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2nd Danube Financing Dialogue Financing Instruments to support SMEs Belgrade, 24 January 2013 Andreas Beikos Head of Office European Investment Bank Western Balkans Representative Office in Belgrade 7/13/2017 1 EIB Group: EIB : European Union’s financing institution Created by the Treaty of Rome in 1958 as the long-term lending bank of the EU Shareholders are the 27 Member States of the EU Policy driven Bank: raises funds on the capital markets which it lends on favourable terms to projects furthering EU policy objectives Operates on a non-profit maximising basis and lends at close to the cost of borrowing AAA rating EIF : EIB Group’s specialist vehicle for VC and guarantees Established in 1994 Shareholders are the EIB, European Union and commercial banks Acts as a “fund of funds” by acquiring holdings in venture capital funds (VCF) which take equity participations in SMEs Extends guarantees to the banking community to foster the provision of medium and long-term loans to SMEs AAA rating 7/13/2017 2 EIB Signatures 1958-2011 7/13/2017 3 EIB Priority Objectives Outside the Union: Private sector development Infrastructure development Security of energy supply Environmental sustainability Western Balkans: EIB operates under the Pre-Accession EU Mandate and the Pre-Accession Facility (at EIB own risk) 7/13/2017 •European Investment Bank 4 EIB activity in Western Balkans from 2004-2011 EIB Activity in the Western Balkans 2500 2000 Approvals 1500 Signatures EUR M 1000 Disbursements 500 0 2004 2005 2006 2007 2008 2009 2010 2011 EUR M 2004 2005 2006 2007 2008 2009 2010 2011 Total Approvals 321 582 594 479 517 2066 1249 685 6493 Signatures 265 399 413 443 577 1262 914 1034 5307 Disbursements 140 186 236 306 315 371 585 859 2998 7 EIB lending in Western Balkans in 2011 by sector (EUR 1,034 m) Croatia not included 7% 10% 5% 28% 49% 1% 9/03/2012 7/13/2017 Transport Urban infrastructures Credit lines (SMEs) Services Industry Health and education European Investment Bank Group 6 EIB Products In the Western Balkans, the EIB operates primarily through: - Direct loans to projects generally with a cost above EUR 25 million - Intermediated loans channeled through intermediary banks (credit lines to banks), whereby intermediaries are obliged to transfer the financial benefits from EIB resources to SMEs and municipalities - Currently, existing credit lines for SMEs and municipalities in the region amount to EUR 2 billion - Framework loans to central and local public authorities for projects of up to EUR 50 million - The EIB contributes to the European Fund for Southeast Europe (EFSE - www.efse.lu) that provides sustainable financing to micro and small enterprises and to the Green for Growth Fund South East Europe (for RE and EE - www.ggf.lu) 7/13/2017 •European Investment Bank 7 SME financing: A key priority for the EIB SME financing has been reinforced as one of the priority objectives of the EIB Group since 2005 The role of the EIB Group is to facilitate access to finance for SMEs at better financial conditions: • channel increased funding sources and intensifying our partnership with the banking sector • provide and develop a wider range of products Coherence of the whole EIB Group product range (reinforcing of cooperation between EIB and EIF) 7/13/2017 8 EIB Loan for SMEs EIB Loan For SMEs Financial Intermediary (lending to SMEs) Favorable interest rate loans SME 7/13/2017 SME SME SME SME SME 9 EIB lending to Banking Sector in Western Balkans from 2002-2011 EIB Lending to Banking Sector in the Western Balkans by Country SERBIA BiH FYROM MONTENEGRO ALBANIA 400 350 300 250 EUR M 200 150 100 50 0 2002 2004 2005 2006 EUR M 2002 2004 2005 2006 Serbia 20 45 90 90 60 55 BiH FYROM Montenegro Albania 10 2007 2007 100 2008 2008 2009 2010 2011 2009 2010 2011 Total 370 65 195 875 125 150 15 505 10 100 60 180 30 83 11 124 10 10 20 13 EIB’s support to SMEs in Serbia EIB has signed 13 loan agreements for SMEs in Serbia during the period 2008-2011 for a total of EUR 700m. The EIB cooperates at present with 15 financial intermediaries in Serbia. 7/13/2017 Year Number of operations signed Amount (EUR M) 2008 1 50 2009 6 390 2010 3 65 2011 3 195 Total 13 700 11 General Terms and conditions for credit lines Loan Size: preferably above EUR 20 m Maturity: up to 15 (5) years for projects by public authorities up to 12 (4) years for SME projects up to 7 (2) years for equipment leasing Eligibility: for financing SME projects and small and medium scale projects in the fields of i2i, energy, environmental protection, industry, health, education and services Security: Sovereign guarantee (for state banks) or parent guarantee (for international banks) Financial benefit to be transferred to the final beneficiary contractually (information obligations on the banks) Stricter requirements on financial intermediaries to inform SMEs of EIB’s intervention and its impact on the financing conditions offered by the intermediary Procurement: intermediary shall ensure compliance with EIB’s guidelines for procurement and with relevant legislation Environment: intermediary shall ensure that final beneficiaries comply with local environmental legislation and pursuing the application of EU standards Due Dilligence fee: from EUR 40,0007/13/2017 21 •Western Balkans •Enterprise Development & Innovation Facility •EC •(WBIF, IPA) •EIF, EBRD, •other IFIs •WB Beneficiaries •Approximately EUR 40 m •EC •(WBIF, IPA) •EIF, EBRD, •other IFIs •Approximately EUR 54 m •EC •(WBIF), IPA •EUR 20 m •EC •(WBIF, IPA) •EUR 9 m •Pillar 1 •Pillar 2 •Pillar 3 •Pillar 4 •“Innovation Fund” •“Expansion Fund” •Guarantee Facility •TA Component on •Reforms & Capacity Building •Equity •Guarantee •Equity •Financial Institutions •Innovative •WB SMEs •High Growth •WB SME •Up to EUR 50 m •EBRD •co-financing facility •Loans •WB SME Western Balkans Enterprise Development & Innovation Facility (WB EDIF) A new Innovation Fund to focus on seed and early stage equity investments in innovative SMEs; A new Expansion Fund to focus on expansion capital equity investments in high growth SMEs; A new Guarantee Facility to support access to bank lending for local SMEs that currently have limited access to finance; A comprehensive reform programme supported by Technical Assistance resources to allow progress in the - regulatory framework related to equity investments, capacity building as well as supporting the Platform itself For more information… SMEs can find the list of EIB financial intermediaries in Western Balkans, including contact details, on EIB website. http://www.eib.org/ www.eib.org/about/news/the-intermediary-banks-and-financing-institutions-for-credit-lines.htm 7/13/2017 15 THANK YOU Andréas Beikos Head of Office European Investment Bank 38-40 Vladimira Popovića 11070 New Belgrade E-mail: [email protected] Tel: +381 11 312 1756 EDIF Platform Ioannis Tsakiris E-mail: [email protected] Tel: +352 4379 81373 7/13/2017 16