European Fund for South East Europe (EFSE) II

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 39543

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 39543

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Environmental Category

Approval Date

10 Dec 2009

Disclosure date

06 Nov 2009

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The EBRD is considering up to EUR 30 million investment in senior A-shares of the European Fund for Southeast Europe (EFSE) comprising two equal tranches of EUR 15 million each. EFSE provides medium to long term funding to commercial banks, non-bank microfinance institutions and other financial institutions for on-lending to micro, small and medium-sized enterprises (MSMEs) as well as for housing and rural finance. The EBRD investment will support the ongoing lending activities of the Fund.

Transition Impact

The transition impact of the proposed investment will arise mainly from the following two aspects:

(i) Support for markets: The financial resources available to MSMEs and farmers have become increasingly constrained in the current environment. The EBRD facility will increase the funding available to the banks and MFIs, partner lending institutions of the Fund, which will be then on-lent to MSEs for their working capital and investment needs;

(ii) Commercial mobilisation: Commercial financing is rarely available to local institutions, especially in present economic environment, due to perceived high risks. Investment in A-share of the Fund will create additional cushion for private noteholders providing further comfort for investment.

The Client

EFSE was established in December 2005 to support MSME and housing finance in Southeast Europe. The Fund’s concept was developed by the European Commission and bi-lateral agencies, and has been implemented by KfW. EFSE has a tiered structure and is funded by public agencies, IFIs and private investors. With investment portfolio of EUR 559 million to 56 financial intermediaries, EFSE is the world’s largest microfinance fund.

EFSE is managed by Oppenheim Asset Management Services S.a r.l.

EBRD Finance

Up to EUR 30 million, comprising two equal tranches of EUR 15 million each.

Project Cost

Up to EUR 30 million.

Environmental Impact

tba

Technical Cooperation

None

Company Contact

Holger Christ
E-mail: Holger.Christ@oppenheim.lu

Transition impact

ETI Score:60

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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