Bosnia and Herzegovina

Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

09 Sep 1997



PSD disclosed:

26 Aug 1997


Project Description

An equity investment of US$ 5 million in a private equity fund for a term of 10 years.

The Fund will seek to maximise capital growth by making direct equity investments in a portfolio of private companies in Bosnia and Herzegovina. To achieve its operational objective, the Fund will monitor the development of its portfolio companies, through various growth stages, by adding value in financial management, sales, marketing and organisational development.

Transition Impact

The operation's main transition impact will be achieved by helping to address existing deficiencies in the supply of long-term financing in Bosnia and Herzegovina. Promotion of equity financing to eligible local companies and joint ventures shall play an important role in achieving dissemination of market economy practices in the country.

The Client

Horizonte Bosnia and Herzegovina Enterprise Fund is a private equity fund to be established in the Netherlands as a 10-year limited liability company.

EBRD Finance

Equity investment of US$ 5 million.

Project Cost

To date, the Fund has secured capital commitments of US$ 18.4 million, 85 per cent of which comes from private institutional investors. The initial closing occured in August 1998.

Environmental Impact

The Fund will carry out its operations in accordance with the EBRD's Environmental Procedures for Private Equity Funds, which provide for the integration of environmental due diligence into every transaction and ensure that investee companies comply, at a minimum, with national and local health, safety and environmental regulations and standards. The Fund Manager will submit annual environmental reports to the EBRD.

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
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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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