EBRD and Partners launch SME equity Research Programme


The European Bank for Reconstruction and Development (EBRD) is launching a dedicated research programme in support of the development of small and medium-sized enterprises (SMEs) in selected countries where the Bank invests.

Funded by the TaiwanBusiness-EBRD Technical Cooperation Fund, the programme will provide research coverage for a set of SMEs listed on the stock exchanges in BulgariaCroatiaNorth MacedoniaRomaniaSerbia and Slovenia. The reports will be publicly available free of charge on the newly created Listed SME Research Hub.

The aim is to produce free, publicly available, high-quality research reports to overcome information barriers that depress market liquidity. Making markets more transparent by increasing the amount of reliable information is regarded as key to increasing the availability of financing for SMEs.

The two-year research programme will be conducted by WOOD & Company, an investment bank specialising in emerging markets. The programme is fully aligned with the objectives of the European Commission’s Action Plan on Building a Capital Markets Union, which specifically mentions improving access to finance, including risk capital, notably for SMEs as one of the five priority areas.

The following companies are participants in the programme:

  • Bulgaria: Gradus AD, Monbat, Sirma Group Holding JSC, Sopharma AD.
  • Croatia: AD PLASTIK d.d., Arena Hospitality Group d.d., Ilirija Resort, Zagreb Stock Exchange.
  • North Macedonia: Alkaloid AD Skopje, Komercijalna banka AD, NLB Banka AD.
  • Romania: BittNet, Conpet SA, Patria Bank, Teraplast.
  • Serbia: Fintel Energija ad.
  • Slovenia: Pozavarovalnica Sava RE.

Four reports were published at the launch of the programme today, with the remainder to follow in the months ahead. At least five reports per company will be produced during the project period.


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