Transcript
The European Fund for Strategic Investments (EFSI) Europaforum Norra Sverige
Monica Peña Sastre, Policy Adviser 09.10.2015 European Investment Bank Group
1
EIB: The EU Bank
Natural financing partner for the Members States and EU institutions since 1958 Around 90% of lending is within the EU Shareholders: 28 EU Member States
Investing in Europe’s growth •
•European Investment Bank
•2
Lending priorities 2014
09/10/2015
3
European Investment Bank Group
EIB Group lending in 2014
09/10/2015
4
European Investment
EIB lending in Sweden 2010-2014
28/02/2013
European Investment Bank Group
5
Examples of EIB lending in Sweden BOLIDEN ELECTRONIC SCRAP RECYCLING • EIB loan = EUR 85 m • Borrower: Boliden AB • Project description: construction and commissioning of a new 75 000 t/yr electronic scrap processing plant, which will increase the supply of recovered metals to the existing non-ferrous metals smelter. By tripling the amount of recycled e-scrap, the project will have an overall significant positive impact on the environment.
• Location: Gulf of Bothnia, inside the premises of the existing smelter
28/02/2013
European Investment Bank Group
6
Examples of EIB lending in Sweden REGIONAL ROLLING STOCK MALAB • EIB loan = SEK 1950 million (EUR 209 million)
• Total project cost = SEK 3952 million (EUR 424 million) • Borrower: AB TRANSITIO • Project description: The project consists of the purchase of new trainsets to provide passenger services in the Stockholm-Mälaren Region. The aim of the project is to increase transport capacity and to reestablish and re-brand a new regional train service including introduction of new timetables and new tariff systems.
28/02/2013
European Investment Bank Group
7
Examples of EIB lending in Sweden FABEGE NEAR-ZERO-ENERGY BUILDINGS • EIB loan = EUR 100 m • Borrower: Fabege AB • Project description: Development of two large near-zero-energy-buildings (NZEB) office buildings. Fabege will use modern energy efficiency and renewable energy technologies. The buildings will be environmentally certified and their final energy consumption will be below 50 kilowatthours per square metre. • Location: Solna (Arenastaden)
28/02/2013
European Investment Bank Group
8
Investment Plan for Europe: context
The Investment Plan for Europe consists of three strands: 1. Improved investment environment: regulatory and structural reforms at EU and national levels for predictability, removing obstacles, aiming at a friendlier investment environment 2. Making finance reach the real economy: enhanced EIB-EC-MS cooperation on project identification (the “Project Directory”) and stepped-up technical assistance / advisory 3. Mobilising finance for investment: The EFSI, via EIB, to better address the current shortage of (higher) risk-financing in EU Aim: to mobilise at least €315 billion in investment across the EU
European Investment Bank Group
9
Mobilising new investment
EFSI
EIB Group
European Investment Bank Group
10
European Fund for Strategic Investments (EFSI)
European Investment Bank Group
11
Eligible sectors
Wide eligibility criteria - Operations consistent with Union policies that support any of the following general objectives: • research and development and innovation • develop and modernise the energy sector, renewable energy, security of energy supply and energy and resource efficiency; • development of transport infrastructure • development and deployment of information and communication technologies • environment and resource efficiency • human capital, culture and health • financial support for mid-cap companies and SMEs. EIB in charge of verifying that eligibility criteria are properly applied European Investment Bank Group
12
Eligible operations
Commercially sound
Economically and technically viable
Added value (additionality)
Investments boosting employment and growth
Bank intermediation is possible
Pricing commensurate with the risk – no subsidy element - Typically higher risk profile than normal EIB’s normal operations - Risk-absorbing products to foster the implementation of additional projects and to support the development of SMEs and MidCaps European Investment Bank Group
13
Eligible counterparts
Corporates of all sizes
Utilities
Public sector entities (but excluding direct Member State risk)
SMEs (below 250 employees) or MidCaps (below 3,000 employees)
National promotional banks or other financial institutions for intermediation
Dedicated investment platforms possible
EIB normal “know your customer” and compliance requirements European Investment Bank Group
14
EFSI Products
SOURCES OF FUNDING The Fund serves as credit protection for new EIB activities European Fund for Strategic Investments
TYPICAL PRODUCTS OFFERED •Long-term senior debt for higher risk projects
•Transport infra
•Long-term •investment funds
•Broadband infra
•Energy infra
•Innovation
•Energy Resource efficiency
•Research
•Renewable energy
•SMEs
•Education
•Subordinated loans
•Equity and quasi-equity
26/08/2015
Other investors join in on a project basis
FINAL RECIPIENTS AND TYPICAL PROJECTS
European Investment Bank Group
15
How will the EFSI operate?
26/08/2015
European Investment Bank Group
16
European Investment Advisory Hub (EIAH) Project promoters
Public authorities
Member States
Private sector
•Web content + Web portal + Help Desk team
European Investment Advisory Hub (EIAH)
www.eib.org/eiah/ EIB’s existing advisory programmes and activities
Project support (JASPERS, project preparation and implementation support) Financial instruments (ficompass, bilateral services for MAs) Access to finance (InnovFin Advisory, EPEC, NPST)
Additional advisory and technical assistance
New investment support also in areas relevant to the scope of EFSI (could be delivered by EIB advisory or operational teams) Identification of needs as they arise
European Investment Bank Group
EIAH’s partner institutions’ expertise
Network of institutions incl. EIB Group, EC, National Promotional Banks, etc. Integrated collaboration model
17
Thank you! more information: www.eib.org www.eib.org/eiah
[email protected]
Loan officer responsible for Sweden: Joakim Palmgren,
[email protected]
European Investment Bank Group
18
