fbpx 54333-001: Indorama Ventures Regional Blue Loan Project | Asian Development Bank

Regional: Indorama Ventures Regional Blue Loan Project

Nonsovereign (Private) Project | 54333-001 Status: Approved

Project Details

Project Officer
Hashizume, Shuji Request for information
Country
  • Regional
Sector
  • Water and other urban infrastructure and services
 
Project Name Indorama Ventures Regional Blue Loan Project
Project Number 54333-001
Borrower/Company Indorama Ventures Global Services Limited
Indorama Ventures Public Company Limited
Country Regional
India
Indonesia
Philippines
Thailand
Location India - Nation-wide; Indonesia - Nation-wide; Philippines - Nation-wide; Thailand - Nation-wide
Type or Modality of Assistance
4008 Loan Ordinary capital resources USD 50.00 million Approved
8386 Loan Leading Asia's Private Infrastructure Fund (LEAP) USD 50.00 million Approved
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
Responsible ADB Division
Responsible ADB Officer Hashizume, Shuji
Project Sponsor(s) Indorama Ventures Public Company Limited
Description
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.
Safeguard Categories
Environment B
Involuntary Resettlement C
Indigenous Peoples C
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

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Related Publications

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