The objective of this project is to increase the availability of healthcare products and services in China and other AIIB members.
GL China Opportunities Fund IV (Canada) L.P. (the Fund) will target buyout and significant minority investments in growth equity and platform companies operating in China’s healthcare industry.
AIIB's Environmental, Social Policy (ESP), including Environmental and Social Standards (ESSs) and Environmental and Social Exclusion List (ESEL), is applicable to the project as the financing structure involves the investment of funds in GL China Opportunities Fund IV for onward investment in sub-projects in the health sector, whereby AIIB delegates to the Fund Manager the decision making on the use of AIIB’s proceeds.
An Environmental, Social and Governance Management System (ESGMS) is to be used as the Project’s Environmental and Social Management System (ESMS). AIIB has reviewed the final ESG policy to include scoping, screening, categorization, E&S due diligence, monitoring and grievance redress in accordance with AIIB’s ESP, the ESEL, regulatory requirements in the jurisdictions of operation and, where applicable, the AIIB ESSs. Coal mining, coal transportation and coal-fired power plants, as well as infrastructure exclusively dedicated to support any of these activities will be excluded from eligibility for financing under the project. In addition, all category A subprojects will also be excluded. AIIB retains the right to review all investees.
The Fund Manager has disclosed an overview of the Fund’s ESG policy. The names, locations and sectors of portfolio companies that are being supported by AIIB’s financing will be disclosed within 12 months following financial close. Furthermore, the Fund Manager has established a Fund-level grievance redress mechanism (GRM) to address views of project-affected people, enquiries or concerns regarding its own E&S processes and outcomes as well as E&S impacts and performance of the portfolio companies invested by the Fund. In addition, the Bank will require the Fund’s subprojects to conduct appropriate stakeholder engagement and establishing subproject-level GRM, the information of the GRMs and the PPM of AIIB will be disclosed timely in an appropriate manner.
AIIB will conduct prior review of investments presenting significant E&S risks which may potentially induce a) involuntary resettlement, b) risk of adverse impacts on Indigenous Peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural resources, d) significant retrenchment representing more than 20% of direct employees and recurrent contractors or e) significant occupational health and safety risks. AIIB will conduct regular monitoring of the Fund’s activities, including visits to selected investments once conditions allow.
Asian Infrastructure Investment Bank
Zulfiqar Ali
Principal Investment Officer – Private Equity
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