1

Ministry of Foreign Affairs of Denmark

Department for Green Growth

CONCEPT NOTE

IFU Small and Medium Enterprises Investment Facility

15 May 2014 File No. 104.X.90

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Tabel of Contents 1 Introduction ................................................................................................................................................... 3

1.1 Key strategic questions to guide the discussion in the Programme Committee: .......................... 3

1.2 Summary of conclusions regarding the envisaged support .............................................................. 3

2 Conclusions from Preparatory Analysis ..................................................................................................... 4

2.1 IFU background, operations and results ............................................................................................ 4

2.2 IFU’s management of other funds ...................................................................................................... 5

3 Preliminary overview of envisaged support ............................................................................................... 5

3.1 Brief justification for the support, expected results, and risks ........................................................ 5

3.2 IFU Classic investment model description ........................................................................................ 6

3.3 SME challenges ...................................................................................................................................... 6

3.4 Envisaged support modalities and strategy ........................................................................................ 7

3.5 Preliminary budget ................................................................................................................................. 9

3.6 Envisaged management structure and key indicators of success .................................................... 9

3.7 Risks, assumptions and prerequisites in relation to the envisaged support ................................... 9

4 Annexes: ........................................................................................................................................................ 11

4.1 Process action plan .............................................................................................................................. 11

4.2 HRBA/Gender Screening Note ........................................................................................................ 12

4.3 Results Framework .............................................................................................................................. 15

4.4 Risk Management Matrix .................................................................................................................... 16

4.5 Environmental and climate screening note ...................................................................................... 17

4.6 Countries where IFU, AIF and KIF can invest ............................................................................... 18

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1 Introduction

1.1 Key strategic questions to guide the discussion in the Programme Committee:

The intention of the proposed facility is to support IFU and Danish SME investments in order

to ensure sustainable and economically viable joint ventures in developing countries. Is it

justified to allocate development funds to IFU and Danish SMEs to contribute to the cost and

risks associated with development and implementation of SME joint ventures?

SMEs are defined as companies with up to 250 employees. Should the SMEs eligible for

support under the proposed facility be limited to companies with fewer employees than the

official SME definition?

IFU and SMEs receiving support from the proposed facility are likely to profit from their

investments. Should part of this profit be paid back to the facility for support to new SME

investments?

The proposal includes a fixed contribution of DKK 1 million per investment to IFU operating

costs. Should the financial support to IFU’s incremental costs be limited to the actual additional

costs associated with SME investments?

1.2 Summary of conclusions regarding the envisaged support

This Concept Note is based on a proposal presented by the Investment Fund for Developing

Countries (IFU) to develop and improve new sustainable investments together with Danish Small and

Medium Sized Enterprises (SME). The proposal is part of IFU’s strategy to continue being a qualified,

professional advisory and a co-investment partner for Danish SMEs when investing in developing

countries.

IFU's main objective is to create economic and social development in the investment countries. This is

fulfilled by creating production, jobs and demand through investments together with Danish

companies in developing countries. This target is aligned with the immediate objective of Danida

Business Partnerships, which is to reduce poverty by creating employment and strengthen the

competitiveness and social responsibility of businesses and the private sector in developing countries.

It is the expectation that through this facility IFU will be able to achieve a better portfolio of SME-

generated projects with higher chances of success and long term development results.

The grant is envisaged to be financed under the budget account for Danida Business Partnerships in

2014 with a total grant amount of up to DKK 60 million, covering a three to four year period.

The rationale for the proposed facility is that support to Danish SMEs’ investments in joint ventures in

developing countries will be more likely to succeed and become profitable. The justification for support

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is that SMEs often lack the required resources to prepare and implement successful investments in

developing countries, and that SME investments require a disproportionate resource allocation from

IFU.

The proposed facility is in line with the Government’s Strategy for Export Promotion and Economic

Diplomacy as well as the Strategic Framework for Growth and Employment to internationalize SMEs

and to actively involve the Danish business community in the effort to create better market and living

conditions and decent jobs in developing countries.

2 Conclusions from Preparatory Analysis

2.1 IFU background, operations and results

IFU is an independent government-owned fund established in 1967, offering advisory services and co-

investing together with Danish companies in developing countries. IFU combines developmental

benefits with sound commercial business for creating lasting economic improvements for the host

countries.

IFU provides risk capital in the form of equity, loans or guarantees for project companies established

by Danish companies in one of the 120 countries eligible for IFU investments. In addition, IFU acts as

an adviser during the establishment phase and a project company's first years’ of operation. When the

project company is consolidated and can operate on its own – often after 5-8 years – IFU will make its

exit by selling the shares, typically to the Danish partner.

Advisory services are provided by IFU's investment directors based in Copenhagen or at one of its 6

regional offices in Africa or Asia.

IFU has co-invested with Danish companies in 812 project companies in 88 developing countries.

Investments generally produce positive net results and have proved to be good business for all parties

involved; i.e. for the host country, for the Danish company, for local partners and for IFU.

The annual IFU investment volume is DKK 500 million – 600 million in 30 to 35 new projects, plus

additional financing for 15 - 20 portfolio companies.

During the years, IFU has co-invested with more than 500 Danish companies. Total investments

amount to over DKK 100 billion, of which IFU contributed about DKK 10 billion. This has helped to

create around 100,000 jobs. In addition, IFU's presence has resulted in a transfer of knowledge and

technology, the local employees have received training and education, and an economic activity and a

basis of taxable income have been created for the host countries. Furthermore, IFU helps to strengthen

a project company's corporate social responsibilities by ensuring that employees are given proper

working conditions and that a project company's production is socially and environmentally sustainable.

Over the years, IFU has had a fair return on its invested funds (12% IRR on share capital during the

last 10 years). The profit generated is used to cover IFU's operating costs and for investing in new

project companies. During the years, IFU has multiplied the Danish government's aggregate investment

of around DKK 1bn into contracted investment agreements worth about DKK 10 billion. At the same

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time, IFU has repaid the initial invested capital to the Danish Government. Currently, IFU has more

than DKK 2.5 billion in equity and an active portfolio of 225 project companies.

2.2 IFU’s management of other funds

IFU as an organisation is the fund manager of the following funds and facilities:

IØ, the Investment Fund for Central and Eastern Europe, investment period 1989 to 2011. IØ invested in 437 projects with a total commitment of DKK 5.5 billion. 36 projects were still active at year-end 2013.

AIF, The Arab Investment Fund, established in 2011 with a capital commitment of DKK 150 million from the Danish government. At year-end 2013 AIF had made 3 investments.

IFU Investment Partners, established in 2011. A co-financing facility with a capital commitment of DKK 500 million from pension funds PKA and PBU.

IFV, the Investment Fund for Emerging Markets, investment period 1998-2002. A closed-down fund for emerging markets. IFV invested in 7 projects with a total commitment of DKK 120 million.

DCIF, Danish Climate Investment Fund, launched early 2014 as a PPP (public, private partnership – incl. Government, IFU and various pension funds), having mobilized DKK 1.2 billion for undertaking investments with positive climate impact in developing countries in order to reduce CO2 emissions.

Concurrently with the preparation of this facility the Ministry of Foreign Affairs is considering to set up a Danish Neighbourhood Investment Fund, a Danish Neighbourhood Energy Facility, and a Danish Agribusiness Fund envisaged to be implemented and managed by IFU.

3 Preliminary overview of envisaged support

3.1 Brief justification for the support, expected results, and risks

A significant part of the Danish companies IFU work with, belongs to the SME category1. In 2013,

SMEs accounted for approx. 60 % of the new project agreements entered into, which reflects the

typical structure of the Danish business environment in general. Danish SME’s often possess advanced

knowledge and technologies that can open up for new business opportunities in emerging markets, and

thereby contribute to economic growth and job creation – in the host countries as well as in Denmark.

However, development and implementation of investments with SMEs is associated with relatively

higher risks than investments undertaken together with larger partner companies. The SME promoters

often lack resources – managerial and financial – in preparing for, implementing and starting up their

projects. Consequently, the advisory services and support needed to steer clear of obvious pitfalls calls

for a disproportionate resource allocation from IFU’s investment directors’ side as well as from

external assistance that seen from IFU’s point of view - strictly as an investor - cannot be justified when

looking at the expected return on these investments versus the costs.

The SME facility is envisaged to help the SMEs having access to better advisory support and hand-held

guidance during the preparation and the initial critical years of the project’s life-cycle with the goal of

securing higher chances of successful projects and long term survival.

1 EU definition: Number of employees <250, turnover < EUR 50 million or balance < EUR 43 million

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3.2 IFU Classic investment model description

Technically eligible host countries of IFU investments must be on the OECD's DAC list of

development aid recipients, and their GNI per capita income must not exceed 50 % of the upper limit

for the UMIC (Upper Middle Income Countries) according to the World Bank’s classification. In 2014

the limit is USD 6,308. A list of countries eligible for IFU investments is shown in Annex 4.6.

Additionally, at least 50 % of IFU's investments in a year must be made in host countries with a GNI

per capita income below 80 % of the upper limit for LMIC (Lower Middle Income Countries),

according to the World Bank's classification. In 2014 this limit is USD 3,268. A general exception for

the income ceiling is given for Botswana, Libya, Namibia and South Africa.

Besides know how, advice and investment experience, IFU is providing risk sharing capital when

Danish companies are looking for setting up activities in developing countries and emerging markets.

The investment target is the legal entity incorporated in the host country, for example being a

subsidiary of the Danish partner or a joint venture between Danish and a local partner, either as an

acquisition of an existing company, a turn-around or as a green field project.

Through the investment, IFU will share the financial risk together with the Danish partner (and the

other partners). As a guiding principle, IFU can fund up to 30 % of the financing – in smaller projects

up to 49% - however, in no event will IFU’s participation exceed that of the Danish partner’s

contribution. In other words – IFU can normally match the Danish partner’s own contribution.

With a long-term investment horizon (5-8 years), IFU will invest directly in the project company in the

form of share capital, mezzanine capital (equity like loans), debt instruments or guarantees (or

combinations hereof).

As a commercial investor – having no external funding sources to tap into – IFU seeks a return on its

investments reflecting a.o. the risk and market value of its investments. The return will materialise

through repayments of the loans and/or a sale of the shares.

3.3 SME challenges

In general, the Danish SME segment represents a group of companies often having a strong know-how

and technology base that can beneficially be put into use in a developing country – seen both from a

developmental as well as from a commercial perspective. Despite these obvious opportunities, the core

characteristics of investing together with small and medium sized Danish partners, poses significant

challenges to IFU such as:

Business plans are not sufficiently well prepared or thorough.

The partners do not have sufficient management resources and the management very quickly

gets overstretched or loses focus.

Partners’ capital base is not robust enough to withstand unforeseen events or to grow the

business.

Partners do not recognize the need for advice and involvement of experts – including a lack of

financial flexibility in order to pay for such.

Regular and informative reporting is often lacking.

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In IFU’s traditional investment model a strong reliance is put on the Danish partner’s capabilities and

willingness to engage throughout the project life-cycle. However, in SME promoted investments, such

back-up and “insurance cover” is often not at hand, nor realistic. Once the SME project runs into

difficulties, IFU has to spend substantial in-house resources to rectify and do “damage control”, putting

a burden on several departments (finance, legal, HR, investments managers and CSR unit).

These deficiencies and lack of qualifications from the Danish small partners are ongoing throughout

the project’s initial life-cycle – i.e. during project idea generation and formulation, during investigation

and business plan development, during project implementation and during the start-up and beginning

of operation. The efforts and costs required by IFU to counteract the risks of failures once the project

is off-track are often out of proportion when comparing the return IFU can expect from these SME

investments.

In other words, the risk and costs incurred when IFU is investing together with SMEs is unbalanced

and can never be compensated by the return expected on such investments.

3.4 Envisaged support modalities and strategy

In order to strengthen the quality and improve the success rate of the SME driven projects, a special

effort is needed to assist especially in the initial part of the project life-cycle and could encompass as

follows:

Project Phase: Focused support and assistance:

Development of project idea - Definition of the company’s strategic goals - Mapping of comparative advantages/risks - Improvement of business plans/feasibility studies and check of

critical assumptions - Financial exposure under various scenarios - Organisational and managerial requirements - Double check of important assumptions and conditions - Determination and verification of “bank-ability”

Implementation and start up - Organisational structure and set-up - Recruitment of management and other key personnel - Required approvals, permissions, licenses a.o. - Environmental requirements, unions, OHS issues - Training plans for know-how transfer - Definition and implementation of CSR initiatives - Implementation of systems for reporting re. management

information, accounting, budgets, CSR status a.o. - Procedures for board work

Operation - Board work - Reporting and monitoring of operations, accounts, CSR etc. - Strategic plans for further development - Management of crisis and unforeseen events

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Each project will be appraised individually and the need for support will vary from case to case, and is

dependent on the current life-cycle stage reached. Assistance will be provided partly by IFU, partly by

external professionals.

Financial support under the SME facility is suggested to consist of the following components:

SME Facility support per project Max. DKK 2.5m (in two phases – incl. IFU cost coverage)

Phase 1 – covering costs during project development and appraisal

Max. DKK 750,000 (following the issuance of a Clearance in Principle from IFU)

Phase 2 – covering costs during initial start-up and operations

Max. DKK 750,000 (following the signing of a Shareholders Agreement/Loan Agreement with IFU)

Eligible costs Cost coverage such as - salaries (long term postings) - consulting services – including management

support - travel and accommodation costs - CSR initiatives - legal assistance - audit assistance

for a hands-on approach for the IFU team to call on resources for improving the preparation steps, operational management, strategic development, CSR initiatives, financial management, corporate governance a.o. during Phase 1 and 2

Limits of the SME Facility support Max. 25% of the total investment of the project Max. 50% of IFU’s investment in the project (share capital and/or loan) Coverage: max. 50% of eligible costs (following the Danida Business Partnership guidelines – incl. auditor’s verification of incurred costs, reimbursement following completion of the actions supported)

IFU cost coverage (fixed amounts) Phase 1 – DKK 500,000 Phase 2 – DKK 500,000 Covering IFU’s incremental costs for more proactive use of own staff resources (salaries, travel costs, administration)

Furthermore, it is suggested

- that the geographical focus will include all IFU eligible host countries,

- that the eligible business sectors will include all sectors, except alcohol, gambling, tobacco,

weapons and similar (as per IFU/EDFI’s exclusion lists),

- that the decision forum for granting support to the individual activities is with IFU’s

Investment Committee.

Due to the lack of professionalism and available resources with the Danish SME partners in the early,

critical stages of the project’s life-cycle, it is envisaged that IFU staff (i.e. investment directors, legal

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department, finance department, HR, CSR units a.o.) will spend relatively more resources (time, travel,

partner meetings, meetings with external professionals a.o.) for assisting in the improvement of the

project concept and with an IFU involvement beyond what can be justified economically with the

resources IFU has at hand today. Following a strategy of increased focus and attention on the most

promising project proposals, it is envisaged that IFU will spend relatively more efforts in the early

stages of a project development, however, also with the risk that some of these projects eventually may

not materialise. Furthermore, bringing in a more pro-active use of experienced IFU in-house staff

resources, the support to the SMEs is expected to be more cost effective than if mobilising more

expensive freelance external consultants. It is in this light, the “IFU cost coverage” above is to be seen.

3.5 Preliminary budget

Expecting a yearly number of 8-12 SMEs eligible for the facility, the annual budget is expected to be

around DKK 20 million (with a spread of the individual SME support in the range of DKK 1.5 million

up to the max. of DKK 2.5 million per project).

It is to be noted that IFU’s risk capital for investing (share capital and/or loan financing) is beyond the

SME support and could amount to DKK 60 - 100 million. Based on IFU’s matching investment

principles vis-à-vis the Danish partners, the total investment would reach min. DKK 120 – 200 million.

3.6 Envisaged management structure and key indicators of success

The proposed grant will be governed through an administration agreement to be entered into between

IFU and the Ministry of Foreign Affairs. The Project Document will be an integral part of the

administration agreement. The administration agreement will specify the activities and IFU resources

eligible for support under the proposed grant and the limits for support per investment.

The administration agreement will specify indicators of success as well as requirements for reporting

and compliance with Danida policies and guidelines.

A baseline for successful investments will be established.

3.7 Risks, assumptions and prerequisites in relation to the envisaged support

IFU invests in projects located in developing countries. Political and economic conditions may be

turbulent in such countries, and the projects are often subject to high commercial risks.

To minimise the overall risk in IFU’s investment portfolio, a set of risk policies has been implemented

in the investment policy. These policies include guidelines for appraisal of commercial risk, for project,

partner and country risk exposure as well as guidelines for managing direct financial risk.

A mid-term review will be carried out in order to assess the justification for support, and to evaluate the

preliminary results.

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4 Annexes:

4.1 Process action plan

Activity Responsible Date

Concept Note finalised and delivered to KVA MFA/GRV 15 May 2014

Programme Committee meeting MFA/GRV 11 June 2014

Draft Project Document MFA/GRV 15 June 2014

Appraisal MFA/UFT June/July 2014

Final Appraisal Report MFA/UFT 11 July 2014

Final Programme Document MFA/GRV 21 July 2014

Deadline for submission of grant proposal MFA/GRV 31 July 2014

External Grant Committee meeting MFA/GRV 19 August 2014

Presentation to the Minister MFA/GRV September 2014

Presentation to the Parliamentary Finance Committee MFA/GRV October 2014

Administration Agreement signed MFA/GRV November 2014

Programme Start Implementing Agent (IFU)

January 2015

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4.2 HRBA/Gender Screening Note

The HRBA/Gender Screening Note will be formulated in detail during the preparation of the project

document.

Basic info

Title IFU Small and Medium Enterprises Investment Facility

Country/ region Countries eligible for IFU investments

Budget in DKK

mio.

DKK 60 million

Starting date and

duration

2014. Three to four years.

Human Rights Based Approach

Assess whether a Human Rights (HR) Based Approach has been applied in the programme: Human Rights Assessment and Standards

Issues: yes no Explain:

Have major HR analysis relevant for the country been consulted (UPR, OHCHR, EU HR Strategy, other relevant donor documents)

X Not applicable given the regional nature of the project.

Have key international HR standards and/or mechanisms influenced choice and formulation of outcome areas?

X IFU has signed up to the 10 UN Global Compact principles, and is committed to implementing and advancing these together with the project companies and within IFU’s sphere of influence. IFU’s policy is based upon international UN, ILO and OECD conventions, declarations and agreements, and IFU hereby seeks to contribute to the global achievement of the UN Millennium Development Goals.

Where relevant, is application at national level, including major gaps between human rights in principle vs. human rights in practice, evaluated and identified?

Not applicable given the regional nature of the project.

Are key recommendations from UPR for the thematic programmes and from any treaty bodies, special procedures, INGOs, HNRIs etc. that require follow up at national level considered?

X

Are rights-holders identified? X People employed in the joint ventures and people and communities affected by the joint venture.

Are duty-bearers identified? X Authorities responsible for private sector regulations and framework.

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Assess whether Human Rights Principles have been applied in the preparation and in the design of the programme?

Non-discrimination: Are any groups among rights-holders excluded from access and influence in the thematic programme areas identified?

Are disaggregated data available on most vulnerable groups?

List any key support elements included to promote non-discrimination

Participation and inclusion: Are barriers for participation, inclusion and empowerment of rights holders identified?

List any key support elements included to promote participation and inclusion

Transparency: Is the extent to which information is accessible to rights holders including marginalised groups assessed? Where relevant, whether information is available in other than official languages of the country in question should be indicated.

List any key support elements included to promote transparency

Are key accountability mechanisms in the relevant area – both horizontal and vertical listed?

Are obstacles, e.g. capacity and political-economy incentives that duty-bearers and rights holders face to exercise their obligations and rights listed?

List any key support elements included to promote accountability

Results/Indicators

List any indicators designed to monitor the realisation of specific human rights

a. b. c. d. ..

List any indicators designed to monitor the integration of the four principles

a. b. c. d. ..

List any key indicators chosen to track capacity of key partners (both rights holders and duty bearers)

a. b. c. d.

Dialogue Partners

Define key dialogue partners (duty bearers) to be addressed by the country programme

Define key alliance partners, including other likeminded donors, multilateral partners and CSO’s

State major dilemmas/risks associated with the policy dialogue and proposed mitigation measures (incl. reference to Framework for Risk Assessment)

Gender Screening Tool Are key challenges and opportunities for gender

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equality identified?

Are reference made to CEDAW-reporting, UPR, and other relevant gender assessments?

Identify opportunities/constraints for addressing gender equality issues

Describe key strategic interventions to promote gender equality within each thematic programme?

Explain how gender specific purposes with be reached, which strategic approach, what activities are planned

Define expected outputs. Identify gender equality indicators aligned with national targets on gender if possible.

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4.3 Results Framework

The Results Framework will be formulated during the preparation of the project document.

Preliminary Results Framework

Thematic Programme

IFU Small and Medium Enterprises Investment Facility

Thematic Programme Objective

Improved preparation and implementation of SME driven investments in developing countries.

Impact Indicator Number of jobs created.

Engagement Title IFU Small and Medium Enterprises Investment Facility

Outcome indicator

Baseline Year 2014 Number of investments by Danish SMEs in developing countries

Target Year 2017 Number of investments by Danish SMEs in developing countries

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4.4 Risk Management Matrix

The Risk Management Matrix will be detailed during the project formulation phase.

Risk Factor Likelihood Impact Risk response/effect Combined residual risk

Contextual Risks

A possible new global financial crisis will limit Danish companies’ ability and willingness to invest in joint ventures in developing countries.

Rare Significant Investments already made will be at risk and new investments will be limited

Political and/or financial developments in individual countries limiting Foreign Direct Investments.

Rare Insignificant Investments already made in the country will be at risk and new investments will be halted. Ongoing investments will risk failure.

Programmatic Risks

Lack of interest and/or capability by Danish SME’s to invest in developing countries

Likely Significant Financial support from the IFU SME facility will encourage Danish SME’s to engage in investments in developing countries.

Commercial failure of individual investments. Commercial investments are by nature associated with a risk for failure. This is even more likely to be the case in a developing country.

Likely Significant IFU has elaborate risk management procedures and comprehensive appraisal procedures prior to investments.

Institutional Risks

Misuse, corruption and fraud by participating Danish and/or local companies.

Rare Significant Any misuse of Danish development funds will have a negative impact on the programme in on Danish development cooperation in general.

Disagreement on the Board of IFU concerning the priority of projects and compliance with agreed terms and conditions for Danish financial support.

Rare Insignificant Board discussions can be influenced by political statements made by Government.

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4.5 Environmental and climate screening note

Not applicable given the regional approach and the diverse nature of the individual investments.

Environmental and climate screening is part of IFU’s appraisal of individual investments.

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4.6 Countries where IFU, AIF and KIF can invest

If a country's GNI per capita exceeds the stated limit for two consecutive years, it will no longer be eligible for new IFU investments.

KIF

KIF can invest in all IFU countries as well as all other countries on OECD’s DAC list, regardless of GNI per capita income.

AIF

AIF can invest in seven selected countries in North Africa and the Middle East.

List of countries eligible for IFU, AIF and KIF investments in 2013:

AIF IFU KIF

Africa

Algeria ✓

✓

Angola

✓ ✓

Benin

✓ ✓

Botswana

✓ ✓

Burkina Faso

✓ ✓

Burundi

✓ ✓

Cameroon

✓ ✓

Cape Verde

✓ ✓

Central African Republic

✓ ✓

Chad

✓ ✓

Comoros

✓ ✓

Congo, Dem. Rep.

✓ ✓

Congo, Rep.

✓ ✓

Côte d'Ivoire

✓ ✓

Djibouti

✓ ✓

Egypt, Arab Rep. ✓

✓

Equitorial Guinea

✓

Eritrea

✓ ✓

Ethiopia

✓ ✓

Gabon

✓

Gambia, The

✓ ✓

Ghana

✓ ✓

Guinea

✓ ✓

Guinea-Bissau

✓ ✓

Kenya

✓ ✓

Lesotho

✓ ✓

Liberia

✓ ✓

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Libya ✓

✓

Madagascar

✓ ✓

Malawi

✓ ✓

Mali

✓ ✓

Mauritania

✓ ✓

Mauritius

✓

Morocco ✓

✓

Mozambique

✓ ✓

Namibia

✓ ✓

Niger

✓ ✓

Nigeria

✓ ✓

Rwanda

✓ ✓

São Tomé and Principe

✓ ✓

Senegal

✓ ✓

Seychelles

✓

Sierra Leone

✓ ✓

Somalia

✓ ✓

South Africa

✓ ✓

South Sudan

✓ ✓

St. Helena

✓

Sudan

✓ ✓

Swaziland

✓ ✓

Tanzania

✓ ✓

Togo

✓ ✓

Tunisia ✓

✓

Uganda

✓ ✓

Zambia

✓ ✓

Zimbabwe

✓ ✓

Asia

Afghanistan

✓ ✓

Bangladesh

✓ ✓

Bhutan

✓ ✓

Cambodia

✓ ✓

China

✓ ✓

Cook Islands

✓

Fiji

✓ ✓

India

✓ ✓

Indonesia

✓ ✓

Iran

✓ ✓

Iraq ✓

✓

Jordan ✓

✓

Kazakhstan

✓

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Kiribati

✓ ✓

Korea, Dem. Rep.

✓ ✓

Kyrgyz Republic

✓ ✓

Lao PDR

✓ ✓

Lebanon

✓

Malaysia

✓

Maldives

✓ ✓

Marshall Islands

✓ ✓

Micronesia, Fed. Sts.

✓ ✓

Mongolia

✓ ✓

Myanmar

✓ ✓

Nauru

✓

Nepal

✓ ✓

Niue

✓

Pakistan

✓ ✓

Palau

✓

Papua New Guinea

✓ ✓

Philippines

✓ ✓

Samoa

✓ ✓

Solomon Islands

✓ ✓

Sri Lanka

✓ ✓

Syrian Arab Rep.

✓ ✓

Tajikistan

✓ ✓

Thailand

✓ ✓

Timor-Leste

✓ ✓

Tokelau

✓

Tonga

✓ ✓

Turkmenistan

✓ ✓

Tuvalu

✓ ✓

Uzbekistan

✓ ✓

Vanuatu

✓ ✓

Vietnam

✓ ✓

Wallis and Fortuna

✓

West Bank and Gaza

✓ ✓

Yemen, Rep.

✓ ✓

Europe

Albania

✓ ✓

Armenia

✓ ✓

Azerbaijan

✓ ✓

Belarus

✓ ✓

Bosnia & Herzegovina

✓ ✓

Georgia

✓ ✓

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Kosovo

✓ ✓

Macedonia

✓ ✓

Moldova

✓ ✓

Montenegro

✓

Serbia

✓ ✓

Turkey

✓

Ukraine

✓ ✓

Latin America

Anguilla

✓

Antigua and Barbuda

✓

Argentina

✓

Belize

✓ ✓

Bolivia

✓ ✓

Brazil

✓

Chile

✓

Colombia

✓ ✓

Costa Rica

✓

Cuba

✓ ✓

Dominica

✓

Dominican Republic

✓ ✓

Ecuador

✓ ✓

El Salvador

✓ ✓

Grenada

✓

Guatemala

✓ ✓

Guyana

✓ ✓

Haiti

✓ ✓

Honduras

✓ ✓

Jamaica

✓ ✓

Mexico

✓

Montserrat

✓

Nicaragua

✓ ✓

Panama

✓

Paraguay

✓ ✓

Peru

✓ ✓

St. Kitts-Nevis

✓

St. Lucia

✓

St. Vincent

✓ ✓

Surinam

✓

Uruguay

✓

Venezuela

✓