The European Investment Bank EU’s policy driven Bank Maj Theander, Director, Mobility Department Thank you for this opportunity to present PJ and the project cycle. As this is my first time with you here today I have included a couple of words about my own background and my expectations for PJ in the future I took over the responsibility for PJ at the beginning of the year and have used this occasion to re-organise PJ. I will address the rationale for this reorganisation a bit later. 24/04/2017 European Investment Bank

EIB Lending to the transport sector 2006-2010: EUR 71 billion 24/04/2017 European Investment Bank

European Investment Bank What can the EIB offer Providing attractive long-term lending Setting up new financial instruments Financial and technical expertise: Promoting EU policy objectives Providing advice to promoters Sharing knowledge and providing guidance Bringing comfort to other investors 24/04/2017 European Investment Bank

Investment requirements are large EU infrastructure: € 1.5 trillion for 2010-2030. TEN-T network: € 550 billion until 2020 Source: EC transport white paper (2011) 24/04/2017 European Investment Bank

European Investment Bank EIB’s PPP financing 24/04/2017 European Investment Bank

Loan guarantee instrument for TEN- T LGTT Joint EC and EIB instrument Guarantee to cover revenue shortfalls in early years of operation Ensures that promoter is in a position to pay debt service Result is a more attractive project for lenders and cheaper finance 24/04/2017 European Investment Bank

Project Bond Initiative SPV Project Costs Project Bonds Target rating minimum A- Bond Issue and underwriting Project Bond Investor Sub-debt Equity & Quasi-equity up to 20% of total Bond issue 24/04/2017 European Investment Bank

Technical and financial advice Project appraisal – focusing on sound projects JASPERS JESSICA European PPP Expertise Centre: EPEC 24/04/2017 European Investment Bank

Thank you for your attention 24/04/2017 European Investment Bank