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EBRD-ITALY Western Balkans Local Enterprise Facility (WB LEF) Marek Lorinc

EBRD-ITALY Western Balkans Local Enterprise Facility (WB LEF) Marek Lorinc. WB LEF. EUR 65 million ‘proprietary fund’ e stablished in April 2006 Aimed at filling the gap of financing growing local businesses, currently not sufficiently supported by other financing sources.

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EBRD-ITALY Western Balkans Local Enterprise Facility (WB LEF) Marek Lorinc

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  1. EBRD-ITALY Western Balkans Local Enterprise Facility (WB LEF) Marek Lorinc

  2. WB LEF • EUR 65 million ‘proprietary fund’ established in April 2006 • Aimed at filling the gap of financing growing local businesses, currently not sufficiently supported by other financing sources. • Financial contribution and support provided by the Italian Government funds. • WB LEF operates on a strictly commercial basis, seeking returns commensurate to underlying risks. • Managed by the team of dedicated bankers in EBRD’s offices in Tirana, Sarajevo, Prishtina, Skopje, Podgorica and Belgrade.

  3. WB LEF Rationale: • Focus on higher risk-reward expansion/ rehabilitation investment of SMEs in the Western Balkans (Albania, Bosnia-Herzegovina, Kosovo, Macedonia, Montenegro and Serbia). • Mainly equity and quasi-equity financing of smaller projects which so far were not eligible for direct financing.

  4. WB LEF Eligible investments: • Private local enterprises. • Manufacturing and services. • Nationality of the owners not relevant. • All sectors, except weapons, alcohols and tobacco.

  5. WB LEF Salient Features: • Amount of Investment: to a maximum of EUR 8 million • Minority participation (up to 49.9%) in local companies. • 3 to 8 years holding period. • Realistic exit route with at least one alternative. • Funds may be used for the purchase of tangible and intangible assets and partially to finance working capital requirements. • EBRD representative may sit on the board of directors of investee companies.

  6. WB LEF • So far invested in 11 projects in: • agribusiness, • wood processing, • financial institutions, • construction materials, and • property management. • Strong pipeline expect to complete at least 10 projects in all countries totalling over EUR 40 million by the end of 2008.

  7. WB LEF Team Contact Details: Marek Lorinc, Operational Leader of the WB LEF, Podgorica tel: +382 81 235190, lorincm@EBRD.com Fabio Serri, Prishtina, tel: +389 2 3297 800, serrif@ebrd.com Rijad Hasic, Sarajevo, tel: +387 33 667 945, hasicr@ebrd.com Vlado Bojadzievski, Skopje, tel: +389 2 3297 800, bojadziv@ebrd.com Ervin Luga, Tirana, tel: +355 4 232 898, lugae@ebrd.com Jelena Celenkovic, tel: +382 11 212 0530, celenkoj@ebrd.com www.ebrd.com

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