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FORUM INFRASTRUTTURE BALCANI: COSTRUIRE LA NUOVA EUROPA EBRD as a partner and investor

FORUM INFRASTRUTTURE BALCANI: COSTRUIRE LA NUOVA EUROPA EBRD as a partner and investor Giulio Moreno. Tuesday, 13 November 2012. EBRD Rating, Portfolio, Capital. Triple-A credit rating, portfolio of €35 billion and t otal capital of €30 billion .

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FORUM INFRASTRUTTURE BALCANI: COSTRUIRE LA NUOVA EUROPA EBRD as a partner and investor

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  1. FORUM INFRASTRUTTURE BALCANI: COSTRUIRE LA NUOVA EUROPA • EBRD as a partner and investor • Giulio Moreno Tuesday, 13 November 2012

  2. EBRD Rating, Portfolio, Capital • Triple-A credit rating, portfolio of €35 billion and total capital of €30 billion. • Record level of investment achieved in 2011, over €9 billion in 380 projects. • 77% in the private sector; • 3,400projects since inception in 1991, cumulative business volume over €70 billion. • Primarily involved in projects of the private sector, in order to serve the transition to market economies and democratic societies.

  3. About EBRD • The European Bank for Reconstruction and Development (EBRD) was established in 1991 - headquarters in London. • Created to support development of market economies after the collapse of communist regimes. • Present in 33 countries - Central Europe, Central Asia and South and East Mediterranean. • Board of Directors - represents shareholders from 63 countries plus the European Union and European Investment Bank. • Every investment must: • support the further development of sound market economies; • assume certain level of risk to support private investors; • follow sound banking principles; • strengthen sustainability;

  4. EBRD in the Western Balkans • EBRD is the largest institutional investor in the seven countries of the Western Balkans (Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo, Montenegro, Serbia) • Well developed structure on the field, with a network of Regional Offices in each of the seven countries. Staff of 80 people deployed in the region to ensure outreach and delivery capability on the ground. • Kosovo not officially a country of operation but EBRD already present since early 2000 to finance private sector projects only.

  5. EBRD in the Western Balkans Results: • Cumulative Business: Eur 8.5 bln invested since 1991 • 2011: record results, Eur 1.2 bln invested in 78 projects • 2012: very strong pipeline, roughly same 2011 results expected

  6. EBRD in the Western Balkans Sectors: • Infrastructure (roads, railways, ports) • Energy (Natural Resources, Renewables, Power Generation and Distribution) • Municipal (Water and Wastewater, District Heating, Waste Management, Urban Transport) • Financial Sector (Banks, Insurance, Micro-Credit) • Private Sector (Agribusiness, Manufacturing, SMEs)

  7. EBRD in the Western Balkans Ability to invest in a broad range of sectors with very different investment sizes: • Corridor X, Serbia, Eur 250 mln loan (roads) • CEZ, Albania, Eur 50 mln loan (upgrading of power distribution network) • Danilovgrad Municipal Waters, Montenegro, Eur 5.3 mln (construction of wastewater collection system) • Vitalia, FYR Macedonia, Eur 1 mln equity (bio food producer)

  8. EBRD in Montenegro • 2011 – Five projects signed, over €43 million in value. • 2012 – Five to seven projects of €30 - €35 million, four already signed, additional projects to be signed by the end of the year. • 2013 – Six to ten new projects, over €130 million in value, negotiations already underway: • Loan facility for the power transmission company CGES (co-owned by Terna); • Loan facility to EPCG – Montenegrin producer and distributor of electricity, co-owned and managed by A2A; • Continue to focus on infrastructure development, with a growing emphasis on the wider private corporate sector - energy sector (efficiency improvements, conventional and renewable energy), property and tourism, agribusiness, financial institutions, etc.

  9. EBRD in the Western Balkans • Focus on the Private Sector, in line with the modus operandi of the Bank (80% of investment to the Private Sector, 20% to the Public). • SME development: particular attention paid to SME sector, key for the economies of the Region, and not sufficiently supported by local commercial banks.

  10. EBRD-Italy Local Enterprise Facility • A Eur 400 mln facility (proprietary fund) for equity and quasi-equity investments, as well as tailor-made debt financing • Established jointly by the EBRD and the Italian Government in 2006 • For Investments in Albania, Bosnia & Herzegovina, Bulgaria, Croatia, FYR Macedonia, Montenegro, Romania, Serbia (including Kosovo, under UNSCR 1244) and Turkey. From 2012 also in Jordan, Egypt, Tunisia and Morocco. • To meet the growing financing needs of dynamic local enterprises, not sufficiently supported by other financing sources

  11. Who is eligible for investments under LEF? • Eligible investments: expansion, restructuring or acquisitions of existing private businesses • Eligible sectors: a wide range of sectors, with only few exceptions (weapons, liquors and tobacco). All investments must be in line with sound environmental principles • Size of investments: between EUR 1 million and EUR 10 million • Target Stake (for equity investments): (preferably) in the range of 20 to 35% of the capital of the company • Time horizon: 3 to 8 years for equity investments; up to 15 years for debt financing

  12. Western Balkans Sustainable Energy Direct Financing Facility • A direct financing facility operated by the EBRD • For (small) renewable energy and (industrial) energy efficiency projects • In the Western Balkans (Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo, Montenegro, Serbia. • Utilises up to EUR 100 million of loan funds + up to EUR 13 million in Technical Cooperation (TC) and incentive payment funds • Expected number of projects: 15-20

  13. Western Balkans Sustainable Energy Direct Financing Facility • Senior (secured) loans and project financing arrangements • From EUR 2 million to EUR 6 million EBRD financing (for certain countries from EUR 1 million) • Average (expected) maturity of 6-8 years for energy efficiency and 10-12 years for renewable energy projects, with appropriate grace periods and flexible repayment schedules • Market based interest rates • Supported by TC funds for project identification and preparation as well as by incentive payments based on the estimated CO2 emission reductions generated by each eligible project

  14. Western Balkans Enterprise Development and Innovation Facility (”EDIF”) Setting up a regional Platform for WB countries to provide a range of SME risk financing (equity, quasi equity, guarantees etc) initially through: - A new Innovation Fund to focus on seed and early stage equity financing in innovative SMEs; - A new Expansion Fund to focus on expansion capital, in high growth SMEs; - A new Guarantee Facility to support access to bank lending for local SMEs that currently have no access to finance; - A comprehensive reform programme supported by TC resources to allow progress in the - regulatory framework related to equity and VC and for capacity building.

  15. EBRD Contact • EBRD – Montenegro Office • T.C. Palada • Serdara Jola Piletica bb • 81000 Podgorica • Tel: +382 20 237 173/174/175 • Fax: +382 20 237 195 • Giulio Moreno, Head of Office

  16. Thank You!

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