EDFI Newsletter No11 July2009

8/4/2019 EDFI Newsletter No11 July2009

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Newsletterof the

Issue 11 . July 2009

www.edfi.eu

1 EDFI Newsletter

NTENT

EFP REPLENISHMENT 2 SWEDFUND & JACOBICARBONSINVESTIN INDIA 3 COFIDES NEW INDIA FACILITY 4FINNFUNDRECENTINVESTMENTIN INDIA ,NDATORY HIV/AIDSEDUCATIONFOR SWEDFUNDSSTAFF 5 OEEBLOOKINGBACKONASUCCESSFUL 1STYEAR 6 FMO SUPPORTSTHEFIRST AFRICANBIO-

SPROGRAM, SWEDFUNDINVESTSINENVIRONMENTAL FRIENDLYYARNMANUFACTURING IN INDIA7 DEG LAUNCHES 100-MILLION-EUROINITIATIVE

GROAFRICA, EDFI MEMBERSSIGNDECLARATIONONPRINCIPLESFORRESPONSIBLEFINANCINGATTHE EDFI AGM IN COLOGNEON MAY 7 8 NEWS & EVENTS

European Development Finance Institutions

AWS BIO CDC COFIDES DEG FINNFUND FMO IFU NORFUND OEEB PROPARCO SBI SIFEM SIMEST SOFID SWEDFUND

EUROPEAN FINANCING PARTNERSREPLENISHEDWITH 230 MILLION

On May 8, the European Invest-

ment Bank (EIB) and the EDFI

members replenished the co-financing facility EUROPEAN FI-

NANCING PARTNERS with 230

million to finance private sector

investments in Africa, the Carib-

bean and the Pacific (ACP).

EDFI members and the EIB sig-

ned a new Master Investment

Agreement for EUROPEAN FINAN-

CING PARTNERS S.A. (EFP) at the

Interact AGM in Cologne, com-

mitting an additional 230 million

to the investment matching faci-

lity. The funding will be providedby the Cotonou Investment Faci-

lity through the EIB (100 million)

and by following EDFI members

(130 million): BIO (Belgium),

CDC (United Kingdom), COFIDES

(Spain), DEG (Germany), FINN-

FUND (Finland), FMO (the Ne-

therlands), IFU (Denmark), NOR-

FUND (Norway), OeEB (Austria),

PROPARCO (France), Sifem

(Switzerland) and SWEDFUND

(Sweden).

The EFP initiative was created in2003 with the double aim of pro-

moting sustainable development

of the private sector in ACP Sta-

tes and strengthening co-

operation between eligible Euro-

pean Development Finance Insti-

tutions and the EIB. EFP is a

Luxembourg-based investment

company and has since 2003 ap-

proved financing to 25 privatesector enterprises in Africa, the

Caribbean and the Pacific at a

total amount of 280 million.

An evaluation of EFP undertaken

by the Operations Evaluation De-

partment of the EIB in 2008/2009

concludes that the EFP initiative

is clearly in line with European

development cooperation polices

and with a number of joint state-

ments on aid harmonisation put

forward by the international

community. It has also been a

concrete step forward in imple-

menting the Framework Agree-

ment on financial co-operation

and exchange of services signed

by the European Partners in 2003.

Continued on page 2

The EIBs Vice President responsible for lending operations in the ACPs, Plutarchos Sa-

kellaris and the Chairman of EDFI, Luc Rigouzzo, signing the new Master Investment

Agreement for the replenishment of EFP. (copyright: DEG/Thomas Brill).


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2 EDFI Newsletter

This evaluation has highlighted

that, while sharing the common

objectives of EFP, its members

participate with their own insti-

tutional agendas: larger partners

focus on financial leverage and

risk sharing while smaller part-

ners focus on the exchange of

experience and best practices.These diverse strategic objec-

tives are not only coherent with

the objectives of the EFP, but

greatly contribute to achieve

them. Through its operation, the

EFP has proved to be an effective

and efficient instrument in

strengthening co-operation

among partners. Furthermore,

overall the partners feel satisfied

with the experience and provide

concrete examples of reinforced

co-operation.

EFP has financed projects in 11

ACP countries in the following

sectors: Agribusiness, Banking,

Communication, Health, Hotel,

Housing, Industry, Infrastructure,

Power and Air Transport.

The EIBs Vice President respon-

sible for lending operations in the

ACPs, Plutarchos Sakellaris andthe Chairman of EDFI, Luc Rig-

ouzzo, expressed their commit-

ment to the EFP initiative at the

signing ceremony in Cologne. VP

Sakellaris said, We at the EIB

have been encouraged by the

manner in which the EFP initia-

tive has been utilised to date to

fund private sector projects in

the ACP regions which foster

economic growth and lead to an

overall reduction in poverty.

These are precisely the lending

objectives of the EIB in the ACPs

and we are delighted to show our

support for this European col-

laborative initiative with a fur-

ther injection of capital of EUR

100 m."

Luc Rigouzzo said that EFP has

contributed to increasing the

visibility of European develop-ment cooperation. Extensive har-

monisation of guidelines, proce-

dures and processes among the

partners, enabling them to dele-

gate tasks to the institutions in

charge of the individual projects,

has made EFP a very efficient

vehicle for co-financing, which is

being closely watched by other

institutions considering estab-

lishing a similar platform.

EUROPEAN FINANCING PARTNERSREPLENISHEDWITH 230 MILLION

Continued from page 1

Swedfund and Jacobi Carbons

AB have invested in a productionfacility for activated carbon in

the South of India.

This investment allows the

development of the worlds

largest factory for coconut shell

based activated carbon. The

total investment is MUSD 6,8

and Swedfund has granted a loan

of MUSD 3,0.

Jacobi Carbons is one of the

worlds leading manufacturersand suppliers of activated

carbon. The investment in India

will set up a production facility

for coconut shell based activated

carbon. This type of carbon is a

green product, based on a

renewable raw material as

opposed to coal; the globally

dominating raw material for

production of activated carbon.

Through this investment Swed-

fund partakes in the expansion ofa world leading Swedish compa-

ny. What is particularly interes-

ting is that Jacobis products are

based on raw material which to-

day is of minor commercial value

since it is a waste product, says

Arne Georgzn, Senior Invest-

ment Manager at Swedfund.

SWEDFUNDAND JACOBI CARBONSINVESTIN INDIA



3/8AWS BIO CDC COFIDES DEG FINNFUND FMO IFU NORFUND OEEB PROPARCO SBI SIFEM SIMEST SOFID SWEDFUND

3 EDFI Newsletter

COFIDES, as fund manager for

FIEX and FONFYME, has imple-

mented the India Facility in or-der to foster the financial sup-

port provided to the investment

projects in this country.

The new India Facility has a ca-

pital endowment which

amounts to 80 million euros.

The new Country Facility provi-

des cost-effective financial sup-

port for viable private direct in-vestment projects implemented

in India and involving some type

of Spanish interest. The ulti-

mate aim is to conduct a profita-

ble business that contributes to

both host country development

and the internationalization of

Spanish enterprise and the Spa-

nish economy. Therefore, the

facility reinforces the presence

of Spanish companies in India

and supports the investment in

this country.

The Country Facilities entail spe-

cific advantages in the financial

support provided regardless of

the type of business and offer

the following financial products:

capital holdings, joint venture

loans, other medium- and long-term syndicated instruments.

The ceiling is 25 million euros

per project and the minimum is

250,000 euros. Capital holdings

are limited to 49% of the project

companys share capital. Joint

venture loans and other me-

dium- and long-term syndicated

instruments are limited to 70%

of the total project investment.

Country Facilities

The new India Facility is one ofthe Country Facilities implemen-

ted by COFIDES as fund mana-

ger for FIEX and FONFYME. Re-

cently, COFIDES has extended

the previous Country Facilities

expiry dates to January 2011.

Indeed, COFIDES has renewed

the present capital endowment

for every Country Facility until

the ceilings approved when theywere established.

Mexico Facility: EUR 100 million

China Facility: EUR 90 million

Brazil Facility: EUR 70 million

Morocco Facility: EUR 50 million

Sub-Saharan Africa Facility:

EUR 50 million.

FIEX (Fund for Foreign Invest-

ment) and FONPYME (Fund forSME Foreign Investment Opera-

tions) are two State-owned

Funds managed by COFIDES. In

October 2002, The Spanish Go-vernment established the first

Country Facility to provide spe-

cific financial support to viable

projects undertaken in China.

Subsequently, the Mexico Facili-

ty was established in 2005, follo-

wed by the Brazil Facility and

the Morocco Facility. In 2007

and within the framework of theAfrica Plan by the Spanish Mi-

nistry of Industry, Tourism and

Trade, the Sub-Saharan Africa

Facility was established in order

to foster the economic and so-

cial development of these coun-

tries.

NEW INDIA FACILITYTOSUPPORTVIABLEINVESTMENTPROJECTS


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4 EDFI Newsletter

Incap, a contract manufacturer

of electromechanics, began pro-

duction in India in 2007, when it

took over the contract manufac-

turing business of Indian TVS

Electronics. In the acquisition,

TVSs production facilities inTumkur and related planning

operations in nearby Bangalore

were transferred to Incaps In-

dian subsidiary.

To finance the new investments

and provide necessary working

capital, Finnfund is making a

two-million-euro equity invest-

ment in Incap's Indian subsidi-

ary.

The Tumkur plant employssome 230 workers and covers

6000 square metres. As part of

the deal, it was agreed that TVS

would construct a new factory

building for Incap near the exist-

ing plant. The new production

premises have now been built

and brought into use.

Incap's operations in India span

electronics manufacturing and

assembly as well as materials

purchasing, distribution, logis-

tics and maintenance. The prod-

uct line focuses on complete

products for energy technology

and industrial electronics.

The Tumkur plant has a finereputation in India as a first-class

contract manufacturer with an

established clientele. Incaps

good references in Europe, in

turn, help to attract new cus-

tomers.

For a contract manufacturer like

Incap, India offers good growth

prospects. The competitors are

major global corporations orsmaller local family firms. There

are still no other medium-sized

contract manufacturers in the

market.

FINNISHCONTRACTMANUFACTURER INCAPINVESTSIN INDIA

As a part of Swedfunds workwith HIV/Aids in its portfolio

companies, all of Swedfunds

staff have undergone an educa-

tion in HIV/Aids related ques-

tions.

The education has been carried

out and initiated by Ophelia

Haanyama and the Foundation

of Noaks Ark in which Swedfund

also has a close collaboration

with when it comes to develo-ping HIV/Aids programmes in its

investments in developing coun-

tries.

The complexity of problems re-

lated to HIV/Aids, is very wides-

pread in many of our investment

countries.

We are therefore anxious to take

our responsibility and to contri-bute to bring the level of kno-

wledge to a new dimension andto create awareness of HIV/Aids

not only to the thousands of

employees in our companies in

developing countries, but also

for Swedfunds staff in Sweden,

says Bjrn Blomberg, Managing

Direcor at Swedfund.

MANDATORY HIV/AIDSEDUCATIONFOR SWEDFUNDSSTAFF



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5 EDFI Newsletter

OeEB: Funding tomorrowsprosperity

OeEB, the official DevelopmentBank of Austria, started its acti-vities in March 2008. Its man-date is to provide long-term fi-nancing opportunities in develo-ping countries. Any project fi-nanced by OeEB has to be profi-table (i.e. commercially self sup-

porting), and it focuses on theprivate sector.

OeEBs financial instruments,which include equity, seniordebt and mezzanine financing,are untied to Austrian suppliesand services. In addition, OeEBcan offer technical assistanceunder the so-called AdvisoryProgrammes. These grants,which can be used in prepara-tion for or accompaniment tofinanced projects, aim at increa-sing the development impact ofprojects, e.g. through technicalexperts or staff trainings. Theoverriding goal of all activities isto foster sustainable develop-ment.

A successful first year

In the first year, OeEB approvedfive financing projects, commit-ting EUR 71.5 million, and there-by mobilised a total investmentof EUR 141 million. All projectsin 2008 aimed at strengtheningthe financial sector, as its wellfunctioning has a substantiallypositive impact on economicdevelopment and poverty re-duction. It thus represents apriority for OeEB. In 2008, the

projects financed by OeEB to-gether with other investors ena-bled the creation and safeguar-ding of 21,000 direct and 14,600indirect jobs.

In 2008, OeEB activities werestrongly linked to micro, smalland medium enterprises(MSMEs) as they form the back-bone of prosperity in an econo-

my, due to the large contribu-tion to job creation and innova-tion. Economic growth is slo-wed down if MSMEs do nothave sufficient access to financeand OeEBs on-lending to finan-cial institutions can thus be seenas positive contributions in thisrespect.

OeEB acts on a worldwide basisin all developing countries (asdefined by the OECD Develop-ment Assistance Committee); itputs, however, a particular re-gional focus on Central Asia, theCaucasus region, Southeast Eu-rope and on selected countriesin Sub-Sahara Africa. In 2008,14.3% of its invested funds tar-geted low-income countries.

OeEB in practice an exampleOne of OeEBs project examplesis the investment in the Euro- pean Fund for Southeast Europe(EFSE), the largest microfinancefund worldwide, where EUR 30million have been invested intoA and B shares. As a comple-menting measure, EUR 3 millionwere granted to EFSEs first losstranche in order to leverage fur-ther private investment. In addi-

tion, the development impact ofEFSE was enhanced through acontribution to the Develop-ment Facility.

Outlook for 2009

By the end of 2008, OeEBs fi-nancial assets totalled EUR 58million and it employed 10 staffmembers (including the two

Executive Board members). Itscurrent plan is to grow to 15people by August 2009, whileseveral services continue to beoutsourced and provided by itsparent company, the AustrianExport Credit Agency - OeKB.

As most projects so far havebeen undertaken together withpartner organisations, OeEB hasalso established good relation-ship with its partner EDFIs andother DFIs/IFIs over the lastyear.

Projects in the first quarter of2009 naturally focused on res-ponding to the economic andfinancial crisis. They includedamong others the investment inthe Microfinance EnhancementFacility or the contribution to

the IFC Program of AdvisoryServices relating to the GlobalFinancial Crisis.

Due to the large number of pro-ject acquisitions - in 2008 as wellas on an ongoing basis - OeEBsbusiness in 2009 is expected togrow at a similarly strong paceas last year with a target of atleast doubling the amount of

business.

OESTERREICHISCHE ENTWICKLUNGSBANK OEEB, THE DEVELOP-

MENT BANKOF AUSTRIA: LOOKINGBACKONASUCCESSFULFIRST

YEAR



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6 EDFI Newsletter

ACCESSTORELIABLESOURCEOFENERGYFOR RWANDANHOUSE-

HOLDS

FMO supports the first Africanbiogas program by providing a 4

mln senior loan in local currency

with a 6.5 year tenor to Banque

Populaire du Rwanda S.A. (BPR).

The loan is granted by the Ac-

cess to Energy Fund, and is to be

used for on-lending to clients

who wish to buy small biogas

digesters. Partners in the project

are Rabobank (35% owner ofBPR) and SNV and GTZ. The

Royal Netherlands Embassy in

Kigali also provides financial sup-

port for this project.

First African biogas program

The biogas program is a project

whereby small-scale farmers ac-

quire biogas digesters. All they

need is at least two cows, a stableshed and easy access to water.

This facility will secure access to a

reliable source of energy for

15.000 households. Currently,

many Rwandan households usewood for cooking, which not only

leads to deforestation, but is also

hazardous for the women that

cook on these wooden fires in

their homes. Another positive ef-

fect of these loans on women is

that it saves them time spent on

collecting wood and the transport

of the heavy wood to their

houses. This is the first (national)biogas program in Africa, but

FMO expects follow-up programs

in Rwanda and other African

countries to be rolled

out. The project is

eligible for certified

emission rights under

the Kyoto Protocol.

Access to EnergyFund

The Access to En-

ergy Fund (AEF) is a

vehicle initiated by

the Dutch government and FMOto make it possible to fund pri-

vate sector projects that create

sustainable access to energy ser-

vices. By providing financing for

projects involved in the genera-

tion, transmission or distribution

of energy, the Fund hopes to ul-

timately connect 2.1 million peo-

ple in developing countries by

2015.

Several ministers from the Rwandan

government attended the signing cere-

mony

Recycled PET-bottles becomesyarn, which becomes clothing to

transportation vehicles and also

clothes. Swedfund gives a loan

of MEUR 7,5 and finances a new

factory in India which has a

patented cleaning technique that

can manufacture yarn of PET-

bottles.

The factory will create some 180

job openings and indirectlyoccupy a large quantity of Indian

people in collecting PET-bottles.As the factory will need a

continuously large quantity of

collected PET-bottles, the

business will contribute to

creating a systematic collection

campaign of PET-bottles which

does not exist today.

This is an excellent clean tech

investment that will bring large

development effects. Theinvestment will also contribute to

transfer of know-how of a newenvironmental technique since

modern polyester yarn mostly is

made with petrochemical raw

material in India and China, says

Fredrik Wijkander, Senior

Investment Manager at

Swedfund.

Swedfund invests together with

Finnfund and the total invest-

ment amount to 35 MEUR.

SWEDFUNDINVESTSINENVIRONMENTALFRIENDLYYARN



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7 EDFI Newsletter

Loan programme to support theAfrican agriculture

Up to 75 per cent of the popula-tion in developing countries liveson agriculture. Especially in Afri-ca, efficient, resource-savingcultivation methods could offeran opportunity of increasingagricultural yields. It is againstthis background that DEG haslaunched the AgroAfrica pro-gramme. Under this programme,100 million euros are to be provi-ded over the next three years forfinancial support of the agri-culture in sub-Saharan Africa. Torealise this programme, DEG hasfor the first time formed a strate-

gic partnership with a commer-cial bank. Its partner is StandardChartered Bank (SCB), one of theleading banks for structuredagricultural financing in Africa.With DEG acting as a guarantor,SCB will be able to extend its of-fer of input financing products.

As the first project within thescope of AgroAfrica, DEG has

provided SCB with a deficiencysuretyship to the amount of upto 200 million South Africanrands (approx. 17 million euros)in May 2009. This will enableSCB to increase the number ofSouth African farmers currentlybenefiting from 200 to 300, pro-viding a long-term basis for theexisting programme to financeinput products. The cultivationareas of currently 140,000 hecta-res are to be expanded to over300,000 hectares by the year2012. With a total output expec-ted to be around 1.1 million ton-nes of wheat, soy beans andmaize, this project will make acontribution towards meeting

the consumption demands andincreasing South Africas exportpotential.

In this project, SCB cooperateswith Farmsecure Capital (Pty.)Limited. Farmsecure selects thefarmers, offers them compre-hensive soil examinations andsubsequently develops an opti-misation programme, e.g. with

respect to the choice of fieldcrop and fertilizers and irriga-tion. A complementary insu-rance package contributes to riskmitigation because the financingof the cost incurred prior to har-vesting, e.g. purchase of seedsand cultivation of the field, is themain problem of farmers in de-veloping countries.

With this project, DEG not onlypromotes the agricultural sectorbut also contributes to the deve-lopment of the African capitalmarket. The farmers will benefitfrom both the provision of fi-nance and the securing of thepre-harvest risks. They will be

able to lower the productioncost, boost productivity andeventually make better profit.

AgroAfrica is planned to be rol-led out to other products, e.g.the long-term capital need tofinance agricultural machines orirrigation plants, and to otherregions of sub-Saharan Africa.

DEG LAUNCHES 100-MILLION-EUROINITIATIVE AGROAFRICA


EDFI MEMBERS SIGN DECLARATION ON PRINCIPLES FOR RESPONSI-BLEFINANCINGATTHE EDFI AGM IN COLOGNEON MAY 7.

This forms another cornerstonein the harmonization of policiesand procedures among the 16EDFI members.

With the Prinicples on Responsi-ble Financing, the EDFI membershave emphasized that a corners-tone of their investment activi-

ties is to have a positive impacton the local communities wherethey invest. It is a powerful suc-cess for the process of furtherharmonising polices of the inter-national development financecommunity. The Principles espe-cially underline that the respectfor human rights and environ-mental sustainability is a prere-quisite for any financing by EDFIinstitutions. The Principles givean important and clear signal to

the market that all EDFI mem-bers follow harmonized stan-dards in their evaluation of envi-

ronmental and social risks of pro-jects.

It is the conviction of the EDFImembers that responsibly ma-naged companies play a vital partin a long-term positive environ-mental, social and economic de-velopment. They employ and

train people, pay taxes, and buildand operate infrastructure andservices. Such businesses set anexample for other companies.They also generate sustainableeconomic growth, which benefitsthe poor. The EDFI memberstherefore require their investeecompanies to work over time to-wards relevant international bestpractice norms and standards,also encouraging them to pro-mote the same standards

throughout their supply chains,e.g., with their contractors.

Already in 2007, the EDFI mem-bers agreed on harmonized Envi-ronmental and Social Standardsfor any mutual financing activi-ties, especially regarding any project financed through the EURO-PEAN FINANCING PARTNERS S.A.(EFP) facility. These standardsencompass (a) Environmental

and Social Category Definitions,(b) Requirements for Environ-mental and Social Due Diligence,Environmental and Social Con-tractual Requirements and Moni-toring and (c) an Exclusion List,all of which will be reviewedregularly. Benchmarks for theEDFI members are the UN Decla-ration of Human Rights, the ILOCore Conventions and the IFCPerformance Standards on Eco-nomic and Social Sustainability

and associated Environmentaland Health & Safety Guidelines.


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Contact

Jan Rixen General Manager

Nathalie De Craecker Editor

EDFI a.s.b.l.

rue de la loi 81A

B-1040 Brussels

BELGIUM

tel +32 2 230 23 69

fax +32 2 230 04 05

email [email protected]

web www.edfi.eu

Association

EDFI is the Association of Euro-

pean Development Finance

Institutions, a group of 16 bilat-

eral institutions which provide

long-term finance for private

sector enterprises in develop-

ing and reforming economies.

Since its foundation in Brussels

in 1992, EDFI's mission has

been to foster co-operation

among its members and to

strengthen links with institu-

tions of the European Union.

2008 figures

The consolidated portfolio of

EDFI stood at 16 billion at the

end of 2008, invested in 3,900

projects.

In geographical terms, 24% of

the global portfolio was in the

ACP region and South Africa,

27% in South-East Asia, South-

Asia and China, and 16% in

South and Central America.

Members

AWSAustria

BIOBelgiumCDCUnited Kingdom

COFIDESSpain

DEGGermany

FMOThe Netherlands

FINNFUNDFinland

IFUDenmark

NorfundNorway

OeEBAustria

PROPARCOFrance

SBI-BMIBelgium

SifemSwitzerland

SIMESTItaly

SOFIDPortugal

SWEDFUNDSweden

Full contact details are available

on www.edfi.eu

APPOINTMENTS & EVENTS

8 EDFI Newsletter

FMO APPOINTSNEWMEMBEROF SUPERVISORY BOARD

Bert Bruggink, Chief Fi-nancial Officer and mem-ber of the Board of Rabo-

bank Netherlands has beenappointed as new member

of the Supervisory Boardof Dutch developmentbank FMO. He replacesCees Maas, who hasreached the maximumterm of 12 years.

FMO is very pleased withthe appointment of BertBruggink. Willy Angenent,Chairman of the Supervi-

sory Board: With his back-ground as CFO of Rabo-bank Netherlands and as

professor in Financial insti-tutions and Markets, Mr.Bruggink fits perfectly in

the profile of a SupervisoryBoard member with high-level expertise in financials.

With his knowledge andexperience as CFO he willbe able to furtherstrengthen FMO as a pro-fessional developmentbank.

Picture: Bert Bruggink appointedto FMOs Supervisory Board

In taking both the mensand womens EDFI-Cup,Germany turned out as thebiggest winner during thisyears Play for Develop-ment tournament.The 9th EDFI-Cup tourna-ment took place this yearon June 13 in The Hague,The Netherlands, hostedby FMO, and was a record-breaking event. Over 250employees fromthirteen EDFI-members and otherDFIs participated inthis years tourna-ment. Among themwere employees of

first time partici-pants BIO/SBI, CDCand OeEB. Thecompetition tookplace under blueskies and was anadded bonus forboth players andon-lookers.

Fair Play Cup

Over fifty matches wereplayed in total and all parti-cipants strived seriously forthe best result. The refe-rees were impressed thatall teams kept Fair Play inmind. FINNFUND ladiesand the United Coloursmens teams took homethe Fair Play Cup, no bigsurprise given the fact that

the United Colours mensteam consisted of playersfrom several DFIs.

The results

Six teams participated in

the ladies competition.FMO finished third in thegroup; just falling short ofthe final. The final matchwas a show down betweenKfW and the United Co-lours team. In the end KfW

team was the distinct win-ner, thus dethroning lastyear winners from DEG.

In the mens tournament,thirteen teams battled forvictory. The FMO A teamentered the semi-finals un-beaten to play AfD. TheDutch won and proceededthrough to the final. Thesecond semi-final ended ina draw between KfW and

Proparco, but was decidedby KfW during a penaltiesseries. The final game wasa show down between twostrong teams. It entertai-ned the audience with

great play and chances onboth side. However, bothkeepers turned out withpeak performance and nogoals were scored. TheKfW team had once morethe upper hand during the

penalties se-ries and tookthe EDFI-cuphome.

Aftermatch

The tourna-ment came toa close duringa spectacularparty at Sche-vingen beach.Sundrenchedand tired par-ticipants sho-wed their fes-

tive side. And drummed upby the Funhouse band thedance floor quickly filled.Next year FINNFUND will

be host for the 10th

EDFI-Cup.

Picture: Participants from FMO &EIB competing

DOUBLESTRIKEFOR GERMANYAT 2009 EDFI-CUP

Documents

EDFI Newsletter No11 July2009