1. EBRD – Guarantee Schemes
Novi Sad, 20 November 2014

2. Contents EBRD’s activities EBRD in Serbia Guarantee Schemes
Medium-Sized Co-financing Facility (MCFF)
Contact
14 October, 2018
© European Bank for Reconstruction and Development 2012

3. What is the EBRD?
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Cumulative business volume of €86bn as of 2013
Triple-A rated international financial institution, promotes transition to market economies in 35 countries from central Europe to central Asia
In 2011, the Bank expanded its operations to include Egypt, Morocco, Tunisia, and Jordan (Southern and Eastern Mediterranean – SEMED region)
Owned by 64 countries and two inter- governmental institutions
Capital base of €30 billion
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© European Bank for Reconstruction and Development 2012

4. EBRD finances diverse range of enterprises
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Note: Unaudited as at 31 December 2013
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© European Bank for Reconstruction and Development 2012

5. Where we invest EBRD’s activities EBRD in Serbia Guarantee Schemes
MCFF
Contact
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© European Bank for Reconstruction and Development 2012

6. EBRD Product Flexibility tailored to project needs
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Equity
Common stock or preferred
Minority position only (up to 35 percent)
Mezzanine
Other
guarantees
currency swaps
Loans
Senior, subordinated, convertible
LT (up to 10y or more) or ST revolving
Floating/ Fixed rates
Choice of currencies (€, US$, RUB etc.)
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© European Bank for Reconstruction and Development 2012

7. General Information Country of operation since 2001.
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Country of operation since 2001.
Total cumulative commitments of €3.8 billion as of October 2014.
Total outstanding portfolio of €2.5 billion, comprised of 130 active operations.
Private sector participates with 54 per cent in total cumulative commitments but with 84 per cent in total projects.
Team of 26 people in Resident Office in Belgrade.
Objectives: To promote a sound investment climate, good corporate governance and stronger institutions.
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© European Bank for Reconstruction and Development 2012

8. Cumulative Commitments Composition (value)
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Total cummulative comitments: €3.8 billion
14 October, 2018
© European Bank for Reconstruction and Development 2012

9. Cumulative Commitments Composition (number of projects)
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Cummulative number of projects: 182
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© European Bank for Reconstruction and Development 2012

10. 2013 results: €424 million in 24 projects
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Project name
Industry
Signed
€ million
Agri Europe (f.MK Equity)
Agribusiness
05 July 2013
50.0
Axereal - Debt
21 June 2013
7.0
Serbia WHR - Credit Agricole Funded
31 May 2013
Mid Europa Fund IV
Equity Funds
27 Sept 2013
8.0
3TS CEE Fund III
1.8
Earlybird Digital East Fund
06 Nov 2013
0.5
Unicredit Leasing Serbia II
Financial Institutions
17 May 2013
15.0
Intesa Leasing Serbia
20 Dec 2013
10.0
Societe Generale Leasing Serbia - SME Credit Line
17 Dec 2013
Société Générale Serbia Partnership for Growth Loan
28 Aug 2013
UCB Serbia - SME Credit Line
European Fund for Southeast Europe (EFSE) III
14 Nov 2013
5.5
WeBSEFF II: Banca Intesa Belgrade
18 Dec 2013
6.0
PSSF - Societe Generale Banka Srbija SME Competitiveness
22 July 2013
5.0
Vojvodjanska Banka - Cross Currency Swap
31 Oct 2013
4.0
Regional TFP: Eurobank EFG a.d. Belgrade
14 Feb 2011
1.5
07 Oct 2013
1.0
Draexlmaier Group
Manufacturing & Services
LEF: Forma Ideale Furniture
2.0
Belgrade Bus Renewal Programme
Municipal & Env Inf
30 Jan 2013
65.0
Belgrade Public Transport and Traffic Infrastructure
30.0
Municipal Infrastructure Development Fund
01 Nov 2013
12.0
Zemun Retail Park
Property and Tourism
06 Feb 2013
11.3
Europolis Restructuring - Equity
28 June 2013
0.6
Europolis Restructuring - Loan
25 June 2013
Road Rehabilitation and Safety Project
Transport
27 Nov 2013
100.0
 TOTAL:
423.7
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© European Bank for Reconstruction and Development 2012

11. 2014 YTD results: €340 million in 14 projects
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Project name
Industry
Signed
€ million
Eurobank EFG Belgrade
Financial institutions
15 January
5.0
Project Media
Information & Communication Technologies
24 January
24.4
Atlatnitc grupa – Serbia
Agribusiness
10 February
Accession Mezzanine Capital III
Equity funds
24 April
1.5
Axereal - Equity
28 April
2.5
UCB Serbia - SME Credit Line
16 June
15.0
UCBSerbia - Mortgage Loan
25 June
20.0
Intesa Leasing Serbia
11 August
Nectar Regional
29 August
18.0
Societe Generale Leasing Serbia - SME Credit Line
03 September
10.0
Digital Switchover
19 September
24.0
Victoria Group Working Capital
15 October
The Deposit Insurance Agency of Serbia
23 October
200.0
 TOTAL:
340.4
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© European Bank for Reconstruction and Development 2012

12. Guarantee Schemes - Rationale
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Guarantee schemes can support credit growth via:
Allowing local Partner Banks (“PBs”) to finance specific segments or borrowers for which internal risk limits have been reached.
Capital relief: EBRD’s risk participation for part of the loan amount is designed to allow the PB to achieve capital relief for the share of the loan that EBRD is at risk for. Hence PBs can use extra capital to expand lending.
EBRD would require PBs to apply EBRD environmental and integrity assessment standards with regards to sub-loans.
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© European Bank for Reconstruction and Development 2012

13. Guarantee Schemes - Products
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Risk sharing on portfolio basis
EBRD guarantees to PBs X% of certain portfolio, e.g. SMEs or mortgages, in return EBRD receives a risk compensation fee specific to the transaction.
Risk sharing of specific exposures
Medium-Sized Co-financing Facility (MCFF), provides risk sharing on a funded and unfunded basis.
EBRD’s guarantee for the non-recourse portion would be irrevocable and unconditional.
MCFF in use in the following countries: Macedonia, Moldova, Turkey, Albania, Azerbaijan, Armenia, Georgia, Kyrgyz Republic, Mongolia and Tajikistan.
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© European Bank for Reconstruction and Development 2012

14. MCFF MCFF is a Co-Financing facility between EBRD and PBs
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
MCFF is a Co-Financing facility between EBRD and PBs
EBRD and PB can provide sub-loans to medium-sized companies of up to EUR 20 million and up to 10 years.
EBRD shares up to 50% of risk in the sub-loan (which can increase up to 100% in exceptional cases). EBRD’s share cannot be below EUR
EBRD’s risk participation in MCFF can be funded or unfunded
MCFF Funded:
EBRD’s funded risk participation up to 50%.
MCFF Unfunded:
EBRD’s unfunded risk participation up to 50% (“non-recourse portion”), i.e. EBRD guarantee to PB covering 50% of PB loan exposure to Sub-borrower.
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© European Bank for Reconstruction and Development 2012

15. MCFF Facility size: EUR 385 million
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
MCFF
Contact
Facility size: EUR 385 million
Currency: Euro (local currency is also an option, but pricing for Serbia is likely to be too high).
Sub-borrowers: majority privately owned local companies with good credit history, clean integrity background and strong financial performance.
Sub-loans: mostly for capital expenditure purposes, as well as working capital needs. EBRD can also finance / guarantee existing exposures.
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© European Bank for Reconstruction and Development 2012

16. Primary Contacts European Bank for Reconstruction and Development
EBRD’s activities
EBRD in Serbia
Guarantee Schemes
Selected Investments
Contact
Aleksandra Vukosavljevic, Principal Banker
Tel: (+381)
Johannes Busse, Associate Banker
Tel: (+381)
European Bank for Reconstruction and Development
Blue Center, Španskih boraca 3
11070 Belgrade
Serbia
Tel:
Fax: