1 Updated to June 2014 What is WB EDIF?
Western Balkans Enterprise Development and Innovation Facility Improving access to finance in the Western Balkans region WB EDIF Platform is managed by the EIF and is comprised of four different and scalable pillars The entire structure is governed by the Platform Advisory Group (PAG) whereby WBEDIF investors and the WB beneficiaries are represented ENIF ENEF Guarantee Technical Supporting Improving Enterprise Enterprise Facility Assistance innovation venture Innovation Fund Expansion Fund capital Guarantees are ecosystem Supporting Beneficiary A VC fund focusing provided to banks established SMEs governments can on innovative to incentivise Promoting the with high growth obtain support in Improving SMEs, providing visibility of them to build up potential implementing access to equity and quasi new SME loan region as a Managed by the policy reforms to finance equity to start ‐ up market player portfolios EBRD with EUR foster a favourable to expansion 50m LEF co ‐ regulatory Generating a phase SMEs Enabling investment facility environment for loan volume of integration Backing Target size: Target size: SMEs with EU over regulatory EUR 40m EUR 100m Policy reforms EUR 110m 2
WB EDIF is a p ortfolio approach, catering to all levels of SME development Debt products Equity products EUR 50m ‐ ENEF Enterprise Expansion Fund EUR 50m ‐ EBRD LEF co ‐ investment EUR 110m ‐ Guarantee Facility EUR 40m ‐ ENIF Enterprise Innovation Fund PRE-SEED PHASE SEED PHASE START-UP PHASE EMERGING GROWTH DEVELOPMENT SME Development Stages HIGHER RISK LOWER RISK Technical Assistance Platform Improve investment readiness of Regions & develop financial ecosystem 3
WBEDIF IFIs and Financial Intermediaries Financial Investors Intermediaries Croatia Bosnia & Herzegovina Bosnia & Serbia Herzegovina Kosovo Montenegro Other IFIs Kosovo Albania involved FYROM Albania 4
Enterprise Innovation Fund (ENIF) Fund Manager selected by EBRD: EUR 5m EIF: EUR 19.1m investment, KfW: EUR 8m Western Balkan investment including EUR 14.1m on investment beneficiaries: EUR behalf of the EU 5m investment (collective) ENIF is a venture capital fund focusing on an investment portfolio of innovative SMEs (in start up to early expansion phases) in the WB economies. ENIF provides equity and quasi equity finance to stimulate and support commercially viable research in innovative SMEs The Initial Fund size is set at EUR 38m , which is expected to be increased further at subsequent closings through the raising of private capital 5
Enterprise Expansion Fund (ENEF) Managed and Advised by EIF: EUR 14.5m DEG: EUR 5m EBRD: EUR 19m investment investment, including investment, Separate and parallel co ‐ EUR 9.5m on behalf of including EUR 3m investment via the Local the EU from the Italian Enterprise Investment Special Facility ("LEF") Fund ENEF supports established SMEs with high growth potential, incorporated in the Western Balkans or investing in projects implemented in the Western Balkans, via the provision of equity finance to further the of development and expansion of these businesses. ENEF Fund size is currently at EUR 38.5m , with a target of EUR 55m The Fund was operational as of Q2 / 2014 ENEF is managed via a Board of Directors appointed by EIF, EBRD and DEG The first investments are expected to happen by year end 2014 6
Guarantee Facility(GF) Managed by The Guarantee Facility provides guarantees and counter guarantees to financial intermediaries in Western Balkans. Guarantee: The EC has signed a EUR 20m Guarantee Facility 70% Agreement with the EIF whereby EIF covers part of the risk incurred by the banks thus incentivising them Stimulates to provide facilitated access to finance for SMEs. over EUR Guarantee Agreements have been signed with the 110m of new following banks for a supported loan volume of EUR SME lending 20m in each case. Up to cap rate of 25% Bosnia & Kosovo Albania Herzegovina Three further agreements are close to being signed with banks in additional WB countries The original budget of EUR 20m has thus been fully committed. The call may be re ‐ opened in EUR 20m the event of more funds becoming available Minimum Multiplier of 5.7x from the EC; this is currently under negotiation 7
Advisory and Support Services Managed and Coordinated by EU Small Business Act (SBA) Venture Capital Ecosystem Small Business Support monitoring & Pilot Entrepreneurship (SBS) Focus area: horizontal monitoring Programme Focus area: direct support Contracted with OECD Contracted with EBRD Focus area: Venture Capital Contracted with World Bank Triple Helix EIB provides overall management, REPARIS* coordination and monitoring as well as Partnership Focus area: investment targeted advisory and technical Focus area: readiness assistance support (e.g. capacity innovation Contracted with World Contracted with Bank building for counterparty banks, OECD awareness raising and promotional activities, support to intermediaries, etc) The EU provides funding both to the EIB in their role as manager and coordinator of Advisory and Support Services, as well as via parallel and bilateral initiatives which are EU FUNDING identified as being in line with the strategic objectives and priorities of WBEDIF, as defined by the WBEDIF Platform Advisory Group (PAG) (DG ELARG) * Road to Europe – Program of Accounting Reform And Institutional Strengthening 8
Contacts European Investment Fund, WB EDIF Platform Coordinator 37B avenue J F Kennedy L ‐ 2968 Luxembourg +352 2485 ‐ 1 wbedif@eif.org www.wbedif.eu 9
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