Legal structure

The Municipal Infrastructure Development Fund, legally denominated ‘MIDF S.A., SICAV-SIF’, is a “société d’investissement à capital variable” governed by Luxembourg law of February 13, 2007 (as amended). MIDF was initiated by the European Bank for Reconstruction and Development (EBRD) and KfW. Three institutional investors are shareholders alongside EBRD and KfW: the German government, represented by the Federal Ministry for Economic Cooperation and Development (BMZ), and the Swiss government, represented by the State Secretariat for Economic Affairs of the Swiss Confederation (SECO) as well as MIDF’s Investment Manager, Frankfurt School for Financial Services (FSFS). 

Governance structure

Board of Directors

MIDF is managed by a Board of Directors (Directors) representing the shareholders. The shareholders of each class of shares are entitled to propose to the General Meeting of Shareholders candidates for the position of Director of the Fund.

The Board bears general responsibility for all aspects of the administration and management of the Fund. In particular, the Board is in charge of determining the business policy of the Fund and ensuring compliance with the mission statement of the Fund. The Board appoints and dismisses the Investment Manager and the members of the Investment Committee.

Investment Committee

The Investment Committee is elected by the Board. All investment and divestment proposals submitted by the Investment Manager are approved by the Investment Committee. The Investment Committee also supervises the activities of the Investment Manager and oversees the performance of the portfolio as well as compliance with the investment guidelines of the Fund.

Investment Manager

The day-to-day management of the assets and operations of MIDF is delegated to a professional Investment Manager. The Investment Manager is a consortium of Frankfurt School for Financial Services (FSFS) and Eptisa Servicios de Ingeniera S.L. (Eptisa). The Investment Manager selects the participating banks, diligently reviews the loan investments proposed by the participating banks, monitors the portfolio performance, and ensures compliance with MIDF’s relevant procurement rules and environmental procedures. The Investment Manager also manages the technical assistance (Technical Assistance).

MIDF's structure