With KfW – an AAA-rated institution – as its lead investor and initiator, the EFSE benefits from a lean organisational structure. The main decision-making powers rest with the Board of Directors, which is supported by technical committees, i.e. the Investment Committee and the EFSE Development Facility Committee. The General Assembly of Shareholders is the EFSE’s highest authority.

The Board of Directors comprises representatives from international financial institutions and donors, and can thus tap a wealth of knowledge and experiences. It also appoints the Investment Committee – a specialist body consisting of seasoned bankers with a strong development finance background – to consult and decide on each investment.

The EFSE Development Facility is operated as a separate entity alongside the EFSE. All activities financed by the EFSE Development Facility require prior authorisation by the EFSE Development Facility Committee, which itself is made up of representatives from the main donor agencies that contribute funding specifically to the EFSE Development Facility. The Investment Committee and the EFSE Development Facility Committee have delegated decision-making powers.

The final, crucial link in the EFSE’s organisational structure is the Advisory Group to the Board of Directors. Comprising central bank governors and other high-level representatives from the central banks of the target countries, this body meets twice a year. This panel provides the EFSE with better linkages to local realities, shares local experiences and insights, and makes policy as well as operational recommendations to the Fund Management and the Board of Directors.

The day-to-day management of both the Investment Fund and the EFSE Development Facility is entrusted to a group of professional service providers.

Organisational Structure – Key Features

Coordination of donors and development finance institutions

The EFSE’s Board of Directors serves as a coordination platform for different donors and development finance institutions active in the target regions. The EFSE aims at complementing existing initiatives of local governments, donors and development finance institutions, and strives to harmonise efforts.

Physical presence in the region

In most countries of operations, local offices facilitate day-to-day contact with partner lending institutions and local stakeholders.

Local participation

Through the EFSE’s Advisory Group, local governments, as future shareholders, can familiarise themselves with the Fund and prepare for their future role.

Combination of financial and non-financial services

The EFSE’s Investment Fund and the EFSE Development Facility work jointly in support of the target group.

Professional management

Professional service providers are in charge of fund management and administration.

Performance incentives

Service fees are tied to the fulfilment of performance targets regarding financial and development performance.

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Committee Members

Board of Directors

  • Dr. Klaus Müller (Chairperson)
  • Dr. Christoph Achini
  • Mr. Syed Aftab Ahmed
  • Mr. Hubert Cottogni
  • Mr. Stephan Opitz
  • Mr. Nico Pijl
  • Ms. Andrea Hagmann
  • Ms. Jana Sivcova
  • Mr. Dominik Ziller

Investment Committee

  • Ms. Sylvia Gansser-Potts (Chairperson)
  • Mr. Syed Aftab Ahmed
  • Ms. Andrea Hagmann
  • Ms Madhumita Dutta-Sen
  • Mr. Markus Aschendorf

EFSE Development Facility Committee

  • Dr. Markus Aschendorf (Chairperson)
  • Ms. Kristin Duchâteau
  • Ms. Claire Nyambori
  • Mr. Michael Hamp

Advisory Group

  • National Bank of Albania
  • Central Bank of the Republic of Armenia
  • Central Bank of the Republic of Azerbaijan
  • Central Bank of Bosnia and Herzegovina
  • National Bank of the Republic of Belarus
  • Bulgarian National Bank
  • National Bank of Georgia
  • Central Bank of the Republic of Kosovo
  • National Bank of the Republic of Macedonia
  • National Bank of Moldova
  • Central Bank of Montenegro
  • National Bank of Romania
  • National Bank of Serbia
  • National Bank of Ukraine

Audit and Risk Committee

  • Nico Pijl
  • Christoph Achini
  • Alan Ridgeway

Service Providers

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