Directory of Financial Sources

For Environmental Activities

In Romania

March, 2002

Introduction: This Directory of Financial Sources was prepared by Environmental Resources Management and the Regional Environmental Center with support and funding from the Institute of International Education, in connection with the Institute’s administration of USAID’s EcoLinks Partnership Grants Program. The information below is meant to guide project sponsors in searching for appropriate financing sources for projects. The list of sources, which includes both equity investment sources and sources of loans, has been selected to include financial sources specializing in the country as well as regional sources. The list is not exhaustive, and it has been focused on the types of projects that are or could be addressed by the EcoLinks program.

At a basic level, the World Bank only lends money to governments. Also, its projects are usually large. Therefore, it is not practical for a project sponsor to apply to the World Bank for funding unless the project is part of a larger investment being undertaken by a ministry or government source. Both the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) will provide equity or loan financing directly to non-governmental, private enterprises. Their rates tend to be similar to commercial lenders, and they usually address projects of US$ 3 to 5 million or more. Both the EBRD and the IFC invest in intermediaries in the region to make funds available for smaller projects—many of the EBRD intermediaries are listed below. For information regarding IFC intermediaries, contact the IFC local office.

Other sources listed below might be suitable for specific projects and sponsors.

World Bank OfficeMr. Dan PetrescuBoulevard Dacia 83, Sector 2BucharestTelephone: (40-1) 210-18-04Facsimile: (40-1) 210-20-21E-mail: Dpetrescu@worldbank.orgInternet: http://www.worldbank.org.ro/

IFC Officec/o World BankBoulevard Dacia 83, Sector 2BucharestTelephone: (40-1) 211-28-66Facsimile: (40-1) 211-31-41

EBRD Office8 Orlando StreetSector 1Bucharest RomaniaTel: +40 1 202 7100 Fax: 40 1 202 7110Country Director: Salvatore Candido

Small and medium – sized loans

Alpha Bank Romania

The EBRD has an equity participation in Alpha Bank Romania SA, (formerly Bank of Bucharest), which focuses on corporate and retail banking services. Also, through its subsidiary companies (Alpha Finance, Alpha Leasing), the bank offers brokerage services, investment banking, advisory services and leasing services. The Danube Fund is also part of the Alpha Group.

Alpha Bank Romania SA62 Unirii Bld., Bl.K5

Sector 3 Bucharest, RomaniaContacts: Mr Radu Gratian Ghetea, First

Vice PresidentMr Ioannis Kougionas, Manager, Loans

DivisionTel: +40 1 320 9619/9616

Fax: +40 1 320 9614Email: bbr@mb.roknet.ro;

loans@alphabank.roWeb site: www.alphabank.ro

Banca TransilvaniaTThe EBRD has provided Banca Transilvania with a credit line for on-lending to SMEs. As part of the EU/EBRD SME Facility, it is providing technical cooperation to introduce SME lending practices. Banca Transilvania has its headquarters in Cluj-Napoca and has a nationwide network.

Banca TransilvaniaB-dul Eroilor 363400 Cluj-Napoca, Romania Contacts: Mrs Gabriela Blaj, Project CoordinatorMrs Maria Crisan, Head of Loans DepartmentTel: +40 64 198 833/196 052Fax: +40 64 198 832Email: btrl@btrl.roWeb site: www.bancatransilvania.ro

Commercial Bank Ion Tiriac SA Commercial Bank Ion Tiriac SABucharest Financial PlazaCalea Victoriei 15, Entrance E, Sector 370411 Bucharest, Romania Contact: Mr Anthony van der HeijdenPresidentTel: +40 1 3032 602Fax: +40 1 3032 611Web site: www.cbit.roContact: Mr Parvu CatalinVice PresidentTel: +40 1 303 2605Fax: +40 1 303 2611Web site: www.cbit.ro

Romanian Bank for Development Groupe Société GénéraleThe EBRD has an equity participation in and has signed a bank-to-bank loan with the Romanian Bank for Development Groupe Société Générale. This bank offers medium to long-term foreign currency finance for investment projects, principally in the private sector but also for commercially managed state-owned companies meeting specific eligibility criteria. The maximum loan size is US$ 5 million. There is no minimum loan size.

Romanian Bank for Development Groupe Société Générale4 Doamnei Street, Sector 370016 Bucharest, Romania Contacts: Mr Gabriel Apostol, EBRD Credit Line AdvisorMrs Agafia Tudosie, Head of Corporate Loans DepartmentTel: +40 1 315 7687Fax: +40 1 310 3138Email: gabi.apostol@brd.roWeb site: www.brd.ro

Black Sea Trade and Development BankThe BSTDB provides loans, equity, and guarantees for public, private-sector, and non-profit entities.

Black Sea Trade and Development Bank1, Komninon Str.,54624, Thessaloniki, Greecetel: +30 31 290 400fax:+30 31 221 796e/m info@bstdb.gr

Citibank Romania S.A.

Address: 8 Iancu de Hunedoara Blvd., Sector 1, BucharestTel: 40-1-210-1850Fax: 40-1-210-0465Contact: Doru Lionachescu, Vice PresidentCriteria for borrower eligibility

Must operate in one of the bank’s target market sectors, primarily infrastructure related (telecommunications, metals & mining, transportation, oil & gas, chemicals, etc).

Types of projects financed Investments with environmental protection components (pollution control equipment, filters, etc).

Maximum/minimum loan amount

Depends on the project, but amounts below US$ 1 M are more appropriate for smaller banks.

Maximum percentage of investment financed

100% for convincing projects supported by impeccable business plans.

Maximum term of loan (years)

Typically, one year, but could be extended to 3 years and for exceptional projects up to maximum 5 years.

CEC (Romanian Savings Bank)

Address: 13, Calea Victoriei, Sector 3, BucurestiTel: 40-1- 311-1119Fax: 40-1- 312-5425

Criteria for borrowers eligibility SME with maximum 250 staff.Types of projects funded Investments for production and equipment for pollution reduction.Maximum/minimum loan amount per borrower

Minimum: variesMaximum: 200.000 Euro or the equivalent.

Maximum percent of investment financed

85%

Minimum co-financing required from borrower

15%, in ROL or in kind.

Maximum term of loan (years) 6 years.

Banca Comerciala Carpatica S.A

Address: 42 Blvd. Mihai Viteazu, SibiuTel: 40-69-232-881Fax: 40-69-233-371Contact: Cristina Motea, Marketing DepartmentCriteria for borrower eligibility Borrower must:

- have a current account with BC Carpatica SA– meet creditworthiness indicators required by the bank– have a viable business plan.

Types of projects funded Investments, procurement of raw material, equipment, appliances, environment protection, etc.

Maximum percent of investment financed

75%.

Minimum co-financing required from borrower

25%.

Maximum term of loan (years) 3 years.

DemirBANK (Romania) S.A.

Address: 16 Splaiul Unirii, BucurestiTel: 40-1-330-2900Fax: 40-1-330-3077Contact: Antoaneta Curteanu, Main Branch ManagerCriteria for borrower eligibility - borrower’s activities must be profitable

- borrower’s activities must exclude anything related to guns, alcohol, tobacco or gambling- the borrower's activities must observe both Romanian and international legislation, environmental protection regulations included- the bank will finance no more than 30% of the value of the borrower’s asset.

Types of projects funded Projects in industry and trade. Minimum co-financing required from borrower

Average of 25% of project value.

“Izvor” Credit Cooperative

Address: 2 Tineretului, Tirgu-Mures, 4300Tel: 40-65-162-213Fax: 40-65-162-213Contact: Cristian Ciula, Director, Loans DepartmentCriteria for borrower eligibility Small and micro (<50 staff) enterprises in the Mures and Bistrita

judets. Types of projects funded Small scale investments.Outside sources of funding Romanian-American Enterprise Fund (plus own resources).Maximum/minimum loan amount per borrower

US$ 200 – 10,000 (in ROL).

Maximum percent of investment financed

70%.

Maximum term of loan 12-15 months.

Banca Comerciala ROBANK S.A.

Address: 59 Blvd. Unirii, Sector 3, BucurestiTel: 40-1- 322-5700Fax: 40-1- 322-6885 / 6875Contact: Dorin Preda, Loans DepartmentCriteria for borrower eligibility - must be a client of the bank

- could be involved in any kind of economic sector, except agriculture- must have turnover and real profitability.

Types of projects funded Investment in production.Outside sources of funding Kreditanstalt fur Wiederaufbau (KfW), plus own funds.Maximum/minimum loan amount per borrower

Maximum:- Own funds: US$ 2 M- KfW funds: DEM 1 M

Maximum percent of investment financed

80%.

Minimum co-financing required from borrower

20%.

Maximum term of loan (years) 3 years; one year grace period.

Bank for Credit and Development “ROMEXTERRA” S.A

Address: 21 Piata Trandafirilor, Tirgu-MuresTel: 40-65-166-640Fax: 40-65-166-047Contact: Department for Loans and ResourcesCriteria for borrowers eligibility Borrower must

- be making a profit- have high performance indicators- submit a viable proposal backed by a serious feasibility study

Types of projects funded Investments for production.Maximum/minimum loan amount per borrower

Maximum 30 M ROL/20% of bank’s own funds.

Maximum percent of investment financed

80%.

Minimum co-financing required from borrower

20%.

Maximum term of loan (years) 5 years.

Banca Comerciala West Bank S.A

Address: 88 Blvd. Revolutiei, AradTel: 40-57-284-888Fax: 40-57-285-335Contact: Alexandru Cristea, Head of Loans DepartmentCriteria for borrowers Borrower must demonstrate:- consistent financial performance

- good debt service- no banking interdiction.

Types of projects funded Investments for production, etc.Outside sources of funding Ministry of Agriculture and Food.Maximum/minimum loan amount per borrower

Maximum: US$ 1 M.

Maximum percent of investment financed

70%.

Minimum co-financing required from borrower

30%.

Maximum term of loan (years) 1 year.

Banca Turco-Romana S.A. (BTR)

Address: 16 Ion Câmpineanu, BucurestiTel: 40-1-314-0040; 310-1525Fax: 40-1-311-1732; 315-1783Contact: Sorina Aioanei, Director, Financial Institutions DepartmentCriteria for borrower eligibility - BTR clients

- turnover and business through BTR- medium and large size customers.

Types of projects funded All kind of projects as long as they meet BTR lending policy.Maximum/minimum loan amount per borrower

Minimum: ROL 5 MMaximum: US$ 16 M.

Maximum percent of investment financed

80%.

Minimum co-financing required from borrower

20%.

Maximum term of loan (years) 2 years.

Equity Financing

Romanian Post-Privatisation Fund (RPPF ) The objective of the RPPF is to invest in private companies or companies that are to be privatised mainly through subscribing to the company's equity capital or "quasi-capital", supporting its development process, economic expansion and obtaining a return on investment that compensates for the risks undertaken.The €44 million fund invests in Romanian companies with good growth and profit potential. The investments may be to back Romanian entrepreneurs or Romanian companies supported by strategic foreign partners contributing technology, markets and financing, or a combination of both. The participation of the RPPF can range between €0.3 million and €4.4 million. It is for a limited period and normally will represent a minority position within the company.

GED Capital Development42A Frumoasa StreetBucharest, Sector 1, RomaniaContact: Mr Robert Luke, Managing DirectorTel: +3491 702 2255Fax: +3491 702 1764Email: rmluke@ged.pcnet.ro

ORESA Ventures RomaniaAddress: 24 Popa Savu, BucurestiTel: 40-1-223-4245Fax: 40-1-222-1807Contact: Cornel Marian, Senior Investment Officer

Typical size of project > US$ 1 M.Distribution of portfolio (loan, equity) Equity.Criteria for applicant eligibility (ownership, size) - private company;

- medium size;- competitive management;- growth potential.

Minimum amount provided per project US$ 1 M.Maximum amount of financing provided per project

US$ 5 M.

Target holding rate 4-6 years.

Romanian - American Enterprise FundAddress: 2 Turgheniev, TimisoaraTel: 40-56-192-372Fax: 40-56-293-520Contact: Horst Martin, Director

Source of funding for capitalization US government and private institutional investors.Typical size of project US$ 100,000 - 10 M.Distribution of portfolio (loan, equity) 100% equity and equity-linked.Criteria for applicant eligibility (ownership, size) - financially viable, growth companies;

- private for-profit companies only.If equity investment, are there any requirements that the fund be represented in the board of the company in which the investment is made?

Yes, proportional representation reflecting fund stakeholding.

Maximum percentage of fund participation in an investment

No limits.

Maximum amount of financing provided per project

US$ 20 M.

Minimum amount provided per project US$ 100,000.Minimum co-payment required from applicant in order to receive financing

No limit.

Target holding rate 3-5 years.

General Regional Funds

AIG New Europe FundThis fund makes direct or indirect equity and quasi-equity investments to fund investment programmes, capital expenditure or working capital requirements of companies operating primarily in the Czech Republic, Hungary, Poland and Romania (the primary region) and Bulgaria, Croatia, FYR Macedonia, Moldova, the Slovak Repubic, Slovenia and Ukraine (the secondary region) to achieve long-term capital growth. The Fund will usually hold more than 15 per cent of shares of a portfolio company, acquiring primary issues, typically in unquoted companies, but may acquire secondary shares, if this involves privatisation or strengthening of the Fund's position in a company. The preferred investment size is between US$ 10 million and US$ 30 million.

AIG-CET Capital Management (Poland) Sp. z o.o.Ul. Chopina 5A, Flat 2000-559 Warsaw, PolandContact: Mr Pierre F Mellinger, Chief Executive OfficerTel: +48 22 583 7000Fax: +48 22 583 6969Email: pmellinger@aig-cet.com.pl

Advent Central & Eastern Europe I & II These funds provide finance and management assistance to companies in the private sector. The investment range is US$ 5 million to US$ 20 million. The funds finance projects in Croatia, the Czech Republic, Hungary, Poland, Romania and the Slovak Republic.ACEE I is now fully-invested, investing is now only from ACEE II.

Advent International plc158 Buckingham Palace RoadLondon SW1W 9TR, UKContact: Mrs Joanna JamesManaging DirectorTel: +44 20 7333 5537Fax: +44 20 7730 4119E-mail: jjames@uk.adventinernational.comWeb site: www.adventinternational.com

Argus Capital PartnersThis is a US$ 172 million private equity fund, sponsored by Prudential Insurance of America, targeting the advanced countries of central and eastern Europe. The average investment size ranges from US$ 8 million to US$ 15 million with no sector specialisation. The Fund has offices in Prague, Budapest and Warsaw and will consider deals outside its priority target countries (Czech Republic, Hungary, Poland and Slovenia).

Argus Capital4th Floor Culters Court115 HoundsditchLondon, EC3A 7BU, United KingdomContact: Mr Ali Artunkal, Managing DirectorTel: +44 20 7398 2001Fax: +44 20 7398 2003Email: ali.artunkal@prudential.com

Capital Partnersul. Emilii Plater00-688 Warsaw, PolandContact: Mr Pawel Scott, Investment DirectorTel: +48 22 630 3031Fax: +48 22 630 3033

Argus Capital PartnersSkretova 12120 00 Prague 2, Czech RepublicContact: Mr George Collins, Investment DirectorTel: +42 02 2142 4214Fax: +42 02 2142 4210

Argus Capital PartnersIstenhegyi ut 40-a1126 Budapest, HungaryContact: Mr Robert Hejja, Investment DirectorTel: + 361 391 0231Fax: +361 391 0234

Black Sea FundThe Fund invests primarily in medium-sized enterprises in the Black Sea Region, notably in Bulgaria and Romania. Other countries included in the Fund's geographic scope are Ukraine, Russia, Armenia, Azerbaijan, Georgia, Moldova and FYR Macedonia. The fund can also invest up to US$ 10 million in central Europe: Poland, Hungary and the Czech Republic. Typical investments range from US$ 3 million to US$ 9 million.

Global Finance InternationalBd. Aviatorilor nr. 60-62, Apt.1, Sector 170401 Bucharest, RomaniaContact: Mr Ladislaou Randjak, Country ManagerTel: +40 1 231 7571/7573Fax: +40 1 231 7571/7573Email: office@globalfinance.ro

Global Finance International39 Vitosha Blvd, 1st Floor1000 Sofia, BulgariaContact: Mr Mirolub Voutov, General ManagerTel: +359 2 980 2061/8246/1619Fax: +359 2 980 8245Email: globfin@bg400.bg

Global Finance S.A.14 Filikis Eterias Square106 73 Athens, GreeceContact: Mr Theodore Kiakidis, Investment DirectorTel: +30 1 720 8900Fax: +30 1 729 2643Email: office@globalfinance.grWeb site: www.globalfinance.gr

Dexia-FondElec Energy Efficiency and Emissions Reduction FundThe EBRD, in conjuction with Dexia Project & Public Finance International Bank and FondElec Group Inc, has originated and sponsored a closed-end equity fund which makes private sector investments in energy efficiency and emissions-reducing projects in the EBRD's countries of operations. The fund aims to raise €150 million and invest in projects such as district heating, public lighting and industry. The EBRD and Dexia have each initially invested €20 million in the fund.

FondElec Group Inc.Stamford Harbor Park, 333 Ludlow StreetStamford, Connecticut 06902, United States of AmericaContact: Mr George Sorenson, PresidentTel: +1 203 326 4570Fax: +1 203 326 4578Email: ccasale@fondelec.comContact: Mr William Dinielli, Chief Financial OfficerTel: +1 203 326 4570Email: wdinielli@fondelec.com

Danube Fund LtdThis fund, which is sponsored by the Alpha Group of Greece, makes direct equity investments in private companies, or companies under going privatisation. At least two thirds of the Fund must be allocated to projects in Romania. The rest will be considered on an ad-hoc basis for projects in Albania, Bulgaria and FYR Macedonia.Investment size ranges from US$ 0.5 million to US$ 2 million. The Fund will take minority, but significant positions with involvement, at a strategic board of directors level. The Fund is not involved in daily management.

Danube Fund Ltd.8 Merlin Street100671 AthensGreeceContact: Mr. D. DamianosManaging Director & General ManagerTel: +30 1 362 7710fax: +30 1 361 9532email: mail@alphavc.gr

Danube Fund Ltd.Street Pitar Mos 25,Apt. 19, 5th FloorBucharest, RomaniaContacts: Mr. Servan IonescuInvestment Officer orMr. Alex MnohoghitneiInvestment OfficerTel: +401 210 8467fax: +401 210 8467email: danube@bx.logicnet.ro

EIF Central & Eastern European Power FundThe EBRD is lead investor in the EIF Central & Eastern European Power Fund with targeted capital of US$ 250 million. The investment strategy focuses on small and medium-sized investments (up to 350 MWe for generation, although it may consider larger assets in certain circumstances) in private power and heat generation, distribution and transmission projects. The minimum investment size is US$5 million for power generation and distribution assets, with smaller investments considered on exception. The Fund may also invest in development companies established to pursue projects that qualify under the investment criteria. The minimum investment in such companies is US$ 500,000. EIF is the leading fund manager focused exclusively on power and energy projects in both the United States of America and in several emerging markets.

EIF UK Management LtdDuke's Court, 32-36 Duke StreetSt James's London, SW1Y 6DF, United KingdomContact: Mr Thomas Murley, Managing DirectorTel: +44 20 7766 7162Fax: +44 20 7766 7177Email: tmurley@eifgroup.comContact: Mr Ludomir Serafin, Senior Investment OfficerTel: +44 20 7766 7163Fax: +44 20 7766 7177Email: lserafin@eifgroup.com

Emerging Europe Capital Investors, LDCEmerging Europe Capital Investors, LDC is an investment fund that will acquire equity and equity-related securities of companies operating in countries that are expected to join the EU. The Fund's objective is to achieve substantial long-term capital appreciation through the purchase and active management of such investments. The investment size range is typically US$ 10 million to US$ 20 million. The fund is managed by European Direct Capital Management (EDCM), a joint venture between State Street Corporation, a bank holding company listed on the New York Stock Exchange, and EEAM Limited, an investment firm of the management team.

EDCM co. RegusBank Center (Citibank Tower)Szabadsag ter 71054 Budapest, HungaryContact: Mr Tamas Lederer, Regional ManagerTel: +36 1 474 8146Fax: +36 1 474 8181

EDCM co. RegusUl. Prusa 2,00-493 Warsaw, PolandContact: Mr Przemyslaw Bielicki, Regional ManagerTel: +48 22 657 0457Fax: +48 22 657 0247

European Direct Capital ManagementZitná 6/8120 00 Prague 2, Czech RepublicContacts: Mr Nigel P Williams, Chief Executive; Mr Roman Babka, Regional ManagerTel: +420 2 2499 3200Fax: +420 2 2499 3201Email:nigel@edcm.com

Environmental Investment PartnersThis fund invests in profit-making environmental businesses in central and eastern Europe. The Fund invests between US$ 0.5 million and US$ 5 million in the equity capital of environmental companies. The fund is a passive financial investor and thus usually takes a share ownership of between 5 to 45 per cent of a company.

PP InvestmentsUl. Piaskowa 12c05510 Konstancin-Chylice, PolandContact: Mr Adam Pool, Chief Investment OfficerTel: +48 22 756 3232Fax: +48 22 756 4919Email: eipl@eip.com.plWeb site: www.eip.com.plwww.ceeeif.com

Innova/98 L.P.Innova/98 L.P. is a US$ 125 million private equity fund managed by Innova Capital. The Fund targets emerging Europe and primarily focuses on Poland, Romania, Hungary and the Czech Republic. The fund also pursues investment in smaller or less developed markets in targeted sectors. The targeted investment range is between US$ 3 million and US$ 12 million.

Innova Capitalc/o Innova Capital Sp zooAurum Building, ul. Walicow 1100-865 Warsaw, PolandContacts: Mr Robert L Conn, Managing Partner; Mr Steven J Buckley, Managing PartnerTel: +48 22 583 9400Fax: +48 22 583 9420Email: rconn@innovacap.com; sbuckley@innovacap.comWeb site: www.innovacap.com

New Europe East Investment Fund (NEE) The EBRD, together with The Capital Group and other private institutional investors, sponsor the NEE, which invests in securities of companies located in central and eastern Europe. The Fund seeks to invest in new and exisiting companies and in listed securities. NEE will take no more than 15 per cent of the equity in any enterprise and no individual investment in a single enterprise may exceed US$ 40 million. Typical investments range from US$ 5 million to US$ 15 million. Enterprises with strong western partners and high performing local management are preferred candidates for NEE investments.

Contact: Mr. Bill Parker, RepresentativeCapital International Ltd.25 Bedford StreetLondonWC2E 9HNUnited Kingdom

Technologieholding Central and Eastern European Fund N.V.This fund considers equity investments in small to medium-sized information and communications technology and industrial electronic companies primarily in the Czech Republic, Hungary and Poland, and to a lesser extent in other EBRD countries of operations. The preferred investment size is US$ 1 million to US$ 5 million. However, smaller or larger investments are considered on a case-by-case basis.

3TS Venture Partners AGAndrassy ut. 11Budapest, HungaryTel: +36 1 411 2310Fax: +36 1 411 23193TS Venture Partners AGVaclavske 1212000 Prague 2, Czech RepublicContact: Mr Michael White, Managing DirectorTel: +420 2 2146 0137Fax: +420 2 2146 0137Mobile: +49 172 8989 303Email: whiteuk@aol.com

3TS Venture Partners AGWarsaw Sheraton Plaza, ul. Prusa 200-493 Warsaw, Poland

TPG Co-Investment FundTPG Co-Investment Fund is a US$ 187.5 million private equity facility managed by the US-based Texas Pacific Group (TPG). The facility covers all of the EBRD's countries of operations, but will focus on the CIS. The Fund concentrates on industries undergoing structural change and therefore primarily invests in the media, telecoms, IT and utilities sectors.

TPG Aurora14-1 Tverskoy Boulevard103009 Moscow, RussiaContact: Mr Max Scherbakov, Managing DirectorTel: +7 095 797 5737Fax: +7 095 797 5736Email: max.scherbakov@tpg-aurora.ru

Aqua International Partners FundEquity investments in operating and special purpose companies involved in the treatment, bulk supply and distribution of water in emerging market countries. Associated with the U.S. Overseas Private Investment Corporation.

Contact Mr. John SylviaTexas Pacific Group345 California Street, Suite 3300San Francisco, CA 94104tel: +1 415-743-1570fax: +1 415-743-1504

Bancroft Eastern Europe FundEquity investments in distribution networks, basic manufacturing, consumer goods and related service networks. Associated with the U.S. Overseas Private Investment Corporation.

Contact: Mr. Fred MartinPresidentBancroft Group7/11 Kensington High StreetLondon W8 5NPUnited Kingdomtel: +44 20 7368 3347fax: + 44 20 7368 3348

Global Environment Emerging Markets Fund IIEquity investments in environment-oriented sectors relating to the developing financing, operating or supplying of infrastructure relating to clean energy and water. Associated with the U.S. Overseas Private Investment Corporation.

GEF Management CorporationContact: H. Jeff Leonard1225 I (Eye) Street, NWSuite 900Washington, D.C. 2005tel: +1 202 789 4500fax: +1 202 789 4508

Southeast Europe FundEquity investment in companies from Albania, Bulgaria, Bosnia and Herzegovina, Croatia, FYR of Macedonia, Montenegro, Romania, Slovenia, and Turkey. Associated with the U.S. Overseas Private Investment Corporation.Contact: Mr. Philippe Rombault45 Oborishte St.P.O. Box 1471504 SofiaBulgariatel: +359 2 943 44 17