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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.

European Investment Bank

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

European Investment Bank

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”

European Investment Bank

the evaluation
The evaluation

European Investment Bank

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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Thank you!!

European Investment Bank