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European Investment Bank (EIB). EIB Intermediated lending to SMEs in the EU, 2005-2011 “ The evolution of a key operational priority ” 18 June 2013 IEG – OECD/DAC Workshop Evaluating Support to Private Sector Development. Bastiaan de Laat , Evaluation Expert / Team Leader.

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European investment bank eib

European Investment Bank (EIB)

EIB Intermediated lending to SMEs in the EU, 2005-2011

“The evolution of a key operational priority”

18 June 2013

IEG – OECD/DAC Workshop

Evaluating Support to Private Sector Development

Bastiaan de Laat, Evaluation Expert / Team Leader

European Investment Bank

This presentation

This presentation

  • The EIB Group and SME support

  • Evaluation of EIB Intermediated SME Lending

    • Scope

    • Approach

    • Evidence base

  • Preliminary evaluation outcomes

European Investment Bank

Eib group sme support

eib group sme support

European Investment Bank

Eib group and sme support

EIB Group and SME Support

  • EIB Group:

    • European Investment Bank (EIB)

    • European Investment Fund (EIF)

  • Variety of tools for SME support:

    • On-lending to SMEs through financial intermediaries (FIs)

    • Venture capital / private equity investment funds

    • Guarantees

    • Special instruments (e.g. RSFF), etc.

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A variety of products targeting smes

A variety of productstargetingSMEs

  • L4SMEs

    • largest volume among the SME instruments

    • currently about 70 000 loansp.a. to SMEs

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Eib intermediated lending to smes

EIB Intermediated lending to SMEs

European Investment Bank



¾ of the signed EUR 64 bn volume were to the benefit of 7 Member States

Italy, Spain and France with 55% constitute “top-3”

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The evaluation

The evaluation

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Scope and policy background

Scope and Policy Background

Board request 02/2010

  • implementation of new strategies with respect to SMEs

  • provide insights into the benefits accruing to SMEs

Evaluation response

  • Take account of evolving policy context (2005-2012)

  • Systematic approach through site visits and SME survey

  • Focus: Intermediated lending to SMEs

    • Commercial, co-operative, promotional banks, leasing…

    • From Global Loans (“GLs”) to “Loans for SMEs” (“L4SMEs”)

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Understanding the policy context

Understanding the policycontext

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Reconstructing the intervention logic

Reconstructing the Intervention Logic

Targeted (eligible) investments:


"improve access to finance"

  • Tangible assets

  • Development, planning, financing costs

  • R&D expenses

  • Transmission

  • Working capital

  • Distribution networks

Financial Intermediaries



(Revised Lisbon Strategy : 2005)




bps, tenor, volume…







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Identifying objectives

Identifying objectives

Intermediated SME Lending

  • Operational

    • to extend finance to eligible SMEs (signed and disbursed to FI, then “allocated” to SMEs by FI)

  • Intermediate

    • to provide such funding at improved conditions

    • to improve access to finance?

  • Global

    • to enhance the competitiveness of SMEs, ultimately, generating a positive impact on economic growth and employment

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E vidence base

Evidence base

The aim is to assess ALL links within the intervention logic (EIB, FI, SME, wider economy), and each preferably with multiple methods

  • Initially, 20 operations selected

    • Geographic spread, number of SMEs, loan size, disbursement level, loans vs. leasing, public vs. private, and repeat vs. single operations: “lessons learnt”

    • 18 different financial intermediaries (FI), 11 countries

    • Commercial, co-operative, promotional, leasing, etc.

    • Some 15 000 SMEs benefitted

    • Delivery mechanisms: GL => L4SME

  • 19 in-depth evaluations

    • FI comparative portfolio analysis & other desk research

    • Interviews with FI HQ & front office personnel

  • 74 SME site visits & interviews

  • Large-scale SME survey (1003 respondents)

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Six evaluation criteria

Six evaluationcriteria

  • Relevance

  • Effectiveness

  • Efficiency

  • Sustainability

  • EIB Added Value

  • EIB Management of the operation

  • Eachcriterion for eachoperationrated on a 4 point scale

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Evaluation outcomes

Evaluation outcomes

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Main evaluation findings

Main evaluationfindings

  • Highly consistent with EU and EIB objectives

  • Increased relevance due to the crisis

  • L4SME product “says what it does and does what it says”

  • Higher awareness among SME about EIB origin of funding - more comfort about funding advantage being actually passed on (web, contract, front office, etc.)

  • Evaluation results trigger reflection on

    • Targeted vs. volume-driven instruments

    • Contribution to growth and employment

    • Fine-tuning to national SME finance needs

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European investment bank eib

Thank you!!

European Investment Bank

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