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Regional: Capital Markets Development Accelerator Fund (CMDAF)



TCRS Number:


Business sector:

Working with EBRD

Notice type:




PSD disclosed:

12 Mar 2020

Project Description

The Baltic economies have a large small and medium-sized enterprises (SME) sector, yet domestic capital markets are not presently geared to provide finance to the SME sector – that have traditionally utilised bank finance. Additionally access to capital markets and especially equity financing through an initial public offering (IPO) is either seen as being too complex and costly or simply not considered by SMEs, especially small- and mid-cap companies.

The current support request aims to assist the Ministries of Finance of Estonia, Latvia and Lithuania (MoFs) in designing a regional CMDAF (the “Fund” or the “CMDAF”). The Fund will provide finance for pre-IPO, small- and mid-cap companies and SMEs on the growth market in line with the EU Capital Markets Union objectives – to support access to finance for SMEs.

By supporting the offering of listed SMEs, the CMDAF will enhance secondary market liquidity and boost the availability of investment products in the local capital markets. The process of SME selection can be supported by the ‘Pre-Listing Support Programmes’ already implemented or in process of being implemented in all Baltics states.  This project is also aligned with the Memorandum of Understanding (MoU) where Estonia, Latvia and Lithuania agreed to create a pan-Baltic capital market to strengthen their economies and stimulate investment to create jobs with support of the European Commission and EBRD.
This project is funded by the European Commission via the DG REFORM and implemented by EBRD Local Currency and Capital Markets Development (EBRD LC2) and EBRD Equity Funds for the MoFs benefit.
EBRD LC2 is one of the key strategic teams of the European Bank for Reconstruction and Development (EBRD). The objective is to support EBRD’s countries of operation to build deeper and more resilient local financial markets.

EBRD Equity Funds team is the largest private equity fund investor in the EBRD region, covering a wide spectrum of fund sizes and investment strategies; regional and country specific funds, generalist and sector specific funds. Its primary objectives are to build a sustainable funds industry able to attract institutional capital, support funds aiming at supporting SMEs and support deeper integrated policy engagements with market and regulatory stakeholders.

Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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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