Thursday, December 17, 2009

EIF concludes all Latvian JEREMIE Holding Fund calls for expression of interest

The European Investment Fund has in principle chosen Swedbank to manage a newly created Funded Risk Sharing Instrument established to provide loans for Latvian SMEs.Swedbank will receive up to EUR 22 million from the Latvian JEREMIE Holding Fund. The selected bank will contribute to the implementation of the instrument providing the same amount from their own resources. SMEs will have better access to credit resources for the next two years and this instrument will help to improve market conditions in Latvia.

The Funded Risk Sharing Instrument allows selected banks (Swedbank and SEB banka) to provide combined total of up to EUR 104 million of investment and working capital loans for the development and expansion of micro, small and medium size companies in Latvia, primarily in manufacturing sector.

This decision concludes the selection stage for Latvian financial intermediaries envisaged to manage allocations from the Latvian JEREMIE Holding Fund. Four financial intermediaries have been selected to manage all envisaged instruments.

BaltCap Management Latvia has been selected to manage a risk capital fund with a target size of EUR 30m. Imprimatur Capital Baltics has been selected to manage seed and start-up capital funds with total capital of EUR 20.4m and SEB banka has been chosen to manage a FRS instrument with a total available funds of EUR 60m. Swedbank will manage an FRS instrument with total available funds of EUR 44m.

All abovementioned transactions are currently in negotiation stage with legal structuring and fundraising (for equity transactions) in process. Signed contracts are expected to follow during the first quarter 2010, enabling selected intermediaries to start lending and investments in SMEs.

Source EIF

More information EIF

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