Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

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

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

Oct 21, 2026

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

Borrower not available at the time of disclosure

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Communications
Finance
Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Equity

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 393.19 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 350
Converted using 2026-10-21 exchange rate.

Project Cost (USD)

$ 393.19 million

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 5, 2026

Disclosed by Bank Sep 13, 2026

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Can you contribute information about this project?
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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 the Bank’s website, the EBRD, through its Venture Capital Investment Programme IV (VCIP IV), which is a continuation of the venture capital investment programme of the Bank through three previous frameworks, VCIP I, VCIP II and VCIP III, will aim to invest in early and growth-stage technology companies via equity and equity-linked instruments (investment size up to EUR25 million) in the Bank's countries of operation alongside with experienced venture capital co-investors. Investments target innovative and high growth small and medium-sized companies largely under-served by the limited venture capital community to help fill the venture capital equity gap in the region.

The overarching objective of VCIP IV is the development and commercialisation of innovative technologies and attracting top venture capital funds to the Bank's countries of operation where the availability of venture capital is still very low and the venture capital ecosystems are still nascent.

Other key objectives: (i) the VCIP Frameworks enable the Bank to foster knowledge economies in the EBRD region, develop technology ecosystems and support innovation; (ii) the Bank, through the VCIP Frameworks, plays an important role in bridging the venture capital funding gap that exists in the EBRD region (iii) the VCIP Frameworks allow the Bank to maintain a specialised portfolio approach to higher risk / higher return investment opportunities.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Framework itself is not categorised under the Bank's 2024 Environmental and Social Policy, however, each sub-project will be categorised on a case-by-case basis and will be subject to individual Environmental and Social Due Diligence (ESDD) and PA and GET verification specific to the sub-project and the client. The sub-projects, which are in the technology sector including software, web services and AI, are likely to have limited E&S risks and impacts, although ESDD will, where relevant, consider E&S risks associated with digitalisation.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

EBRD FINANCE SUMMARY: EUR 350,000,000.00
TOTAL PROJECT COST: EUR 350,000,000.00
The project aims to invest in early and growth-stage technology companies via equity and equity-linked instruments.

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.

Ervin Luga
02073386000

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html