Delivering on the European Fund for Strategic Investments (EFSI) - Investment Plan for Europe - Eduskunta
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Investment Plan for Europe
Delivering on the European Fund for
Strategic Investments (EFSI)
Jukka Luukkanen
Head of Helsinki Office
Helsinki 12/04/2016
1
EIB at a Glance
We are the world’s largest
International Financial Institution
1958 Shareholders Source of funds AAA-rated
Established to support Owned by the 28 We raise long-term funds We’re triple-A rated by
long-term investments Member States of on the international all major rating
primarily in the the European Union. capital markets and as agencies and have a
European Union. We a non-profit organisation sizeable capital of
have over 50 years’ we pass favourable €242.4 bn.
experience in borrowing conditions
financing sustainable to our clients.
projects.
2
The EIB Group
Providing finance and expertise for sound and
sustainable investment projects
Leading developer of risk financing
for innovative SMEs
3
The EIB Group in 2015
Record for the
EIB in 2015:
EIB Group:
EUR 77.5bn
EUR 84.5bn
EIF in 2015:
EUR
7bn
4
KEY PRIORITIES - 2015
ENVIRONMENT INFRASTRUCTURE INNOVATION SME
EUR 19.6bn EUR 18.9bn EUR 18.7bn EUR 29.2bn
5
EIB LENDING IN FINLAND IN 2015
Signatures in Finland 2011- 2015 (in EUR m)
EIB lending in 2015 amounted to 0.8% of Finnish GDP (vs. 0.55% on
average in EU)
6
Why an Investment Plan Europe?
Investment & competitiveness gap
EU Investment Plan
• EU and Member
High liquidity in the market
State policy action
• EU budget guarantee
Public budget constraints • EIB capacity to
mobilise additional
Financial and non-financial barriers
investment
to investment
7
3 ways to tackle the investment gap
Investment Plan for Europe
Support investment in Create an investment
Mobilise finance for
real economy friendly environment
investment
• European • Improving the
• European Fund for
Investment Advisory regulatory
Strategic Investments
Hub environment
• Cooperation with
• European • Structural reforms
National Promotional
Investment Project
Banks
Portal
Aim: to mobilise at least €315 billion in investment across the EU
8
EFSI setup and governance
EIB
EFSI
Group
All EFSI operations are within the EIB Group (EIB&EIF)
• On the EIB’s balance sheet (no separate entity)
• Subject to standard due diligence
• EIB & EIF governing bodies approve each operation
Additional EFSI governance:
• Steering Board
• Investment Committee, headed-up by a
• Managing Director
Operations already started in spring 2015
9
Mobilising new investment
10Making a difference
Our value added
Addressing Financing Absorbing part of
market failures or operations not the risk to trigger
sub-optimal possible to same additional
investment extent otherwise investments
situations
Impact orientation
Attracting other
Maximising Supporting
sources of
growth employment
finance
11With targeted products
Continuously adapting to market needs
12Key areas
Targeting strategic public and private investment
• Infrastructure: including transport, energy and digital
• Innovation: Education and training, health, research,
development and innovation
• Renewable energy: Expansion of renewable energy generation
and support of energy and resource efficiency
• Environment: Projects in the environmental, urban development
and social fields
• SMEs and midcaps: Financing support through local partner
banks and institutions
13Who can benefit?
Eligible counterparts
SMEs
Utilities and
Corporates of all public sector (up to 250
sizes entities employees) or
midcaps
(non-sovereign)
(up to 3 000)
Contact
EIB Group directly
National via InfoDesk or
Promotional Dedicated relevant
Banks or other Investment Operations
banks for Platforms Department
intermediation www.eib.org
www.eif.org
14What kind of operations?
Operations need to be:
• Commercially sound, economically and technically viable
• Underpin EFSI objectives
• Support growth and jobs
• Mature enough to be bankable
• Priced in a manner commensurate with the risk taken
• Covering EU28 countries or cross-border operations
15SME financing under EFSI
16First operations financed
Financing for a Finnish SME guarantee
bio-mill enhancement agreement
EUR 75m Unlocking EUR
introducing renewable 100m of loans for
energy generation to
make the plant fossil 1 000 SMEs in
fuel free Bulgaria
Driving clean For more Backing Supporting
energy sustainable midcap smaller
investment industries modernisation businesses
Equity-type financing •Funding cutting-edge
for an innovative fund steel production
facilities
EUR 75m for
investment in offshore •EUR 100m for
wind, biomass and innovative and
transmission projects competitive steel
products
17EIF investment in Open Ocean Fund IV
• In 2011, EIF played a crucial cornerstone role in helping a team of former MySQL founders to raise their
debut venture capital fund, Open Ocean Fund III with EUR 44.6m in total commitments.
• Fund III has performed well with promising value drivers in the unrealized portfolio (e.g. Truecaller,
Nosto Solutions, EyeEm) with blue-chip syndication partners like Atomico, Balderton Capital,
Holtzbrinck Ventures, KPCB and Sequoia.
• EIF is the largest investor in Open Ocean Fund III.
• Since EIF’s initial support in 2011, the team of Open Ocean has positioned itself as the investor of choice
for entrepreneurs in the software space whose business model relies on open source or community
components, and it is a sought-after co-investor for European and American generalist VC funds investing
in that sector.
• The specialized skillsets that the Open Ocean team brings to the entrepreneurial ecosystem are highly
appreciated by the market.
• By investing in Open Ocean IV, EIF saw an opportunity to further contribute to the consolidation of a
reputed European VC firm with a specialized focus and a key role in the development of European
software start-ups.
• Consequently, EIF made a commitment of EUR 30m at the first closing, hence allowing Open Ocean
Fund IV to reach a viable minimum closing size.
• EIF’s commitment in Open Ocean Fund IV will constitute a transaction to be reported under European
Fund for Strategic Investment (EFSI), in line with the call from the European Council of December 2014.
18EIF and Pohjola Bank sign EUR 150m InnovFin agreement for innovative
companies in Finland, Estonia, Latvia and Lithuania
• On 30 March 2016 the European Investment Fund (EIF) and
Pohjola Bank (as part of the OP Financial Group), signed a
guarantee agreement to increase lending to innovative small
and medium-sized enterprises (SMEs) and small mid-caps in
Finland, Estonia, Latvia and Lithuania
• This transaction benefits from the support of the European Fund
for Strategic Investments (EFSI)
• The new agreement will allow OP Financial Group to provide
EUR 150m of loans to innovative companies in Finland and the
Baltic states over the next 2 years.
• The loans will be supported by an EIF guarantee under the “EU
InnovFin finance for Innovators” initiative with financial backing
from the European Commission's Horizon 2020 programme.
19Results dashboard (EIB group)
(as of 10 March)
20Timeline and investment period
2015 2016 2017 2018 2019 2020
4 July 4 July 30 June
4 July
1st 2nd
Deadline
deadline deadline
Entry into Third anniversary for
for for
force of of signing the approval of
signature signature
EFSI EFSI Regulation EFSI
of EFSI of EFSI
Regulation Operations
operations Operations
Investment period to achieve EUR 315bn of total investments “Extended” investment period
EFSI operations to target EUR 315bn of total investment by 2018
Actual investment period runs until 30 June 2020
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