Project number:


Business sector:

Notice type:


Environmental category:


Approval date:

22 Jul 1997



PSD disclosed:

24 Jun 1997


Project Description

A private equity investment fund targeting the media and communications sector in the countries of central and eastern Europe and the former Soviet Union.

The Fund's primary objective is long-term capital appreciation through equity and equity-related investments in a diversified portfolio of primarily unlisted companies that are well positioned to take advantage of the high growth potential of the media and communications industry within the EBRD's countries of operations.

Transition Impact

Through its equity investment, the Fund will facilitate the consolidation of small and medium-sized operators and service providers in the media and communications sector in order to increase operating efficiency. This will develop the overall media and communications sector in the region.

The Client

Baring Communications Equity (Emerging Europe) Limited (the Fund), is an investment fund set up to make direct equity investments in media and communications companies in the EBRD's countries of operations. Baring Private Equity Partners Limited (BPEP), an investment management arm of ING Group, and Communications Equity Associates, Inc. (CEA), a US financial advisory firm, will sponsor the Fund.

EBRD Finance

An equity investment of the lower of US$ 12.5 million (EUR 11.5 million) which represents 18 per cent of the Fund's final closing amount. Other institutional investors invested the balance.

Project Cost

The Fund raised US$ 69.75 million (EUR 64.0 million) at the second closing.

Environmental Impact

The Fund will follow the EBRD's Environmental Procedures for Investment Funds. In implementing these procedures, the Fund will assess potential environmental issues associated with its investments which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements.

Technical Cooperation


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

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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