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Annual report 2011
88
for Development and Cooperation – EuropeAid
(“DEVCO”) for which related activities are imple-
mented by GEEREF Front Office.
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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 sus-
tainability.
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The
European Progress Microfinance Facility (EPMF)
aims to increase access to finance for individuals who
have dif ficulties entering the labour market and to
promote the start-up and growth of micro-enterprises
with a particular view to providing jobs for the unem-
ployed or the disadvantaged. EPMF is implemented
by EIF through two separate mandates: Under a
di-
rect mandate
signed with the European Commission
in July 2010, the EIF provides port folio 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 funding for the FCP is provided by the
Commission and the EIB.
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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 – former SE4F)
.
EFSE provides microfinance in South East Europe and
the European Neighbourhood region and the fund
was launched in 2006. The EC’s participation man-
aged 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 techni-
cal 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-coun-
try or sector-specific funds-of-funds, such as:
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Under the
Joint European Resources for Micro to Me-
dium Enterprises (JEREMIE)
, Member States have ap-
pointed EIF to manage JEREMIE funds as Holding Fund
manager. The JEREMIE initiative is aimed at promoting
SME access to finance and financial engineering prod-
ucts, such as private equity funds, guarantee funds and
loan funds. The Fund has signed 11 JEREMIE Funding
Agreements with Member States/regions: Greece, Ro-
mania, Latvia, Lithuania, Languedoc-Roussillon, Campa-
nia, Slovakia, Bulgaria, Sicily, Cyprus, Malta.
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Under the
Global Energy Efficiency and Renewable
Energy Fund (GEEREF)
, the EIF acts as investment ad-
visor with the objective to invest primarily in regional
funds with assets in projects and companies involved
in energy efficiency and renewable energy enhanc-
ing access to clean energy in developing countries
and economies in transition. The GEEREF business
development is formally delegated to the EIB under a
sub-advisory agreement.
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Under the
Greater Anatol ia Guarantee Faci l i t y
(GAGF)
signed in May 2010, the Fund manages the
Instrument for Pre-Accession Assistance (IPA) funds al-
located 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-enterprises in Turkey’s least devel-
oped provinces in partnership with major Turkish banks.
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ERP-EIF Dachfonds, which EIF manages on behalf
of the German Federal Ministry of Economics and
Technology (BWMi) and the European Recovery Pro-
gramme (ERP);
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NEOTEC, a fund-of-funds, is a joint venture between
EIF and a Spanish government entity, including signifi-
cant 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.
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Under the G43 Anatolian Venture Capital Fund Proj
ect (G43 VC), signed in August 2011, the EIF is en-
trusted with a mandate by Central Finance Contracts