Advisory Services MANUFACTURE 2015, Luxembourg

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1 Leveraging R&D investments through smart funding approaches Innovative Financial Shiva Dustdar Instruments and Head of Innovation Finance Advisory Advisory Services MANUFACTURE 2015, Luxembourg Shiva Dustdar 24 November 2015 EIB RDI Advisory Services Berlin, 1 July /11/2015 Innovation European Finance Advisory Investment European Investment Bank Bank 1

2 Introduction to the European Investment Bank Created with the Treaty of Rome in 1958 Owned by 28 EU Member States EU s policy-driven, long-term lending institution Self-sustaining, non-profit maximizing institution Sizeable capital of 242 billion Largest Multilateral Development Bank by assets ( 525bn in 2014) EIB Ratings Long-term Outlook Moody s Aaa Stable S&P AAA Stable Fitch AAA Stable (as of September 2014) Largest Multilateral Development Bank by annual lending ( 67bn target 2014) Largest supranational borrower on the capital markets ( 70bn target 2014) Highest credit rating, 0% risk-weighted and the only supranational bank with direct access to a central bank liquidity (ECB) Projects in over 160 countries EIB is the parent company of the European Investment Fund (EIF) 2

3 EIB Activities LENDING Loans Guarantees Equity participations BLENDING Combining EIB loans and EU grants Leveraging EU and Member States budget resources ADVISING Strong in-house expertise Technical and financial advice Technical assistance initiatives The EIB is NOT lending taxpayers money 3

4 Lending priorities in 2014 We support sound and sustainable projects 4

5 Investment Plan for Europe 5

6 Every piece of the puzzle counts 6

7 Making a difference Additionality our value added is to Address market failures or sub-optimal investment situations Finance operations not possible to same extent without EFSI-backing Absorb part of the risk to trigger additional investments Impact orientation: Attracting other sources of finance Maximising growth Supporting employment creation and retention 7

8 With targeted products Continuously under development and adapted to market needs 8

9 Key areas Targeting strategic investment infrastructure, including transport, energy and digital education and training, health, research, development and innovation expansion of renewable energy and energy and resource efficiency projects in the environmental, urban development and social fields support for SMEs and midcaps 9

10 Who can benefit? Eligible counterparts: Corporates of all sizes Utilities and public sector entities (non-sovereign) SMEs (up to 250 employees) or midcaps (up to 3 000) National Promotional Banks or other banks for intermediation Dedicated Investment Platforms Contact: Application for financing directly with EIB Group (EIB or EIF) EIB InfoDesk or relevant Operations Department

11 What kind of operations? Operations need to be: Commercially sound, economically and technically viable Underpin EFSI objectives Support growth and jobs Mature enough to be bankable Priced in a manner commensurate with the risk taken Covering EU28 countries and cross-border operations 11

12 EIB broadened lending eligibilities for manufacturing within Innovation and Skills Investments in: The manufacturing capacity for innovative products and processes of SMEs and Mid-caps Full-scale commercial production lines for products related, notably, to the Key Enabling Technologies (KETs) and the SET-plan (Strategic Energy Technologies) IT networks, hard- and software with latest-generation technology including the upgrading of data management systems in manufacturing Advanced manufacturing technology in all sectors 12

13 More than just finance - investment support 13

14 InnovFin Advisory 14

15 Innovation Finance Advisory- What do we do? Project Advisory Improve bankability/investment readiness Enable earlier/ faster access to finance Horizontal Activity Improve framework conditions for financing Develop business case for new financing mechanisms in RDI sectors Hydrogen Mobility Germany Myrrha European Lead Factory (ELF) European Spallation Source (ESS) Global TB Vaccine Partnership Light Project Advisory (LPA) pipeline Research and Technology Organisations (RTOs) Infectious Diseases Financing Facility (IDFF) Circular Economy (CE) Key Enabling Technologies (KETs) Bio -Economy Strategic Energy Technology Plan (SET Plan) Financing options for Pan- European RI Web tool Enable maximum access to finance for innovative projects 15

16 Project Advisory Cycle Promoter/ Project definition Pre-financing Funding Appraisal Objective Shareholders / sponsors definition Strategy Business plan Innovation Finance Advisory intervention Identify mid-caps/large-caps and assist access to long-term funding Review of strategy and business plan Review of key assumptions-sensitivities, risk allocation, develop credit story Review of eligibility for various financing options, advise on capital structure Support project/company to ensure that it meets EIB /EFSI eligibility and viability and risk assessment (with support of other operational services where needed) Improved access to finance F Due diligence Negotiations Structuring Documentation European Spallation Source Global TB Vaccine Partnership Fuel Cells and Joint Undertaking European Lead Factory Arctic Arc 16

17 Snapshot Current Portfolio of Horizontal of Horizontal Activities Activities portfolio KETs IDFF RTOs Web-tool Financing Pan-EU RI Circular economy Pilot LPA SET Bio economy 17

18 Study on access-to-finance conditions for companies investing in KETs InnovFin Advisory has been mandated by the EC to perform a study to evaluate, and potentially improve, access-to-finance conditions for KET companies Main results from the study: - While the financial market is currently particularly favourable, only relatively well established KET companies benefit from it - Smaller companies and very dynamic innovators struggle to raise bank debt - Public support is very appreciated both by KET companies and by financial institutions - To maximise results, public support should be provided in a very targeted way, focusing on the KET companies clusters that struggle the most to raise financing 18

19 Contact Shiva Dustdar Head of Innovation Finance Advisory Advisory Services Department Phone: (+352) European Investment Bank 100, boulevard Konrad Adenauer L-2950 Luxembourg Piermario Di Pietro Senior Advisor Innovation Finance Advisory Advisory Services Department Phone: (+352) Fax: (+352) European Investment Bank 100, boulevard Konrad Adenauer L-2950 Luxembourg 19

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