Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

15 Sep 1998



PSD disclosed:

15 Aug 1998

Project Description

The Albania Reconstruction Equity Fund (AREF) is an equity fund established to support small and medium-sized enterprises (SMEs) in Albania.

The Fund aims to achieve long-term capital appreciation by contributing to the modernisation, expansion, restructuring and development of SMEs and private enterprises in Albania.

The Fund seeks to achieve its objective by taking a significant minority stake in the portfolio company through negotiated transactions while taking an active role in influencing its operations and management.

The first investment for US$ 170,000 was signed in February 1999 and is being disbursed.

Transition Impact

The Fund will be the first non-banking financial institution in Albania to provide medium to long-term financing to Albanian enterprises and foreign investors willing to make investments in the country. The Fund will, therefore, play a critical role in speeding up the on-going privatisation of the Albanian economy and attracting foreign direct investment.

The Client

The AREF will be established as an unincorporated investment vehicle with a total capital of US$ 14 million (ECU 12.7 million). The Italian Government will contribute equity capital of US$ 7 million (ECU 6.35 million). The Fund Manager is a consortium of companies led by Economisti Associati, and its participants include SEAF and Banca Popolare di Bari.

EBRD Finance

The EBRD will contribute equity capital of US$ 7 million (ECU 6.3 million).

Project Cost

The total project cost is US$ 17 million (ECU 15.3 million).

Environmental Impact

The Fund will follow the EBRD's Environmental Procedures for Investment Funds.

Technical Cooperation

A US$ 3 million TC Fund will be provided by the Italian Government and used to finance the Fund’s operating expenses and other costs, including the Fund’s management fees.

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

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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

Share this page: