EMF New Europe Insurance Fund

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 46187

Status Signed

Location

Regional

Business Sector

Equity Funds

Notice Type

Private

Project timeline

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

Project ID 46187

Status Signed

Location

Regional

Business Sector

Equity Funds

Notice Type

Private

Environmental Category

Approval Date

10 Dec 2014

Disclosure date

10 Nov 2014

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 an investment in EMF New Europe Insurance Fund (the “Fund”), a private equity fund focused on investment in companies operating in insurance or insurance-related sectors with the objective of achieving long-term capital growth.

EBRD investment will support the Fund in developing investments in Turkey, Ukraine, the western Balkans, the south Caucasus, Moldova and Belarus.

Transition Impact

The transition impact is derived from supporting a private equity fund which can provide access to equity finance and sector-specific strategic input to its investee companies, whilst instilling strong corporate governance practices.

The Client

The Bank would invest in EMF NEIF (A) L.P., a limited partnership established in England. The limited partnership has as its general partner EMF NEIF (GP) Limited, a limited company incorporated in Jersey.

The general partner is advised by EMF Capital (UK) Limited, a limited company incorporated in England, which is authorized and regulated by the Financial Conduct Authority and focused solely on private equity investment in financial services in emerging markets.

EBRD Finance

The EBRD is considering an equity investment of USD 20 million.

Project Cost

The fund is targeting total commitments of up to USD 150 million.

Environmental Impact

Categorised FI: The Fund will be required to comply with the EBRD's Performance Requirement 2 (Labour and Working Conditions) and Performance Requirement 9 (Financial Intermediaries). The Fund will be required to implement the agreed Environmental and Social Action Plan in order to meet the E&S requirements of the EBRD. The Fund will also submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation

None.

Company Contact

Peter Lovas, CEO

Email: info@emfcp.com

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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