AIIB Watch Cases

Status: Approved
Timeframe: 2017-2027
Area: Asia Region (China, India, Indonesia, Philippines, Bangladesh, Cambodia, Myanmar, Sri Lanka, Vietnam, Singapore, Thailand)
AIIB Investment Amount: US$ 150 million
Total Project Cost: US$ 640 million
Co-financier: IFC: US$ 150 million; Other Investors: US$ 340 million

E&S Category: FI

Project Details: The Fund is an Emerging Asia growth-focused private equity fund with a returns-driven strategy, selectively investing growth capital across multiple sectors.

CSO reports and organizations monitoring: Recourse, SOMO, Inclusive Development International (IDI) (2018) – Shwe Taung Cement Case Study;
Recourse, SOMO, Inclusive Development International (IDI) (2018) – Moving Beyond Rhetoric: How the AIIB can close the loophole on fossil fuels;

AIIB interactions to date: Various in person/online meetings with bank management and project team leads, in particular about Summit Power and Shwe Taung Cement. Stakeholder engagement plan has since been posted online by IFC, though without community consultation and not available in Myanmar language. Initial outreach was conducted by STC regarding the grievance mechanism, but this does not appear to have been maintained. Local people informed Recourse they are unaware of the mechanism. Recourse/IDI follow up on outstanding issues. As AIIB came late to this project, early due diligence was conducted by the IFC, and the AIIB suggested that they would be a more effective point of entry for CSOs. As EAF invested alongside IFC equity/loans, the AIIB believed the project to be subject to “the highest standards”.

Further information: AIIB Page; Gender Action Scorecard

Last update: 31.12.2023