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.
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 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.
The EBRD will contribute equity capital of US$ 7 million (ECU 6.3 million).
The total project cost is US$ 17 million (ECU 15.3 million).
The Fund will follow the EBRD's Environmental Procedures for Investment Funds.
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.
For business opportunities or procurement, contact the client company.
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
Project Complaint Mechanism (PCM)
The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.
Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (firstname.lastname@example.org) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.