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EBRD invests in Albania's first venture capital fund
The European Bank for Reconstruction and Development (EBRD) is investing ECU 2.8 million in the Euromerchant Albania Fund Limited, Albania's first venture capital fund, which will provide private sector small and medium-sized enterprises with medium to long-term financing.
"The Euromerchant Albania Fund will play a critical role in speeding up the on-going privatisation of the Albanian economy and in attracting foreign direct investment," said Olivier Descamps, Director of the EBRD's Albania team. "The Fund will substantially contribute to the transition process in Albania as it will make financing resources available for foreign investors and small and medium-sized Albanian enterprises. It will also promote financial intermediation and provide Albanian companies with services and improvements in corporate governance."
The Euromerchant Albania Fund Limited is a limited liability company incorporated in Guernsey, Channel Islands. It will have a minimum size of ECU 8 million and is intended to make equity and equity-related investments, primarily in unlisted private companies operating in Albania.
It is anticipated that the International Finance Corporation, the Albanian Insurance Institute and the Euromerchant Bank, the Athens-based bank of the Latsis group and already an EBRD client, will also be shareholders in the Fund. Global Finance, a leading Greek venture capital and private equity management company, will act as the Fund Manager.
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