March, 2002.doc


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March, 2002.doc

  1. 1. Directory of Financial Sources For Environmental Activities In Romania March, 2002
  2. 2. Introduction: This Directory of Financial Sources was prepared by Environmental Resources Management and the Regional Environmental Center with support and funding from the Institute of International Education, in connection with the Institute’s administration of USAID’s EcoLinks Partnership Grants Program. The information below is meant to guide project sponsors in searching for appropriate financing sources for projects. The list of sources, which includes both equity investment sources and sources of loans, has been selected to include financial sources specializing in the country as well as regional sources. The list is not exhaustive, and it has been focused on the types of projects that are or could be addressed by the EcoLinks program. At a basic level, the World Bank only lends money to governments. Also, its projects are usually large. Therefore, it is not practical for a project sponsor to apply to the World Bank for funding unless the project is part of a larger investment being undertaken by a ministry or government source. Both the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) will provide equity or loan financing directly to non- governmental, private enterprises. Their rates tend to be similar to commercial lenders, and they usually address projects of US$ 3 to 5 million or more. Both the EBRD and the IFC invest in intermediaries in the region to make funds available for smaller projects—many of the EBRD intermediaries are listed below. For information regarding IFC intermediaries, contact the IFC local office. Other sources listed below might be suitable for specific projects and sponsors. World Bank Office Mr. Dan Petrescu Boulevard Dacia 83, Sector 2 Bucharest Telephone: (40-1) 210-18-04 Facsimile: (40-1) 210-20-21 E-mail: Internet: IFC Office c/o World Bank Boulevard Dacia 83, Sector 2 Bucharest Telephone: (40-1) 211-28-66 Facsimile: (40-1) 211-31-41 EBRD Office 8 Orlando Street Sector 1 Bucharest Romania Tel: +40 1 202 7100 Fax: 40 1 202 7110 Country Director: Salvatore Candido
  3. 3. Small and medium – sized loans Alpha Bank Romania The EBRD has an equity participation in Alpha Bank Romania SA, (formerly Bank of Bucharest), which focuses on corporate and retail banking services. Also, through its subsidiary companies (Alpha Finance, Alpha Leasing), the bank offers brokerage services, investment banking, advisory services and leasing services. The Danube Fund is also part of the Alpha Group. Alpha Bank Romania SA 62 Unirii Bld., Bl.K5 Sector 3 Bucharest, Romania Contacts: Mr Radu Gratian Ghetea, First Vice President Mr Ioannis Kougionas, Manager, Loans Division Tel: +40 1 320 9619/9616 Fax: +40 1 320 9614 Email:; Web site: Banca Transilvania TThe EBRD has provided Banca Transilvania with a credit line for on-lending to SMEs. As part of the EU/EBRD SME Facility, it is providing technical cooperation to introduce SME lending practices. Banca Transilvania has its headquarters in Cluj-Napoca and has a nationwide network. Banca Transilvania B-dul Eroilor 36 3400 Cluj-Napoca, Romania Contacts: Mrs Gabriela Blaj, Project Coordinator Mrs Maria Crisan, Head of Loans Department Tel: +40 64 198 833/196 052 Fax: +40 64 198 832 Email: Web site: Commercial Bank Ion Tiriac SA Commercial Bank Ion Tiriac SA Bucharest Financial Plaza Calea Victoriei 15, Entrance E, Sector 3 70411 Bucharest, Romania Contact: Mr Anthony van der Heijden President Tel: +40 1 3032 602 Fax: +40 1 3032 611 Web site: Contact: Mr Parvu Catalin Vice President Tel: +40 1 303 2605 Fax: +40 1 303 2611 Web site:
  4. 4. Romanian Bank for Development Groupe Société Générale The EBRD has an equity participation in and has signed a bank-to-bank loan with the Romanian Bank for Development Groupe Société Générale. This bank offers medium to long-term foreign currency finance for investment projects, principally in the private sector but also for commercially managed state-owned companies meeting specific eligibility criteria. The maximum loan size is US$ 5 million. There is no minimum loan size. Romanian Bank for Development Groupe Société Générale 4 Doamnei Street, Sector 3 70016 Bucharest, Romania Contacts: Mr Gabriel Apostol, EBRD Credit Line Advisor Mrs Agafia Tudosie, Head of Corporate Loans Department Tel: +40 1 315 7687 Fax: +40 1 310 3138 Email: Web site: Black Sea Trade and Development Bank The BSTDB provides loans, equity, and guarantees for public, private-sector, and non-profit entities. Black Sea Trade and Development Bank 1, Komninon Str., 54624, Thessaloniki, Greece tel: +30 31 290 400 fax:+30 31 221 796 e/m Citibank Romania S.A. Address: 8 Iancu de Hunedoara Blvd., Sector 1, Bucharest Tel: 40-1-210-1850 Fax: 40-1-210-0465 Contact: Doru Lionachescu, Vice President Criteria for borrower Must operate in one of the bank’s target market sectors, primarily eligibility infrastructure related (telecommunications, metals & mining, transportation, oil & gas, chemicals, etc). Types of projects financedInvestments with environmental protection components (pollution control equipment, filters, etc). Maximum/minimum loan Depends on the project, but amounts below US$ 1 M are more appropriate amount for smaller banks. Maximum percentage of 100% for convincing projects supported by impeccable business plans. investment financed Maximum term of loan Typically, one year, but could be extended to 3 years and for exceptional (years) projects up to maximum 5 years.
  5. 5. CEC (Romanian Savings Bank) Address: 13, Calea Victoriei, Sector 3, Bucuresti Tel: 40-1- 311-1119 Fax: 40-1- 312-5425 Criteria for borrowers eligibility SME with maximum 250 staff. Types of projects funded Investments for production and equipment for pollution reduction. Maximum/minimum loan amount Minimum: varies per borrower Maximum: 200.000 Euro or the equivalent. Maximum percent of investment 85% financed Minimum co-financing required 15%, in ROL or in kind. from borrower Maximum term of loan (years) 6 years. Banca Comerciala Carpatica S.A Address: 42 Blvd. Mihai Viteazu, Sibiu Tel: 40-69-232-881 Fax: 40-69-233-371 Contact: Cristina Motea, Marketing Department Criteria for borrower eligibility Borrower must: - have a current account with BC Carpatica SA – meet creditworthiness indicators required by the bank – have a viable business plan. Types of projects funded Investments, procurement of raw material, equipment, appliances, environment protection, etc. Maximum percent of investment 75%. financed Minimum co-financing required 25%. from borrower Maximum term of loan (years) 3 years. DemirBANK (Romania) S.A. Address: 16 Splaiul Unirii, Bucuresti Tel: 40-1-330-2900 Fax: 40-1-330-3077 Contact: Antoaneta Curteanu, Main Branch Manager Criteria for borrower eligibility - borrower’s activities must be profitable - borrower’s activities must exclude anything related to guns, alcohol, tobacco or gambling - the borrower's activities must observe both Romanian and international legislation, environmental protection regulations included - the bank will finance no more than 30% of the value of the borrower’s asset. Types of projects funded Projects in industry and trade. Minimum co-financing required Average of 25% of project value. from borrower
  6. 6. “Izvor” Credit Cooperative Address: 2 Tineretului, Tirgu-Mures, 4300 Tel: 40-65-162-213 Fax: 40-65-162-213 Contact: Cristian Ciula, Director, Loans Department Criteria for borrower eligibility Small and micro (<50 staff) enterprises in the Mures and Bistrita judets. Types of projects funded Small scale investments. Outside sources of funding Romanian-American Enterprise Fund (plus own resources). Maximum/minimum loan amount US$ 200 – 10,000 (in ROL). per borrower Maximum percent of investment 70%. financed Maximum term of loan 12-15 months. Banca Comerciala ROBANK S.A. Address: 59 Blvd. Unirii, Sector 3, Bucuresti Tel: 40-1- 322-5700 Fax: 40-1- 322-6885 / 6875 Contact: Dorin Preda, Loans Department Criteria for borrower eligibility - must be a client of the bank - could be involved in any kind of economic sector, except agriculture - must have turnover and real profitability. Types of projects funded Investment in production. Outside sources of funding Kreditanstalt fur Wiederaufbau (KfW), plus own funds. Maximum/minimum loan amount Maximum: per borrower - Own funds: US$ 2 M - KfW funds: DEM 1 M Maximum percent of investment 80%. financed Minimum co-financing required 20%. from borrower Maximum term of loan (years) 3 years; one year grace period.
  7. 7. Bank for Credit and Development “ROMEXTERRA” S.A Address: 21 Piata Trandafirilor, Tirgu-Mures Tel: 40-65-166-640 Fax: 40-65-166-047 Contact: Department for Loans and Resources Criteria for borrowers eligibility Borrower must - be making a profit - have high performance indicators - submit a viable proposal backed by a serious feasibility study Types of projects funded Investments for production. Maximum/minimum loan amount Maximum 30 M ROL/20% of bank’s own funds. per borrower Maximum percent of investment 80%. financed Minimum co-financing required 20%. from borrower Maximum term of loan (years) 5 years. Banca Comerciala West Bank S.A Address: 88 Blvd. Revolutiei, Arad Tel: 40-57-284-888 Fax: 40-57-285-335 Contact: Alexandru Cristea, Head of Loans Department Criteria for borrowers Borrower must demonstrate:- consistent financial performance - good debt service - no banking interdiction. Types of projects funded Investments for production, etc. Outside sources of funding Ministry of Agriculture and Food. Maximum/minimum loan amount Maximum: US$ 1 M. per borrower Maximum percent of investment 70%. financed Minimum co-financing required 30%. from borrower Maximum term of loan (years) 1 year.
  8. 8. Banca Turco-Romana S.A. (BTR) Address: 16 Ion Câmpineanu, Bucuresti Tel: 40-1-314-0040; 310-1525 Fax: 40-1-311-1732; 315-1783 Contact: Sorina Aioanei, Director, Financial Institutions Department Criteria for borrower eligibility - BTR clients - turnover and business through BTR - medium and large size customers. Types of projects funded All kind of projects as long as they meet BTR lending policy. Maximum/minimum loan amount Minimum: ROL 5 M per borrower Maximum: US$ 16 M. Maximum percent of investment 80%. financed Minimum co-financing required 20%. from borrower Maximum term of loan (years) 2 years. Equity Financing Romanian Post-Privatisation Fund (RPPF) The objective of the RPPF is to invest in private companies or companies that are to be privatised mainly through subscribing to the company's equity capital or "quasi-capital", supporting its development process, economic expansion and obtaining a return on investment that compensates for the risks undertaken. The €44 million fund invests in Romanian companies with good growth and profit potential. The investments may be to back Romanian entrepreneurs or Romanian companies supported by strategic foreign partners contributing technology, markets and financing, or a combination of both. The participation of the RPPF can range between €0.3 million and €4.4 million. It is for a limited period and normally will represent a minority position within the company. GED Capital Development 42A Frumoasa Street Bucharest, Sector 1, Romania Contact: Mr Robert Luke, Managing Director Tel: +3491 702 2255 Fax: +3491 702 1764 Email:
  9. 9. ORESA Ventures Romania Address: 24 Popa Savu, Bucuresti Tel: 40-1-223-4245 Fax: 40-1-222-1807 Contact: Cornel Marian, Senior Investment Officer Typical size of project > US$ 1 M. Distribution of portfolio (loan, equity) Equity. Criteria for applicant eligibility (ownership, size) - private company; - medium size; - competitive management; - growth potential. Minimum amount provided per project US$ 1 M. Maximum amount of financing provided per US$ 5 M. project Target holding rate 4-6 years. Romanian - American Enterprise Fund Address: 2 Turgheniev, Timisoara Tel: 40-56-192-372 Fax: 40-56-293-520 Contact: Horst Martin, Director Source of funding for capitalization US government and private institutional investors. Typical size of project US$ 100,000 - 10 M. Distribution of portfolio (loan, equity) 100% equity and equity-linked. Criteria for applicant eligibility (ownership, size) - financially viable, growth companies; - private for-profit companies only. If equity investment, are there any requirements Yes, proportional representation reflecting fund that the fund be represented in the board of the stakeholding. company in which the investment is made? Maximum percentage of fund participation in an No limits. investment Maximum amount of financing provided per US$ 20 M. project Minimum amount provided per project US$ 100,000. Minimum co-payment required from applicant No limit. in order to receive financing Target holding rate 3-5 years.
  10. 10. General Regional Funds AIG New Europe Fund This fund makes direct or indirect equity and quasi-equity investments to fund investment programmes, capital expenditure or working capital requirements of companies operating primarily in the Czech Republic, Hungary, Poland and Romania (the primary region) and Bulgaria, Croatia, FYR Macedonia, Moldova, the Slovak Repubic, Slovenia and Ukraine (the secondary region) to achieve long-term capital growth. The Fund will usually hold more than 15 per cent of shares of a portfolio company, acquiring primary issues, typically in unquoted companies, but may acquire secondary shares, if this involves privatisation or strengthening of the Fund's position in a company. The preferred investment size is between US$ 10 million and US$ 30 million. AIG-CET Capital Management (Poland) Sp. z o.o. Ul. Chopina 5A, Flat 20 00-559 Warsaw, Poland Contact: Mr Pierre F Mellinger, Chief Executive Officer Tel: +48 22 583 7000 Fax: +48 22 583 6969 Email: Advent Central & Eastern Europe I & II These funds provide finance and management assistance to companies in the private sector. The investment range is US$ 5 million to US$ 20 million. The funds finance projects in Croatia, the Czech Republic, Hungary, Poland, Romania and the Slovak Republic. ACEE I is now fully-invested, investing is now only from ACEE II. Advent International plc 158 Buckingham Palace Road London SW1W 9TR, UK Contact: Mrs Joanna James Managing Director Tel: +44 20 7333 5537 Fax: +44 20 7730 4119 E-mail: Web site: Argus Capital Partners This is a US$ 172 million private equity fund, sponsored by Prudential Insurance of America, targeting the advanced countries of central and eastern Europe. The average investment size ranges from US$ 8 million to US$ 15 million with no sector specialisation. The Fund has offices in Prague, Budapest and Warsaw and will consider deals outside its priority target countries (Czech Republic, Hungary, Poland and Slovenia). Argus Capital 4th Floor Culters Court 115 Houndsditch London, EC3A 7BU, United Kingdom Contact: Mr Ali Artunkal, Managing Director Tel: +44 20 7398 2001 Fax: +44 20 7398 2003 Email:
  11. 11. Capital Partners ul. Emilii Plater 00-688 Warsaw, Poland Contact: Mr Pawel Scott, Investment Director Tel: +48 22 630 3031 Fax: +48 22 630 3033 Argus Capital Partners Skretova 12 120 00 Prague 2, Czech Republic Contact: Mr George Collins, Investment Director Tel: +42 02 2142 4214 Fax: +42 02 2142 4210 Argus Capital Partners Istenhegyi ut 40-a 1126 Budapest, Hungary Contact: Mr Robert Hejja, Investment Director Tel: + 361 391 0231 Fax: +361 391 0234 Black Sea Fund The Fund invests primarily in medium-sized enterprises in the Black Sea Region, notably in Bulgaria and Romania. Other countries included in the Fund's geographic scope are Ukraine, Russia, Armenia, Azerbaijan, Georgia, Moldova and FYR Macedonia. The fund can also invest up to US$ 10 million in central Europe: Poland, Hungary and the Czech Republic. Typical investments range from US$ 3 million to US$ 9 million. Global Finance International Bd. Aviatorilor nr. 60-62, Apt.1, Sector 1 70401 Bucharest, Romania Contact: Mr Ladislaou Randjak, Country Manager Tel: +40 1 231 7571/7573 Fax: +40 1 231 7571/7573 Email: Global Finance International 39 Vitosha Blvd, 1st Floor 1000 Sofia, Bulgaria Contact: Mr Mirolub Voutov, General Manager Tel: +359 2 980 2061/8246/1619 Fax: +359 2 980 8245 Email: Global Finance S.A. 14 Filikis Eterias Square 106 73 Athens, Greece Contact: Mr Theodore Kiakidis, Investment Director Tel: +30 1 720 8900 Fax: +30 1 729 2643 Email: Web site:
  12. 12. Dexia-FondElec Energy Efficiency and Emissions Reduction Fund The EBRD, in conjuction with Dexia Project & Public Finance International Bank and FondElec Group Inc, has originated and sponsored a closed-end equity fund which makes private sector investments in energy efficiency and emissions-reducing projects in the EBRD's countries of operations. The fund aims to raise €150 million and invest in projects such as district heating, public lighting and industry. The EBRD and Dexia have each initially invested €20 million in the fund. FondElec Group Inc. Stamford Harbor Park, 333 Ludlow Street Stamford, Connecticut 06902, United States of America Contact: Mr George Sorenson, President Tel: +1 203 326 4570 Fax: +1 203 326 4578 Email: Contact: Mr William Dinielli, Chief Financial Officer Tel: +1 203 326 4570 Email: Danube Fund Ltd This fund, which is sponsored by the Alpha Group of Greece, makes direct equity investments in private companies, or companies under going privatisation. At least two thirds of the Fund must be allocated to projects in Romania. The rest will be considered on an ad-hoc basis for projects in Albania, Bulgaria and FYR Macedonia. Investment size ranges from US$ 0.5 million to US$ 2 million. The Fund will take minority, but significant positions with involvement, at a strategic board of directors level. The Fund is not involved in daily management. Danube Fund Ltd. 8 Merlin Street 100671 Athens Greece Contact: Mr. D. Damianos Managing Director & General Manager Tel: +30 1 362 7710 fax: +30 1 361 9532 email: Danube Fund Ltd. Street Pitar Mos 25, Apt. 19, 5th Floor Bucharest, Romania Contacts: Mr. Servan Ionescu Investment Officer or Mr. Alex Mnohoghitnei Investment Officer Tel: +401 210 8467 fax: +401 210 8467 email:
  13. 13. EIF Central & Eastern European Power Fund The EBRD is lead investor in the EIF Central & Eastern European Power Fund with targeted capital of US$ 250 million. The investment strategy focuses on small and medium-sized investments (up to 350 MWe for generation, although it may consider larger assets in certain circumstances) in private power and heat generation, distribution and transmission projects. The minimum investment size is US$5 million for power generation and distribution assets, with smaller investments considered on exception. The Fund may also invest in development companies established to pursue projects that qualify under the investment criteria. The minimum investment in such companies is US$ 500,000. EIF is the leading fund manager focused exclusively on power and energy projects in both the United States of America and in several emerging markets. EIF UK Management Ltd Duke's Court, 32-36 Duke Street St James's London, SW1Y 6DF, United Kingdom Contact: Mr Thomas Murley, Managing Director Tel: +44 20 7766 7162 Fax: +44 20 7766 7177 Email: Contact: Mr Ludomir Serafin, Senior Investment Officer Tel: +44 20 7766 7163 Fax: +44 20 7766 7177 Email: Emerging Europe Capital Investors, LDC Emerging Europe Capital Investors, LDC is an investment fund that will acquire equity and equity- related securities of companies operating in countries that are expected to join the EU. The Fund's objective is to achieve substantial long-term capital appreciation through the purchase and active management of such investments. The investment size range is typically US$ 10 million to US$ 20 million. The fund is managed by European Direct Capital Management (EDCM), a joint venture between State Street Corporation, a bank holding company listed on the New York Stock Exchange, and EEAM Limited, an investment firm of the management team. EDCM co. Regus Bank Center (Citibank Tower) Szabadsag ter 7 1054 Budapest, Hungary Contact: Mr Tamas Lederer, Regional Manager Tel: +36 1 474 8146 Fax: +36 1 474 8181 EDCM co. Regus Ul. Prusa 2, 00-493 Warsaw, Poland Contact: Mr Przemyslaw Bielicki, Regional Manager Tel: +48 22 657 0457 Fax: +48 22 657 0247 European Direct Capital Management Zitná 6/8 120 00 Prague 2, Czech Republic Contacts: Mr Nigel P Williams, Chief Executive; Mr Roman Babka, Regional Manager Tel: +420 2 2499 3200 Fax: +420 2 2499 3201
  14. 14. Environmental Investment Partners This fund invests in profit-making environmental businesses in central and eastern Europe. The Fund invests between US$ 0.5 million and US$ 5 million in the equity capital of environmental companies. The fund is a passive financial investor and thus usually takes a share ownership of between 5 to 45 per cent of a company. PP Investments Ul. Piaskowa 12c 05510 Konstancin-Chylice, Poland Contact: Mr Adam Pool, Chief Investment Officer Tel: +48 22 756 3232 Fax: +48 22 756 4919 Email: Web site: Innova/98 L.P. Innova/98 L.P. is a US$ 125 million private equity fund managed by Innova Capital. The Fund targets emerging Europe and primarily focuses on Poland, Romania, Hungary and the Czech Republic. The fund also pursues investment in smaller or less developed markets in targeted sectors. The targeted investment range is between US$ 3 million and US$ 12 million. Innova Capital c/o Innova Capital Sp zoo Aurum Building, ul. Walicow 11 00-865 Warsaw, Poland Contacts: Mr Robert L Conn, Managing Partner; Mr Steven J Buckley, Managing Partner Tel: +48 22 583 9400 Fax: +48 22 583 9420 Email:; Web site: New Europe East Investment Fund (NEE) The EBRD, together with The Capital Group and other private institutional investors, sponsor the NEE, which invests in securities of companies located in central and eastern Europe. The Fund seeks to invest in new and exisiting companies and in listed securities. NEE will take no more than 15 per cent of the equity in any enterprise and no individual investment in a single enterprise may exceed US$ 40 million. Typical investments range from US$ 5 million to US$ 15 million. Enterprises with strong western partners and high performing local management are preferred candidates for NEE investments. Contact: Mr. Bill Parker, Representative Capital International Ltd. 25 Bedford Street London WC2E 9HN United Kingdom
  15. 15. Technologieholding Central and Eastern European Fund N.V. This fund considers equity investments in small to medium-sized information and communications technology and industrial electronic companies primarily in the Czech Republic, Hungary and Poland, and to a lesser extent in other EBRD countries of operations. The preferred investment size is US$ 1 million to US$ 5 million. However, smaller or larger investments are considered on a case-by-case basis. 3TS Venture Partners AG Andrassy ut. 11 Budapest, Hungary Tel: +36 1 411 2310 Fax: +36 1 411 2319 3TS Venture Partners AG Vaclavske 12 12000 Prague 2, Czech Republic Contact: Mr Michael White, Managing Director Tel: +420 2 2146 0137 Fax: +420 2 2146 0137 Mobile: +49 172 8989 303 Email: 3TS Venture Partners AG Warsaw Sheraton Plaza, ul. Prusa 2 00-493 Warsaw, Poland TPG Co-Investment Fund TPG Co-Investment Fund is a US$ 187.5 million private equity facility managed by the US-based Texas Pacific Group (TPG). The facility covers all of the EBRD's countries of operations, but will focus on the CIS. The Fund concentrates on industries undergoing structural change and therefore primarily invests in the media, telecoms, IT and utilities sectors. TPG Aurora 14-1 Tverskoy Boulevard 103009 Moscow, Russia Contact: Mr Max Scherbakov, Managing Director Tel: +7 095 797 5737 Fax: +7 095 797 5736 Email: Aqua International Partners Fund Equity investments in operating and special purpose companies involved in the treatment, bulk supply and distribution of water in emerging market countries. Associated with the U.S. Overseas Private Investment Corporation. Contact Mr. John Sylvia Texas Pacific Group 345 California Street, Suite 3300 San Francisco, CA 94104 tel: +1 415-743-1570 fax: +1 415-743-1504
  16. 16. Bancroft Eastern Europe Fund Equity investments in distribution networks, basic manufacturing, consumer goods and related service networks. Associated with the U.S. Overseas Private Investment Corporation. Contact: Mr. Fred Martin President Bancroft Group 7/11 Kensington High Street London W8 5NP United Kingdom tel: +44 20 7368 3347 fax: + 44 20 7368 3348 Global Environment Emerging Markets Fund II Equity investments in environment-oriented sectors relating to the developing financing, operating or supplying of infrastructure relating to clean energy and water. Associated with the U.S. Overseas Private Investment Corporation. GEF Management Corporation Contact: H. Jeff Leonard 1225 I (Eye) Street, NW Suite 900 Washington, D.C. 2005 tel: +1 202 789 4500 fax: +1 202 789 4508 Southeast Europe Fund Equity investment in companies from Albania, Bulgaria, Bosnia and Herzegovina, Croatia, FYR of Macedonia, Montenegro, Romania, Slovenia, and Turkey. Associated with the U.S. Overseas Private Investment Corporation. Contact: Mr. Philippe Rombault 45 Oborishte St. P.O. Box 147 1504 Sofia Bulgaria tel: +359 2 943 44 17