#InvestEU. European Fund for Strategic Investment (EFSI): Opportunities in Lithuania

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1 European Fund for Strategic Investment (EFSI): Opportunities in Lithuania 10 January 2017, VILNIUS. Marius Vaščega, European Commission Economic Governance Officer in Lithuania

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3 Economic Policy Priorities 2

4 Investment Plan for Europe / EFSI: why? Slow economic recovery in due to... 3

5 Investment Plan for Europe / EFSI: why?... lack of investment but around 300 bn would help returning to historical average. Gross fixed capital formation main trend, historical average and investment plan EU-28, at 2013 prices, bn 3,039 3,021 Baseline data / forecasts Investment plan GFCF historical sustainable norm, assuming an investment/gdp ratio of 21-22% 2,527 2,543 2,640 2,528 2,567 2,869 2,717 2,657 2,714 2,659 2,647 2,864 2,748 2,678 2,606 2,940 2,416 forecasts

6 Investment Plan for Europe 1. Mobilising finance for investment 2. Making finance reach the real economy European Fund for Strategic Investments (EFSI) (Total investments at least EUR 500 bn up to 2020 via European Investment Bank and European Fund for Strategic Investments) European Investment Project Portal European Investment Advisory Hub 3. Improved investment environment Predictability and quality of regulation Removing non-financial, regulatory barriers in key sectors within Single Market Structural reforms in the Member States 5

7 European Fund for Strategic Investments Over EUR10 million European Investment Bank Directly Up to EUR 10 million European Investment Fund Indirectly through financial intermediaries 6

8 EFSI results 7

9 EFSI projects energy efficiency London energy efficiency co-financing facility EUR 137 million (Total: EUR 547 million) Financing a portfolio of new nearly zero-energy buildings Nearly-zero-energy EUR 170 office million buildings in Sweden (Total: EUR 409 million) EUR 75 million (Total: EUR 161 million) Infrastructure fund for commercial and public buildings (Cost: not disclosed) Funding facility to support energy efficiency investments in million) France EUR 400 million (Total: EUR 800 million) Energy efficient residential buildings in North Rhine Westphalia, EUR 100 million (Total: EUR 230 8

10 EFSI projects- Lithuania SMEs: INNOVFIN: OP bank (EUR 150 million inthebaltic Vilnius Utena(A14) States and Finland), highway reconstruction COSME: Swedbank(EUR 165 million in the Baltic (Total: States) not disclosed) INNOVFIN: Šiaulių bankas (EUR 50 million in Lithuania) LietuvosEnergijaVilnius CHP Project Modernisation EUR 190 million of Vilnius airport (Total: infrastructure not disclosed) EUR 30 million (Total: EUR 75 million) 9

11 EFSI opportunities in Lithuania: a study financing gap - Renovation of residential buildings - Construction and renovation of high energy class buildings - Improvement of energy efficiency of businesses - Modernization of gasrun heating equipment Energy efficiency (EUR mln) Transport (EUR mln) Wind farms, hydroelectric plants, etc. (EUR 355 mln) Energy infrastructure (EUR 175 mln) Green transport (EUR 93 mln) Health (EUR 390 mln) Culture (EUR 306 mln) Water management (EUR mln) IT (EUR 50 mln) Social protection (EUR 203 mln) Education (EUR 43 mln) 10

12 EFSI opportunities in Lithuania: a study - conclusions a) EFSI can be used to counter fight pro-cyclical financing and stabilize economic growth b) EFSI can be used to finance more sectors than ESIF c) EFSI can be used by more beneficiaries than ESIF, expenditure eligibility criteria are not applied d) European Investment Advisory Hub support can be used to structure projects e) EFSI takes partial risk for the project (project financing features are applied) f) State aid rules are not applied to EFSI financing g) Considering average size of the projects in Lithuania it is recommended to consider using National Promotional Institution (NPI) as intermediary working by one stop shop concept 11

13 EFSI opportunitiesin LT: a study -big projects 12

14 EFSI opportunities in LT: a study - small projects 13

15 Thank you more information: #investeu #EFSI