|
EBRD and Spirex to manage the Smolensk Regional Venture Fund
As a result of an international tender, Siparex Gestion et Finance (SIGEFI) has been appointed to set up and manage the Smolensk Regional Venture Fund, created by the European Bank for Reconstruction and Development (EBRD) in Russia, to help strengthen privatised companies through equity investments.
The Fund will have an initial capital of US$ 12 million, entirely provided by the EBRD. It will invest in medium to large size companies located primarily in the Smolensk region (400 km west of Moscow). A US$ 8 million technical assistance programme, financed by the European Union from the TACIS programme, complements the Fund.
This Fund is the first to be created within the framework of the US$ 125 million programme to support privatised companies in Russia. This programme was launched by the EBRD in July 1993 during the G7 meeting in Tokyo.
SIGEFI, created in Lyon in 1977 and part of the Siparex Group, specialises in managing equity investment funds and advising worldwide companies willing to work in this area. SIGEFI has already worked with the EBRD when they carried out a survey in Hungary for the third largest Hungarian bank, Kereskedelmi Bank in 1992; and following a request from the International Finance Corporation (World Bank Group) SIGEFI is working on a similar mission in Morocco, for Wafabank, and Tunisia.
|
