Transcript Title of presentation

EBRD-ITALY
Western Balkans Local Enterprise Facility
(WB LEF)
Marek Lorinc
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.
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.
WB LEF
Eligible investments:

Private local enterprises.

Manufacturing and services.

Nationality of the owners not relevant.

All sectors, except weapons, alcohols and
tobacco.
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.
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.
WB LEF
Team Contact Details:
Marek Lorinc, Operational Leader of the WB LEF, Podgorica tel:
+382 81 235190, [email protected]
Fabio Serri, Prishtina, tel: +389 2 3297 800, [email protected]
Rijad Hasic, Sarajevo, tel: +387 33 667 945, [email protected]
Vlado Bojadzievski, Skopje, tel: +389 2 3297 800,
[email protected]
Ervin Luga, Tirana, tel: +355 4 232 898, [email protected]
Jelena Celenkovic, tel: +382 11 212 0530, [email protected]
www.ebrd.com