THE Asian Development Bank (ADB) has signed a $10-million equity investment agreement with Navegar II L.P. (Navegar II), which is focused on investing in Philippine mid-cap companies.
In a statement, the ADB said Monday that Navegar II, which manages $200 million worth of investments, specializes in “critical sectors” like healthcare, education, business services, logistics, and consumer goods and services, mostly in the Philippines.
“Through Navegar II, the ADB will help to channel growth capital to businesses operating in critical sectors while providing development benefits for the people of the Philippines,” ADB Director for Private Sector Investment Funds and Special Initiatives Division Janette Hall said.
According to ADB, the investments could help such businesses recover and adjust their operations to the new market realities after the damage done to the economy by the pandemic.
“ADB’s investment will help well-managed middle-market companies to increase operational efficiency and adopt new technology to adjust their business models to the ‘new normal’ caused by the pandemic,” Ms. Hall said. — Beatrice M. Laforga