Page 110 - Annual Report 2010

ANNUAL REPORT 2010

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Fund (GEEREF), the EIF manages the European Un-ion’s participation in the fund as trustee and repre-sents the Commission’s interests. Secondly, the EIF holds a technical assistance mandate for AIDCO for which related activities are implemented by GEEREF Front Office.

„„ In 2010 the Fund signed the European Parliament Preparatory Action (EPPA) with DG REGIO, under which EIF is providing risk capital and financial sup-port for capacity building purposes in order to help a select number of microfinance institutions to reach a meaningful size and improve their prospects for sustainability.

„„ The European Progress Microf inance Facilit y (EPMF) aims to increase access to finance for in-dividuals who have difficulties entering the labour market and to promote the start-up and growth of micro-enterprises with a particular view to provid-ing jobs for the unemployed or the disadvantaged. EPMF is implemented by EIF through two separate mandates: Under a direct mandate signed with the European Commission in July 2010, the EIF provides portfolio guarantees to micro-credit lenders. Further financial instruments such as debt, equity, and risk-sharing are deployed through a Luxembourg fonds commun de placement (FCP), managed by EIF in its capacity as management company. Initial fund-ing for the FCP is provided by the Commission and the EIB.

„„ The EIF acts as trustee for the European Commission in two funds called EFSE (European Fund for South East Europe) and GGF (Green for Growth – for-mer SE4F). EFSE does microfinance in South East Europe and the European Neighbourhood region and the fund was launched in 2006. The EC’s par-ticipation managed via the EIF currently amounts to approximately EUR 100m. GGF has been set up in December 2009 and focuses on energy efficiency financings in South East Europe including Turkey. Furthermore, the EIF acts as trustee for the European Commission in the technical assistance facility of the GGF (GGF TA).

Other third party resources

„„ The Fund has sought to further enhance its market impact by establishing joint investment facilities with

public and private entities through trust accounts; country, multi -country or sector-specific funds of funds, such as:

„„ Under the Joint European Resources for Micro to Medium Enterprises (JEREMIE), Member States have appointed EIF to manage JEREMIE funds as Holding Fund manager. The JEREMIE initiative is aimed at promoting SME access to finance and fi-nancial engineering products, such as private equity funds, guarantee funds and loan funds. The Fund has signed 11 JEREMIE Funding Agreements with Mem-ber States/regions: Greece, Romania, Latvia, Lithu-ania, Languedoc-Roussillon, Campania, Slovakia, Bulgaria, Sicily, Cyprus, Malta.

„„ Under the Global Energy Efficiency and Renewable Energy Fund (GEEREF), the EIF acts as investment advisor with the objective to invest primarily in re-gional funds with assets in projects and companies involved in energy efficiency and renewable energy enhancing access to clean energy in developing countries and economies in transition. The GEEREF Front Office is located within the EIB and cooper-ates closely with the EIF services supporting the in-vestment activities.

„„ Under the Greater Anatolia Guarantee Facility (GAGF) signed in May 2010, the Fund manages the Instrument for Pre-Accession Assistance (IPA) funds allocated for the Regional Competitiveness Operational Programme by the European Union and the Republic of Turkey. The facility provides tailor-made financial help to SMEs and micro-en-terprises in Turkey’s least developed provinces in partnership with major Turkish banks.

„„ ERP-EIF Dachfonds, which EIF manages on behalf of the German Federal Ministry of Economics and Technology (BWMi) and the European Recovery Programme (ERP);

„„ NEOTEC, a Fund-of- Funds, is a joint venture be-tween EIF and a Spanish government entity, includ-ing significant Spanish Blue Chips as investors. It seeks to invest in technology funds in Spain and has already invested a large portion of its commitments.

„„ Istanbul Venture Capital Initiative (iVCi), a dedicated Turkish Fund-of-Funds advised by EIF.