Ministry of Foreign Affairs of Denmark. Concept Note Danida Business Finance Project Development Facility

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1 Ministry of Foreign Affairs of Denmark Danida Concept Note Danida Business Finance Project Development Facility 5 May 2017 File No.:

2 1. CONTEXT PRESENTATION OF THE PROGRAMME MANAGEMENT SETUP BUDGET ANNEXES Annex A Annex B Annex C Annex D Annex E Annex F Page 2

3 1. CONTEXT 1.1. Background The investments required to achieve the SDGs are enormous. UNCTAD estimates that the total SDG investment needs in developing countries are in the order of USD trillion per year, and projections based on the current public and private investment levels indicate a financing gap of USD 2.5 trillion annually. The main financing gaps are related to infrastructure (energy, transport, telecommunication, water and sanitation), climate, agribusiness and food security, health and education. Official Development Assistance (ODA), currently estimated at USD 132 billion, will only be able to cover a small part of this financing gap. It is widely recognized that the infrastructure investment deficit in developing countries is caused by the lack of bankable project proposals due to a range of obstacles such as undeveloped long-term infrastructure project pipelines as well as high development and transaction costs. This, together with the real and perceived risks of doing business in developing countries, is a constraint to the development of sustainable infrastructure project proposals. Danida Business Finance (DBF) offers subsidised loans to infrastructure projects in developing countries with an income per capita below USD 4,035 and with a Danish representation (see country list in Annex E). The projects must contribute to sustainable development in the recipient country in line with the UN Sustainable Development Goals (SDG). The budget for Danida Business Finance is DKK 250 million in 2017, which is estimated to generate sustainable infrastructure projects in developing countries with a total contract value of more than DKK 600 million. The Guiding Principles for Danida Business Finance is available on this link. A typical loan has 10 years maturity and is issued in USD or EUR. The DBF-subsidy covers: Interest in the whole duration of the loan Export Credit guarantee and other financial costs Cash grant to reduce the principal of the loan (in case interest, premium and financial costs do not constitute 35% or 50% subsidy level, a cash grant is included in the subsidy to reach the minimum levels required by OECD) Only projects that are non-commercial viable can be financed; that is projects that do not generate enough profit to service a loan on commercial terms. There are two approaches under DBF: DBF Classic: Tender limited to Danish companies where DBF support has been approved prior to tender Page 3

4 DBF Fast Track: International tender where DBF can provide support in case a Danish company is best evaluated bidder (DBF support approved after tender evaluation) The Government has allocated DKK 50 million on the 2017 Finance Act to launch a project development facility that will be able to cover part of the costs associated with the development of major public infrastructure projects. The DBF Project Development Facility will replace the former Feasibility Study support under which MFA provides support to feasibility studies with 75 percent of the expenses within a maximum of DKK 750, Policy framework The World 2030, Denmark s Development policy and humanitarian strategy, lay down the framework for Denmark s development policy vision within four strategic guideposts and priorities. Accordingly, Denmark will invest in inclusive, sustainable growth and development in the developing countries, focusing on energy, water, agriculture, food and other areas where Denmark has special knowledge, resources and interests. This will contribute to creating sustainable communities with economic freedom, opportunities and jobs especially for the young people. It will also benefit Danish economy, trade and investments. The strategy furthermore states that in order to ensure investments in sustainable infrastructure in the nature of public goods that can thus hardly be financed on commercial terms, Denmark will further develop and prioritise financing via Danida Business Finance for public purchasers in poor developing countries, including project development. Furthermore, Denmark will strengthen the Investment Fund for the Developing Countries (IFU) as the central Danish development investment institution. IFU and the investment funds managed by it are able to mobilise large-scale private funding, including from pension funds, foundations and businesses with a view to investing in sustainable growth, decent employment and technology transfer for addressing e.g. the climate and environmental problems in difficult markets in the developing countries. On 1 February 2017, the Minister for Development Cooperation resolved that part of the operational administration of Danida Business Finance be moved to IFU, while the strategic control and grant authority should remain in the Ministry of Foreign Affairs and with the Minister for Development Cooperation. This will enable further development of DBF, better use of synergy possibilities and increased volume to the benefit of both developing countries and Danish business. The transfer to IFU is expected to take place in the second part of Page 4

5 1.3. Considerations on Danish interests Danida Business Finance has been operating since 1993 and has provided financing in the form of concessional loans to projects totalling almost 14 billion DKK in 29 countries across Africa, Asia and Latin America. Many Danish companies have gained access to developing markets with high perceived risk or entry barriers by engaging in DBF projects. Some of these companies, including Danish consultancy firms, are now working on commercial terms in countries such as China, Vietnam and Egypt within the energy, water and agribusiness sector previously supported by DBF. In addition to improving the infrastructure in developing countries, DBF has contributed to job creation (or preservation) in recipient countries as well as in Denmark. The DBF program has strong support from organisations such as The Confederation of Danish Industries and the Danish Construction Association whose members are actively engaged in DBF projects. The current active project portfolio amounts to approximately DKK 4.5 billion and the project pipeline includes projects within water and sanitation, wind and transportation, among other a water treatment project in Bangladesh with an expected contract value of DKK 1.3 billion. Whole-life cost 1 is a fundamental principle when request for Danida Business Finance support to infrastructure investment projects are considered. Costs of operation during lifetime of a project are crucial for the sustainability of the investment, and make up tender criteria as important as quality and price of equipment. Low costs of operation require smart and innovative technical solutions, and Danish companies are strong competitors when the wholelife cost is included in the project design and tender criteria. Furthermore, promoting social and environmental sustainability must be an integral part of the facility. Danish companies generally have high standards for sustainability. By promoting international principles for corporate sustainability, it is possible to enhance business opportunities for Danish companies and profitable private sector growth opportunities in developing countries. 2. PRESENTATION OF THE PROGRAMME 2.1. Objectives and outcomes The overall objective of the DBF Project Development Facility is to contribute to socially, economically and environmentally sustainable infrastructure in developing countries. The 1 Wikipedia: Whole-life cost, or Life-cycle cost (LCC), refers to the total cost of ownership over the life of an asset. Also commonly referred to as "cradle to grave" or "womb to tomb" costs. Costs considered include the financial cost, which is relatively simple to calculate, and the environmental and social costs, which are more difficult to quantify and assign numerical values. Typical areas of expenditure which are included in calculating the whole-life cost include, planning, design, construction and acquisition, operations, maintenance, renewal and rehabilitation, depreciation and cost of finance and replacement or disposal. Page 5

6 Facility will contribute to achievement of the Sustainable Development Goals, and in particular Goal No. 9 Industry, innovation and infrastructure; Goal No. 6 Clean water and sanitation; Goal No. 7 Affordable and clean energy; and Goal No. 13 Climate action. The immediate objective of the DBF Project Development Facility is to enable authorities in developing countries to present sustainable whole-life cost infrastructure proposals for possible financing under Danida Business Finance. In order to reach the objective the Facility will provide financial support to authorities in developing countries to offset 75 percent of the cost of investigating and preparing project opportunities, and thereby reducing the risks associated with the development of noncommercial infrastructure projects. The outputs of the Facility will be in the form of feasibility studies, analysis, pilot activities, etc. The outcome of the Project Development Facility will be resilient infrastructure in developing countries. The whole-life cost principle implies that preparation and implementation of projects will include financial, environmental and social aspects and thereby enhance the effect of the project and the Facility will contribute to achieving the Sustainable Development Goals. An additional outcome will be capacity development of the sector authorities in developing countries in terms of formulation, preparation and implementation of sustainable infrastructure projects with a whole-life cycle cost prospective. Finally, the Facility will benefit the commercial competitive situation for Danish suppliers in the short term as a direct consequence of projects supported under this Facility, and in the long term because of the adaption of the whole-life principle by sector authorities in developing countries. The latter will also benefit suppliers from other countries that adhere to the wholelife cost principle Theory of change The Theory of Change behind the Project Development Facility is that by providing funds for preparation of sustainable whole-life cycle cost infrastructure projects, then new investments financed with concessional loans will result in sustainable infrastructure, which would otherwise not, or not to the same magnitude, have been initiated. Page 6

7 Inputs Outputs Outcomes Impact Public funds Know-how, advice, technology Consultancy assistance Sustainable project proposal meeting the requirements for financing under Danida Business Finance. Resilient infrastructure Capacity development of sector authorities in developing countries Contribution to the achievement of the SDG The Theory of Change is based on a number of assumptions including: i) that the political and economic context globally and in the Danida Business Finance focus countries remain relatively stable, ii) that the sector authorities in developing countries are prepared to contribute financially, and iii) that the contracted consultants have the capabilities to deliver sustainable project proposals Strategic considerations The annual allocation on the Finance Act for Danida Business Finance is expected to increase from the 2017 allocation of DKK 250 million to 300 million in 2018 and 400 million per year beyond It is a challenge that a sufficient number of applications can be obtained that can accommodate the increasing funding level for Danida Business Finance. It is generally acknowledged that the demand for concessional loans to finance infrastructure projects in developing countries by far exceeds the number of sufficiently prepared project proposals. This is mainly due to limited resources at sector authority level in some developing countries. By providing financial assistance to the sector authorities to enable them to prepare, design and present complete sustainable project proposals, it is more likely that the expected budget level for Danida Business Finance will be met and that it will lead to implementation of sustainable infrastructure projects that would otherwise not be achieved. It is envisaged that the allocated funds plus contributions from recipient countries will result in 8 to 12 proposals meeting the requirements for financing under Danida Business Finance, and that they ultimately will qualify for presentation to the Council for Development Policy, and subsequently the Minister for Development Cooperation for approval. Page 7

8 2.4. Project implementation framework Danida Business Finance projects will typically be initiated as a result of a dialogue between Danida and a public sector authority in a developing country. The Danish Representation in the country will play an important role in the initial dialogue and in the pursuing preparatory activities in close cooperation with the Danida Business Finance team situated at IFU in Copenhagen. The need for a complete technical and financial feasibility study is part of the initial considerations. This includes an assessment of the need to provide financial and technical assistance to the local public sector authority to prepare a feasibility study and other preparatory studies and activities. Financial support to the preparation of a Feasibility Study etc. will normally be based on a request received from the Ministry of Finance in the recipient country for funding of an infrastructure investment project including funding of the preparation of a Feasibility Study and other preparatory activities. The decision to give financial support to the Feasibility Study will follow established IFU approval procedures. IFU s investment committee will approve all projects. The assignment to conduct the Feasibility Study will normally be contracted to a Consultant following a mini tender under a Framework Agreement 2, which is currently being tendered by Danida. The project cycle is illustrated in Annex F Summary of Risk Management Framework Investments in developing countries are generally associated with a relatively high perceived and real risk, not least for medium- and long-term investments, which are expected to constitute the majority of the portfolio under the Danida Business Finance budget. Political and economic conditions may be turbulent. A risk management matrix for the DBF Project Development Facility is presented in Annex 3. The matrix presents the main contextual, programmatic and institutional risks in relation to the Facility. However, it has to be emphasised that the risk management matrix at this stage only provides a very generic presentation of the various risk factors. The specific risks and the measures to manage these risks can only be assessed in relation to the specific projects and the related country and business context. 2 Danida Framework Agreement Technical Assistance in relation to Danida Business Finance Projects. Page 8

9 3. MANAGEMENT SETUP 3.1 Administrative arrangements IFU will manage the DBF Project Development Facility under an Agreement between the Ministry of Foreign Affairs and IFU. IFU will have the exclusive right to administer the DBF Project Development Facility as part of an Act to be presented to the Finance Committee concerning the transfer of the administration of Danida Business Finance to IFU. It is noted that the Public Procurement Act does not apply to contracts awarded on the basis of an exclusive right, cf. Section 17 of the Act 3. As mentioned above it has been decided to transfer part of the operational activities under Danida Business Finance to IFU. Locating the operational administration of DBF with IFU will strengthen the overall capacity to identify and develop projects in developing countries. It will also be possible to take advantage of IFU's financial expertise, knowledge, networks and monitoring systems, and to develop synergy between DBF concessional loans and IFU commercial investments. This could for example be transmission lines in connection with wind farms, access roads, etc. The role of the Ministry of Foreign Affairs will be central at the strategic level, and the Embassies will play an important role in the identification and monitoring of DBF projects. 3.2 Monitoring and Appraisal IFU will be responsible for monitoring the DBF Project Development Facility. A mid-term review will be carried out during The review will assess progress against targets established in the results framework but will also make careful consideration to the pipeline as well as to the perspective for actual DBF projects resulting from the financial support under the DBF Project Development Facility. Due to the nature of the Facility, consisting of 8 to 12 individual projects and because of the low complexity of the Facility it is suggested that the Department for Growth and Employment (VBE) development specialist carries out the appraisal of the DBF Project Development Facility programme document. It is suggested that the standard checklist for appraisals above DKK 10 million is applied. 4. BUDGET The allocation of DKK 50 million on the Finance Act for 2017 will be committed to IFU and will be utilised over a four-year period to finance 8 to 12 projects. 3 Section 17. This Act shall not apply to public service contracts awarded by the contracting authority to another contracting authority or to a group of contracting authorities on the basis of an exclusive right under law or according to published administrative provisions which are compatible with the Treaty on the Functioning of the European Union Page 9

10 Danida Recipient Total 8 to12 finance proposals Review 1-1 Total ANNEXES A Process Action Plan B Preliminary Results Framework C Preliminary Risk Management Matrix D Background Analysis Matrix E Group of countries for Danida Business Finance F Project implementation diagram Page 10

11 Annex A Process Action Plan (PAP) for DBF Project Development Facility Time line Activity Documentation 2016 The programme budget is inserted into the proposal for the Finance Act FFL2017 February 2017 February 2017 March 2017 Planning of design and formulation. Process Action Plan Analysis started Drafting Concept Note and annexes Process Action Plan for programme development up to signing of commitments. Draft concept Note with annexes 8 May 2017 Public consultation of Concept Note. 31 May 2017 Meeting in Danida Programme Committee. Concept Note with annexes Concept Note and annexes. List of received responses from the consultation and summary conclusions from Danida Programme Committee. June to August 2017 Development of Programme Document and Development engagement Documents Draft Program Document incl. quality assurance and Development engagement Documents 7 September 2017 Programme Document with appropriation cover sheet forwarded to KFU Programme Document, annexes and Development engagement Documents 26 September 2017 Presentation to the Council for Development Policy After Council for Development Policy meeting After Minister s approval After agreement(s) are signed The Minister for Development Cooperation approves the programme Signing of legally binding agreements (commitments) with partner(s) Register commitment in MFA s financial systems within budgeted quarter. Summary of meeting in Council for Development Policy Legally binding agreement Page 11

12 Annex B Preliminary Results Framework for DBF Project Development Facility Thematic Programme Thematic Programme Objective Impact Indicator Baseline Year N/A Target Year N/A Engagement Title Outcome Outcome indicator DBF Project Development Facility The overall objective of the DBF Project Development Facility is to contribute to socially, economically and environmentally sustainable infrastructure in developing countries. The Facility will contribute to achievement of the Sustainable Development Goals. To be defined for each individual engagement DBF Project Development Facility Resilient infrastructure projects in developing countries that will include financial, environmental and social aspects and thereby enhance the effect of the project and the contribution to achieving the Sustainable Development Goals by including all aspects of the whole-life cost principle. The number of infrastructure projects approved for financing under DBF that have resulted from support under the Facility. Baseline Year 2017 This is a new initiative and the baseline starts from zero. Target Year 2021 The target at the end of the four-year programme period is 8 to 12 approved applications for support to feasibility studies Output Feasibility Studies and other preparatory activities to be carried out with financial support under the Facility Output indicator Number of feasibility studies etc. approved for financial support by DBF/IFU Baseline Year 2016 Under the present facility two studies were approved in 2016 Target Year Number of applications for Feasibility Studies approved Target Year Number of applications for Feasibility Studies approved Target Year Number of applications for Feasibility Studies approved Target Year Number of applications for Feasibility Studies approved Target Year Number of applications for Feasibility Studies approved Page 12

13 Annex C Preliminary Risk Management Matrix for DBF Project Development Facility Contextual risks Risk Factor Likelihood Impact Risk response Background to assessment A possible new global financial crisis will limit the ability and willingness of developing countries to invest in the preparation and financing of sustainable infrastructure project. Unlikely Major The effects of a possible global financial crisis will be part of the assessment of project applications, and on the consequences for possible financing under DBF of the proposed project. A global financial crisis will limit the interest of Danish companies to engage in public infrastructure projects, particularly in developing Political instability in individual recipient countries. Unlikely Major Political stability in the recipient country will be part of the assessment of project applications, and on the consequences for possible financing under DBF of the proposed project. Programmatic risks (for country programmes/regional programmes filled out for each thematic programme) countries. Political instability in recipient countries will limit the interest of Danish companies to engage in infrastructure projects. Risk Factor Likelihood Impact Risk response Background to assessment Resistance by the recipient country to participate in the costs of developing a sustainable project proposal based on the whole-life cost principles Likely Major Allocation of resources to inform relevant authorities, including the Ministry of Finance, about the whole-life costs principles. Lack of interest by Danish companies to participate in tenders originating from the Facility. Unlikely Major Early dialogue with potential Danish suppliers about possible interest in a particular potential infrastructure project. Dialogue about potential infrastructure projects with authorities in the recipient countries. Knowledge about the Danish resource base and their strongholds.

14 Institutional risks Risk Factor Likelihood Impact Risk response Background to assessment Local authorities unable to participate in the preparation of feasibility studies, etc. due to lack of knowledge and experience with the whole-life cost principle Likely Minor Allocation of sufficient budget for technical assistance and training to key personnel with relevant public institutions and authorities. Assessment of institutional capacity and technical capabilities of the relevant authorities at an early stage of the Corruption, human rights violations, etc. Likely Major Close dialogue with recipient authorities about United Nations Guiding Principles on Business and Human Rights. dialogue. Human Rights index for the recipient country. Page 14

15 Annex D Preliminary Background Analysis Matrix for DBF Project Development Facility Building a Bridge to Sustainable Infrastructure: Mapping the Global Initiatives That Are Paving the Way, Mercer; Inter-American Development Bank (IDB) 11/04/ United Nations Environment Programme. Sustainable Infrastructure and Finance June 2016,

16 Annex E Group of countries eligible for Danida Business Finance Low Income Countries Afghanistan Burkina Faso Ethiopia Mali Mozambique Niger Somalia Tanzania Uganda Lower Middle Income Countries Bangladesh Egypt Ghana India Indonesia Kenya Morocco Myanmar Nigeria Pakistan Palestine Philippines Ukraine Vietnam Page 16

17 Annex F Project cycle Denmark IFU/DBF DK representations Recipient Country Ministry of Finance Sector authorities DBF/DK rep. Assessment Clearence in principle Project idea Request for financial support to feasibility study Feasibility study Contracting consultant DBF Appraisal Grant document Ministry of Finance Request for DBF financing MFA Approval of grant Page 17

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