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EU Blending mechanisms Caribbean Investment Facility (CIF). Eleftherios TSIAVOS Brussels, 6 October 2011. Definition of blending.

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Eu blending mechanisms caribbean investment facility cif

EU Blending mechanismsCaribbean Investment Facility (CIF)

Eleftherios TSIAVOS

Brussels, 6 October 2011


Definition of blending
Definition of blending

Loan grant blending mechanism combine flows with different characteristics and financial terms (such as grants, loans, guarantees..) to gain financial and qualitative leverage and thereby increase impact

European

Financial

Institutions

resources

European Union

resources

other resources


Objectives of blending
Objectives of blending

  • Leverage additional public and private resources to pursue EU development policy objectives

  • Provide the missing element that makes additional public and private development activities feasible

  • Increase aid effectiveness and promote donor cooperation as well as coordination

  • Enhance EU visibility


Eu regional blending mechanisms overview
EU regional blending mechanisms Overview

  • EU-Africa Infrastructure trust fund (ITF) - 2007

  • Neighbourhood Investment Facility (NIF) - 2008

  • Latin America Investment Facility (LAIF) - 2009

  • Investment Facility for Central Asia (IFCA) – 2009

  • Asia Investment Facility (AIF) – foreseen for 2011

  • Investment Facility for Caribbean – planned for 2011

  • Investment Facility for Pacific – planned for 2011


Eu regional blending mechanisms first results
EU regional blending mechanisms First results

  • The EU-Africa Infrastructure Trust Fund (ITF), launched in 2007:

    • 41 projects approved

    • Total potential investment of about € 9 billion

    • The ITF contribution of about € 226 M.

    • Investment from European Finance Institutions of about € 950 million

  • NIF has obtained significant results since its launch in 2008:

    • 44 projects approved

    • Total potential investment of more than € 10 billion

    • NIF contribution of € 307.4 M.

    • Investment from European Finance Institutions of more than € 5 billion

  • LAIF has also produced positive results since launch in 2009:

    • 6 projects approved

    • Total potential investment of about €1.5 billion

    • LAIF contribution of € 24 M.

    • Investment from European Finance Institutions of about € 940 million


Cif definition
CIF: Definition

Programme,

subject to approval,

creating a framework to facilitate investment for development in Caribbean ACP countries, with an initial focus in infrastructure.


Guiding principles
Guiding principles

  • Mobilise additional financing in the Caribbean (leverage additional loans) to promote key investments.

  • Advance the priorities of Regional and Country Strategies.

  • Avoid replacing private financing (additionality).

  • Increased ownership through cooperation with regional development finance institutions.

  • Where possible, seek synergies with other initiatives in the region, including LAIF.


Geographical scope

Haiti

Jamaica

Saint Kitts and Nevis

Saint Lucia

Saint Vincent and the Grenadines

Suriname

Trinidad and Tobago

Geographical scope

15 Caribbean ACP countries are directly eligible:

Antigua and Barbuda

Bahamas

Barbados

Belize

Dominica

Dominican Republic

Grenada

Guyana

Cuba has not signed the ACP-EC Partnership Agreement and is already eligible under LAIF.


Eligible sectors infrastructure
Eligible sectors - Infrastructure

  • Transport (Road, air and maritime)

  • Energy

  • Information and communication technologies (ICT)

  • Water and sanitation

  • Infrastructure linked to disaster risk reduction

  • Infrastructure linked to socialservices

No fixed allocations per sector are foreseen


Additional sectors
Additional sectors

The following sectors are intended to be covered through additional funding to the CIF:

  • Support to private sector Small and Medium size Enterprises (SMEs) and job creation.

  • Increased environmental protection, including biodiversity, integrated water resources management, climate change adaptation technologies etc.


Financing instruments
Financing Instruments

  • Technical assistance,financed as part of a specific investment operation or as a global envelope made available to eligible financial institutions.

  • Investment co-financing, blended with other grants and loans, in infrastructure projects.

  • Loan guarantee cost financing.

  • Interest rate subsidy

  • Risk capital operations,financed as part of a specific investment operation or as an envelope made available to eligible financial institutions.

    Other forms of operations can be approved by the Operational Board at a later stage.


Eu regional blending mechanisms project approval process
EU regional blending mechanisms Project approval process

  • Projects are presented by a Lead Finance Institution…

Eligible Finance Institutions

  • … to the Technical Group where they are technically discussed

FIG

  • They are then submitted for approval to the Executive Board (with Member States)

Operational Board

  • The Strategic Board oversees the activities and determines the general strategic orientations (with Member States and Partner Countries)

Strategic Board


Financing instruments1
Financing Instruments

  • Technical assistance,financed as part of a specific investment operation or as a global envelope made available to eligible financial institutions.

  • Investment co-financing, blended with other grants and loans, in infrastructure projects.

  • Loan guarantee cost financing.

  • Interest rate subsidy

  • Risk capital operations,financed as part of a specific investment operation or as an envelope made available to eligible financial institutions.

    Other forms of operations can be approved by the Operational Board at a later stage.



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