Cube Highways

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IFC is considering an equity investment in a holding company (“Road Holdco” or the “Company”), developed by I Squared Capital (“ISQ”), which will primarily acquire operating road assets in India. The Company may also acquire other transportation and logistics assets like parking facilities, logistics infrastructure, and other such assets. ISQ is currently in advanced stages of evaluating multiple operational toll roads to be acquired by the Road Holdco. Update related to additional investment under the COVID-19 response facility:IFC has committed USD 15 million to Cube Highways and Infrastructure Pte Limited (“Road Holdco” or the Company) on February 15, 2021. The investment is in the form of an A-loan for the purposes of managing immediate working capital requirements and cash flow mismatches of its operating subsidiaries in India. In the current pandemic the Company faces an increased risk due to traffic reduction, 25-days ban on toll collections in Mar-Apr 2020, and liquidity constraints in the domestic financial markets. Update related to additional investment for Ghaziabad Aligarh Expressway Private Limited: Road Holdco. has acquired another asset - Ghaziabad Aligarh Expressway Private Limited (“GAEPL”). IFC has disbursed US$ 8.7 mn as part of its proportion of the shareholder’s contribution to the project. IFC facility will be utilized for the acquiring the asset and capital expenditure related to the six-laning and major maintenance for it.  GAEPL operates a 126 km toll-road between the cities of Ghaziabad and Aligarh in the Low-Income state of Uttar Pradesh, India under a 24-year BOT concession granted by the National Highway Authority of India (NHAI).  It is part of a national corridor that connects Delhi NCR to Agra.