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Summary of Project Information (SPI) |
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| Project number | 7168 |
| Project name | DANUBE FUND |
| Country | Romania |
| Sector | Collective Investment Vehicles |
| Department | Private Equity and Investment Funds |
| Company name | Danube Fund Limited |
| Environmental category | FI |
| Date disclosed | February 6, 1996 |
| Status | Completed |
| Previous Events | Invested: January 31, 1997
Signed: October 2, 1996
Approved: April 15, 1996 |
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Summary Of Project Information (SPI)
| Project Name | Romania-The Danube Fund |
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| Region | Europe |
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Project No007168
Projected Board DateMarch 14, 1996
Company NameThe Danube Fund
Technical Partner and/or Major Shareholders
The Fund is sponsored by the Alpha Credit Bank group, the largest private banking group in Greece. Alpha Credit Bank and its affiliates have committed to provide 15% of the Fund’s total capital. Other investors will include BNP, EBRD, various Greek industrial concerns and several international institutional investors.
Project Cost Including proposed IFC investment
Total Fund size will be US$25 million, of which IFC will invest US$1 million.
Location of project and Description of site
The Fund’s principal investment activities will take place in Bucharest, Romania.
Description of Company and Purpose of Project
The Danube Fund will make equity and quasi-equity investments in small and medium-scale private enterprises in Romania. In particular, the Fund will seek opportunities to invest alongside Greek industrial companies which are establishing joint ventures in Romania. As a result, the Fund Manager will spend significant amount of time in Athens, Greece, to solicit capital from Greek companies interested in investing in Romania. The Fund is expected to contribute to the development of Romania’s private sector and to the country’s transition to a market economy.
Environmental Category and Issues
This is an environmental category FI project. The Danube Fund will be required to undertake an environmental review of eligible investee companies’ operations. In addition, IFC will assess the Danube Fund’s capability to carry out environmental reviews of each investee company.
| Date SPI sent to PIC | February 6, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365 |
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