CCH is raising equity capital from new and existing shareholders to scale up its investments in sustainable infrastructure through the expansion of two existing group companies, Clifford Capital Pte. Ltd. (CCPL) and Pierfront Capital Fund Management Pte. Ltd. and the establishment of two new group companies Bayfront Infrastructure Management Pte. Ltd. (BIM) and a supply chain financing (SCF) entity.
|Project Name||Asian Sustainable Infrastructure Mobilization Project|
|Borrower/Company||Clifford Capital Holdings Pte. Ltd.
|Type or Modality of Assistance||
|Strategic Agendas||Environmentally sustainable growth
Inclusive economic growth
|Drivers of Change||Partnerships
Private sector development
|Sector / Subsector||
Finance / Infrastructure finance and investment funds
|Gender Equity and Mainstreaming||Some gender elements|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Infrastructure Finance Division 2|
|Responsible ADB Officer||Chan, Christine P.|
|Description||CCH is raising equity capital from new and existing shareholders to scale up its investments in sustainable infrastructure through the expansion of two existing group companies, Clifford Capital Pte. Ltd. (CCPL) and Pierfront Capital Fund Management Pte. Ltd. and the establishment of two new group companies Bayfront Infrastructure Management Pte. Ltd. (BIM) and a supply chain financing (SCF) entity.|
|Objectives and Scope|
|Linkage to Country/Regional Strategy||In line with ADB's Strategy 2030, this project supports ADB's focus on mobilizing and catalyzing financial resources for expanding ADB's private sector operations to support ADB's seven operational priorities. In line with the Private Sector Operations Departments 2019 operational plan, the project also supports increased cofinancing and co-investment opportunities in ADB's priority sectors including renewable energy, environmental infrastructure, transport, and information and communication technology. This is also aligned with the respective country partnership strategies, as many of ADB's DMCs emphasize the need for private sector investment, inclusive growth, regional connectivity, and sustainable infrastructure financing.|
|Summary of Environmental and Social Aspects|
|Environmental Aspects||CCH subsidiaries may finance companies engaged in business activities with potential environmental risks and impacts that may be categorized as A under the ADB SPS. During the due diligence ADB assessed CCH subsidiaries' current and likely future portfolio, existing environmental and social management system (ESMS), and the commitment and capacity for environmental and social management. A sub-procedure was developed and will be appended in the existing ESMS to ensure that investments eligible for use of ADB's equity investment will be screened, categorized, assessed, approved and managed in accordance with ADB SPS SR1 requirements. ADB will require CCH to submit an annual environmental and social performance report to ensure that CCH subsidiaries are operating in accordance with the ESMS sub-procedure.|
|Involuntary Resettlement||CCH subsidiaries may finance companies engaged in business activities that may cause involuntary physical or economic displacement impacts. Investments eligible for use of ADB's equity investment proceeds will be assessed, approved and managed in accordance with ADB SPS SR2 requirements as set out in the environmental and social management system.|
|Indigenous Peoples||CCH subsidiaries may finance companies engaged in business activities that may adversely affect or target as beneficiaries distinct and vulnerable indigenous peoples or ethnic minority communities. Investments eligible for use of ADB's equity investment proceeds will be assessed, approved and managed in accordance with ADB SPS SR3 requirements as set out in the environmental and social management system.|
|Stakeholder Communication, Participation, and Consultation||CCH subsidiaries each have an environmental and social management system that requires assessment of past and current client performance in achieving effective stakeholder communication, participation and consultation in accordance with applicable requirements. CCH will implement a system to respond to stakeholders affected by its business activities and will periodically report to shareholders on its and its portfolio company's performance.|
|Timetable for assistance design, processing and implementation|
|Concept Clearance||16 Jan 2020|
|Credit Committee Meeting||12 May 2020|
|Approval||08 Jul 2020|
|Last PDS Update||08 Jul 2020|
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.
|Title||Document Type||Document Date|
|Asian Sustainable Infrastructure Mobilization Project: Report and Recommendation of the President||Reports and Recommendations of the President||Jul 2020|
|Asian Sustainable Infrastructure Mobilization Project: Initial Poverty and Social Analysis||Initial Poverty and Social Analysis||Dec 2019|
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.
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.
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ADB, Clifford Capital Holdings Sign Landmark Deal Supporting Sustainable Infrastructure in AsiaThe Asian Development Bank (ADB) has agreed to invest up to $95 million in Clifford Capital Holdings (CCH), a specialist financing and distribution platform for infrastructure and other real assets globally, headquartered in Singapore...