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1
AFD MEDITERRANEAN AND MIDDLE EAST DEPARTMENT
Promoting investment in the MENA region
through the use of risk mitigation tools
March 2013
Benoît Mauduit
2
AFD activity in the MENA region 2002-2013Slowdown / stabilisation of volumes since the Arab revolutions at around € 1 Bn / year
Engagements totaux zone MED 2002-2013(en millions)
166 224341 296
453
636527
853 918 909
5482
11385
71
138198
263
230
20281
901
-
-
--
-
--
-
-
-
-100
1120
1655
0
200
400
600
800
1000
1200
1400
1600
1800
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2013
Engagements nets AFD Engagements nets Proparco
Prév. Engag. nets AFD Prév. Engag.nets Proparco
Prèv Engag. nets AFD avec foisonnement
3
Authorisationsper countries 2002-2012
4
Authorisationsby sectors 2002-2012
Secteur productif ; 9%
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Strategy for 2012-2014
3 finalities:
Economic growth and employment
Social and territorial cohesion
Quality of life
5 intermediary objectives : Create added value and quality jobs
Accompany urban growth
Reduce social exclusion Contribute to energy safety Adapt to increasing scarcity of natural resources
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Risk-sharing instruments
AFD – mitigating the risks of local banks
ARIZ guarantee scheme MENA SME Facility
PROPARCO – mitigating the risks of depositors
Credit enhancement to mobilise finance from institutional investors or from the public, ex. :Securitisation of a real estate loan portfolio (Morocco)Launching of a public investment vehicule (Tunisia)
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ARIZ : principles
Beneficiaries Local banks
Loans to SMEs and MFIs,
All business sectors (except real estate)
Start-ups or development projects
Modalities New loans financing medium term investments
Loans denominated in EUR, USD or local currency
Two products :
Single guarantee
Portfolio guarantee
All risk covered including political risk and natural catastrophes
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Ariz : main conditions Target Guaranteeing any type of medium term investment loan
Maximum Amount & Quota
ARIZ guarantees a maximum of 50% of the loan (up to 75% for MFIs) with an upper limit of €2m (i.e. 50% of €4m loan)
Term of guarantee From 2 to 12 years maximum guarantee (starting at 1 year for MFIs)
Extent of risk covered
The guarantee covers 50% of the Final Loss on a Defaulting Loan. The Final Loss being defined as :
Principal outstanding amount, + due and unpaid interest calculated at the normal rate of interest due on the loan
at such date (up to a maximum of one year's worth of interest due) - all sums recovered either from the borrower, or from calls on guarantees and
indemnities, or the enforcement of security interests provided by the borrower to underwrite the loan.
Fees An annual fee computed on the outstanding guaranteed amount
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MENA Guarantee Facility• Objective : promote SME access to credit from local
banks through partial guarantee of loan portfolios
• USD 200 Mn commitments by IFC, EIB, AFD and OFID supported by the NIF with a junior tranche of USD 30 Mn
• Leverage : the facility will enable extension of up to USD 800 Mn of new loans in Morocco, Tunisia, Egypt, Jordan and Lebanon
• Implementation through risk sharing agreements with selected banks
• Management by IFC
• Additional commitments by IFC and EIB for USD 100 Mn each already secured
• Expected start early 2013
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Thank you for your attention