According to an announcement by the IFC, the investment division of the World Bank, the project will be analyzed by the board of the institution on November 30.
The investment fund 7L Capital Partners Emerging Europe L.P. is registered in the isle of Guernsey and will have its headquarters in Athens. The investment would target the sectors of trade, services, communications, and technology.
The announcement specifies IFC will closely collaborate with 7LCP to make sure the structure and the criteria of the fund match international standards and those of the World Bank division in order to provide good protection for the investment.
The IFC representatives consider participation in this project would help increase the region’s chances to attract new capital.
On September 12, IFC has announced its board would also discuss a projected grant worth 75 million euros to the Romanian Commercial Bank (BCR) designed to support the bank’s long-term funding activities and the management of its balance sheet. According to the IFC, the loan would enable BCR to adjust maturity mismatches between long-term currency assets and short-term currency liabilities as well as release the necessary funding to support the growth and expansion of Romanian private sector entities. Environmental standards, quality assurance, and efficiency should also improve as these companies seek to become competitive prior to EU accession.
