Transcript Gaboreaud BEI - European Committee of the Regions

European Investment Bank
Promoting European objectives
Dunkerque
12 July 2013
Florence Gaboreaud – Lending Operations in Western Europe (Benelux, France, Ireland, UK)
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Content
What is the EIB?
The EIB’s approach to Maritime Transport
The EIB’s due diligence process
EIB financing
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The European Investment Bank (EIB)
Long-term finance promoting European objectives
European Union’s long-term lending bank set up in 1958
by the Treaty of Rome.
Promoting European objectives, contribution to Europe
2020 strategy
Shareholders: 28 EU Member States
Governance
Board of Governors – EU Finance Ministers
Board of Directors - Member States & European Commission
Management Committee –EIB’s executive body
Audit Committee – independent, non-resident
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EIB Signatures 1958-2012
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EIB Signatures 2012 (in EUR)
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EIB Lending by sector
2008-2012: EUR 283 billion
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EIB Lending to the Transport sector
2008-2012: EUR 66.5 billion
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EIB Lending to the Maritime Transport sector
2001-2012
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Content
What is the EIB?
The EIB’s approach to Maritime Transport
The EIB’s due diligence process
EIB financing
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EIB Transport Lending Policy (2011)
Background for intervention in waterborne transport
Ports form the main gateway to international trade for the EU and the demand
for waterborne transport is expected to increase in the future.
Sea ports and intermodal logistics centers have a key role to play in the
improvement of an integrated and sustainable global supply chain system.
On the European coasts, safe and efficient entry points into European markets
are needed to avoid unnecessary traffic crossing Europe.
Reliable and diversified intermodal connections with the hinterland are also
critical to facilitate the flow of goods and reduce transport time and costs.
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The EIB’s approach to Maritime Transport
Projects must be in line with:
EU objectives (White paper, TEN-T policy)
EIB’s Transport Lending Policy (13.12.2011)
http://www.eib.org/attachments/strategies/transport_lend
ing_policy_en.pdf
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The European priority objectives
within the EU:
Knowledge Economy (incl. R&D)
Trans-European Networks (TENs)
Competitive and secure energy
Small and medium-sized enterprises (SMEs) and
mid-cap enterprises (midcaps)
Convergence
Climate change Action (incl. sustainable transport)
Ports, waterways and shipping projects are generally eligible under
TEN-T and sustainable transport.
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Objectives for intervention in waterborne transport
Trans-European Transport Networks (TEN-T)
Develop Trans-European Transport Networks (TEN ports) and major
transport axes in Neighbouring Countries.
Sustainable Transport
Foster modal shift from road to maritime/inland waterway/railway transport
by:
– allowing maritime cargo to come closer to the final destination, thus
reducing cargo onward journey by land transport modes
– facilitating the provision of a maritime alternative to road based-freight
transport (motorways of the sea/ short-sea shipping);
– facilitating the connection between maritime and rail/waterway
hinterland transport (multimodal terminals).
Reduce vessel emissions and improve their energy efficiency
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EIB Transport Lending Policy
Requirements
Projects shall demonstrate satisfactory economic and financial
returns.
The EIB will require that port projects are consistent with the
development of the hinterland infrastructures needed for connecting
the port with wider transport infrastructure networks (railways,
motorways and/or inland water transport).
Port projects should be framed in a long term national transport
strategy coherent with TEN-T goals at the EU level.
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EIB Transport Lending Policy
Requirements
Projects should be compliant with European environmental
legislation
The Bank will ask promoters to ensure that the project is climate
resilient through appropriate design and operating measures.
The Bank requires the promoters to ensure that the principles of the
EU Treaty and international best practice are applied when selecting
a concessionaire.
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Type of maritime projects that the EIB can in principle finance (1/2)
Existing ports - common user infrastructure rehabilitation/expansion
(breakwater, access channel, maritime locks, navigation aids, quays)
– full support
Existing ports - new terminals
(port authority/infrastructure and/or terminal operator/superstructure and equipment])
– full support in principle, subject to :
Selection of concessionaire (competitive, fair and transparent process)
For container terminals: traffic commitment of shipping lines (transhipment hubs in
particular)
New ports
Economic justification
Environmental impacts
Improvement of hinterland transport connections
– full support, particularly rail and inland waterways access to ports and intermodal
terminals.
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Type of maritime projects that the EIB can in principle finance (2/2)
Motorways of the Sea projects (infrastructure and vessel components) –full support
– Vessels and port facilities on routes part of the Motorways of the Sea network
New vessels
– In the EU: vessels with EU flag to be operated on « eligible routes », originating or
ending on a EU country, during the loan life.
– Short sea shipping: vessels operating on routes aimed at modal shift from road to
maritime transport.
– Convergence: vessel operations solely aimed at development region assistance.
– Remote community support where no viable alternate to shipping is available (EU island
community support).
– Replacement of older, less energy efficient or more polluting vessels.
N.B. The Bank pays special attention that the ships it finances use best available
technologies and that promoters use sound environmental management practices.
Vessel and Equipment R&D
– R&D to enhance ship environmental performance and energy efficiency (ship hull,
propulsion, power plants, waste treatment, etc.).
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Examples of port projects approved by the EIB
Projects in the EU
Fos 2XL, Marseilles, France (infrastructure for two container terminals)
Kaiserschleuse Bremerhaven, Germany (major maritime lock)
Rotterdam Port Second Maasvlakte (infrastructure for major extension of Port of
Rotterdam)
Pireaus Port II (container terminal expansion involving infrastructure and
superstructure )
Duisburger Haven
Port of Thessaloniki
Purchase of Ro-ro vessel (Baltic Sea and Western Europe Motorways of the Sea)
Purchase of Ro-pax vessels (Spain-Italy & Italy-Greece Motorways of the Sea)
Spanish ports (Barcelona, Valencia, Cadiz, Bilbao)
Port of Antwerp 2nd Lock Waaslandhaven
Jade Weser Container Terminal
London Gateway
Port of Liverpool River Terminal
Port of Genoa
Fincantieri RDI
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EIB projects signed in the last 10 years
Major ports
(EU Top 20)
Other
ports
Projects signed before 2007
Projects signed in 2007-2011
Projects in the pipeline
A few examples of EU Ports with
no EIB projects in the past
Las
Palmas
(Spain)
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Madeira
(Portugal)
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Content
What is the EIB?
The EIB’s approach to Maritime Transport
The EIB’s due diligence process
EIB financing
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What are the steps of EIB Lending?
EIB Project Cycle
Identification – assessment of the project’s eligibility
Pre-Appraisal – preliminary assessment of the project’s
suitability
Appraisal – assessment of the soundness of the project,
taking into account technical, procurement,
economic/financial aspects, environmental and social
impacts of the projects
Negotiation – signature of the contract. Requires previous
approval from the EU Commission
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What are the steps of EIB Lending?
EIB Project Cycle
Promoter’s
request
Newly Identified Projects
Commission’s Opinion &
Member State’s Opinion
EIB Eligibility
External web
PIN
Staff teams
Banking
criteria
Economic
Financial
Technical
Environmental
Social
Lawyers
Contract Negotiation
Management
Committee
(Appraisal Fact Sheet)
Monitoring
Project
Borrower
Guarantor
Contract Signature
Board of Directors
Loan Approval
(Board Report)
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Technical Appraisal of projects
Alignment with EU objectives & Transport Lending Policy
Ensure quality and soundness of projects
Improve and support projects and promoters (TA)
Aspects typically covered are the following:
Promoter/borrower: capacity, track record, shareholders,
strategy, project rights.
Strategy: Master plan, Business Plan.
Project Site: Location, ownership rights, purpose of land use,
local permits.
Environment: Compliance with EU Environmental Directives:
SEA, EIA, screening decision, Natura 2000, Habitats / Birds,
cumulative impacts, public consultation; EIB’s Statement on
Environmental Principles and Standards.
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Technical Appraisal of projects
Technical aspects: project design, unit costs.
Procurement: Compliance with EIB’s Procurement policy: EU
Directives on procurement, selection process of the
concessionaire.
Project timing: permits and authorization plan, construction
schedule, operation date.
Economic and financial profitability: CBA, analysis of
alternatives.
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Content
What is the EIB?
The EIB’s approach to Maritime Transport
The EIB’s due diligence process
EIB financing
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EIB financing
Project Finance
Bespoke structured finance e.g. London Gateway
Corporate Finance / Senior debt
Public authorities
Private companies
Long term funding to match asset life subject to credit
quality of borrower
EIB aims to offer a financial advantage over commercial
funding: interest rates, maturities and terms
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For more information
http://www.eib.org/
[email protected]
Tel: (+352) 437922000
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