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: Approved

Deal did not go through due to commercial reasons.

Project Details

Project Officer
Kumar, Apurva Private Sector Operations Department Request for information
  • India
  • 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
7616 Equity Ordinary capital resources USD 0.00 Cancelled
JL07 Equity Leading Asia's Private Infrastructure Fund (LEAP) USD 0.00 Cancelled
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 Private Sector Operations Department
Responsible ADB Division Private Sector Financial Institutions Division
Responsible ADB Officer Kumar, Apurva
Project Sponsor(s)
Description Deal did not go through due to commercial reasons.
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 08 Mar 2021

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