Company name
Caribbean Community Resilience Fund
Project number
14916-01
FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.
E&S category
FI-2
Country
Regional
Sector
Investment Funds
Status
Approved
Disclosed date
07/17/2024
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/19/2024
Approval date
11/19/2024
Signed date
12/18/2024
Sponsoring entity
Sygnus Capital Ltd.
Investment Operations Department Contact
Financial Institutions Division
Investment type
Syndicated amount
USD $ 5,000,000
Financing amount
USD $ 5,000,000
Currency
USD
Project scope and objective
Sygnus Capital Ltd. (“Sygnus” or the “Fund Manager”) is raising the Caribbean Community Resilience Fund (“CCRF” or “the Fund”), which is focused on investing in medium‑sized firms and projects that build economic resilience, and climate projects in the Caribbean basin.
The Fund emanated from an initiative sponsored by the U.S. Agency for International Development (“USAID”) and the CARICOM Development Fund (“CDF”), who already committed US$15 million.
The Fund will increase climate mitigation and adaptation through its focus on renewable energy, transportation, blue economy, information and communications technology (“ICT”), financial services, agri, and affordable & sustainable housing, throughout the Caribbean.
Sygnus is a leading Caribbean alternative asset manager, with extensive experience and a deep regional network. Sygnus will execute CCRF’s mandate through a separate equity vehicle (“CCRF Equity Fund”) and a separate debt vehicle (“CCRF Debt Fund”), with a combined target of US$100 million-US$135 million.
IDB Invest is considering an equity investment of up to US$5 million in the CCRF Equity Fund, and a participation of up to US$10 million in the CCRF Debt Fund.
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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
jason@sygnusgroup.com
PHONE NUMBER
+1 (876) 383 9465
POST OFFICE ADDRESS
Unit 28, 80 LMR, 80 Lady Musgrave Rd., Kingston - Jamaica
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
REVISED SYGNUS CARIBBEAN COMMUNITY RESILIENCE FUND -14916-01- RG - ENVIRONMENTAL AND SOCIAL REVIEW ESRS
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