Regional : Administration of Equity Investment in E Green Global Co. Ltd.

Agriculture, natural resources and rural development / Agriculture research and application

The transaction involves the administration by the Asian Development Bank (ADB) of an equity investment of up to the won equivalent of $4,000,000, with an initial investment of up to W2,936,198,018, equivalent of $2,500,000, in E Green Global Co. Ltd. (EGG) in the Republic of Korea (ROK) to initially expand its operations in the People's Republic of China (PRC) (conducted through its operating PRC subsidiary, E Green Global [China] Co. Ltd.), to be provided by the ADB Ventures Investment Fund 1 under the ADB Ventures Financing Partnership Facility. The balance of the approved equity amount may be invested in subsequent fundraising rounds that EGG is expected to undertake. Consistent with the establishment arrangements for the fund, ADB will not invest its own capital alongside the fund.

EGG is an agricultural technology (agritech) company that has built the world's first mass production platform for successfully commercializing non-genetically modified, high-quality virus-free potato microtubers (MCTs). EGG's lab-to-farm process of producing MCTs contributes to significant reductions in water and greenhouse gas (GHG) emissions of the potato industry through more efficient farming operations that reduce the use of fertilizers and diesel while increasing potato yield per hectare of land. EGG's mission to strengthen food security through less resource-intensive potato farming practices aligns with ADB's operational priorities (OPs) of accelerating progress in gender equality, promoting rural development and greater food security; and tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability in Asia and the Pacific. This is a regional transaction, with ADB funding earmarked for activities that will generate expected impacts in India, Kazakhstan, and the PRC.