Report and Recommendation of the President to the Board of Directors
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Report and Recommendation of the President to the Board of Directors Project Number: 46902 March 2012 Proposed Line of Credit ICICI Bank Renewable Energy and Energy Efficiency Projects (India) In accordance with ADB’s public communications policy (PCP, 2005), this abbreviated version of the RRP excludes confidential information and ADB’s assessment of project or transaction risk as well as other information referred to in paragraph 126 of the PCP.
CURRENCY EQUIVALENTS
(as of 6 February 2012)
Currency Unit – Indian rupee/s (Re/Rs)
Re1.00 = $0.02048
$1.00 = Rs48.825
ABBREVIATIONS
ADB – Asian Development Bank
DMC – developing member country
ESMS – environmental and social management system
NPL – nonperforming loan
NSO – Non-Sovereign operations
PPP – public private partnerships
TFG – Technology Finance Group
NOTES
(i) The fiscal year (FY) of the ICICI Bank ends on 31 March. FY before a calendar
year denotes the year in which the fiscal year ends, e.g., FY2012 ends on 31
March 2012.
(ii) In this report, "$" refers to US dollars unless otherwise stated.
Vice-President L. Venkatachalam, Private Sector and Cofinancing Operations
Director General P. Erquiaga, Private Sector Operations Department (PSOD)
Director R. van Zwieten, Capital Markets and Financial Sectors Division, PSOD
Team leaders M. Jensen, Investment Specialist, PSOD
B. Huang, Investment Specialist, PSOD
Team members F. Connell, Counsel, Office of the General Counsel
S. Gupta, Principal Investment Specialist, PSOD
V. Medina, Safeguards Officer, PSOD
A. Porras, Safeguards Officer, PSOD
A. Zhou, Energy Specialist, Regional and Sustainable Development
Department
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.CONTENTS
Page
PROJECT AT A GLANCE
I. THE PROPOSAL 1
II. THE FINANCIAL INTERMEDIARY 1
A. Investment Identification and Description 1
B. Business Overview and Strategy 1
C. Ownership, Management, and Governance 2
D. Financial Performance 3
III. THE PROPOSED ADB ASSISTANCE 3
A. The Assistance 3
B. Implementation Arrangements 3
C. Value Added by ADB Assistance 4
D. Risks 4
IV. DEVELOPMENT IMPACT AND STRATEGIC ALIGNMENT 5
A. Development Impact, Outcome, and Outputs 5
B. Alignment with ADB Strategy and Operations 5
V. POLICY COMPLIANCE 7
A. Safeguards and Social Dimensions 7
B. Anticorruption Policy 7
C. Investment Limitations 8
D. Assurances 8
VI. RECOMMENDATION 8
APPENDIXES
1. Design and Monitoring Framework 9
2. List of Linked Documents 11PROJECT AT A GLANCE
1. Project Name: Proposed Line of Credit to ICICI Bank Limited for 2. Project Number: 46902
Renewable Energy and Energy Efficiency Projects
3. Country: India 4. Department/Division: Private Sector Operations Department/
Capital Markets & Financial Sectors Division
5. Sector Classification:
Sectors Primary Subsectors
Energy √ Renewable energy and energy
efficiency
Finance Finance sector development
6.Thematic Classification:
Themes Primary Subthemes
Environmental sustainability √ Eco-efficiency
Economic growth Promoting economic efficiency and
enabling business environment
Private sector development Private sector investment
6a. Climate Change Impact: 6b. Gender Mainstreaming:
Adaptation Gender equity theme
Mitigation √ Effective gender mainstreaming
Not applicable Some gender benefits
No gender benefits √
7. Targeting Classification: 8. Location Impact:
Targeted Intervention Rural Medium
Geographic Income Urban Medium
dimensions Millennium poverty at National High
General of inclusive development household
Intervention growth goals level Regional n/a
√
9. Nonsovereign Operation Risk Rating – Obligor:
Facility:
10. Safeguard Categorization:
Environment FI
Involuntary resettlement FI
Indigenous peoples FI
11. ADB Financing:
Sovereign/Nonsovereign Modality Source Amount ($ million)
Nonsovereign Loan OCR $100.0 million
12. Cofinancing:
Financier Category Amount ($ million)
13. Counterpart Financing: Not Applicable
14. Aid Effectiveness: Not ApplicableI. THE PROPOSAL
1. I submit for your approval the following report and recommendation on a proposed line
of credit of $100,000,000 to the ICICI Bank for financing renewable energy and energy
efficiency projects in India.
II. THE FINANCIAL INTERMEDIARY
A. Investment Identification and Description
2. There is large demand for financing small and medium-sized renewable energy and
energy efficiency projects in India, which the Asian Development Bank (ADB) cannot directly
participate in and where market penetration by local banks remains low. However, the ICICI
Bank, one of the strongest and highest-rated banks in India, has an experienced group, the
Technology Finance Group (TFG), that (i) has pioneered, developed, and supported a large
range of new and innovative renewable energy and energy efficiency projects over the past
three decades; and (ii) collaborates with the ICICI Bank's corporate finance, project finance, and
small and medium-sized enterprises divisions to boost its lending activities to renewable energy
and energy efficiency projects. Given its strong franchise, thorough understanding of the
corporate credit market, and extensive experience in renewable energy and energy efficiency
lending, the ICICI Bank is one of the most suitable candidates for intermediating funds for clean
energy development in India.
3. ADB is particularly keen to increase support for energy efficiency initiatives in India, and
views the potential cooperation with the ICICI Bank as an excellent opportunity to engage with a
strong and reputable bank that has the reach, capability, and interest in pursuing energy
efficiency projects alongside the ICICI Bank’s current efforts in renewable energy. The ICICI
Bank has the appropriate experience (it has been active in clean energy investments for several
years) and a pipeline of potential renewable energy and energy efficiency projects to be
financed under the credit line. The credit line will be ADB’s first nonsovereign loan that supports
energy efficiency enhancement in India.
4. The ICICI Bank will be required to use the credit line exclusively for funding projects in
priority sectors recommended by ADB, ensuring close alignment of focus between the ICICI
Bank and ADB in promoting clean energy development in India.
B. Business Overview and Strategy
5. The Industrial Credit and Investment Corporation of India was formed in 1955 at the
initiative of the World Bank, the Government of India, and certain Indian industry representatives
in order to create a development finance institution for providing medium- and long-term project
financing to Indian businesses. Until the late 1980s, the ICICI Bank primarily focused its
activities on project finance, providing long-term funds to a variety of industry projects. With the
liberalization of the finance sector in India in the 1990s, the ICICI Bank transformed its business
from a development finance institution focused on project finance to a diversified financial
services provider offering a wide variety of products and services.
6. The ICICI Bank was incorporated in 1994 as a part of the ICICI group. Today, the ICICI
Bank is India’s second-largest bank, and the largest private sector bank, with total assets of
about $91 billion as of March 2011. The ICICI Bank has more than 50,000 employees, is
present in 18 countries, has a network of more than 2,000 branches, and offers a wide range of2
financial services to corporate and retail customers, including investment banking, insurance,
venture capital, and asset management.
7. The ICICI Bank’s TFG, which will be the key administrator of the credit line, implements
programs for multilateral agencies in areas of collaborative research and development, energy,
environment, and health care. The TFG’s initiatives include (i) attracting and channeling private
financing into cleaner technologies, (ii) creating public–private partnerships (PPPs) to mitigate
greenhouse gas emissions through energy efficiency, and (iii) promoting sustainable
development.
8. The ICICI Bank has a pipeline of potential projects that satisfy the requirements
established between ADB and the TFG for funding under the credit line. The TFG will
administer, manage, and monitor the credit line in accordance with procedures to be set out in
the credit agreement to ensure the credit line is applied for its intended purpose.
C. Ownership, Management, and Governance
1. Ownership
9. As of 30 September 2011, the ICICI Bank was majority foreign-owned through its
American Depository Shares (26.25%), which are listed on the New York Stock Exchange, and
through foreign institutional investors (38.17%). The remaining equity is held by other
institutional and non-institutional investors, including government-controlled entities.1
2. Management
10. As a private sector entity, the ICICI Bank does not face the constraints on remunerating
staff faced by many of its government-owned peers. The ICICI Bank is, therefore, able to recruit
capable and talented young professionals for key posts within its management structure. The
ICICI Bank is known for its depth of leadership talent, which is deployed across the bank's
operations for providing leadership to growing businesses and diverse career opportunities to
members of management. The chief executive officer of the ICICI Bank is Chanda Kochhar, an
experienced banker with over 25 years experience with the ICICI Bank and who has headed
major functions of the ICICI Bank at various times.
3. Governance Structure
11. Within the Indian banking sector, the ICICI Bank is recognized as an early adopter of
best practices in corporate governance, with experience dating back to the mid-1990s. The
corporate governance framework of the ICICI Bank is based on (i) an independent board; (ii) the
separation of the board’s supervisory role from the executive management; and (iii) the
constitution of board committees, generally comprising a majority of independent directors and
chaired by an independent director, to oversee critical areas.
12. The ICICI Bank's board of directors consisted of 11 members as of 31 December 2011.
Organizational documents provide for a minimum of three directors and a maximum of 21
directors, not including the government-appointed director and the debenture director, if any is
required. The Banking Regulation Act 1949 requires that at least 51% of the ICICI Bank's
1
A breakdown of the ownership is included in the description of Ownership, Management, and Governance
(accessible from the list of linked documents in Appendix 2).3
directors should have special knowledge or practical experience in banking and areas relevant
to banking including accounting, finance, agriculture, and small-scale industry. The appointment
of the chair and executive directors requires the approval of the Reserve Bank of India and
shareholders. The Government of India has appointed one representative to the board of
directors.
D. Financial Performance
13. This paragraph has been redacted due to commercially sensitive information.
14. This paragraph has been redacted due to commercially sensitive information.
15. This paragraph has been redacted due to commercially sensitive information.
16. This paragraph has been redacted due to commercially sensitive information.
17. The ICICI Bank is rated Baa2 by Moody’s and BBB– (foreign currency, long-term) by
Standard and Poor’s.
III. THE PROPOSED ADB ASSISTANCE
A. The Assistance
18. ADB will provide a United States (US) dollar-denominated credit line of up to $100
million to the ICICI Bank from ADB’s ordinary capital resources.2
19. The credit line will only be used to fund projects in priority sectors,3 identified by ADB
based on a comprehensive assessment of the clean energy sector and development strategy in
India and drawing on various resources from ADB’s Regional and Sustainable Development
Department.
B. Implementation Arrangements
20. Projects to be financed by the ADB credit line will need to satisfy the following eligibility
criteria:
(i) the TFG certifies that each project is within the renewable energy and energy
efficiency priority sectors,
(ii) each project complies with all applicable national laws and environmental
requirements, and
(iii) each project complies with applicable environmental and social requirements
prescribed in ADB’s Safeguard Policy Statement (2009) for category FI.
21. The ICICI Bank will comply with ADB’s Procurement Guidelines (2010, as amended from
time to time). Where ADB provides funds to an intermediary institution to be onlent to borrowers
for the partial financing of subprojects, procurement is to be undertaken in accordance with
2
A funding application has been made to the Clean Energy Finance Partnership Facility to support the Technical
Assistance on the Development of Energy Efficiency Projects in India. The proposed technical assistance is
expected to benefit not only the ICICI Bank but also other commercial banks as well as other partners from energy-
intensive industries in India.
3
The renewable energy and energy efficiency priority sectors to be funded by the credit line are listed in the Details
of Implementation Arrangements (accessible from the list of linked documents in Appendix 2).4
established private sector or commercial practices, which are acceptable to ADB. The ICICI
Bank’s capability in assessing and monitoring the procurement practices of its borrowers was
confirmed during due diligence.
22. This paragraph has been redacted due to commercially sensitive information.
C. Value Added by ADB Assistance
23. Justification for the credit line is based on the following:
(i) It will support the development of renewable energy and energy efficiency
priority sectors in India. The credit line will be used exclusively to fund projects
in priority sectors identified by ADB; as a result, it will enable ADB to influence
and direct a reputable bank with relevant experience to more actively pursue
renewable energy and energy efficiency projects in these sectors. The credit line
will thereby help increase, facilitate, and develop investments in the renewable
energy and energy efficiency sectors, with higher impacts on environmentally
sustainable growth and climate change mitigation.
(ii) It will catalyze local commercial bank financing to support the development
of smaller and medium sized renewable energy and energy efficiency
projects in India. The current rate of penetration of local commercial bank
financing to the smaller and medium size renewable energy and energy
efficiency segment in India remains low. By channeling funds through a strong
and experienced financial intermediary, the proposed credit line will send a
strong signal to the market and catalyze more local bank finance to support the
development of this important segment.
(iii) It will fill a market gap in terms of financing for renewable energy and
energy efficiency projects. The underdevelopment of the Indian financial
markets, the impact of the global financial crisis, and the risk of persistent high
inflation and the resulting policy tightening in India have significantly limited the
ability of local commercial banks to provide long-term financing for renewable
energy projects. The ADB credit line will help fill this market gap by providing
long-term funding with a flexible draw-down schedule that is not available from
other commercial lenders in the market and cannot be secured through bond
issuance.
C. Risks
24. This paragraph has been redacted due to commercially sensitive information.
25. This paragraph has been redacted due to commercially sensitive information.
26. This paragraph has been redacted due to commercially sensitive information.5
IV. DEVELOPMENT IMPACT AND STRATEGIC ALIGNMENT
A. Development Impact, Outcome, and Outputs
1. Impact
27. The credit line will increase the availability of long-term financing for renewable energy
and energy efficiency projects in India. Although the credit line will constitute only part of the
ICICI Bank’s required funding for renewable energy and energy efficiency, it will have a
significant demonstration impact through the successful implementation of renewable energy
and energy efficiency projects in the priority sectors identified by ADB. This will lead to a
reduction in the perceived risk associated with such projects, and will encourage the replication
of similar projects.
2. Outcome
28. The credit line’s expected outcome will be an increased number of projects developed in
the renewable energy and energy efficiency priority sectors in India, with support from the ICICI
Bank.
3. Output
29. The credit line’s output will be an expansion of the ICICI Bank’s lending activities to
renewable energy and energy efficiency projects and initiatives throughout India within ADB
priority sectors.4
B. Alignment with ADB Strategy and Operations
1. Consistency with Strategy 2020 and Country Strategy
30. Strategy 20205 emphasizes ADB’s support for environmentally sustainable development
that would expand ADB’s promotion of, and investment in, sound environmental management
while simultaneously capitalizing on ADB’s operational strengths. The strategy seeks to meet
the region’s growing energy demand by helping developing member countries (DMCs) to
develop environmentally friendly technologies, specifically addressing energy efficiency and
expanding the use of clean energy sources. One of the key actions is to mitigate climate change
by moving DMCs on to low-carbon growth paths by, among other things, improving energy
efficiency, expanding the use of clean energy sources, and reducing fugitive greenhouse gas
emissions. Furthermore, under Strategy 2020, ADB seeks to strengthen its support to the
finance sector at the regional and national levels by helping to develop financial infrastructure,
institutions, and products and services. The credit line will provide systemic support for the
Indian banking sector by contributing to increased lending to renewable energy and energy
efficiency projects, which is an essential component in environmentally sustainable
development and directly in line with Strategy 2020.
4
The design and monitoring framework is in Appendix 1.
5
ADB. 2008. Strategy 2020: The Long-Term Strategic Framework of the Asian Development Bank, 2008–2020.
Manila.6
31. ADB’s energy program in the Indian country partnership strategy approved in 20096 aims
to enhance the impact of the government’s initiatives for demand- and supply-related programs.
The planned activities include (i) developing renewable and alternative energy sources, and
clean generation technology; (ii) reducing technical and commercial losses in transmission and
distribution networks and facilities; (iii) strengthening interregional transmission capacity; (iv)
bringing demand-side management and energy conservation into the mainstream; and (v)
promoting private sector participation, while ensuring environmental sustainability and
supporting institutional strengthening to implement the reforms required by the Electricity Act of
2003. The credit line is also consistent with ADB's latest country operations business plan for
India 2011–2013, 7 which requires climate change mitigation and adaptation to be further
mainstreamed into ADB operations.
2. Consistency with Sector Strategy and Relevant ADB Operations
32. The credit line is aligned with both the energy and finance sector strategies of ADB.
Under its Energy Policy, 8 ADB’s investments will focus on energy efficiency and renewable
energy projects, as well as the expansion of energy access. Starting in 2013, ADB will increase
its target of clean energy investments to $2 billion a year from $1 billion, in a bid to accelerate
low-carbon growth and reduce greenhouse gas emissions in the region. In particular, the
Energy Policy calls for ADB to expand its energy efficiency operations “in the industry sector by
collaborating with industry associations, domestic banks, and specialized energy efficiency
agencies and energy service companies.” As such, climate change finance has been elevated
as a new area of focus in ADB’s private sector operations since 2010. 9 Supporting finance
sector development is a key focus of development assistance for ADB, in line with the tenets
detailed in ADB's Private Sector Development Strategy 10 and enhanced poverty reduction
strategy,11 which note improved economic growth, stimulated by private sector investment, as a
key contributing factor in reducing poverty. ADB's Private Sector Development Strategy refers
specifically to ADB's role in strengthening the finance sector in DMCs. The credit line is
consistent with the overall sector strategies in that it will increase access to financial services for
renewable energy and energy efficiency project developers and assist in the development of the
finance sector, thereby making private sector development more sustainable and ADB’s mission
of economic growth, job creation, and poverty reduction more achievable.
33. Furthermore, the credit line will support the promotion of PPPs in infrastructure
development, a priority area of ADB’s finance sector operations in India. In 2006, ADB approved
a $45 million equity investment in the Infrastructure Development Finance Company Ltd Private
Equity Fund II. 12 In 2007 and 2009, ADB approved two multitranche financing facilities
amounting to $1.2 billion to support infrastructure development through PPPs. Both multitranche
financing facilities were channeled through a financial intermediary—the India Infrastructure
Finance Company—and the model proved effective. The recently proposed Catalyzing
Sustainable Finance Facility will also be a financial intermediation loan to the Housing and
6
ADB. 2009. Country Partnership Strategy: India, 2009–2012. Manila.
7
ADB. 2010. Country Operations Business Plan: India, 2011–2013. Manila.
8
ADB. 2009. Energy Policy. Manila.
9
ADB. 2010. Private Sector Operations Department Capital Markets and Financial Sectors Division Business Plan
and Priorities, 2010–2012. Manila.
10
ADB. 2000. Private Sector Development Strategy. Manila.
11
ADB. 2004. Enhancing the Fight Against Poverty in Asia and the Pacific: The Poverty Reduction Strategy of the
Asian Development Bank. Manila.
12
ADB. 2006. Report and Recommendation of the President to the Board of Directors: Proposed Equity Investment
in IDFC Private Equity Fund II. Manila.7
Urban Development Corporation. 13 Similarly, the credit line will be provided to a financial
intermediary to promote private sector participation in sustainable infrastructure development in
India.
34. The credit line will be applied only towards projects within renewable energy and energy
efficiency priority sectors as determined in consultation with energy experts within ADB.
3. Lessons from Previous Operations
35. A recent draft evaluation knowledge brief concludes that energy efficiency in industry
and buildings should be promoted through commercial financing, and in particular through lines
of credit dedicated to financing projects that qualify as energy efficiency investments.14 The draft
evaluation knowledge brief also highlights the importance of identifying “local financial
intermediaries that are interested in energy efficiency lending” and of letting the financial
intermediary “identify, appraise, and approve a subloan itself, without further approvals from any
government body or a development partner”. Finally, energy efficiency interventions need not be
big and broad to start with; at times it is best to start with small, narrowly focused programs and
to increase the scope and sophistication over time.
36. Close collaboration between the public and private sectors is required to tackle the
infrastructure bottleneck in India. Previously, ADB’s Private Sector Operations Department and
South Asia Regional Department have jointly supported the development of Bangalore metro
system to promote PPP in infrastructure development. The design of the credit line, especially
for the energy efficiency component, has also benefited from collaboration between ADB’s
public and private operations departments.
V. POLICY COMPLIANCE
A. Safeguards and Social Dimensions
37. The credit line is classified as category FI for impacts on the environment, involuntary
resettlement, and indigenous peoples under ADB’s Safeguard Policy Statement. The ICICI
Bank will apply ADB’s prohibited activities list, and ensure that investments using ADB funds
comply with applicable national laws and regulations and with ADB’s Safeguard Policy
Statement and Social Protection Strategy.15 The ICICI Bank will establish an ESMS satisfactory
to ADB, including the appointment of a designated staff member responsible for day-to-day
implementation of the ESMS before the first disbursement, and maintain it throughout the tenor
of the facility to manage the impacts and risks of existing and/or likely future portfolios. An
ESMS framework has been prepared to provide guidance to develop and maintain an ESMS.16
B. Anticorruption Policy
38. The ICICI Bank was advised of ADB’s policy of implementing best international practice
relating to combating corruption, money laundering, and the financing of terrorism. ADB will
ensure that the investment documentation includes appropriate provisions prohibiting
13
ADB. 2011. Concept Paper: India, Catalyzing Sustainable Finance Facility. Manila.
14
ADB. 2011. Review of Energy Efficiency Interventions (draft evaluation knowledge brief). Manila
15
ADB. 2001. Social Protection Strategy. Manila.
16
Financial Intermediary: Environmental and Social Management System Arrangement, and Summary Poverty
Reduction and Social Strategy (accessible from the list of linked documents in Appendix 2).8
corruption, money laundering, and the financing of terrorism, and remedies for ADB in the event
of noncompliance.
C. Investment Limitations
39. The credit line is within the medium-term country, industry, group, and single investment
exposure limits for nonsovereign investments.
D. Assurances
40. Consistent with the Agreement Establishing the Asian Development Bank (the
Charter),17 the Government of India will be requested to confirm that it has no objection to the
proposed assistance to the ICICI Bank. ADB will enter into suitable finance documentation, in
form and substance satisfactory to ADB, following approval of the proposed assistance by
ADB’s Board of Directors.
VI. RECOMMENDATION
41. I am satisfied that the proposed line of credit would comply with the Articles of
Agreement of the Asian Development Bank (ADB) and recommend that the Board approve the
line of credit of $100,000,000 to the ICICI Bank for financing of renewable energy and energy
efficiency projects in India, from ADB’s ordinary capital resources, with such terms and
conditions as are substantially in accordance with those set forth in this report, and as may be
reported to the Board.
Haruhiko Kuroda
President
6 March 2012
17
ADB. 1966. Agreement Establishing the Asian Development Bank. Manila.Appendix 1 9
DESIGN AND MONITORING FRAMEWORK
Data Sources and
Design Performance Targets and Reporting Assumptions
Summary Indicators with Baselines Mechanisms and Risks
Impact Assumptions
Increased availability of An additional 30,000 MW of National economic and Demonstration of viability of
clean energy in India renewable energy capacity energy statistics renewable energy and energy
installed by 2021 from efficiency lending is replicated
baseline figure of 18,000 MW Renewable energy and by other banks
in 2011 energy efficiency
project reports Increased access to finance
from banks will lead to more
Increased availability of Redacted due to The ICICI Bank report renewable energy and energy
financing for renewable commercially sensitive efficiency projects being debt
energy and energy information. funded
efficiency projects and
initiatives. Continued and progressive
energy sector reforms such
as preferential tariffs for
renewable energy and
reduction of energy sector
subsidies
Risk
Protracted weakness of global
and Indian economies
reducing investor appetite for
renewable energy and energy
efficiency projects
Outcome Assumptions
Renewable energy Redacted due to The ICICI Bank’s Renewable energy and
and energy efficiency commercially sensitive quarterly and annual energy efficiency projects
projects developed information. financial statements remain financially attractive
for investors
Reporting specifically
requested by ADB On-schedule implementation
of renewable energy and
energy efficiency projects
Risk
Recession in the developed
economies and slowdown of
the Indian economy continue
in the medium term, adversely
impacting development of
renewable energy and energy
efficiency projects10 Appendix 1 Output Assumptions The ICICI Bank The ICICI Bank establishes The ICICI Bank’s Demand for loans for expands financing to satisfactory ESMS by the end quarterly and annual renewable energy and energy environmentally and of 2013 financial statements efficiency projects continues socially sustainable renewable energy and Redacted due to ESMS reporting International and domestic energy efficiency commercially sensitive specifically requested financial market conditions projects information. by ADB remain stable Activities with Milestones Inputs 1. Redacted due to commercially sensitive information. ADB: $100 million approved 2. Redacted due to commercially sensitive information. by first quarter of 2012. 3. ADB loan of $100 million is fully disbursed. ADB = Asian Development Bank, CO2 = carbon dioxide, ESMS = environmental and social management system, MW = megawatt. Source: Asian Development Bank.
Appendix 2 11
LIST OF LINKED DOCUMENTS
http://www.adb.org/Documents/RRPs/?id=46902-01-4
1. Sector Overview
2. Ownership, Management, and Governance
3. Details of Implementation Arrangements
4. Contribution to the ADB Results Framework
5. Financial Analysis
6. Country Economic Indicators
7. Summary Poverty Reduction and Social Strategy
8. Safeguards and Social Dimensions Summary
9. Financial Intermediary: Environmental and Social Management System Arrangement
Supplementary Documents
10. Redacted due to commercially sensitive information
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