financing growth and cohesion in the enlarged eu brussels 24 november 2005 gavin anderson
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FINANCING GROWTH AND FINANCING GROWTH AND COHESION IN THE ENLARGED EUCOHESION IN THE ENLARGED EU
Brussels
24 November 2005
Gavin Anderson
EBRD EXPERIENCE OF PPPs IN NEW EBRD EXPERIENCE OF PPPs IN NEW MEMBER STATESMEMBER STATES
1. Examples of EBRD financing
Tallinn Water
Hungarian Motorways
2. Illustrative pipeline
3. Key issues for accelerating PPP development
TALLINN WATER: EBRD FINANCINGTALLINN WATER: EBRD FINANCING
1994 Sovereign-guaranteed loan
2000 Pre-privatisation financing
2001 Privatisation (50.4%)
2002 Loan to private company
2003 EBRD Equity following change in shareholding group
2004 Successful IPO
Outcome
Improved services for citizens of Tallinn
Increased value of company
HUNGARIAN MOTORWAY EXPERIENCEHUNGARIAN MOTORWAY EXPERIENCE
1. 1992 M1/M15 financing– issues of toll/traffic levels and legal challenges
– many lessons learned
2. 1995 M5 financing- Sound financing structure, but tolling inhibits full utilisation
- Refinanced in 2004 on basis of availability payments; subsequent financing of final stretch
3. 2004/5 M6 financing- Experience of restructuring M5 enabled fast and effective
tender process
- Construction nearing completion, so refinancing now under discussion.
ILLUSTRATIVE EBRD PPP PIPELINEILLUSTRATIVE EBRD PPP PIPELINE
Urban Transport Bus companies Commuter rail (?)
Municipal Infrastructure Solid waste Waste water Schools
Roads Toll roads for
maintenance/upgrade Availability payment structures
for new motorways
Airports Significant growth in interest
Rail Station renovation and
property-related projects Freight privatisations
KEY ISSUES FOR ACCELERATING PPP KEY ISSUES FOR ACCELERATING PPP DEVELOPMENTDEVELOPMENT
Project selection
Process
People
How to encourage cofinancing with EU funds?
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