VCIP II Second Envelope



Project number:


Business sector:

Information and Communication Technologies

Notice type:


Environmental category:


Approval date:

27 Nov 2019


Board Approved

PSD disclosed:

25 Oct 2019

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Project Description

EBRD, through its Venture Capital Investment Programme II (VCIP II, which is a continuation of EBRD's existing programme, VCIP, and is a dedicated framework facility of €100 million), invests in early and growth stage technology companies via equity and equity-linked instruments (investment size up to €15 million) in the Bank's countries of operation alongside 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. In order to continue to maintain the investment rate and meet the demand in the ongoing pipeline conversion, additional funds are sought to be allocated over the remainder of the VCIP II investment period. 

Project Objectives

i) VCIP enables the Bank to foster knowledge economies in the Region, develop technology ecosystems and support innovation; ii) the Bank, through VCIP, plays an important role in bridging the venture capital funding gap that exists in the Region; iii) VCIP allows the Bank to maintain a portfolio approach to higher risk / higher return investment opportunities.

Transition Impact

The VCIP II Facility 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. The VCIP II Facility will build on the success of the first VCIP I Facility and provide a key support for the development of the knowledge economy in the EBRD Region, in line with the EBRD's Knowledge Economy Initiative, in particular Stream 3 - Small Technology Based Companies.

Client Information

On a case by case basis.

EBRD Finance Summary

EUR 50,000,000.00

Total Project Cost

EUR 50,000,000.00

Environmental and Social Summary

The Facility itself is not categorised under the Bank's 2014 Environmental and Social Policy, 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.

Technical Cooperation


Company Contact Information

Bakhrom Ibragimov

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

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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