46009 - Project Dolphin

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Summary of Investment Information

Project Number

46009

Company Name

PAC DOVERIE AD

Date SPI Disclosed

Jan 9, 2023

Country

Bulgaria

Region

Europe

Projected Board Date

Dec 19, 2022

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Jan 9, 2023

Department

Regional Industry FIG LAC & EUR

Industry

other

Previous Events

Approved : Dec 19, 2022
Signed : Dec 20, 2022
Invested : Dec 22, 2022

Sector

other

Project Description

IFC is considering an equity investment for the acquisition of up to 10% of ordinary shares of PAC Doverie A.D. (Doverie or the Company), the largest pension management company in Bulgaria. The investment will be in the form of a purchase of secondary shares from ATBIH GMBH, a 100% owned subsidiary of the Sponsor, VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG or the Sponsor).

Associated Advisory Engagement

IFC will provide the Company with technical assistance, building on its ongoing efforts to digitalize its operations by employing digital channels to reach new plan members and increase their contributions.

As part of this effort, IFC will first provide in-depth analysis of the Company’s digital status and strategy, and provide a Digital Maturity Assessment, to be followed by a more comprehensive Digital Strategy and Roadmap advisory. In addition, IFC will nominate a member to the Supervisory Board of the Company, with specific digitalization skills, who will drive, support, and monitor the Company’s digitalization efforts over the next several years.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	22.79

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Equity	Equity & QE - Others

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The most significant expected project-level outcome is increased access to pension savings via an increase in the number of participants in the Company’s Voluntary Pension Fund (VPF) and an increase in VPF member contributions, brough about by the introduction of new digital marketing channels. Beyond the project-level outcomes, IFC anticipates that the Project will increase the competitiveness of the pension market by driving innovation and replication by pension companies in Bulgaria using digital channels to increase their memberships and active VPF member contributions.

IFC’s expected additionality in the project relates to: i) Knowledge, Innovation, and Capacity Building, as IFC will use its global experience and know-how to support the Company in its digitalization efforts over the next five years, and ii) Non-commercial risk mitigation, as IFC’s presence in the market will help maintain an industry-supportive regulatory environment and support the future development of the second pillar.

E&S Category Rationale / Risks and Mitigation

The Project has been categorized as FI-3 according to the IFC's Sustainability Policy. IFC takes equity in a pension management company that provides savings management services to its individual members. IFC funds through this Project will not be re-invested and will not support any sub-projects. IFC's applicable requirements for this Project will be life and fire safety requirements, and requirements of IFC's Performance Standard 2 on Labor and Working Conditions. The Company is largely in line with these requirements. The Client will not be required to report to IFC under this Project.

Contacts

For Inquiries About the Project, Contact

VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
Nina Higatzberger-Schwarz
Head of Investor Relations
+43 (0) 50 390 - 21920
nina.higatzberger@vig.com
Schottenring 301010 ViennaAustria
www.vig.com

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Telephone: 202-473-3800
Fax: 202-974-4384

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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