EBRD in Greece September 2016
The EBRD s investments in 2015 9.4 billin invested thrugh 381 prjects 320 millin invested thrugh 6 prjects in Greece 2
The EBRD s investments in Greece t date Over 600 millin invested thrugh 11 prjects in Greece Invested in 2015 Invested in 2015 Invested in 2015 Invested in 2015 50 millin 70 millin 65 millin 65 millin Financial package supprting recapitalisatin t strengthen the banking sectr Financial package supprting recapitalisatin t strengthen the banking sectr Financial package supprting recapitalisatin t strengthen the banking sectr Financial package supprting recapitalisatin t strengthen the banking sectr Invested in 2015 Invested in 2015 Invested in 2016 Invested in 2016 50 millin 20 millin $95 millin 10 millin 50 millin bnd t supprt capital expenditures 20 millin equity cmmitment t Dirama Hellenic Grwth Fund t supprt investing in SMEs $75 millin senir debt & $25 millin subrdinated debt t supprt nging investment plans Maximum apprved amunt. Acquisitin f a stake in Eurpean Reliance 3
The EBRD s investments in Greece t date Over 600 millin invested thrugh 11 prjects in Greece (cnt d) Invested in 2016 15 millin 15 millin bnd t supprt capital expenditures Invested in 2016 150 millin 150 millin, part f 339 millin syndicated lan t supprt nging investment plans Invested in 2016 50 millin 50 millin investment in the securitisatin prcess f NGB s SME Lan prtfli 4
EBRD s Trade Facilitatin Prgramme in Greece 200 millin prvided t the Greek banks thrugh Trade Facilitatin Prgramme Signed in 2016 50 millin Trade Facilitatin Prgramme (TFP) Signed in 2016 50 millin Trade Facilitatin Prgramme (TFP) Signed in 2016 50 millin Trade Facilitatin Prgramme (TFP) T be signed in 2016 50 millin Trade Facilitatin Prgramme (TFP) 50 millin limit fr guarantees t supprt scaling up trade finance activities 50 millin limit fr guarantees t supprt scaling up trade finance activities 50 millin limit fr guarantees t supprt scaling up trade finance activities 50 millin limit fr guarantees t supprt scaling up trade finance activities 5
Greece as an EBRD Cuntry f Operatin The Greek Gvernment requested EBRD s engagement t tackle the cnsequences f the financial and ecnmic crisis and address the structural challenges imbedded in the cuntry s ecnmy EBRD s activities are intended t strengthen the refrm prcess f Greece s ecnmy and cntribute t the mmentum f its recvery EBRD will wrk t: encurage freign and dmestic investment strengthen the rle f the private sectr deepen reginal integratin 15 September, 2016 6
The EBRD s envisaged pririties in Greece Supprt the resurgence and enhance the resilience f the private sectr thrugh a shift t a mre exprt-riented grwth mdel Supprt the stabilisatin f the financial sectr and deepen intermediatin t unlck private sectr access t finance The Bank will help address the issue f insufficient capital fr Greek private cmpanies, especially small and mediumsized enterprises Thrugh its Trade Facilitatin Prgramme the Bank will prvide guarantees fr preexprt and pst-imprt finance Supprt private sectr participatin in and cmmercialisatin f the infrastructure t enhance reginal integratin and imprve quality f utility services 15 September, 2016 7
Key strengths f the EBRD Operatinal Extensive knwledge f lcal ecnmy, business envirnment and practices, lcal presence Engaged minrity partner fr business A business partner wh shares risks, including plitical Catalyst t access additinal equity, debt and trade finance Prvides finance t bth private and public sectr clients High standards fr crprate gvernance and cmpliance Institutinal Strng, internatinally recgnised financial partner with lng-term perspective Clse wrking relatinships with gvernments and sharehlders Plitical leverage due t EBRD s unique mandate and sharehlder structure Preferred Creditr Status Triple-A credit rating Wrk clsely with market surces f capital t fill market gaps 15 September, 2016 8
EBRD Prduct Flexibility tailred t prject needs Lans Senir, subrdinated, cnvertible Lng term (up t 10yr. r mre) r shrt term revlving Flating/Fixed rates Chice f currencies (, US$, etc.) Equity Cmmn stck r preferred Minrity psitin nly (up t 35%) Mezzanine debt Private equity, VCs Technical Cperatin As a Multilateral Develpment Bank, EBRD brings in additinal financing and technical assistance t ecnmically viable prjects Other: PPPs, guarantees, swaps, etc. Ptential t cmplement sme EBRD prducts/prgrammes with thse frm ther IFIs 15 September, 2016 9
What mre can EBRD ffer Initiatives / Prgrammes Since the start f EBRD s Sustainable Energy Initiative ver 13 billin were invested t address the twin challenges f energy efficiency and climate change in the regin. Market segments include: large-scale industrial energy efficiency, sustainable energy financing facilities thrugh financial intermediaries, pwer sectr energy efficiency, renewable energy, municipal infrastructure energy efficiency, including district heating and public transprt netwrk rehabilitatin and carbn market supprt. The Trade Facilitatin Prgramme (TFP) was develped t prmte and facilitate internatinal trade t, frm and within ur cuntries f peratin. Under the TFP, guarantees prvided by EBRD t internatinal cmmercial banks cver the plitical and cmmercial payment risk f transactins undertaken by participating banks (issuing banks) in the EBRD s cuntries f peratins. The Small Business Initiative t prvide financing t micr small and medium size enterprises t supprt entrepreneurship. 15 September, 2016 10
The EBRD n the grund in Greece EBRD established its lcal presence in Athens in 2015 The reginal ffice in Athens includes a multidisciplinary team f lcal and internatinal bankers Supprt frm sectr and prduct teams in EBRD headquarters in Lndn EBRD Reginal Office in Athens 5 th flr, Othns 6, Athens, 105 57 +30 211 1064 300 athens@ebrd.cm Sabina Dziurman Reginal Head f Greece and Cyprus Alkis Drakins Deputy Head f Greece Harris Damasks Assciate Banker Augusta Vrachnu Assciate Banker Angeliki Kalligiannaki Assciate Banker Gerge Maltezs Analyst Dimitris Chatziiakvu Analyst Iannis Papalenidpuls Analyst 15 September, 2016 11
Annex 1 Further infrmatin n EBRD EBRD s financing with Greek spnsrs utside Greece 15 September, 2016 12
The EBRD s financing with Greek spnsrs t date utside Greece Over 2.5 billin f EBRD investment with Greek clients and c-financiers utside Greece since 1991 Dminant investment sectrs include: Industry and Agribusiness (61%) Financial Institutins (30%) Energy (7%) Infrastructure (2%) Gegraphical distributin f EBRD financing with Greek spnsrs Rmania Bulgaria Albania Others 53% 20% 10% 17% 15 September, 2016 13
Indicative prjects with Greek spnsrs utside Greece Sfia Med Bulgaria signed in 2013 Client: Sfia Med, ultimately wned by the industrial, Greece based Grup Vihalc Prject size: 160 millin EBRD Finance: 40 millin lan, senir debt Use f Prceeds: cmpany s LT wrking capital financing energy efficiency measures and capacity increase fr higher value prducts Hygeia Hspital Tirana signed in 2010 Client: Hygeia Hspital Tirana, part f the Hygeia Grup (a leading healthcare prvider in Greece) EBRD Finance: 10 millin senir lan. The Black Sea Trade and Develpment Bank (BSTDB) prvided a parallel lan f 10 millin Use f Prceeds: the cnstructin and peratin f a greenfield private hspital in Tirana f a 220 beds capacity Csmte Rmania signed in 2013 Client: Csmte Rmania, a subsidiary f the Hellenic Telecmmunicatins Organizatin (OTE) Prject size: 75 millin frm EBRD and 150 millin syndicated t a diverse grup f seven cmmercial banks Use f Prceeds: the renewal f the cmpany s licences capital expenditures requirement fr its netwrks and fr upgrading its applicatins and services Pulkv Airprt signed in 2010 Client: Nrthern Capital Gateway, wned by VTB Capital, Fraprt AG and the Cpeluzs Grup Prject size: 1.2 billin; Financiers: VEB, EBRD, IFC, NIB, Eurasian Bank, BSTDB and cmmercial banks Use f Prceeds: The cnstructing and peratin f Pulkv airprt under the terms f a PPP agreement with the City f St. Petersburg and Pulkv Airprt Cmpany, fr a perid f 30 years 15 September, 2016 14