The World Bank’s International Financial Corporation (IFC) said it will invest up to €15mn in the Southeast Europe-active BlackPeak SEE Growth Equity Fund (BlackPeak II) to support access to growth capital for small and medium-sized enterprises in the SEE region.
The private equity investment should help companies across the region expand operations and boost productivity, which would lead to more jobs and faster economic recovery.
BlackPeak II aims to raise up to €120mn and intends to invest in small and medium sized companies (SMEs) in Southeast Europe, primarily in Bulgaria, Romania, Serbia, Croatia and Slovenia.
Investments will be focused on export-oriented companies with unique products or services and those operating in a range of areas, including information technology and software, niche manufacturing, business services, health care, consumer, and retail.
In addition to providing capital, BlackPeak II will help the companies to implement IFC’s environmental and social policies and promote corporate governance through board seats and positions on key management committees.
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