The European Fund for Strategic
Investments (EFSI)
Europaforum Norra Sverige
Monica Peña Sastre, Policy Adviser
09.10.2015
European Investment Bank Group
1
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
Lending priorities 2014
09/10/2015
3
European
Investment
Bank Group
EIB Group lending in 2014
09/10/2015
4
European
Investment
EIB lending in Sweden 2010-2014
28/02/2013
European Investment Bank Group
5
Examples of EIB lending in Sweden
BOLIDEN ELECTRONIC SCRAP RECYCLING
• EIB loan = EUR 85 m
• Borrower: Boliden AB
• Project description: construction and commissioning of a new 75 000 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
Examples of EIB lending in Sweden
REGIONAL ROLLING STOCK MALAB
• EIB loan = SEK 1950 million (EUR 209 million)
• 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
Examples of EIB lending in Sweden
FABEGE NEAR-ZERO-ENERGY BUILDINGS
• EIB loan = EUR 100 m
• Borrower: Fabege AB
• 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
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
Mobilising new investment
EFSI
EIB
Group
European Investment Bank Group
10
European Fund for Strategic Investments (EFSI)
European Investment Bank Group
11
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
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
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
EFSI Products
SOURCES
OF FUNDING
The Fund
serves as
credit
protection
for new EIB
activities
European Fund
for Strategic
Investments
TYPICAL
PRODUCTS
OFFERED
•Long-term senior
debt for higher
risk projects
•Transport
infra
•Long-term
•investment
funds
•Broadband
infra
•Energy
infra
•Innovation
•Energy
Resource
efficiency
•Research
•Renewable
energy
•SMEs
•Education
•Subordinated loans
•Equity and
quasi-equity
26/08/2015
Other
investors
join in on
a project
basis
FINAL
RECIPIENTS
AND TYPICAL
PROJECTS
European Investment Bank Group
15
How will the EFSI operate?
26/08/2015
European Investment Bank Group
16
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)
www.eib.org/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
European Investment Bank Group
EIAH’s partner
institutions’ expertise


Network of institutions incl.
EIB Group, EC, National
Promotional Banks, etc.
Integrated collaboration
model
17
Thank you!
more information:
www.eib.org
www.eib.org/eiah
[email protected]
Loan officer responsible for Sweden:
Joakim Palmgren, [email protected]
European Investment Bank Group
18