Australian Government US$50m commitment backs Plenary’s Southeast Asia strategy

KUALA LUMPUR, MALAYSIA: An investment platform established by global infrastructure investor Plenary Group has received a US$50 million funding commitment from the Australian Government’s Southeast Asia Investment Financing Facility (SEAIFF).

Plenary Asia CEO Chi-Ling Looi joined Australian Prime Minister Anthony Albanese at the Association of Southeast Asian Nations (ASEAN) summit’s Indo-Pacific Forum in Kuala Lumpur for the announcement.

Australia’s export credit agency Export Finance Australia administers the A$2 billion SEAIFF, encouraging investment and supporting infrastructure development in Southeast Asia.

Plenary is currently in discussions with other sovereign wealth funds, development finance institutions and multilateral development banks to invest in the platform; one that provides co-investors access to a developed pipeline of impactful greenfield social and economic infrastructure projects.

Plenary established the platform under a Singapore-based Variable Capital Company (VCC) to bid for and invest in greenfield infrastructure projects across Southeast Asia including Indonesia and the Philippines.

Australian Prime Minister Anthony Albanese said, “Plenary is an Australian infrastructure champion. With this new platform we are supporting the direct export of Australian expertise and knowhow to deliver nation-building projects in Southeast Asia through public-private partnerships. This platform is expected to support much-needed infrastructure projects in Indonesia, the Philippines and elsewhere.”

Plenary Asia CEO Chi-Ling Looi said, “We are delighted to welcome the Australian Government’s equity commitment to our platform via the Southeast Asia Investment Financing Facility. We are confident this highly significant commitment will mobilise further development capital to support the delivery of vitally needed social and economic infrastructure in Southeast Asia. We see significant opportunities in the region, from metro and other public transport in Southeast Asia’s growing cities, to better social infrastructure such as public hospitals and schools.”

Plenary CEO Paul Crowe said, “We welcome the Australian Government’s commitment. Plenary is an Australian success story, and one that has benefitted from the support of the Australian Government ever since expanding into Singapore back in 2008. We thank the Prime Minister and Export Finance Australia for this most recent vote-of-confidence as we pursue infrastructure projects across Southeast Asia. By 2040, Southeast Asia as a bloc will be the world’s fourth largest economy. That provides great opportunity for private capital investment in greenfield public infrastructure. We have been leading discussions in in the region promoting a meaningful role for private investment in infrastructure that mobilises international capital to the region and are heartened by recent progress.”

View the Australian Government media release.

View the Export Finance Australia media release.