Background
The municipal infrastructure in Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro and Serbia (together, the “Western Balkans”) is obsolete and in many cases is the cause of health and environmental concerns. There is a significant backlog of investments across all municipal sub-sectors, including water, wastewater, district heating, urban transport, municipal roads and other. A number of municipalities, particularly the small and medium sized, are not able to attract the necessary financing from the commercial banking sector due to: (i) lack of capacity of the cities to prepare suitable projects; and (ii) limited appetite of the commercial banks to take municipal risk. Reaching out a wider number of municipalities in the Western Balkans requires the development of a completely new dedicated instrument with the mandate to: (i) improve the long term sustainability in municipal services and transition impact in these markets and (ii) develop a commercial banking market for municipal lending by enhancing the skills of the commercial banks to analyse and take municipal risk.
Objectives
- Full investment management services for MIDF
- Provision of technical assistance services, essentially
Eligibility
Candidates should be authorised to act as an investment manager must have:
- The equivalent of at least EUR 50 million under asset management
- The ability and willingness to invest at least USD 200,000 in A Shares of the Fund
- A significant track-record in successfully managing structured investment funds involving lending to end borrowers through partner
financial institutions in emerging countries, ideally funds domiciled in Luxembourg
- Experience in development finance notably in lending to municipalities, municipality-owned or publicly-owned entities, institutions involved
in the development of municipal or other public infrastructure
- Experience in managing technical assistance programmes, ideally in municipal finance and/ or development of municipal or public
infrastructure, ideally in the target Territories as defined in the Issue document of the Fund, available upon demand
Deadline: 04 March 2014
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