EIB Financing tools for e-health and other ICT based innovation

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1 EIB Financing tools for e-health and other ICT based innovation Harald Gruber Conference on Accelerating Uptake of Innovation for active and healthy ageing across Europe Brussels, 9-10 December 2015

2 European Investment Bank Profile The European Investment Bank is the European Union s long-term financing institution. The Bank acts as an autonomous body set up to finance capital investments furthering European integration by promoting EU policies. EIB was created by the Treaty of Rome in 1958 EIB is a not-for-profit, policy driven institution EIB is 100% owned by the 28 EU member states EIB has subscribed capital of EUR 243 bn EIB is AAA rated EIB is the largest multilateral financing institution 11/12/2015 European Investment Bank Group 2

3 Four priorities to spur growth and jobs The EIB works promotes sustainable growth and job creation in Europe and beyond 11/12/2015 European Investment Bank Group 3

4 EIB lending to Health projects Background 1997 in EU (following the Amsterdam European Council Resolution on Growth & Employment) 1999 in Candidate Countries; 2001 in other countries under mandate Supporting EU & Member State policy Main objectives: Equal access High quality Sustainability Signed loans for health projects: : EUR 23 bn

5 EIB consideration of Health projects Strategic context & robustness Effective implementation Efficient healthcare return Financial & economic sustainability/affordability Strategic fit & sustainability

6 Health care project range Hospital Infrastructure Medical Equipment Disease Prevention & Control Primary Care Facilities Research & Development Training of Health Professionals Clinical Support Services (including IT)

7 Overview of social infrastructure projects financed by EIB Total over period: Health: 23 bn Education: 31 bn Social housing: 6.7bn Geographically spread over EU member states, Balkans and FEMIP

8 European Fund for Strategic Investments (EFSI) KEY POINTS Target: EUR 315bn of generated investments in 3 years Investment impact is crucial EIB has more capacity for risk EIB standards still apply: all operations need to be technically and economically viable EIB pricing will continue to apply to all operations no subsidy element 11/12/2015 European Investment Bank 8

9 EFSI Business Plan 11/12/2015 European Investment Bank 9

10 EFSI Operations Risk Profile Article 5: Additionality,'additionality' means the support by the EFSI of operations which address market failures or sub-optimal investment situations and which could not have been carried out..., or not to the same extent, by the EIB, the EIF or under existing Union financial instruments without EFSI support. Projects supported by the EFSI shall typically have a higher risk profile than projects supported by EIB normal operations and The projects. shall be considered to provide additionality if they carry a risk corresponding to EIB special activities EIB projects carrying a risk lower than the minimum risk under EIB special activities may also be supported by the EFSI if the use of the EU guarantee is required to ensure additionality... 11/12/2015 European Investment Bank 10

11 EFSI selection criteria EFSI = Eligibility + Additionality Plus: EFSI operations need to be economically and technically viable projects and also meet EIB s criteria for Bankability. 11/12/2015 European Investment Bank 11

12 EFSI eligibility Project with strategic dimension in: Development of infrastructure RDI ICT Education Health Energy SME/Mid-Caps Special Activity (LG D- or less) 11/12/2015 European Investment Bank 12

13 EFSI Potential in e-health Public Private Partnerships (PPP) Private sector based establishments (Clinics, University clinics, training) Supply side financing to companies Business / Technology Parks and R&D cooperation Pilot deployment schemes for deployment of technology Lifelong learning to access technologies 11/12/2015 European Investment Bank 13

14 EIB finance instruments for financing Corporates Financing to telecommunications operators, utilities companies etc. e.g. to deploy broadband infrastructures Project finance Financing to ring-fenced projects of a special purpose vehicle (SPV) formed by a private and/or public sector (joint ventures, off-balance sheet etc.) Public sector Financing for public sector initiative typically together with EU and/or national grants Others Intermediated loan structures and framework loans to financial institutions, local governments and other 3 rd parties Investments into infrastructure funds New instruments Risk sharing - InnovFin Project bonds First loss piece Advisory services (EPEC, JASPERS etc.) Grant element (Grant + EIB loan max 90% of the project cost) EIB loan (up to 50% of the project cost or credit risk limit) 11/12/2015 European Investment Bank Group 14

15 EIB and EIF financing tools 1 Risk Capital 2 EIF Resources (SME) 3 SME / MidCap 4 Investment Loans Purpose: IP financing, technology transfer, seed financing, investment readiness Target Group: VC Funds, Business Angels EIF Product: Fund-of- Funds Growth financing for SMEs Formal VC Funds SME guarantees (loans, microcredit, equity/mezzanine, securitisation Innovfin SMEs/MidCaps, Banks, PE Investors (sub-investment grade) Loans (incl. Mezzanine), Funded Risk Sharing Facilities with Banks (Investors) Investment Loans Large Cap Innovfin MidCaps/ Large Corporates/ Public Sector Entities (investment grade) Loans, Guarantees Bank Loans and Guarantees Formal VC Funds Seed/Early Stage VC Funds Business Angels Entrepreneur, friends, family Seed / Start-Up Phase Emerging Growth Phase Development Phase Later Stage Counterparts

16 Key Terms & Conditions Maximum loan amount (both tranches): up to 50% of eligible project cost Comprehensive project information (incl. detailed business plan on potential private sector revenues) Sound EIB projects should... Borrowers... be eligible for EIB finance be technically and economically sound comply with EU Policy and regulations be financially viable/show acceptable returns have to be bankable...can be investment grade & sub-investment grade 11/12/2015 European Investment Bank Group 16

17 Conclusive remarks with respect to Healthy Ageing Agenda New thinking in context of EFSI Making support to innovation more effective Deepening and broadening of financial instruments (e.g. risk sharing) Broader scope of applications (e.g. innovative services, lead market initiatives, pre-commercial procurement) 11/12/2015 European Investment Bank Group 17