The World Bank will allocate up to $20 million for direct investment in Ukraine
The International Finance Corporation (IFC), a member of the World Bank Group, will invest up to $20 million into the Emerging Europe Growth Fund III, L.P. (EEGF III), which is a direct investment fund launched by Horizon Capital mainly for investments in Ukraine. This was reported by Interfax-Ukraine with reference to the IFC’s report.
The Board of Directors approved the project at a meeting on June 5. The main investment object of EEGF III will be small- and medium-sized growing enterprises. IFC has communicated that it is an investor of the EEGF II fund and that participation in the new fund will help Horizon complete the individual investments that have been initiated. The IFC report also indicated that the European Bank for Reconstruction and Development can act as co-investor of the fund.
The first EEGF fund was 132 million dollars while the second was 370 million. The declared amount of the third fund is $150 million. It will focus on medium-sized, fast-growing and export-oriented companies in Ukraine and Moldova that have the potential to become local or regional market leaders.
Horizon Capital was founded in 2006 by four partners who started a partnership with the Western NIS Enterprise Fund (WNISEF) investment fund, which was established in 1994 with a capital worth $150 million for Ukraine and Moldova. Currently, the founder and CEO of Horizon Capital is Elena Kosharnaya. Horizon Capital offices are located in Kyiv and Chicago.
The company manages WNISEF direct investment funds. EEGF was established in 2006 with a capital of $132 million and EEGF II was established in 2008 with a capital of $370 million. The assets of these funds are invested by the company into projects in Ukraine, Moldova and Belarus.