![]() The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. Specific enquiries can be made using the EBRD Enquiries form. 17-2, Vilnius, Lithuania Implementation summaryįurther information regarding the EBRD’s approach to measuring transition impact is available here.įor business opportunities or procurement, contact the client company.įor business opportunities with EBRD (not related to procurement) contact:Įmail: state-sector projects, visit EBRD Procurement: Technical Cooperation and Grant Financing The Fund will be required to comply with EBRD's Performance Requirements 2, 4 and 9, implement the EBRD Environmental and Social Risk Management Procedures for Active Equity Funds, and submit Annual Environmental and Social Reports to the Bank. Environmental and Social SummaryĬategorised FI (ESP 2019). The Bank's commitment will enable the Fund to achieve a closing at or above EUR 70 million, allowing the Fund Manager to build a diversified portfolio and provide capital to support the expansion of the Fund's early-stage technology portfolio companies. The target size of the Fund is EUR 70 million. EBRD Finance SummaryĪn equity investment of up to EUR 10 million. The Fund will be managed by Practica Capital Management UAB (the "Fund Manager" or "Practica"), a limited liability company incorporated under the laws of Lithuania. Practica Venture Capital III KUB (the "Fund") is a limited partnership established under the laws of Lithuania. In addition, the project is aligned with the Innovation area of intervention outlined in the EBRD Approach to Accelerating the Digital Transition 2021-2025. The Fund is expected to contribute to the Competitive and Resilient transition qualities through supporting innovative early-stage start-ups and increasing the availability of funding for early-stage innovation in the Target Region. ![]() The Fund will make equity and quasi-equity investments in early-stage technology driven companies in Estonia, Latvia, and Lithuania, collectively the "Target Region". The project will form part of the Bank's Early-Stage Innovation Facility II ("ESIF II"), a EUR 200 million facility through which the EBRD selectively invests in commercially-oriented early-stage venture capital funds. As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD." Project DescriptionĪn equity investment of up to EUR 10 million in favour of Practica Venture Capital III (the "Fund") targeting early-stage technology driven companies in Estonia, Latvia, and Lithuania.
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