KOSOVO RECONSTRUCTION EQUITY FUND (KREF)

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Proposed equity investment in the Kosovo Reconstruction Equity Fund, a financial vehicle created to make equity investments in small and medium-sized enterprises (SMEs) in Kosovo. The Fund was the first non-banking financial institution in Kosovo to provide local enterprises and potential foreign investors willing to invest in the Province with much-needed medium to long-term financing. The Fund is therefore playing a critical role in supporting the recovery of the Kosovar economy. The Kosovo Reconstruction Equity Fund (KREF) is an unincorporated investment vehicle operational in Kosovo. It is managed by a consortium led by Economisti Associati, a fund manager selected through a competitive tender. KREF was established in 2000 by the EBRD through a contribution from the Italian Government of €4 million. €2 million equity investment. €4 million. The Fund will follow the EBRD's Environmental Procedures for Investment Funds. In implementing these procedures, the Fund will assess potential environmental issues associated with its investments which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements. The Italian Government has contributed TC funding to support some of the Fund’s expenses, including the fees of the Fund Manager.