Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

06 Nov 2001



PSD disclosed:

04 Oct 2001

Project Description

Proposed equity investment in the Kosovo Reconstruction Equity Fund, a financial vehicle created to make equity investments in small and medium-sized enterprises (SMEs) in Kosovo.

Transition Impact

The Fund was the first non-banking financial institution in Kosovo to provide local enterprises and potential foreign investors willing to invest in the Province with much-needed medium to long-term financing. The Fund is therefore playing a critical role in supporting the recovery of the Kosovar economy.

The Client

The Kosovo Reconstruction Equity Fund (KREF) is an unincorporated investment vehicle operational in Kosovo. It is managed by a consortium led by Economisti Associati, a fund manager selected through a competitive tender. KREF was established in 2000 by the EBRD through a contribution from the Italian Government of €4 million.

EBRD Finance

€2 million equity investment.

Project Cost

€4 million.

Environmental Impact

The Fund will follow the EBRD's Environmental Procedures for Investment Funds. In implementing these procedures, the Fund will assess potential environmental issues associated with its investments which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements.

Technical Cooperation

The Italian Government has contributed TC funding to support some of the Fund’s expenses, including the fees of the Fund Manager.

Company Contact


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

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