The Manila-based Asian Development Bank (ADB) is evaluating an investment of up to $57.5 million in the Emerging Asia Infrastructure Credit Fund SCSp (EAICF), a $750-million financing platform managed by BlackRock.
This move follows backing from the World Bank Group’s International Finance Corporation (IFC).
Managed by BlackRock Financial Management Inc. through a Luxembourg-based general partner, the fund targets infrastructure projects and low-carbon transitions across emerging Asian economies, including the Philippines, Bangladesh, Cambodia, India, Indonesia, Laos, Malaysia, Sri Lanka, Thailand, and Vietnam.
Approximately 80% of the fund’s capital commitments are expected to go toward Southeast Asia, with the remaining 20% directed to South Asia.
The ADB’s proposed package consists of a $30-million approved loan and $17.5 million in proposed collaborative cofinancing, with formal approval scheduled for November 6. Meanwhile, the IFC’s disclosure outlines an approved equity investment of $55 million, which includes backing from its Frontier Opportunities Fund to absorb higher risks and encourage institutional participation.
Unlike traditional infrastructure equity funds that take ownership stakes, EAICF will offer senior, mezzanine, and subordinated debt financing to private-sector borrowers. The fund plans to execute at least 10 investments, averaging about $50 million each.
Roughly 45% to 55% of the fund will concentrate on industrial decarbonization in hard-to-abate sectors. Target financing areas include green hydrogen, carbon capture, utilization and storage, industrial electrification, sustainable aviation fuel, and circular economy technologies.
Additionally, the IFC plans to provide technical advisory support to the fund’s Industrial Transformation Council to enhance decarbonization initiatives.