The European Fund for Strategic Investments (EFSI)

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1 The European Fund for Strategic Investments (EFSI) Europaforum Norra Sverige Monica Peña Sastre, Policy Adviser European Investment Bank Group 1

2 EIB: The EU Bank Natural financing partner for the Members States and EU institutions since 1958 Around 90% of lending is within the EU Shareholders: 28 EU Member States Investing in Europe s growth European Investment Bank 2

3 Lending priorities /10/ European Investment Bank Group

4 EIB Group lending in /10/ European Investment

5 EIB lending in Sweden /02/2013 European Investment Bank Group 5

6 BOLIDEN ELECTRONIC SCRAP RECYCLING Examples of EIB lending in Sweden EIB loan = EUR 85 m Borrower: Boliden AB Project description: construction and commissioning of a new t/yr electronic scrap processing plant, which will increase the supply of recovered metals to the existing non-ferrous metals smelter. By tripling the amount of recycled e-scrap, the project will have an overall significant positive impact on the environment. Location: Gulf of Bothnia, inside the premises of the existing smelter 28/02/2013 European Investment Bank Group 6

7 REGIONAL ROLLING STOCK MALAB EIB loan = SEK 1950 million (EUR 209 million) Examples of EIB lending in Sweden Total project cost = SEK 3952 million (EUR 424 million) Borrower: AB TRANSITIO Project description: The project consists of the purchase of new trainsets to provide passenger services in the Stockholm-Mälaren Region. The aim of the project is to increase transport capacity and to reestablish and re-brand a new regional train service including introduction of new timetables and new tariff systems. 28/02/2013 European Investment Bank Group 7

8 FABEGE NEAR-ZERO-ENERGY BUILDINGS EIB loan = EUR 100 m Borrower: Fabege AB Examples of EIB lending in Sweden Project description: Development of two large near-zero-energy-buildings (NZEB) office buildings. Fabege will use modern energy efficiency and renewable energy technologies. The buildings will be environmentally certified and their final energy consumption will be below 50 kilowatthours per square metre. Location: Solna (Arenastaden) 28/02/2013 European Investment Bank Group 8

9 Investment Plan for Europe: context The Investment Plan for Europe consists of three strands: 1. Improved investment environment: regulatory and structural reforms at EU and national levels for predictability, removing obstacles, aiming at a friendlier investment environment 2. Making finance reach the real economy: enhanced EIB-EC-MS cooperation on project identification (the Project Directory ) and stepped-up technical assistance / advisory 3. Mobilising finance for investment: The EFSI, via EIB, to better address the current shortage of (higher) risk-financing in EU Aim: to mobilise at least 315 billion in investment across the EU European Investment Bank Group 9

10 Mobilising new investment EFSI EIB Group European Investment Bank Group 10

11 European Fund for Strategic Investments (EFSI) European Investment Bank Group 11

12 Eligible sectors Wide eligibility criteria - Operations consistent with Union policies that support any of the following general objectives: research and development and innovation develop and modernise the energy sector, renewable energy, security of energy supply and energy and resource efficiency; development of transport infrastructure development and deployment of information and communication technologies environment and resource efficiency human capital, culture and health financial support for mid-cap companies and SMEs. EIB in charge of verifying that eligibility criteria are properly applied European Investment Bank Group 12

13 Eligible operations Commercially sound Economically and technically viable Added value (additionality) Investments boosting employment and growth Bank intermediation is possible Pricing commensurate with the risk no subsidy element - Typically higher risk profile than normal EIB s normal operations - Risk-absorbing products to foster the implementation of additional projects and to support the development of SMEs and MidCaps European Investment Bank Group 13

14 Eligible counterparts Corporates of all sizes Utilities Public sector entities (but excluding direct Member State risk) SMEs (below 250 employees) or MidCaps (below 3,000 employees) National promotional banks or other financial institutions for intermediation Dedicated investment platforms possible EIB normal know your customer and compliance requirements European Investment Bank Group 14

15 EFSI Products SOURCES OF FUNDING The Fund serves as credit protection for new EIB activities TYPICAL PRODUCTS OFFERED Long-term senior debt for higher risk projects Other investors join in on a project basis FINAL RECIPIENTS AND TYPICAL PROJECTS Transport infra Long-term investment funds European Fund for Strategic Investments Subordinated loans Broadband infra Innovation Energy infra Energy Resource efficiency Equity and quasi-equity Research SMEs Renewable energy Education 26/08/2015 European Investment Bank Group 15

16 How will the EFSI operate? 26/08/2015 European Investment Bank Group 16

17 European Investment Advisory Hub (EIAH) Project promoters Public authorities Member States Private sector Web content + Web portal + Help Desk team European Investment Advisory Hub (EIAH) EIB s existing advisory programmes and activities Project support (JASPERS, project preparation and implementation support) Financial instruments (ficompass, bilateral services for MAs) Access to finance (InnovFin Advisory, EPEC, NPST) Additional advisory and technical assistance New investment support also in areas relevant to the scope of EFSI (could be delivered by EIB advisory or operational teams) Identification of needs as they arise EIAH s partner institutions expertise Network of institutions incl. EIB Group, EC, National Promotional Banks, etc. Integrated collaboration model European Investment Bank Group 17

18 Thank you! more information: Loan officer responsible for Sweden: Joakim Palmgren, European Investment Bank Group 18