Environmental Investment Fund

complete

The project funds 22.7 per cent of the fund's €22 million capital, with an option to invest pro rata to the Bank's existing shareholding up to €2.5 million. The fund is located in Warsaw and continues to invest in companies involved in the manufacture of environmental goods, the provision of environmental services or the development of environmental projects in the infrastructure sector. The proceeds of the fund will be used to make additional equity investments in companies involved in the manufacture of environmental goods, the provision of environmental services or the development and operation of environmental infrastructure projects. The project will help the transition process by easing the burden of harmonising regulations with the European Union, by funding local ventures and by developing latent technical capability. Central and Eastern Europe Environmental Investment Fund, a venture capital fund which is managed by a fund manager owned by Caisse de Depots et Consignations - Participations (65 per cent), PP Investments (25 per cent) and First Analysis Corp. (10 per cent). An initial €5 million investment with an approval to invest up to an additional €2.5 million pro rata. The euro denominated fund has a capital of €22 million and is seeking approval to increase the capital up to €33 million. The size of the capital increase may be slightly lower depending on the contributions of the other shareholders. Closing is expected to occur by the end of June 2001. This project will continue to have a positive impact on the environment. By investing in companies providing environmental equipment and services, the fund will assist in addressing environmental pollution issues within its region of operations. The fund will continue to follow the EBRD's "Environmental Procedures for Investment Funds", which will ensure that all relevant environmental issues associated with investments are considered. Specifically, all investee companies are required to comply with applicable local and national requirements for environmental, health, safety and public consultation. In addition, the companies will comply with EU environmental standards where appropriate. The fund reports annually to the EBRD on the environmental performance of its investments. None.