EUROPEAN INVESTMENT BANK 12 June 2018

Transcription

1 EUROPEAN INVESTMENT BANK CA/514/18 12 June 2018 PV/18/05 B O A R D O F D I R E C T O R S Minutes of the meeting held in Luxembourg on Tuesday, 15 May 2018 Parts of this document that, at the time of the meeting, fall under the exceptions for disclosure defined by the EIB Group Transparency Policy*, notably under articles 5.5 (protection of commercial interests) and 5.6 (protection of the Bank s internal decision-making process), have been replaced by the symbol [ ]

2 2 Those attending Chairman: Management Committee Presidents: Directors: Vice- Mr W. HOYER Messrs D. SCANNAPIECO J. TAYLOR A. FAYOLLE A. McDOWELL V. HUDÁK A. STUBB Messrs K.J. ANDREOPOULOS L. BARANYAY F. CARTAXO M. DESCHEEMAECKER A. EBERHARDS A. GYÖRGY M. HECTOR Ms V. IVANDIĆ Mr A. JACOBY Ms K. JORNA Messrs K. KAKOURIS A. KAVČIČ A. KUNINGAS I. LESAY E. MASSÉ S. MIFSUD J. MORAN P. NOWAK P. PAVELEK Ms M. PETROVA Ms K. RYSAVY Mr C. SAN BASILIO PARDO Ms K. SARJO Ms J. SONNE Ms M. TUSKIENĖ Mr T. WESTPHAL Expert Members: Ms I. HENGSTER Mr A. PANGRATIS Alternate Directors: Ms S. BELAJEC Ms S. BOBIN Ms R. CAETANO Messrs C. CUSCHIERI

3 3 O. de SMETH, representing Ms Schoch Ms M. DOLINAR Messrs M. HEIPERTZ R. LEPERS Ms F. MERCUSA, representing Ms Vigliotti Ms S. SANYAHUMBI Messrs S. SCALERA P. TÁRNOKI-ZÁCH Ms J. TIKKANEN Mr A. TZIMAS Ms J. YOUNG* Ms A. ZITCERE Alternate Expert Members: Secretary: Absent: Messrs J.M. MÉNDEZ ÁLVAREZ-CEDRÓN F. PASSACANTANDO Ms M. SANTONI Messrs B. ANGEL P. MILLS R. RIOUX R. RØNNE-AHM Ms M. SCHOCH Mr T. STONE Ms G. VIGLIOTTI * Representing the seat of the Director to be nominated by the United Kingdom of Great Britain and Northern Ireland

4 4 The CHAIRMAN declared the meeting open at a.m. 1. Quorum The CHAIRMAN recorded that there was a quorum. 2. Agenda and declaration of conflicts of interest The agenda (Doc 18/350) was adopted with the withdrawal of item 22: CAIRO METRO LINE 1 UPGRADING AND RENOVATION Project (Egypt), item 23: JAMAICA POWER EFFICIENCY AND GROWTH PROGRAMME (Jamaica), item 24: KENYA TELECOM EXPANSION Project (Kenya) and item 25: MOROCCO INDUSTRIAL DEVELOPMENT Project (Morocco). Conflicts of interest were declared by Ms Hengster for item 10: SMART LED ROAD LIGHTING WALLONIA PPP Project (BE), item 11: BASF CHEMICALS RDI Project (DE) and item 26: PRIVATE SECTOR FACILITY (Armenia). 3. Approval of the minutes of the previous meeting The Board of Directors approved the minutes of the meetings held on 12 April 2018 in Luxembourg, (PV/18/04). 4. Lending base rates: the Blue Curve (Doc 18/351) The CHAIRMAN recorded that the Board of Directors approved the lending rates. 5. Statements by the Chairman including updates on strategic issues The CHAIRMAN briefed the Board of Directors on a number of relevant issues. General Questions 6. Review and future Strategy for the EIB EFSI Equity Window (Doc 18/384) Introducing the Review and future Strategy for the EIB EFSI Equity Window, the Bank underscored the main elements of the reports, i.e. the implementation status of the initial EIB Standard EFSI Equity Window up to 31 December 2017, the market justification for EIB s indirect equity and direct quasi-equity products and the proposed Equity Strategy for the extension of EFSI. The Bank further elaborated on the two proposed amendments to the EFSI Equity Strategy concerning the simplification of the sub-windows articulations and the allocation of EFSI II additional funding to the new sub-windows. The CHAIRMAN recorded that the Board of Directors approved the Review and future Strategy for the EIB EFSI Equity Window.

5 5 7. Extension of the European Growth Finance Facility Global Authorisation (Doc 18/385) The Bank introduced the Extension of the European Growth Finance Facility (EGFF) Global Authorisation by presenting the EGFF objective of financing through equity type products, innovative and fast-growing SMEs and Mid-Caps in strategic sectors. The Bank recalled the concurring findings of the European Parliament's Committee on Economic and Monetary Affairs on the existing market gap in Europe for equity type financing. Recognising the high demand for the product, the Bank presented its criteria and screening methodology for companies to benefit from the EGFF, and its willingness to partner with National Promotional Banks to fill the market gap through a crowding-in effect. In the ensuing discussion, Board members commended the facility. They underscored the importance to strive for sustainability taking into consideration the market gap and to continue with traditional activities. Concluding the discussion, the CHAIRMAN recorded that the Board of Directors approved the proposal. 8. Office of the Chief Compliance Officer (OCCO): Activity Report 2017 (Doc 13/386) Presenting the item to the Board, the Bank explained that the OCCO Activity Report 2017 provided information on the Directorate s core activities including Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT), integrity, regulatory and tax compliance, ethics, codes of conduct and related policy and institutional matters. The Bank underscored OCCO s international outreach activities including the organisation of a conference on tax and ethics and outlined the priorities OCCO had set for 2018 including the initiative to further align EIB Group Compliance functions. The importance of organisational culture and related supporting policies and procedures were also highlighted and the Board requested to be update regularly on the Compliance Culture Change Programme In the ensuing discussion, Board members commended the report and acknowledged the key role of the Bank s compliance function including in the revision of the NCJ policy. Board members also exchanged views on the General Data Protection Regulation (GDPR), traderelated compatibility issues and the importance of cooperation across institutions. Following the replies provided by the Bank, the CHAIRMAN recorded that the Board of Directors had discussed the OCCO Activity Report [ ] Operations The Board of Directors considered and discussed the following proposals on the agenda as follows:

6 6 Operations within the European Union INVESTMENT LOAN 10. SMART LED ROAD LIGHTING WALLONIA PPP Project (BE) (Doc 18/275) Financing of the realisation of the Walloon Region's "Plan Lumière 4.0", aimed at replacing the existing public road lighting by a smart, LED-based energy efficient network covering around km of highways and national roads Borrower : Special Purpose Vehicle Max. amount : EUR 160m Opinion of the Government of the Kingdom of Belgium 11. BASF CHEMICALS RDI Project (DE) (Doc 18/354) Financing of investments focusing on key segments of the Promoter s activities including chemicals, performance products, functional materials and solutions Borrower : BASF SE Max. amount : EUR 400m Opinion of the Government of the Federal Republic of Germany 12. [ ] 13. [ ] 14. ANTOLIN CAR INTERIORS RDI Project (ES, DE, FR) (Doc 18/366) Financing of the promoter s RDI activities over the period Borrower : Grupo Antolín-Irausa, S.A. Max. amount : EUR 100m Opinion of the Government of the Kingdom of Spain, the Federal Republic of Germany and the French Republic

7 7 15. POWER TRANSMISSION MODERNISATION AND EXTENSION Project (HU) (Doc 18/373) Financing of the reinforcement and extension of the electricity transmission network Borrower : [ ] Max. amount : [ ] Opinion of the Government of Hungary 16. [ ] 17. POZNAN MEDICAL UNIVERSITY Project (PL) (Doc 18/375) Financing of design, construction and equipment of a new state-of-the-art medical simulations centre at the Poznan Medical University Borrower : Poznan s University of Medical Sciences Max. amount : PLN 115m (approximately EUR 27m) Opinion of the Government of the Republic of Poland FRAMEWORK LOAN 18. GREEK NATIONAL SME SUPPORT SCHEME Framework Loan (EL) (Doc 18/367) Financing of an intermediated loan focusing on the co-financing of priority projects of limited size by SMEs Borrower : The Hellenic Republic Max. amount : EUR 320m Opinion of the Government of the Hellenic Republic The CHAIRMAN recorded that the Board of Directors approved the financing proposal, with one vote against by Ms Sonne.

8 8 MULTI-BENEFICIARY INTERMEDIATED LOAN 19. UBI GROUP II LOAN FOR SMES AND MID-CAPS (IT) (Doc 18/376) Financing of SMEs and Mid-Caps operating in various industrial, agriculture, tourism and services sectors via term loans and leasing schemes Borrower : UBI S.p.A and UBI Leasing S.p.A. Max. amount : EUR 400m Opinion of the Government of the Italian Republic GUARANTEE 20. GETIN NOBLE ABS FOR MICRO SMES (PL) (Doc 18/377) Financing of a loan substitute guarantee to support new lending to micro SMEs Intermediary : Getin Noble Bank SA Max. amount : EUR 25m Opinion of the Government of the Republic of Poland Operations in Candidate and Potential Candidate Countries MULTI-BENEFICIARY INTERMEDIATED LOAN 21. YAPI KREDI LOAN FOR SMES AND GREEN ENERGY Project (Turkey) (Doc 18/378) Financing of sub-projects in the fields of renewable energy and SMEs Borrower : Yapi ve Kredi Bankasi AS Max. amount : EUR 150m

9 9 Operations outside the European Union INVESTMENT LOAN 22. Item withdrawn 23. Item withdrawn 24. Item withdrawn 25. Item withdrawn MULTI-BENEFICIARY INTERMEDIATED LOAN 26. PRIVATE SECTOR FACILITY (Armenia) (Doc 18/361) Financing of a loan with the Central bank of the Republic of Armenia to support the development of the local private sector, in particular SMEs and Mid-Caps Borrower : Central Bank of the Republic of Armenia Max. amount : EUR 50m The CHAIRMAN recorded that the Board of Directors decided to postpone the discussion on this item. 27. NBE LOAN FOR SMES AND MID-CAPS (Egypt) (Doc 18/382) Financing of small and medium-sized enterprises and Mid-Caps to support small and medium scale projects Borrower : National Bank of Egypt Max. amount : EUR 375m Other Operational Questions 28. MODERNISATION ROUTIERE II Framework Loan (Tunisia) (Doc 18/383) Allocation to sub-projects: S4 DEVIATION ZARZIS G1 PENETRANTE SUD The CHAIRMAN recorded that the Board of Directors approved the proposed allocations.

10 10 Miscellaneous 29. Date of the next meeting: The Chairman announced that the next meeting would be held on Tuesday, 12 June 2018 in Luxembourg, commencing at 9.00 a.m. The CHAIRMAN declared the meeting closed at 3.20 p.m. Annex 1: Proposals submitted by written procedure

11 11 Annex 1 to PV/18/05 PROPOSALS SUBMITTED BY WRITTEN PROCEDURE The CHAIRMAN recorded the approval by the BOARD OF DIRECTORS, during the period since the previous meeting on 12 April 2018, of the following operations submitted by written procedure: Approval on 27/04/2018 Operations within the European Union INVESTMENT LOAN HUS HEALTH CARE III INVESTMENT PROGRAMME (FI) (Doc 18/355) Financing of an investment programme for the renovation, adaptation and extension of about 17 buildings of the Hospital District of Helsinki and Uusimaa in the Uusimaa region Borrower : Joint Authority for the Hospital District of Helsinki and Uusimaa (Helsingin ja Uudenmaan sairaanhoitopiirin kuntayhtymä, HUS ) Max. amount : EUR 300m Opinion of the Government of the Republic of Finland FONROCHE BIOGAZ PROJECTS PORTFOLIO (FR) (Doc 18/356) Financing of the implementation of seven biogas treatment facilities with an average nominal capacity between and tons/year using the Anaerobic Digestion process Borrower : Financial Intermediaries Max. amount : EUR 90m Opinion of the Government of the French Republic ONERA RESEARCH INFRASTRUCTURE Project (FR) (Doc 18/357) Financing of a programme aimed at regrouping and building infrastructures dedicated to scientific research as well as of a development plan for competences and new expertise Borrower : ONERA Max. amount : EUR 140m Opinion of the Government of the French Republic

12 12 RENOVATION LOGEMENTS AGENTS DE L ETAT Project (FR) (Doc 18/358) Financing of the rehabilitation of gendarmes housing in charge of security in rural and peri-urban areas Borrower : CDC Habitat Max. amount : EUR 33m Opinion of the Government of the French Republic FRAMEWORK LOAN ROMANIA RURAL DEVELOPMENT EU COFINANCING Framework Loan (RO) (Doc 18/360) Financing of national contribution to selected measures of the Rural Development Programme over the period Borrower : Romania, through its Ministry of Public Finance Max. amount : EUR 450m Opinion of the Government of Romania MULTI-BENEFICIARY INTERMEDIATED LOAN UNICREDIT X LOAN FOR SMES (IT) (Doc 18/359) Financing of dedicated EIB Loan to finance SMEs via medium/long-term lending and leasing schemes Borrower : Unicredit S.p.A and Unicredit Leasing S.p.A Max. amount : EUR 300m Opinion of the Government of the Italian Republic Operations outside the European Union INVESTMENT LOAN REHABILITATION OF KAIRAKKUM HPP Project (Tajikistan) (Doc 18/362) Financing of the rehabilitation of the hydro and electro-mechanical equipment at the Kairakkum hydro power plant, including the replacement of all turbines as well as dam safety improvements Borrower : The Republic of Tajikistan Max. amount : EUR 50m

13 13 Miscellaneous AMENDMENT OF THE RULES RELATING TO THE ESTABLISHMENT AND ADMINISTRATION OF THE EASTERN PARTNERSHIP TECHNICAL ASSISTANCE TRUST FUND (EPTATF) (Doc 18/363)