1. How can we provide appropriate finance for breakthrough innovation?
Funding -
How can we provide appropriate finance for breakthrough innovation?
Helmut von Glasenapp, Secretary General ELTI
Sofia, 14. June 2018

2. European Association of Long-Term Investors (ELTI) a.i.s.b.l.
ELTI - Members
28 members including: -> 21 NPBIs from 19 EU Members States -> 2 International Financial Institutions (IFIs) -> 3 public financial institutions -> the Turkish NPBI TSKB -> Long-Term Infrastructure Investors Association (LTIIA)
combined balance sheet total: bn EUR* and European Investment Bank (EIB) as Permanent Observer *
European Association of Long-Term Investors (ELTI) a.i.s.b.l.

3. European Association of Long-Term Investors (ELTI) a.i.s.b.l.
ELTI - Governance
President: Laurent Zylberberg, Director Caisse des Dépôts et Consignations
Vice-Presidents: Antonella Baldino, CBO Cassa Depositi e Prestiti Lutz-Christian Funke, Secretary General KfW
ELTI Secretary General: Helmut von Glasenapp
European Association of Long-Term Investors (ELTI) a.i.s.b.l.

4. NPBIs bridge The role of NPBIs d
Public administration budget/grant culture d
Private sector/markets financial instruments culture
NPBIs bridge
Publicly owned and controlled
Promote public policy
Capacity to assess the public value
Advisory role
Commercially run on sound banking principles
Not for profit
Political independence
Proximity and knowledge of local clients
European Association of Long-Term Investors (ELTI) a.i.s.b.l.

5. European Association of Long-Term Investors (ELTI) a.i.s.b.l.
The role of NPBIs II
Instrument of public policy (-> state owned)
Intervention with market means (-> theory of market failure)
Customized to the needs in the respective EU Member State (-> different business models)
Higher impact of public budget due to loan financing and leverage; crowding-in of private investors
Foundation of new NPBIs (-> Ireland, The Netherlands, Malta, Romania)
European Association of Long-Term Investors (ELTI) a.i.s.b.l.

6. European Association of Long-Term Investors (ELTI) a.i.s.b.l.
The role of NPBIs
Subsidiarity (European- vs. National level)
National environment and needs (e.g. different level of risks)
Proximity and knowledge of local clients (e.g. presence)
Co-operation with national authorities
Financing of small projects
Financing of projects with higher risk (Venture Capital, subordinated loans, etc.)
Active in most EU Member States
European Association of Long-Term Investors (ELTI) a.i.s.b.l.

7. European Association of Long-Term Investors (ELTI) a.i.s.b.l.
The role of ELTI
Discussion platform
Exchange of experiences and ideas
Platform for common co-operation
Platform for discussion with EIB, EIF and EU institutions
European Association of Long-Term Investors (ELTI) a.i.s.b.l.

8. Bulgarian ultra light aircrafts
Aeroplanes DAR
Bulgarian ultra light aircrafts
In 2015, Aeroplanes DAR receives a loan from Bulgarian Development Bank, amounted to EUR ,-. With this support the company manages to produce and certify the latest DAR Solo machine model. Today DAR ultra light aircrafts are flying in the USA, the UK, Austria, Germany, Russia, Australia and Brasilia.
European Association of Long-Term Investors (ELTI) a.i.s.b.l.

9. EFSI thematic IP for Italian SMEs
MIL-IIV A-76441/MBU
EFSI thematic IP for Italian SMEs
Investment Platform Structure and Rationale
SMEs
Risk Sharing umbrella under SMEw
Additionality
Crowding-in of Private Sector
More access to finance for SMEs
Blending of EU Funds
Leverage effect
Rationale
New Loans
20% Fis’risk retained
capped at EL level
80%
(counter) guarantee
FIs
Max 80%
Guarantees
Sub-Intermediaries
Max 80%
(counter) guarantee
Investment Platform – Risk Sharing CDP-EIF in SMEw
50% Counter-guarantee
EIF/EFSI SMEW (COSME)
20% Risk retained
CDP own risk
30% Counter-guarantee
CDP/EFSI-like guarantee
European Association of Long-Term Investors (ELTI) a.i.s.b.l.

10. Thank you very much for your attention
Helmut von Glasenapp Secretary General European Association of Long-Term Investors a.i.s.b.l. (ELTI)
Rue Montoyer 51
1000 Brussels
Belgium
+32 (0)
European Association of Long-Term Investors (ELTI) a.i.s.b.l.