Project number:


Business sector:

Telecommunications, Media and Technology

Notice type:


Environmental category:


Approval date:

23 Feb 2022



PSD disclosed:

14 Jan 2022

Project Description

The EBRD, through its Venture Capital Investment Programme III (VCIP III), which is a continuation of the venture capital investment programme of the Bank through two previous frameworks, VCIP I and VCIP II, will aim to invest in early and growth-stage technology companies via equity and equity-linked instruments (investment size up to €25 million) in the Bank's countries of operation alongside with experienced venture capital co-investors. Investments target innovative and high growth small and medium-sized companies largely under-serviced by the limited venture capital community to help fill the venture capital equity gap in the market.

Project Objectives

The overarching objective of VCIP III is the development and commercialisation of innovative technologies and attracting top venture capital funds to the Bank's countries of operation where the availability of venture capital is still very low and the venture capital ecosystems are still nascent.

Other key objectives: (i) the VCIP Frameworks enable the Bank to foster knowledge economies in the EBRD region, develop technology ecosystems and support innovation; (ii) the Bank, through the VCIP Frameworks, plays an important role in bridging the venture capital funding gap that exists in the EBRD region (iii) the VCIP Frameworks allow the Bank to maintain a specialised portfolio approach to higher risk / higher return investment opportunities.

Transition Impact

ETI score: 80

VCIP III is expected to contribute to the Competitive and Resilient transition qualities as it will support the development of recently established highly innovative technology-based companies, as well as promote better access to venture capital which is still nascent in the EBRD region.

By investing in digital-first companies that offer technology-based solutions to the market, VCIP III will directly contribute to the EBRD's Strategic Capital Framework priority of accelerating digital transition. Further expansion of VCIP activity in the EBRD region, where venture capital markets are still at nascent stages, is also expected to contribute to ongoing demonstration effect of successful entrepreneurship and venture capital as an asset class.

Client Information

On a case by case basis

EBRD Finance Summary

EUR 250,000,000.00

Total Project Cost

EUR 250,000,000.00


The Framework is expected to play two additionality roles: (i) providing local co-investor support to global venture capital investments; and (ii) augmenting local venture capital syndication market.

Environmental and Social Summary

The Framework itself is not categorised under the Bank's Environmental and Social Policy (2019), however, each sub-project will be categorised on a case-by-case basis and will be subject to individual environmental and social due diligence (ESDD) and GET examination specific to the project and the client. Based on the sub-project's category, appropriate ESDD will verify that each sub-project is structured to comply with the Bank's PRs.

Company Contact Information

Bakhrom Ibragimov

Implementation summary

PSD last updated

18 Jan 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP 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 following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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