What is WB EDIF? Updated to January 2017 1
Western Balkans Enterprise Development and Innovation Facility (WBEDIF) WB EDIF Platform is coordinated by the EIF and is comprised of four different and scalable pillars The entire structure is steered by the Platform Advisory Group (PAG) whereby WBEDIF investors and the WB beneficiaries are represented Support Services Partners and Investors Coordinated by EIB Policy level Support WBEDIF offers programmes to support implementing policy reforms to foster a favourable regulatory Guarantee Lending Equity instruments environment for SMEs instruments instruments Guarantee Competitveness ENIF ENEF Facility Programme Enterprise Enterprise Support for WBEDIF Innovation Fund Expansion Fund Financial Instruments Guarantees are Dedicated credit A VC fund focusing on Supporting established provided to banks to lines for partner innovative SMEs, SMEs with high growth WBEDIF also offers incentivise them to financial institutions providing equity and quasi potential. Managed by build up new SME and complementary complementary support equity to start-up to the EBRD with EUR 50m loan portfolios investment actions to assist the expansion phase SMEs LEF co-investment facility incentives for SMEs deployment of the financial EUR 40m EUR 100m EUR 20m EUR 200m instruments on the ground 2
WBEDIF IFIs and Financial Intermediaries Financial Investors Intermediaries Croatia Bosnia & Herzegovina Bosnia & Serbia Herzegovina Kosovo Montenegro Other IFIs Kosovo* Albania Former involved Yugoslav Republic of Serbia Macedonia Albania Montenegro Croatia * This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo declaration of independence 3
Enterprise Innovation Fund (ENIF) Fund Manager selected by Private KfW: EUR 8m investment EBRD: EUR 5m EIF: EUR 19.1m Western Balkan investment raised by the investment investment, including beneficiaries: EUR Fund manager EUR 14.1m on behalf of 5m investment EUR 5m the EU (collective) of which EUR 2.5m is invested ENIF managed by South Central Ventures (SCV) 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 ENIF held its first closing in September 2015 with EUR 25m Second closing took place in April 2016 and reached the target amount of EUR 40m www.sc-ventures.com 4
Enterprise Expansion Fund (ENEF) Managed and Advised by EIF: EUR 14.5m DEG: EUR 5m OeEB: EUR 5m EBRD: EUR 24m investment investment investment, including investment, Separate and parallel EUR 9.5m on behalf of including EUR 3m co-investment via the EU from the Italian the Local 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 48.5m The Fund was operational as of Q2 / 2014 and held its second in Q1 2015 ENEF is managed via a Board of Directors appointed by EIF, EBRD ,DEG and OeEB. 5
Guarantee Facility(GF) Managed by The Guarantee Facility provides guarantees and counter- guarantees to financial intermediaries in Western Balkans. The EC has signed a EUR 20m Guarantee Facility Agreement with the EIF whereby EIF covers part of the risk incurred by Guarantee: the banks thus incentivising them to provide facilitated access 70% to finance for SMEs. Guarantee Agreements have been signed with the following Stimula late tes s banks for a supported loan volume of EUR 20m in Albania, ove ver EUR R Bosnia & Herzegovina, Kosovo* and Croatia; EUR 30m in 110m of new w Serbia and EUR 8m in Montenegro. SME lendin ing Bosnia & Kosovo Albania Up to cap rate te of Herzegovina 25% Serbia The original budget of EUR 20m has thus been fully committed. A replenishment – or ‘WBEDIF Guarantee Facility II’ is EUR 20m 20m Minim nimum um currently launched, which will make available an additional Mult ltip iplier lier of 5.7x 7x EUR 90m of new SME lending to the region – through the same product. See a link to the call for expression of interest 6 * This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo declaration of independence
EDIF financial and TA support across the innovation chain EUR 50m – ENEF – Enterprise Expansion Fund Debt products Equity products EDIF financial Pillars EUR 50m - EBRD LEF co-investment EUR 200m - Guarantee Facility (EU funds) Private fund manager as EUR 40m – ENIF – Enterprise Innovation Fund selected by DEVELOPMENT EMERGING GROWTH START-UP PHASE PRE-SEED PHASE SEED PHASE EDIF TA Support Pillar Triple Helix projects Investment readiness Assessment of VC Ecosystem REPARIS HIGHER RISK SBS programme LOWER RISK Monitoring of EDIF policy reform priorities through the SME Policy Index Overall coordination of EDIF TA Pillar and delivery of targeted support services actions 7
Advisory and Support Services Managed and Coordinated by Venture Capital Ecosystem EU Small Business Act (SBA) Small Business Support & Pilot Entrepreneurship monitoring (SBS) Programme Focus area: horizontal monitoring Focus area: direct support Focus area: Venture Capital Contracted with OECD Contracted with EBRD Contracted with World Bank Triple Helix EU-REPARIS* Partnership Focus area: capacity & Focus area: institutional building EIB provides overall management, innovation Contracted with World coordination and monitoring as well as Contracted with Bank targeted advisory and technical OECD assistance support 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 NEAR) 8 * Road to Europe – Program of Accounting Reform And Institutional Strengthening
Contacts EIF: WBEDIF general enquiries & Guarantee Facility : wbedif@eif.org http://www.eif.org/what_we_do/resources/wbedif/index.htm ENIF: http://sc-ventures.com/ ENEF: serrif@ebrd.com Advisory projects enquiries: ADVISORY@eib.org www.wbedif.eu 9
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