Documentation from the Workshop on the Financing of EFSI and the Link Between These and Other Investment Funds

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Budgetary Affairs European Parliament Policy Department D for Budgetary

1 Study for the BUDG and ECON committees Documentation from the Workshop on the Financing of EFSI and the Link Between These and Other Investment Funds Budgetary Affairs European Parliament Policy Department D for Budgetary Affairs Directorate General for Internal Policies of the Union PE February 2017 EN

3 DIRECTORATE GENERAL FOR INTERNAL POLICIES POLICY DEPARTMENT D: BUDGETARY AFFAIRS Documentation from the workshop on the financing of the European Fund for Strategic Investment (EFSI) and the link between these and other investment funds WORKSHOP The European Fund for Strategic Investments (EFSI) has been in place for one and a half years now. Experience suggests that despite a clear quantitative success, certain things do not work the way that we had envisaged as Co-Legislator. The deficiencies are not so much linked to the specific provisions of the Regulation but to the way they have been interpreted or implemented on the ground. In order to respect in full the spirit and content of the EFSI Regulation, these implementation failures should be addressed. In July 2015, after intensive negotiations between European Commission, Council and Parliament, the EFSI Regulation entered into force. In these negotiations, the European Parliament insisted on a series of political and technical adjustments and managed to significantly improve the European Commission proposal. The European Parliament insisted on additionally of EFSI, achieved an additional one billion financing from unallocated margins, a powerful intermediary structure (National Promotional Banks), and support for small and medium enterprises. In September 2016, the European Commission presented an amending Regulation to the original EFSI Regulation of 2015 (EFSI 1.0), prolonging the instrument, as well as proposing changes on the content with an aim to augment its capacity and to address certain insufficiencies. This document can not constitute an authentic record of proceedings. The workshop was public and live webstreamed. The video record can be found under the following link: PE /10/2017 EN

4 CONTRIBUTING EXPERTS Prof. Carlo SECCHI, Commission TEN-T coordinator Mr José Fernando FIGUEIREDO, Executive President of the Instituição Financeira de Desenvolvimento Mr Bernhard SAGMEISTER, Chairman of the European Association of Guarantee Institutions (AECM) Ms Katarzyna DZIAMARA-RZUCIDŁO, Managing Director, Regional Development Financing Institute, Poland Ms Zsuzsanna HARGITAI, Director, EU Funds Co-Financing & Financial Instruments at the EBRD RESPONSIBLE ADMINISTRATOR Mr Rudolfs VERDINS Policy Department D: Budgetary Affairs European Parliament B-1047 Brussels LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR Policy Departments provide in-house and external expertise to support European Parliament's committees and other parliamentary bodies in shaping legislation and exercising democratic scrutiny over EU policies. To contact the Policy Department or to subscribe to its newsletter please write to: Manuscript completed in February Brussels, European Union, This document is available on the Internet at: DISCLAIMER The opinions expressed in this document are the sole responsibility of the author(s) and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorized, provided the source is acknowledged and the publisher is given prior notice and sent a copy.

5 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds 3

6 Policy Department D: Budgetary Affairs European Parliament European Parliament 4

7 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds TABLE OF CONTENTS WORKSHOP PROGRAMME 7 BIOGRAPHIES OF SPEAKERS 10 PRESENTATIONS Presentation by Prof. Carlo Secchi Presentation by Mr José Fernando Figueiredo Presentation by Ms Katarzyna Dziamara-Rzucidło Presentation by Ms Zsuzsanna Hargitai

8 Policy Department D: Budgetary Affairs 6

9 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds WORKSHOP PROGRAMME 7

Policy Department D: Budgetary Affairs WORKSHOP ON THE FINANCING OF THE EUROPEAN FUND FOR STRATEGIC INVESTMENTS (EFSI) AND THE LINK BETWEEN THESE AND OTHER INVESTMENT FUNDS Organised by the Policy

10 Policy Department D: Budgetary Affairs WORKSHOP ON THE FINANCING OF THE EUROPEAN FUND FOR STRATEGIC INVESTMENTS (EFSI) AND THE LINK BETWEEN THESE AND OTHER INVESTMENT FUNDS Organised by the Policy Department D on Budgetary Affairs * * * Rapporteurs: Messrs. José Manuel Fernandes and Udo Bullmann Chairs: Messrs. Jean Arthuis and Roberto Gualtieri * * * Wednesday, 8 February :00-18:30 European Parliament, Brussels Altiero Spinelli Building, Room ASP 5G3 WORKSHOP PROGRAMME 16:00-16:20 Opening remarks and Introduction 16:00-16:10 Opening remarks Mr Jean Arthuis, MEP, Chair of the Committee on Budgets Mr Roberto Gualtieri, MEP, Chair of the Committee on Economic and Monetary Affairs 16:10-16:20 Introduction by Mr Udo Bullmann, MEP Member of the Committee on Economic and Monetary Affairs and rapporteur for the event Mr José Manuel Fernandes, MEP, Member of the Committee on Budgets and rapporteur for the event 8

11 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds 16:20-17:10 Presentations * * * 16:20-16:30 Prof. Carlo Secchi, Commission TEN-T coordinator 16:30-16:40 Mr José Fernando Figueiredo, Executive President of the Instituição Financeira de Desenvolvimento (IFD) 16:40-16:50 Mr Bernhard Sagmeister, Chairman of the European Association of Guarantee Institutions (AECM) 16:50-17:00 Ms Katarzyna Dziamara-Rzucidło, Managing Director, Regional Development Financing Institute, Poland 17:00-17:10 Ms Zsuzsanna Hargitai, Director, EU Funds Co-Financing & Financial Instruments at the EBRD 17:10-18:10 Debate * * * Questions & Answers and general debate * * * 18:10-18:30 Conclusions and Closing remarks 18:10-18:20 Concluding remarks Mr José Manuel Fernandes, MEP, Member of the Committee on Budgets and rapporteur for the event Mr Udo Bullmann, MEP Member of the Committee on Economic and Monetary Affairs and rapporteur for the event 18:20-18:30 Closing remarks Mr Roberto Gualtieri, MEP, Chair of the Committee on Economic and Monetary Affairs Mr Jean Arthuis, MEP, Chair of the Committee on Budgets * * * 9

12 Policy Department D: Budgetary Affairs BIOGRAPHIES OF SPEAKERS 10

13 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds Prof. Carlo SECCHI, TEN-T Coordinator, European Commission Previous assignments Researcher at Netherlands Economic Institute of Rotterdam He taught at the Universities of Milano, Sassari and Trento, where he directed the Department of Economics Professor of European Economic Policy at Bocconi University in Milan Visiting professor at Erasmus University of Rotterdam (1978), the HEC in Paris ( ), the Wirtschaft Universität of Vienna (1991) and the Centre for European Studies of Chulalongkorn University in Bangkok (1999) Vice-President of CEMS - The Global Alliance in Management Education (formerly the Community of European Management Schools and International Companies) President of the European Association of Development Research and Training Institutes Member of the Italian Senate in the XII Legislature Member of the European Parliament in the IV Legislature and Vice-President of the Economic, Monetary Affairs and Industrial Policies Committee 2000 Member of the High level group of the European Parliament for the reform of the Statute and financial treatment of the Members of the European Parliament Rector, Bocconi University in Milan Chairman of the Italian Group of the Trilateral Commission Chairman of the high-level group on Business services (European Commission DG Internal market DG Enterprise). Current tasks Professor Emeritus of European Economic Policy at Bocconi University in Milan Member of the board of Mediaset Vice-President, Institute of International Political Studies (ISPI), Milan Member of the Board of "Alcide de Gasperi" Foundation, Rome Member of the Board of Veneranda Fabbrica del Duomo di Milano Member of the CNR Research Ethics and Bioethics Committee. 11

14 Policy Department D: Budgetary Affairs As to his research activities, he was/is a consultant to various national and foreign research institutes and universities, to Italian public Institutions (including CNR the Italian National Research Council) and to the European Union. He was appointed as TEN-T Coordinator from July 2009 to December 2013, in charge of Priority Project 3 and Priority Project 19 between France, Spain and Portugal, and chaired the Expert Group on TEN-T financing that contributed to the revision of TEN-T and the launch of the Connecting Europe Facility. On March 12th, 2014 Professor Secchi was appointed European Coordinator for the TEN-T Atlantic Corridor. 12

Documentation from the workshop on the financing of EFSI and the link between these and other investment funds Mr José Fernando FIGUEIREDO, Executive President of the Instituição Financeira de

15 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds Mr José Fernando FIGUEIREDO, Executive President of the Instituição Financeira de Desenvolvimento (IFD) José Fernando Figueiredo is from the 1st January 2015 the Executive President (CEO) of IFD Instituição Financeira de Desenvolvimento, the Portuguese SME Promotional Financing Institution. Special Honorary Chairman of AECM, with the responsibility for the Relations of AECM Outside of Europe, he was Chairman/President of this international organization from 2007 to AECM European Association of Guarantee Societies, is the European Association of credit guarantee entities, a non - profit organisation, based in Brussels, representing 42 members from 21 countries of the EU as well as Russia, Turkey, Bosnia, Montenegro and Kirgizstan. AECM members have a total portfolio of around 82 billion in guarantees, helping around 3 million European SME and entrepreneurs getting access to credit financing to develop their investment projects or to support their business activities. Co-founder of REGAR, the IberoAmerican Network of SME Credit Guarantee Organisations, and Member of the Consulting Council of ALIGA, the Latin American Guarantee Institutions Association. He is the Chairman of SPGM, the holding of the Portuguese Mutual Guarantee Scheme that manages the public counterguarantee mechanism (around 1,3 billion euros in own funds), a tool that partially guarantees the guarantees issued by the MGS and deals with the public agencies and the European Investment Fund -EIF, also acting as back-office to all the entities in the Portuguese Guarantee Scheme. He is Member of the "Working Party on SME group" from OECD, representing AECM. Alongside with guarantee activities José was also involved in the VC business as Chairman and partner of 2BPartner VC, a small Venture Capital firm running a start up fund, till the end of 2014, and was one of the founders of Invicta Angles, the Porto Business Angels Network. Till the end of 2014, he was founder, Chairman and Executive President of Norgarante, Lisgarante, Garval and Agrogarante the four Mutual Guarantee Societies (MGS) in Portugal - with a total equity base of around 300 million euro and an outstanding portfolio of 3,4 billion euro in guarantees (6,5 billion in credits), managing more than a 150 thousand files. These guarantees helped the more than 80 thousand SME that are shareholders (mutuals) of the MGS to get access to credit financing for above 20 billion euro since foundation. 13

16 Policy Department D: Budgetary Affairs He is Member of the Task Force for the Design, Implementation and Evaluation of Public Credit Guarantee Schemes for Small and Medium Enterprises, created in an initiative of the World Bank and the First Initiative, as representative of Europe. He was Member of the 4 Independent Experts Group that evaluated the main EU Financial Programme aimed at supporting Innovation (RSFF), proposing measures for its successor, the Horizon José started his career at Inter-Risco, at the time a joint Venture between the British VC 3i and BPI, one of the leading investment banks in Portugal, later he became member of the Board of IAPMEI Portuguese Small and Medium Sized Enterprises Agency, responsible for all the Financial Instruments and was Chairman and Executive President of PME Investimentos - one of the major Portuguese Venture Capital and Private Equity Companies. José s family business is in the wine sector. José acts regularly as International Adviser for several governments and international organisations. He holds a 5 year degree in economics and the frequency of a master in industrial economics. Also was an invited professor at Fernando Pessoa University in Porto. Likes travelling, music and dancing, wines, networking, nature, running, sailing and football (especially FC Porto and Portugal National Team). Loves his family and friends. Porto, Portugal, January

Documentation from the workshop on the financing of EFSI and the link between these and other investment funds Mr Bernhard SAGMEISTER, Chairman of the European Association of Guarantee Institutions

17 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds Mr Bernhard SAGMEISTER, Chairman of the European Association of Guarantee Institutions (AECM) Since June 2015 Bernhard Sagmeister is the Chairman of AECM, the European Association of Guarantee Institutions, which has 41 members operating in 21 EU countries, Bosnia and Herzegovina, Serbia, Russia and Turkey. Since July 2009 Bernhard Sagmeister serves as Managing Director of Austria s Federal Promotional Bank Austria Wirtschaftsservice GmbH (aws) and the ERP-Funds (European Recovery Program). Furthermore, he chairs the aws Venture Funds and Austria s National Foundation for Research, Technology and Development (NFTE). Bernhard Sagmeister draws on over 20 years of professional experience in the financial and banking industry. From 1994 to 2003 he held various management positions at Kommunalkredit, until he became CEO of Kommunalkredit Public Consulting (KPC) in Likewise, he has been Executive Director of Austria s Environmental and Water Management Fund for over 6 years. In addition, he gained 3 years of international experience during his posting as CEO at Kommunalkredit Public Consulting in Russia. Being a graduate of Vienna s University of Natural Resources and Life Sciences (MSc. Environmental Engineering and Water Management) Bernhard Sagmeister was assigned at different consulting firms, responsible for projects related to structural engineering and urban water management. In addition to his current appointment at AWS Bernhard Sagmeister is affiliated to the supervisory board of the Austrian Bank for Tourism Development (ÖHT), member of Austria s External Economic Relations Advisory Board (Federal Chamber of Commerce, Austria) and board member of Austria s Water and Waste Management Association. 15

Policy Department D: Budgetary Affairs Ms Katarzyna DZIAMARA-RZUCIDŁO, Managing Director, Regional Development Financing Institute, Poland Katarzyna Dziamara-Rzucidło is an expert in structuring

18 Policy Department D: Budgetary Affairs Ms Katarzyna DZIAMARA-RZUCIDŁO, Managing Director, Regional Development Financing Institute, Poland Katarzyna Dziamara-Rzucidło is an expert in structuring Financial Instruments within European Funds, including blending with other sources of public and private financing on all levels of the instrument. She is also specializing in sustainable impact investments in areas of energy efficiency and renewables, circular economy, integrated urban development and innovation. She worked with International Financial Institutions in the Ministry of Finance and National Bank of Poland, inter alia, restructuring international and European agenda of the Minister after accession to the EU. Katarzyna represented Poland in the Board of Directors of European Investment Bank as well as in the Administrative Council of Council of Europe Development Bank. She held a position of the JESSICA Holding Funds Manager Central Europe in the European Investment Bank structuring interventions from the first EU structural funds Financial Instruments. Active participant of EU working groups on Financial Instruments and other aspects of the ESIF regime. For 2 years Director in PwC Poland she was a leading expert for pilot analyses and reports, including first Polish ex-ante assessment for Financial Instrument set up on national operational programme for the ESIF , potential of emissions reduction within main 17 sectors of Polish economy and co-author for the first independent evidence based analysis of deep retrofitting potential in Polish buildings sector. Animator and leader of the PwC EU advisory in CEE Region initative. At present, Katarzyna advises the Polish National Fund for Environmental Protection and Water Management in preparation for the ESIF implementation both for grants as revolving systems and in restructuring overall Funds interventions portfolio. 16

Documentation from the workshop on the financing of EFSI and the link between these and other investment funds Ms Zsuzsanna HARGITAI, Director of EU Funds Co-Financing & Financial Instruments at the

19 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds Ms Zsuzsanna HARGITAI, Director of EU Funds Co-Financing & Financial Instruments at the EBRD Having joined EBRD in 1992, Ms Hargitai has worked in various positions at EBRD, including as country manager in the Western Balkans, Hungary and Croatia. Recently, she led country strategy co-ordination and results management. As of April 2016 she is tasked to identify, in EBRD s 12 EU member states, investment, advisory and technical assistance opportunities under EU financing facilities, including the European Structural and Investment Funds and related financial instruments. She is also in charge to lead and coordinate the design of EUsupported financial instruments across EBRD s countries of operations. 17

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21 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds PRESENTATIONS 19

22 Policy Department D: Budgetary Affairs Presentation by Prof. Carlo Secchi 20

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27 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds Presentation by Mr José Fernando Figueiredo 25

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35 Documentation from the workshop on the financing of EFSI and the link between these and other investment funds Presentation by Ms Katarzyna Dziamara- Rzucidło 33

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38 Policy Department D: Budgetary Affairs Presentation by Ms Zsuzsanna Hargitai 36

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44 In July 2015, The European Fund for Strategic Investments (EFSI) entered into force after intensive negotiations between European Commission, Council and Parliament. In September 2016, the European Commission presented an amending Regulation to the original EFSI Regulation of 2015 (EFSI 1.0), prolonging the instrument, as well as proposing changes on the content with an aim to augment its capacity and to address certain insufficiencies. The speakers agreed that in one and a half years since its inception EFSI has demonstrated a clear quantitative success. Nevertheless, there are certain deficiencies with regard to the way how the specific provisions of the Regulation have been interpreted and implemented on the ground. Particular attention was given to the questions of additionally, roles of the European Bank for Reconstruction and Development and National Promotional Banks, as well as transparency and visibility. DISCLAIMER This document is addressed to the Members and staff of the European Parliament to assist them in their parliamentary work. The content of the document is the sole responsibility of its authors and should not be taken to represent an official position of the European Parliament.

MR. JOSE FERNANDO FIGUEIREDO

1 European Union WORKSHOP ON CREDIT GUARANTEE FUNDS European Agency for Reconstruction Government of the Republic of Montenegro MR. JOSE FERNANDO FIGUEIREDO President Portuguese National Guarantee Scheme