Investment Plan for Europe European Fund for Strategic Investments (EFSI) operational implementation and takeaways for Romania ‘EFSI in South West Romania’ Craiova, 10/03/2017 1
Investment gap in the EU Real gross fixed capital formation (GFCF) in EU28 in 2015 prices, € bn 3400 3,199 3200 3,116 3,019 3,017 3000 3,027 2,918 2,868 forecast 2,845 2800 2,731 2,683 2,747 2,756 2,706 2,708 2,687 2,674 2,668 2,663 2600 2,650 2,533 2400 GFCF historical norm (range 21-22% of GDP) Baseline/forecast 2200 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2
Investment gap in the EU EIB publication « Investment and Investment Finance in Europe 2016 », 17 November 2016 http://www.eib.org/infocentre/publications/all/investment-and-investment-finance-in-europe-2016.htm Notes: “ Core ” includes Austria, Belgium, Germany, Denmark, Finland, France, Luxembourg, the Netherlands, Sweden and the UK; “ Vulnerable Member States - VMS ” includes Cyprus, Greece, Spain, Ireland, Italy, Slovenia and Portugal; “ Cohesion ” includes Bulgaria, the Czech Republic, Estonia, Croatia, Hungary, Lithuania, Latvia, Malta, Poland, Romania and Slovakia . 3
European Fund for Strategic Investments (EFSI) 4
EFSI setup and governance EIB EFSI EFSI Regulation, approved by the EP Group Governance structure: All EFSI operations are within the EIB Group (EIB&EIF) • On the EIB / EIF balance sheet (no separate entity) • Subject to standard due diligence • EIB & EIF governing bodies approve operations Additional EFSI governance: • Steering Board • Investment Committee (IC), chaired by Managing Director / Deputy Managing Director • IC approves inclusion of individual operations to the Infrastructure and Innovation Window (IIW) implemented by the EIB 5
EFSI Objectives - Eligible areas The operations concerned shall be consistent with Union policies and support any of the following general objectives: (a) research, development and innovation : projects that are in line with Horizon 2020, education and training, health, demonstration projects, research infrastructure (b) development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, and the 2020, 2030 and 2050 climate and energy frameworks : renewable energy, energy efficiency and energy savings, development and modernization of energy infrastructure (c) development of transport infrastructures, and equipment and innovative technologies for transport (d) financial support through the EIF and the EIB to entities having up to 3 000 employees, with a particular focus on SMEs and small mid-cap companies : (Financing support through local partner banks and institutions) (e) development and deployment of information and communication technologies : digital content & services, broadband networks (f) environment and resource efficiency (g) human capital, culture and health 6
The EIB Group is developing various new products With the aim to explore and attract new promoters and markets (e.g. MidCaps). Making better use of scarce public resources, diverting them from grants / subsidies to loans guarantees, enhancing the multiplier effect of investment. 7
Projects Eligibility Criteria • EFSI Scoreboard – Key Components • Pillar 1: • Pillar 4: • Pillar 2: • Pillar 3: Technical and Quality of the Contribution to Complementary Financial Indicators Project EFSI objectives Contribution + + + • Macro-economic • Financial • Growth • EFSI general indicators contribution objectives • Capabilities • Multiplier effect • Facilitation • EFSI key policy • Sustainability • Finance mobilised objectives • Advice • Employment • Cooperation • The Scoreboard is rated for each operation. • Pillars are evaluated independently (no accumulated score). • The EU Eligibility, Quality and Value Added of each operation shall be ensured. 8
Making a difference Additionality Address market Risk profile Special Absorb part of the failures or sub- Activity / operations risk to trigger optimal investment not possible to same additional situations extent without EFSI investments Impact Support Attracting other Accelerate viable productivity, growth sources of finance projects and employment 9
Opportunities for promoters/investors • EFSI is demand driven , and will provide support for projects everywhere in the EU. • There are no geographical nor sectoral quotas . Projects will be considered based on their individual merits. Eligible counterparts SMEs Utilities and (up to 250 Corporates of all public sector employees) or sizes entities midcaps (non-sovereign) (up to 3 000) Contact EIB Group directly National via InfoDesk or Promotional Dedicated relevant Operations Banks or other Investment Department banks for Platforms www.eib.org intermediation www.eif.org 10
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Investment plan for Europe in Romania (signed or approved operations) EIB (Innovation & Infrastructure Window) • Agricover loan for SMEs for EUR 15m, mobilising EUR 54m investments • Arcelor Mittal European R&D Programme • Digital Television Transition for EUR 10m, mobilising EUR 20m investments • Transgaz Interconnection Project for EUR 100m, mobilising close to EUR 300m investment • Romania Regional Water Programme Loan for EUR 100m. EIF (SME Window) • 3 transactions totalling EUR 32m and which mobilise over EUR 300m total investments 12 03/03/2017
Thank you! 13
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