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EIB Investment in transport
EFSI and beyond
Matthieu Bertrand, EFSI Officer, Mandate Management, Operations Directorate, EIB
1st December 2017
Sofia
1 European Investment Bank Group
EIB products
LENDING BLENDING ADVISING
Loans But also: Guarantees Equity participation
Combining EIB finance with EU budget (EFSI, CEF Debt Instrument, CEF blending) Higher risk projects for innovation (InnovFin) Western Balkans Investment Framework (WBIF)
European Investment Advisory Hub (EIAH) Support projects for EU funding (JASPERS) Support for public/private partnerships (EPEC)
Attracting FUNDING for long-term growth
29/11/2017 European Investment Bank Group 2
We help catalyse investment
EIB Lending to Transport Sector 2007-2016
•3
0
2
4
6
8
10
12
14
16
18
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Sign
ed a
mou
nt, E
UR
bn
Transport operations signed in EU Member States (2007-2016)
EUR 124bn
Air Maritime Other Rail Roads, Motorways Urban
Air 8%
Maritime 10%
Other 0%
Rail 36%
Roads, Motorways
21%
Urban 25%
Transport operations signed in EU Member States (2016)
EUR 10.6bn
Recent EIB lending (signed operations) some EUR 70bn per year. On average, transport projects have constituted some 15%-20% of
total lending.
Note: The data is the property of the EIB. For reproduction, prior permission from the EIB is required.
4
What is EFSI? Market-driven instrument
EFSI responds to the market’s demand for financing across eligible sectors and geographies
Supports bankable projects to overcome market failures in the access to finance and sub-optimal investment situations
No geographical or sectoral allocation
The EFSI guarantee allows the EIB to engage with bigger volume of high risk operations (“Special Activities”)
Debt Portfolios
EU Grt
EU risk
EIB risk
Residual Risk
Tranche (RRT)
Portfolio First Loss
Piece (PFLP)
EIB funding
Equity Portfolio +
EU Grt
EU risk
EIB risk
Pari Passu Financing
EIB funding
Pari Passu Financing
EFSI impact on EIB activities
5
=
Increase of share of risk financing
6
Typology of possible financial support according to project risks/bankability
Degree of bankability of the targeted projects
Revenues cannot support initial
investment costs/debt
Bankability – limited
risks
Bankability – higher
risks
Too risky to attract financing at acceptable terms without high risk coverage
Grants
Investment grants,
operating grants
Repayable grants,
subsidised interest
rates
EIB/EC Financial
instruments with high risk coverage by EU (InnovFin
– EDP Future CEF
Debt Instrument?)
EIB own-risk loans or
guarantees
EFSI loans or equity InnovFin Products
CEF Debt Instrument
EFSI Investment Platforms attracting investors with an EFSI
layer and a Portfolio FLP (combination with EU funds?)
Risk-sharing Mandates EIB/EC Special activity category Not for EIB Group
7
New areas for Equity Funds
• Funds with long term
focus • Smaller Funds
focusing on niche markets
• Funds established in cooperation with regional authorities
New products
• Link and de-linked risk-sharing products, both funded and unfunded
• Mezzanine investments
• Securitisations • Quasi-equity
products • More risk appetite
with same products
Impact of EFSI on EIB products
New forms of cooperation
• Investment Platforms
• Various forms of co-financing arrangements with NPBs
• Cooperation on pipeline monitoring and due diligence
• Partial and Full delegation models for risk-sharing
~80% of EIB counterparts under EFSI are new to EIB
35 Investment Platforms created
8 Transport represents ~15% of Investment under Infrastructure and Innovation Window
Geographical balance
9
10
Types of approved EFSI transport projects
Investments in TEN-T Airports and Ports in DK, EE, EL, ES
Accessibility Ports Infra IP Tallinn Airport upgrade La Spezia Container Terminal
Railway infrastructure PKP LHS railway improvement project PPP Motorways in IT, SK, NL, DE, FR, LV, LT, PL, SI
Autovie Venete D4R7, Krakow bypass, DARS – Free Flow Tolling System
Rail Rolling stock projects in AT, DE, IT, UK, PL
Przewozy regionalne RT modernisation Trenitalia Regional RT, S-Bahn Hannover Rock Rail East Anglia…
Cleaner Urban Transport in ES, FR, LV, BE
Las Palmas Rapid Bus Transit Tramway de Liège PPP, Metro Madrid
Greener Shipping projects in FR, IE, IT, ES (Specific Guarantee risk-sharing instrument piloted under CEF for roll-out with EFSI)
+ Several funds and Investment Platforms in support of transport + RDI support to transport manufacturing companies (MerMec in rail, or
projects in the automotive industry for more efficient or lighter vehicles)
Next steps until 2020 and beyond
• Replication of products and successful models • Need to facilitate combination with ESIF and public funds
EFSI 2
• Increased complementarity with EFSI by taking even more risk to support Cleaner Transport Projects (e.g. charging infrastructure, cleaner fleets…)
CEF Debt Instruments
• Building upon experience of success of blending call, looking for a more systematic approach
Blending grants and financing
11
12
�EIB Investment in transport�EFSI and beyondEIB productsEIB Lending to Transport Sector 2007-2016Slide Number 4Slide Number 5Slide Number 6Slide Number 7Slide Number 8Geographical balanceSlide Number 10Next steps until 2020 and beyondSlide Number 12