MIDLANDS ENGINE INVESTMENT FUND (EIB-20160465)

Countries
  • United Kingdom
Geographic location 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 30, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
British Business Bank
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 151.77 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 142 million
Converted using 2017-03-30 exchange rate.
Loan Amount (USD)
$ 151.77 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 142 million
Converted using 2017-03-30 exchange rate.
Primary Source

Original disclosure @ EIB website

Updated in EWS Feb 16, 2018

Disclosed by Bank Jan 30, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to EIB website, the Midlands Engine Investment Fund is a collaboration between the British Business Bank and ten local enterprise partnerships in the East & Southeast and West Midlands. It consists of a GBP 288m fund-of-funds that aims to support a wide range of firms at different points in their development: from early-stage businesses seeking seed equity or small business loans, to small and medium-sized enterprises (SMEs) wanting loans or equity funding to take advantage of growth opportunities. Under the terms of the UK SME Financial Instruments Programme approved by the EIB in 2015, the EIB would contribute GBP 122.5m to the fund, which also mobilises European Structural Investment Funds (ESIF), as well as other national grants and loans. The Midlands Engine Investment Fund will be managed by British Business Financial Services Ltd (BBFSL), an entity fully owned and controlled by the British Business Bank (BBB), a government-owned financial institution set up to support economic growth by making finance markets work better for smaller businesses in the UK.

This project will provide over GBP 250m of lending and investment to smaller businesses and thereby support the growth ambitions of 460,000 smaller businesses in the Midlands. The fund will also attract additional private sector funding and contribute to creating a sustainable ecosystem of high-growth companies alongside the support network of funders and advisors that they need. 

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

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form, via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

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How it works