Regional: Indorama Ventures Regional Blue Loan Project
|Project Name||Indorama Ventures Regional Blue Loan Project|
|Borrower / Company||Indorama Ventures Global Services Limited
Indorama Ventures Public Company Limited
|Country / Economy||Regional
|Location||India - Nation-wide; Indonesia - Nation-wide; Philippines - Nation-wide; Thailand - Nation-wide|
|Type or Modality of Assistance||
|Strategic Agendas||Environmentally sustainable growth
Inclusive economic growth
|Drivers of Change||Partnerships
Private sector development
|Sector / Subsector||
Water and other urban infrastructure and services / Urban solid waste management
|Gender Equity and Mainstreaming||No gender elements|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Portfolio Management Division, PSOD|
|Responsible ADB Officer||Gulshan, Karan Raj|
|Project Sponsor(s)||Indorama Ventures Public Company Limited
|Objectives and Scope||The loan will support Indorama Ventures group (IVG), a global integrated polyethylene terephthalate (PET) manufacturer, for their expansion of PET recycling capacity in India, Indonesia, the Philippines, and Thailand. The Asian Development Bank (ADB) financing will help promote a circular economy for recycled PET (rPET) with industry best practices in ADB's developing member countries (DMC). The loan will be ADB's first internationally verified nonsovereign blue loan, and ADB's involvement will also ensure compliance with rigorous environmental and social safeguard standards.|
|Status of Development Objectives||The project aligns with ADB's Action Plan for Healthy Oceans and Sustainable Blue Economies, which calls for ADB to expand its investments and technical assistance to $5 billion during 2019-2024.|
|Status of Operation/Construction||Target completion in 2022.|
|Linkage to Country/Regional Strategy||The project is consistent with and supports two operational priorities of ADB's Strategy 2030: (i) operational priority 3 (tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability); and (ii) operational priority 4 (making cities more livable). It also supports Strategy 2030's objectives of fostering regional cooperation and integration, and for ADB to expand private sector operations and to pursue development impact.|
|Summary of Environmental and Social Aspects|
|Environmental Aspects||IVG's environmental management system was built from the ISO 14001 certification that focuses on environmental management for operational sites. IVG prepares all the regulatory environmental permitting documentation following applicable local regulatory requirements.|
|Involuntary Resettlement||IVG's existing facilities for its recycling business are in industrial zones on land areas that are either leased or purchased and thus no involuntary resettlement impact is envisaged.|
|Indigenous Peoples||IVG's recycling facilities are typically located in industrial zones, away from areas where indigenous peoples or distinct and vulnerable sociocultural groups can be found.|
|Stakeholder Communication, Participation, and Consultation||IVG's ESMS provides guidance in working with stakeholders and partners. The ESMS will be enhanced to include, among others, establishment of a formal grievance redress mechanism at the subproject level to allow for filing, handling, and resolution of complaints or grievances, including procedures for providing feedback, documentation, and reporting.|
|Timetable for assistance design, processing and implementation|
|Concept Clearance||25 Aug 2020|
|Credit Committee Meeting||20 Oct 2020|
|Approval||23 Nov 2020|
|Last PDS Update||05 Feb 2021|
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|
|Indorama Ventures Regional Blue Loan Project: Initial Poverty and Social Analysis||Initial Poverty and Social Analysis||Oct 2020|
|Indorama Ventures Regional Blue Loan Project: Report and Recommendation of the President||Reports and Recommendations of the President||Oct 2020|
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.
|Title||Document Type||Document Date|
|Indorama Ventures Regional Blue Loan Project: Environment and Social Compliance Audit Report||Environment and Social Compliance Audit Reports||Jun 2021|
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.
Requests for information may also be directed to the InfoUnit.
ADB, Indorama Ventures Sign $100 Million Blue Loan to Boost Recycling, Reduce Ocean Plastic WasteThe Asian Development Bank (ADB) and Indorama Ventures Public Company Limited (IVL) signed a $100 million financing package to reduce the environmental impact of plastic and promote a circular economy by boosting the capacity of IVL...