September 26 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Monday it has committed up to $40 million (41.4 million) to private-equity manager Horizon Capital to support tech and export-oriented small and medium-sized enterprises (SMEs) in Ukraine and Moldova.
The EBRD may increase its commitment to the Horizon Capital Growth Fund IV (HCGF IV) up to $50 million at a later date, the bank said in a press release.
HCGF IV aims to raise up to $250 million to make growth equity investments, ranging on average $10 million to $30 million, with a focus on tech and export-oriented SMEs in Ukraine and Moldova.
"The fund will not only improve the resilience of private capital markets in the region by developing private equity as an alternative funding source but also boost inclusion by offering support to businesses affected by the war," EBRD Equity managing director Hassan El Khatib said.
The agreement is in line with the EBRD’s commitment to investing over 1 billion euro in Ukraine this year.
($= 1.0346 euro)