4/30/10 1 European Investment Bank

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  • These are the 6 priority objectives of the 2007-2009 Corporate Objective Plan (COP) which is the Bank’s rolling business plan
  • Project assessment may include detailed impact assessment outside Europe
  • EIB (62%) European Commission (30%) Other European financial institutions (8%) Further information can be found on the general presentation of the Fund
  • 4/30/10 1 European Investment Bank

    1. 1. EUROPEAN INVESTMENT BANK Financing Investments and Growth in Difficult Times
    2. 2. Breakdown of the EIB’s capital
    3. 3. The European Investment Bank (EIB) Long-term Finance Promoting European Objectives <ul><li>European Union’s long-term lending bank set up in 1958 by the Treaty of Rome. </li></ul><ul><li>Shareholders: 27 EU Member States </li></ul><ul><li>Governance </li></ul><ul><ul><li>Board of Governors – EU Finance Ministers </li></ul></ul><ul><ul><li>Board of Directors - Member States & European Commission </li></ul></ul><ul><ul><li>Management Committee – EIB’s executive body </li></ul></ul><ul><ul><li>Audit Committee – independent, non-resident </li></ul></ul><ul><li>Subsidiary: EIF (European Investment Fund) </li></ul>
    4. 4. The European Investment Bank (EIB) European Priority Objectives <ul><li>Within the Union: </li></ul><ul><ul><li>Cohesion and convergence </li></ul></ul><ul><ul><li>Small and medium enterprises (SMEs) </li></ul></ul><ul><ul><li>Environmental sustainability </li></ul></ul><ul><ul><li>Innovation 2010 Initiative (i2i) </li></ul></ul><ul><ul><li>Trans-European Networks (TENs) </li></ul></ul><ul><ul><li>Sustainable, competitive and secure energy </li></ul></ul>
    5. 5. The European Investment Bank (EIB) European Priority Objectives <ul><li>Outside the Union: </li></ul><ul><ul><li>Private sector development </li></ul></ul><ul><ul><li>Infrastructure development </li></ul></ul><ul><ul><li>Security of energy supply </li></ul></ul><ul><ul><li>Environmental sustainability </li></ul></ul><ul><ul><li>Support for EU presence in Asia and Latin America via Foreign Direct Investment (FDI) </li></ul></ul>
    6. 6. EIB Capital Increases and Outstanding Loans
    7. 7. Value Added <ul><li>Value-Added of the Bank’s lending activities: </li></ul><ul><ul><li>Support for EU priority objectives </li></ul></ul><ul><ul><li>Project quality and soundness </li></ul></ul><ul><ul><li>Financial benefits of EIB funds </li></ul></ul><ul><ul><li>Technical assistance </li></ul></ul><ul><ul><li>Project assessment </li></ul></ul>
    8. 8. The European Investment Fund (EIF) Venture capital & SME guarantees <ul><li>Established in 1994 </li></ul><ul><li>Owned by: </li></ul><ul><ul><li>EIB </li></ul></ul><ul><ul><li>European Commission </li></ul></ul><ul><ul><li>Other European financial institutions </li></ul></ul><ul><li>Resources: </li></ul><ul><ul><li>Own funds – subscribed capital </li></ul></ul><ul><ul><li>EU programmes </li></ul></ul><ul><ul><li>Trust operations (EIB, German Government) </li></ul></ul><ul><li>2007 figures (signatures): </li></ul><ul><ul><li>Venture capital funds: EUR 521m </li></ul></ul><ul><ul><li>Guarantee operations: EUR 1397m </li></ul></ul>
    9. 9. EIB Group Response to Financial Crisis Fast Track Measures subject to approval of EIB shareholders Non-financial Measures
    10. 10. EIB Group Response to Financial Crisis <ul><li>Additional annual EIB lending: € 15 bn </li></ul><ul><li>Focus on the following priority sectors </li></ul><ul><li>SME and Mid-Caps </li></ul><ul><li>Energy, Climate Change and Infrastructure </li></ul><ul><li>Convergence Lending </li></ul>
    11. 11. SME and Mid-Caps <ul><li>EIB: </li></ul><ul><li>Increase by 50% </li></ul><ul><li>Additional € 2,5 bn p.a. in 2008/2009 </li></ul><ul><li>Total lending up to € 30 bn for 2008-2011 </li></ul><ul><li>New Mid-Cap Facility of € 1 bn p.a. </li></ul><ul><li>EIF: </li></ul><ul><li>Additional € 1 bn mezzanine mandate </li></ul>
    12. 12. Energy, Climate Change and Infrastructure <ul><li>Energy, Climate Change </li></ul><ul><li>(i) energy efficiency, renewables </li></ul><ul><li>(ii) environmental improvement, fossil fuels, CCS </li></ul><ul><li>(iii) Clean Transport Facility </li></ul><ul><li>Infrastructure </li></ul><ul><li>(iv) TENs and related infrastructure </li></ul>€ 2,3 bn € 2,3 bn € 2 bn € 2,4 bn _______ € 9 bn p.a.
    13. 13. Convergence Lending <ul><li>Increase of further € 2,5 bn p.a. </li></ul><ul><li>Focus on EU-12 </li></ul><ul><li>Forecast 2008: € 17 bn </li></ul>
    14. 14. Disbursement data and forecast EU + Pre-Accession Countries
    15. 15. EIB activities in the Western Balkans <ul><li>(excluding Croatia) </li></ul>
    16. 16. EIB Activities in Candidate Countries Croatia / Turkey / FYROM Forecast signatures 2008: € 3,5 bn
    17. 17. Non-financial measures <ul><li>Make (infrastructure-) projects happen </li></ul><ul><li>Technical Assistance </li></ul><ul><li>JASPERS </li></ul><ul><li>JEREMIE </li></ul><ul><li>JESSICA </li></ul><ul><li>JASMINE </li></ul>1. 2. 3.
    18. 18. Make projects happen <ul><li>if needed: restructuring with stronger public part in all cooperations between public & private sector </li></ul><ul><li>if needed: take a higher share in consortia </li></ul><ul><li>if needed: move out of pari-passu to exclusively long term financing </li></ul><ul><li>if needed: (as far as possible) take more risk </li></ul>
    19. 19. Technical Assistance <ul><li>Increase of Technical Assistance </li></ul><ul><li>- project preparation </li></ul><ul><li>- project standardisation </li></ul><ul><li>- project launching (tendering, …) </li></ul><ul><li>- project implementation </li></ul><ul><li>- project monitoring and reporting </li></ul><ul><li>EPEC </li></ul><ul><li>European PPP Expertise Centre </li></ul><ul><li>Western Balkans Investment Framework </li></ul><ul><li>Initiative of the European Commission, EIB together with EBRD and CEB </li></ul>
    20. 20. What is JASPERS? <ul><ul><li>‘ J oint A ssistance to S upport P rojects in E uropean R egion s’ </li></ul></ul><ul><ul><li>Objective: increasing the capacity of the beneficiary countries to make the best use of EU Structural Grant funding </li></ul></ul><ul><ul><li>A technical assistance partnership to prepare major projects between DG REGIO-funded (32 professionals + 10 support staff), EIB (16 professionals), EBRD (5-8 professionals) and KfW (2 professionals) </li></ul></ul><ul><ul><li>Value added: draws on past experience and expertise of the EIB and the EBRD </li></ul></ul><ul><ul><li>JASPERS is managed within the EIB but separated from its lending activities </li></ul></ul>
    21. 21. EU Structural/Regional Funds <ul><li>Focus on 12 ‘new’ Member States </li></ul><ul><li>Main Priorities: - Large projects in transport and environment sectors eligible for Cohesion Fund and ERDF </li></ul><ul><li>- Transport and other sectors € 50 M > capital cost </li></ul><ul><li>- Environment € 25 M > capital cost </li></ul><ul><li>Programming period 2007-13 </li></ul><ul><li>Cohesion instruments: €350bn EU grants </li></ul>
    22. 22. <ul><li>JEREMIE stands for “Joint European Resources for Small and Medium-sized Enterprises </li></ul><ul><li>Initiative which was developed by the European Commission and EIF </li></ul><ul><li>EU Member States implement the JEREMIE initiative by establishing a Holding Fund funded through their Structural Funds. The Holding Fund can be managed either by the EIF or by other financial institutions </li></ul>What is JEREMIE? 2/15 National/ Regional Evaluation completed National/ Regional Evaluation under way No request
    23. 23. Need to move away from “grant dependency” <ul><li>Enhance Financial Engineering and SME Access to Finance within Cohesion Policy: Lisbon Strategy </li></ul><ul><li>Simplified procedures, though the Holding Fund system </li></ul><ul><li>… and revolving nature </li></ul><ul><li>Delegation to a neutral expert of selection of intermediaries, monitoring, reporting to Commission </li></ul><ul><li>Flexibility in the selection of instruments through holding fund concept: long term approach (2008-2015) </li></ul><ul><li>Leverage possibilities with other financial institutions, notably EIB </li></ul><ul><li>JEREMIE is a service provided to Member States (if option) </li></ul><ul><li>EIF invests in the name and on behalf of Member States/Regions </li></ul>Why JEREMIE? Joint European Resources for Micro to Medium Enterprises 2/15
    24. 24. WHAT IS JESSICA? <ul><li>Joint European Support for Sustainable Investment in City Areas </li></ul><ul><li>Initiative of the European Commission (DG REGIO) launched at end of 2005, and supported by EIB, to strengthen the urban dimension in cohesion policy </li></ul><ul><li>Partnership with CEB (Council of Europe Development Bank </li></ul><ul><li>Applying “financial engineering” techniques to EU Structural Funds </li></ul>
    25. 25. WHY JESSICA? <ul><li>To make Structural Fund support more efficient and effective by using “non-grant” financial instruments, thus creating stronger incentives for successful project implementation. </li></ul><ul><li>To mobilise additional financial resources and expertise for PPPs and other urban development projects with a focus on sustainability/recyclability. </li></ul><ul><li>To utilise financial and managerial expertise from international financial institutions such as EIB. </li></ul>
    26. 26. JASMINE <ul><li>JASMINE stands for “Joint Action to support microfinance institutions in Europe” </li></ul><ul><li>Pilot initiative which has been developed by the European Commission (EC), the European Investment Bank (EIB) and the European Investment Fund (EIF). </li></ul><ul><li>To provide effective support for the promotion of microcredit in the European Union, the </li></ul><ul><li>With a total budget of EUR 50m, JASMINE is financed by the EIB and potential partner banks, with the additional financial support from the European Commission. </li></ul><ul><li>JASMINE is managed by the EIF who will provide MFIs with sources of funding such as loans or equity,as well as technical assistance. </li></ul>
    27. 27. For more information … http:// www.eib.org /

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