EBRD A EBRD A EBRD: Approach to Banking EBRD: Approach to Banking h h B B ki ki Ni Nino Marshania – Ni Nino Marshania M M h h i i – Associate Banker, Associate Banker, A A i i B B k k Transport Team Transport Team First TRACECA Investment Forum First TRACECA Investment Forum Brussels, 12 October 2010 Brussels, 12 October 2010
Fi Fi Financing Scope in the Transport Sector: Financing Scope in the Transport Sector: i i S S i i th th T T t S t S t t Roads Rail Construction of highways, Railway infrastructure, operation and maintenance, freight, passenger rail, toll roads, logistics … toll roads, logistics … inter-modal transport inter modal transport, logistics… Aviation Maritime Port infrastructure (berths, Airport infrastructure breakwaters), superstructure, development, aircraft shipping, stevedoring... leasing, air cargo, air traffic control systems... i t ffi t l t
EBRD’s Financing Products: EBRD’s Financing Products: Sovereign or sovereign guaranteed loans � Loans to state owned companies with no L t t t d i ith � sovereign recourse C Commercial loans to private sector companies � Syndication, inc. through A/B loans (subject to y g ( j � market) PPP financing, debt or equity g, q y � Infrastructure Funds � Equity participation, including IPO �
Transport Sector overall portfolio: Transport Sector overall portfolio: By Region Russia – 24% South East Europe – 26% 30 projects 42 projects EE & Caucasus– 16% Central Asia – 8% 41 projects 17 projects p ojects Regional – 2% 3 projects Central Europe – 24% 50 projects Net Cumulative Business Volume of €7.6bn - 183 projects As at 30 August 2010
Transport Sector portfolio in Transport Sector portfolio in Transport Sector portfolio in Transport Sector portfolio in TRACECA countries: TRACECA countries: Projects Financed 67 � Total Project Value €8.8bn � EBRD Financing €2.3bn � By Country (number of projects) By Sector Kazakhstan 8 (€448m) Maritime Georgia Rail Romania 9% 30% 6 (€175m) 9 (€485m) Azerbaijan Aviation Ukraine 6 (€141m) 6 (€141m) Road 10% 19 (€706m) 52% As at 30 August 2010
EBRD’s Principles: EBRD’s Principles: � Sound banking: project has to be both financially and economically viable � EBRD Mandate / Transition Impact: promoting � EBRD Mandate / Transition Impact: promoting open, transparent and competitive environment � Specific requirements: EBRD Environmental and Social Policy Procurement Policy and and Social Policy, Procurement Policy and Integrity and Money Laundering Policy.
Key challenges: Key challenges: � Sovereign debt capacity � Limited private sector involvement to date � PPP development PPP development � Limited or untested concessions legislation � Promoting open, transparent, competitive tenders � Enabling commercial lenders and building confidence � Enabling commercial lenders and building confidence � Environmental legislation
EBRD: approach to risk mitigation EBRD: approach to risk mitigation Robust risk identification system � Structure based on project cash flows � Use of operational and financial covenants; Use of operational and financial covenants; � � IFRS reporting Commercial principles in project structuring � Close monitoring Close monitoring � � Policy dialogue with authorities �
EBRD Contact Details EBRD Contact Details EBRD Contact Details EBRD Contact Details Sue Barrett Director Transport Team Transport Team Tel: + 44 20 7338 7379 E-mail: barretts@ebrd.com Lin O’Grad Lin O’Grady Senior Banker Transport Team Tel: + 44 20 7338 6330 Tel: + 44 20 7338 6330 E-mail: ogradyl@ebrd.com Nino Marshania Associate Banker Transport Team Tel: + 44 20 7338 6000 E E-mail: marshann@ebrd.com il h @ b d
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