BiH Voluntary Pension Fund


Bosnia and Herzegovina

Project number:


Business sector:

Insurance, Pension, Mutual Funds

Notice type:


Environmental category:


Approval date:

16 Nov 2016



PSD disclosed:

29 Sep 2016

Translated version of this PSD: Bosnian

Project Description

The EBRD is considering an equity investment in the form of ordinary shares in the first voluntary pension fund management company (the  Company") in Bosnia and Herzegovina alongside Skupna Pokojinska Druzba and the Republika Srpska Reserve Pension Fund.

The equity investment will fund the mandatory start-up capital of the newly established Company.

The Enterprise Expansion Fund ("ENEF") will provide 50% of the EBRD investment.

Project Objectives

The Project will support the development of the voluntary pension system in Bosnia and Herzegovina ("BiH"), initially in the entity of Republika Srpska ("RS"). The new company will be the first provider of voluntary pension and asset management services in BiH. The company will consider starting
operations as well in the Federation of Bosnia and Herzegovina ("FBiH"), the other entity in BiH, once the voluntary pension law is in place there.

The RS authorities have introduced the law on voluntary pension funds in RS, creating the legal basis for voluntary savings for retirement (Pillar III). After the establishment of the Company, persons living in RS will have the opportunity to save for retirement in a voluntary and tax-efficient way, complementing the main mandatory state pension system (Pillar I).

Transition Impact

Transition impact is derived through the improvement of the regulatory framework for voluntary pension funds (Pillar III) and the establishment of a first viable provider of voluntary pension and asset management services in BiH. Further through the build-up of a local investor base the nascent capital markets in BiH will be supported.

Client Information


Skupna Pokojinska Druzba dd ("Skupna") is the Sponsor of this Project.

Skupna was established in 2000 and is currently one of the leading specialised providers of voluntary pension insurance for private sector employees in Slovenia.

EBRD Finance Summary

EUR 370,000.00

Equity financing.

Total Project Cost

EUR 2,250,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). The Fund will be required to comply with the Bank's PRs 2, 4 and 9 and implement EBRD's Environmental and Social Procedures for Active and Passive Investments to appropriately manage environmental and social risks of their investment portfolio. They will also need to provide annual reports on environmental and social matters and the implementation of the EBRD's Performance Requirements 2, 4 and 9.

Technical Cooperation

EUR 32,500 provided by ENEF to cover legal costs

Company Contact Information

Tomaz Zavrsnik
+386 (1) 4700855
SKUPNA pokojninska dru#ba, d.d., Ljubljana / Trg republike 3 / SI - 1000 Ljubljana Slovenia

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

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