THE NORTH EAST FUND (EIB-20150185)

Countries
  • United Kingdom
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
The North East Fund Limited
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 72.76 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 69 million
Converted using 2017-03-08 exchange rate.
Loan Amount (USD)
$ 72.76 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 69 million
Converted using 2017-03-08 exchange rate.
Primary Source

Original disclosure @ EIB website

Updated in EWS Jul 9, 2018

Disclosed by Bank Mar 8, 2017


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Project Description

According to EIB website, the North East Fund is an access-to-finance initiative of the seven local authorities of the North East Local Enterprise Partnership (NELEP) area. The fund mobilises European Structural Investment Funds (ESIF), as well as national grants, in addition to an EIB loan for a total of GBP 60m provided under the terms of the UK SME Financial Instruments Programme approved by the EIB in 2015. It will be managed by The North East Fund Limited, a special purpose entity set up by the NELEP area local authorities and managed by the experienced executive team of North East Finance (Holdco) Limited.

For this project, it will be requested to comply with applicable national and EU legislation on environmental and social standpoint, as appropriate.

 

Investment Description
  • European Investment Bank (EIB)
Contact Information

No contact information provided at the time of disclosure. 

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