aligned with ADB's Gender Equality and Women's Empowerment Operational Plan, 2013 2020. According to ADB's country partnership strategy for India, 2018 2022, ADB's nonsovereign operations will support the strategic priorities, including access to credit and supporting education sector development.
Safeguard Categories
Environment FI
Involuntary Resettlement FI-C
Indigenous Peoples FI-C
Summary of Environmental and Social Aspects
Environmental Aspects Environmental risks potentially relate to the design, construction and operation of buildings. Building design needs to consider national building standards, particularly related to earthquake and fire risk; provision of water and sanitation; accommodation standards (for boarding schools); as well as safety issues for students and teachers. ISFC has agreed to develop an ESMS in accordance with ADB's Safeguard Policy Statement (2009) requirements for financial intermediaries, commensurate with the impacts and risks of its potential future investments. The company will apply ADB's prohibited investment activities list and exclude all investment classified as Category A for the environment and Category A or B investments for social safeguards impacts.
Involuntary Resettlement In most cases, the construction or expansion of a school (typically classrooms) takes place within the land area of the existing school that is seeking finance. Land for construction of any new school buildings for which ISFC financing may be considered will be directly purchased from private landowner(s). Land acquisition via expropriation is not envisaged for any activities funded by ISFC, and thus using ADB proceeds.
Indigenous Peoples No impacts on Indigenous People is envisaged from the project.
Stakeholder Communication, Participation, and Consultation ISFC maintains close communications and engages with identified stakeholders (e.g., shareholders, customers, employees, regulators, and the public). For its customers, ISFC has a process to measure customer experience (internal and external) to ensure that customer feedback (including customer complaints, customer satisfaction surveys, telephonic surveys, and employee feedback) is analyzed and acted upon. ISFC management is introducing a program to monitor and track funded schools and their services.
Timetable for assistance design, processing and implementation
Concept Clearance 01 Feb 2018
Credit Committee Meeting 29 Oct 2019
Approval 06 Dec 2019
Last PDS Update 10 Dec 2019

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.

The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

None currently available.

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

None currently available.

Related Publications

None currently available.


The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.