The Development Bank of Austria (OeEB) and Gutmann Bank have successfully raised EUR 72 million to invest in emerging economies.
According to an April 2022 OeEB press release, the Development Bank of Austria (OeEB) and Gutmann Bank announced that they have successfully raised €72 million from the private sector to invest in emerging economies.
“We are pleased that this joint approach has enabled us to gain access to clients despite the pandemic, so that we were able to mobilise a total of around EUR 72 million from 48 private and institutional investors,” said Friedrich Strasser, Member of the Board of Management of Bank Gutmann AG.
Developing emerging economies
This privately funded Gutmann OeEB Impact Fund aims to improve the lives of people in emerging and developing economies and contribute towards achieving the Sustainable Development Goals (SDGs). The Fund intends to focus on social, environmental, and economic performance. The Fund started in December 2019 with its first capital commitments and is intended to reach EUR 100 million within one year.
The Sustainable Development Goals (SDGs) are a collection of 17 interlinked global goals designed to be a blueprint to achieve a better and more sustainable future for all. The SDGs were set up in 2015 by the United Nations General Assembly and are intended to be achieved by 2030.
“For the first time in decades, the number of people living in extreme poverty is rising again. In order to achieve the UN SDGs, which include ending poverty, around 3 trillion US dollars are missing each year. This sum has again increased dramatically in recent years and cannot be raised by the public sector alone – private investors are also needed,” said Hannes Manndorff, Managing Director of the Equity department at OeEB.
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