The Leading Asia’s Private Infrastructure Fund or LEAP is an infrastructure cofinancing fund that leverages and complements ADB’s existing nonsovereign platform to fill financing gaps and increase access to finance for infrastructure projects in the region. It provides cofinancing to nonsovereign infrastructure projects at different stages of development, including early stage, growth stage, and greenfield and brownfield projects. The fund undertakes project finance (nonrecourse or limited recourse) and corporate finance transactions, and seeks to support a range of private sector participation modalities, including public–private partnerships, joint ventures, private finance initiative projects, and privatizations, as well as conventional project finance.
LEAP supported various projects across different sectors in 2022. It contributed $15 million to Tiger Infrastructure Philippines, Inc. for a loan project that would build 380 telecommunication towers in the Mindanao and Visayas regions of the Philippines to enable mobile network operators to provide a full range of mobile and data services to consumers. The fund also extended a loan of up to $3.4 million as part of ADB’s financing package of $8.4 million to Nephrocare Health Services Central Asia LLC (NephroPlus) to establish four dialysis centers in Uzbekistan. LEAP committed $6 million in loan assistance to the Viet Nam: Binh Duong Waste Management and Energy Efficiency Project to finance the operation and expansion of a composting plant with a capacity of 840 tons/day and an industrial and municipal solid waste incinerator using waste to energy. The fund contributed $4 million to ADB’s subscription to the Georgian Renewable Energy Power Operations (GRPO) green bonds to finance GRPO’s ongoing operations.
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ADB signed a financing package of up to $8.4 million with Nephrocare Health Services Central Asia LLC (NephroPlus) to establish four dialysis centers as part of a public–private partnership (PPP) arrangement to enhance health care service delivery in Uzbekistan. The transaction represents ADB’s first financing of private health care in Uzbekistan and supports the country’s first international health care PPP.
ADB and Binh Duong Water Environment Joint Stock Company signed a $13 million loan to finance the construction and operation of a composting plant and waste-to-energy facility in Binh Duong province in Viet Nam. The financing comprises $7 million from ADB’s ordinary capital resources and $6 million from LEAP administered by ADB. The financing package also includes a parallel cofinancing of $7 million from the Japan International Cooperation Agency.
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In 2021, ADB approved the Armenia: ENA Investment Program Phase 2. The second phase will expand the coverage of phase 1 and modernize electricity distribution networks to ensure reliable electricity supply in the whole of Armenia, particularly in the provinces. ADB is providing a $20 million loan; the European Bank for Reconstruction and Development is providing $70 million in cofinancing; and LEAP, administered by ADB, is providing $15 million.
In March 2018, Hermina sought ADB’s participation as an anchor investor in Hermina’s planned initial public offering on the Indonesia Stock Exchange. In April, ADB approved the Indonesia : Maternity and Child Care Hospital Project to provide an equity investment of up to $10 million in rupiah equivalent to Hermina. LEAP cofinanced the project by providing an equity investment of the same value.
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