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Confidential

Copyright © 2004 Galaxy Fundl

Galaxy Fund

PPP in Europe Emerging Opportunities

2

Confidential

Warning

This presentation is based on results of pan-European reviews of the role of public financial institutions and public private partnerships

carried out by the Galaxy Fund.

This document constitutes proprietary and confidential information and remains the sole property of the Galaxy Fund.

This presentation is based on results of pan-European reviews of the role of public financial institutions and public private partnerships

carried out by the Galaxy Fund.

This document constitutes proprietary and confidential information and remains the sole property of the Galaxy Fund.

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Confidential

PPP in Europe : Latest Trends

Agenda

I.

II. PPP: New Tools for Public Players

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Confidential

Source: Advention

In Europe, the development of PPPs is closely related to the existence of a national structure dedicated to the promotion of PPPs

PPP Market Trends and Major Players Emergence of PPPs in Europe and Positioning of Major Countries

Development of PPPs and Existence of a Promotion StructureDevelopment of PPPs and Existence of a Promotion Structure

Strong

Weak

Countries having put in place one or several structure(s) dedicated to the promotion of PPPs

Weak Strong

UK

Spain

Italy

Ireland

Portugal

Belgium

Group 3

Group 2

Group 1

Rel

ativ

e im

port

ance

of p

ublic

fin

anci

alpl

ayer

sin

pub

lic

inte

rest

finan

cing

Relative importance of PFI-type PPP

TheNetherlands

France

GermanyCountries with projects to put in place one or several structure(s) dedicated to the promotion of PPPs

Countries with no structure dedicated to the promotion of PPPs

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PPP Market Trends and Major PlayersStructures Dedicated to the Promotion of PPPs in Europe

Source: Advention

• PPP Units and PPP Central Unit

• NDFA

• 4Ps• Partnerships UK• PPP Forum

• Regional promotion structures in creation

• Regional promotion structures in creation

• Federal Competence Center FCC (starting summer 2004)

• Europrogetti e Finanza• Finlombarda• Infrastrutture SpA

• PPP Taskforce (Ministry of Economy)

• Kenniscentrum PPS• OPP (BNG’s subsidiary)

• VlaamsKenniscentrum PPS

More and more European countries are implementing PPP promotion structures

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PPP Market Trends and Major PlayersPFI / PPP Development Trends per Country and Sector

Note: * Selection of upcoming projectsSources: Desk research, Advention

• The UK, Ireland and Italy should be the most dynamic countries in the near future• Transportation, health and public infrastructure should be the most dynamic sectors

Importance of PPP / PFI projectsLow: few projects to come identifiedMedium: some projects to come identified

High: many projects to come identified

• Transportation: 11 schemes in the national roads improvement programme (M3 Clonee to North of Kells project worth €500 M, Dublin Metro scheme)

• Accommodation: hospitals, schools, etc.

• Total value of PFI projects 2003-06: €27.4 bn• Ministry of Defense: €7.1 bn forecasted• Health: €5.8 bn forecasted• Transportation: €5.1 bn forecasted

• 10 pilot PPP projects• Health: “Hospitals 2007 Plan” regrouping 932

projects at a total cost of some €10.2 bn• Justice: Project around the construction of 18

prisons worth €900 bn

• Health: Program on 10 DBFO projects on hospitals, worth €750 M (1st hospital: Loures)

• Health: “New Public Health Infrastructure Plan 2004-07” regrouping the construction of 8 hospitals worth €800 M

• Infrastructure development plan, €103 bnuntil 2010, 20% of it from the private sector

• Transportation: E18 road project in Norway worth €250 M

• Education: Small education projects in Finland

• Transportation: Zuiderzeelijn rail project, A4 corridor road

• Education: 2 school projects (Rinjnlands) • Health: on study by the PPS Kenniscentrum

• Transportation: some road projects• Urban renovation: Project around the

renovation of Antwerp

• Transportation: A-model projects should start once the Toll Collect has been sorted out

• Justice: Project s for the construction of 2 prisons (Magdeburg and Hannover) and 1 court building (Chemnitz, €30 M)

• Water treatment: future projects expected

• Total value of PPP projects 2003: €10.6 bn• Transportation: Modena light rail scheme

project worth €450 M• Public infrastructure: Spedali Civili hospital

project in Brescia worth €230 M

• Transportation: Road PPP Program around 9 schemes, including the €290 M Thessalonikitunnel and the €575 M Maliakos-Klieidi highway

Scandinavia

Netherlands

Belgium

Germany

Italy

Greece

Spain

Portugal

France

UK

Ireland

- Illustrative* -

Europe• TEN

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Confidential

0

5

10

15

20

25

30

1994-97 1997-00 2000-03 2003-06*

4.8

3.9

3.4

3.1

0.82.3

£18.4 bn

Total capital value of PFI projects (on a three-year basis, from FY 1994-95 to FY 2005-06)

Total capital value of PFI projects (on a three-year basis, from FY 1994-95 to FY 2005-06)

Note: * Estimates based on interviews and published projects; ** Including accommodation projects; *** London Underground projects Sources: Desk research, interviews, Advention

• The UK PFI market should follow a steady growth trend over the coming years• The MoD, Health, Transport and Education sectors should be the most dynamic during this

period

x 8.4

PPP Market Trends and Major PlayersFocus on the market for PFI / PPP in the U.K.

£2.2 bn

£7.3 bn

£24.1 bn

MoD** (25%), Aphrodite accommodation project (£200 M), Corsham estate development project, Chelsea barracks rationalization, HMS Excellent accommodation, etc.

Health (22%), university hospitals of Leicester (£403 M), university hospitals of Birmingham (£379 M), Peterborough hospitals (£293 M), Staffordshire hospitals (£269 M), etc.

Education (17%), group of 12 schools in Leeds (£104 M), 8 schools in Nottinghamshire (£100 M), etc.

Transport (19%), Nottingham tram, M25 widening likely to be financed through a PFI (£1.6 Bn), Birmingham road maintenance (£378 M), Tyne crossing (£300 M), etc.

Street Lighting (4%), Manchester City Council, etc.

Other (13%)

£ bn

Key sectors for the coming years


16.3***

7.8

8

ConfidentialPPP Market Trends and Major PlayersFocus on the market for PFI / PPP in Italy

0

2

4

6

8

10

12

2001 2002 2003

Transport (30%), Autostrada A4 Bresciano –Bergamo – Milano (€720 M), Venice Orte, Genoa tunnel, A25 and A24 revamping, maintenance and operation (€900 M), etc.Public accommodation (32%)(social housing, government buildings, etc.), 4 hospitals in Tuscany (€350 M), Mestre hospital in Venice (€195 M), Desenzano sul gardaaccommodation for elderly people (€100 M), etc.

Leisure facilities, tourism, etc. (12%), Congress Centre in Rome, etc.Power, water, environment (19%), waste-to-energy plants in Napoli, Piacenza, Bologna and Gioia Tauro (€1.1 Bn), waste water project in Campania (€200 M), etc.

Other (7%)

• Over the period 2001- 2003, the total capital value of PPP / PFI projects amounts to €22.8 Bn, which compares favourably to the amount invested in the UK over a typical 3-year period

• The Italian PFI / PPP market is dynamic and mainly driven by transportation and accommodation projects

Note: * Official data on PPP / PFI projects in Italy have been published since 2001Sources: Desk research, interviews, Advention

Total capital value of PPP / PFI projects over the last three years*Total capital value of PPP / PFI projects over the last three years* Key sectors for the coming years


€9.1 bn

€3.1 bn

€10.6 bn

3.3

3.1

2.0

1.3

0.7

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PPP Market Trends and Major PlayersPFI / PPP Projects’ Segmentation by Sector

Sources: Desk research, Advention

PFI / PPP projects can be segmented into eight categories

TRANSPORTATION INFRASTRUCTURE

PFI / PPP Projects

HEALTH

LOCAL ECONOMIC & URBAN DEVELOPMENT

UTILITIES & ENVIRONMENT

DEFENCE

Rail

Road

Airport

Seaport

HospitalsLabsEtc.

Urban renovationNTIC

Business ParksEtc.

Water plantsWaste treatment

Utility Network ManagementEtc.

Training pg. / SimulatorsShips, AircraftsAccommodation

Etc.

Galaxy Fund focus

EDUCATIONSchools

UniversitiesEtc.

OTHERE-government software

Government Building / Admin.Satellite communications

Etc.

JUSTICEPrisonsCourts

Etc.

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Main areas of intervention

Involved players

Source: Advention

Large national and European equipment and

infrastructure projects


infrastructure projectsOutsourcingOutsourcing

Large transnational / national projects Local or regional scale projectsVariable according to the different sectors – generally local

Public: European (EU, EIB, etc.), national (government, ministry, etc.) and sometimes regional authorities

Private: banks, funds or industrial companies (generally international)

Public: local authorities (regions, municipalities, local communities)

Private: any type of banks and industrial companies

Public: normally local authorities, except government programs

Private: any type of banks and industrial companies

Scale

Three segments of PPP stand out for their scale, for the nature of the players involved and for their characteristics

Local economic development

Local economic development

PPP market segments

• Public infrastructures • Reconversion of industrial sites• Urban renovation• Supporting new business• NICTs

• Real estate• Urban transports

Identified characteristics and evolution

• Traditional model: public services concession

• Strong development in all countries of PFI-type PPP (ie. project finance)

• Important role of public authorities and financial investors

• Important role of the public/private co-enterprises

• Few examples of PFI-type PPP

• Trend towards the privatisation of public / private co-enterprises (local public transports)

• First experiences of PPP built on a PFI model can be found in the real estate sector (Mestre’s hospital)

Strong Weak Medium / StrongMarket potential for PFI-type PPP

PPP Market Trends and Major PlayersPPP markets: Segmentation and Modes of Intervention

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Confidential

Education

Economic & Urban Development

Economic & Urban Development

Utilities & Environment

Utilities & Environment


infrastructure projects


infrastructure projectsLocal economic

developmentLocal economic

development Outsourcing Outsourcing

Source : Advention

Growth in the European PPP market should be primarily driven by large national and European equipment and infrastructure projects

Transportation Infrastructure

Health

Justice

PPP Market Trends and Major PlayersEuropean PPP markets: Segmentation and Areas of Intervention

DefenceDefence

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Relative importanceof PPPs:

Low

Medium

Strong

Growth of PPPs:

Decreasing

Stable

Increasing

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Confidential

PPP in Europe : Latest Trends

Agenda

I.

II. PPP: New Tools for Public Players

13

ConfidentialPPP Market Trends and Major PlayersOverview of Major Public Financial Institutions in Europe

CDCCDC

BNGBNG

CDPCDP

KfWKfW

ICOICO Infrastrutture SpAInfrastrutture SpA

De Nederlande Bank

De Nederlande Bank

Alpha Credit BankAlpha Credit Bank

SEKSEKKommunalbankenKommunalbanken

Finnvera Ltd.Finnvera Ltd.

Kommuninvest Cooperative Society

Kommuninvest Cooperative Society

Eksportfinans ASAEksportfinans ASA

Montepio GeralMontepio Geral

Caixa Geral de DepositosCaixa Geral de Depositos

KommuneKreditKommuneKredit

SNCISNCI

FinlombardaFinlombarda

ADMADM

CDC* Ltd.CDC* Ltd.

Note: * Commonwealth Development CorporationSource: Advention

Savings banks

Public financial institutions

Caissesd’épargne

Fondazioni

Cajas de Ahorros

Deutsche Landesbanken

and Sparkassen

ÖsterreichischeLandesbanken

and Sparkassen

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Confidential

Hypo TirolBank

Notes: * General interest activities represent a minor portion of total overall activities ** Excluding other German LandesbankenSource: Advention

Involvement in activities of General Interest- +

Total assets(€ bn)

€ 100

€ 50

€ 350

€ 200

KfW

KommuneKredit

ICO

Major Cajas de Ahorros(La Caixa, Caja Madrid, etc.)

Finnvera

Alpha CreditBank

SviluppoItalia

Cassa Depositie Prestiti

FinlombardaFondazioni

SNCI

Eksportfinans

Kommunalbanken

BNG

De NederlandeBank

MontepioGeral

Caixa Geral de Depositos

SEK

Kommun-investADM

CDC

Second-tier players

PPP Market Trends and Major PlayersMapping of Major Public Financial Institutions

CDC

CDC and KfW, 2 core investors in Galaxy Fund, are leading European Public Financial Institutions

€ 0

Major ÖsterreichischeLandesbanken

(Hypo Tirol Bank)

Major Landesbanken(NRW, Balaba, etc.)

Leading players**

French Caisses d’Epargne

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Confidential

1. Germany

To local authorities

(debt)

Public/private co-enterprises*Equity Debt

PPP Project Co.

Equity Debt

Projects

Via banks Via funds

Direct IndirectAdvisory

Financing

2. SpainICO

3. ItalyCassa DPSviluppo Italia

4. The NetherlandsBNG

La CaixaCaja Madrid

Finlombarda

KfWLandesbanken

Key

pub

lic p

laye

rsO

ther

type

s of

pla

yers

Notes: * ie. SEM in France, Kommunal Unternehmen in Germany and similar public-private enterprises in other countries ** Subscription of bonds issued by the project company

Sources: Advention

Not coveredCurrent line of business

Legend :

Future line of business

Foundations

Subsi-dies

**

PPP Market Trends and Major PlayersStrategic Positioning of Major Public Financial Institutions

5. FranceCDC

CorporatesBanksInvestment FundsEIB

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Confidential

Source: Advention

ToolsTools GermanyGermany

Public grants / subsidies


Tax incentivesTax incentives N/A

Favourable supply of goods and services

(premises, PIK contributions)



Unusual Frequent

Usage frequency:

Equity investment(equity funds, public / private

co-enterprises, etc.)



Loan guaranteesLoan guarantees

Risk guarantees(construction / exploitation

risks)


risks)

Tariff policy(eg. shadow tolls)Tariff policy

(eg. shadow tolls)

Public financial incentives

(attribution of European / national funds via loans, etc.)



PPP Market Trends and Major PlayersCurrent Financial & Risk-sharing tools

Players Projects

ItalyItalyPlayers Projects

SpainSpainPlayers Projects

N/A

Federal StateLänderMunicipalities

KfWDtA

Federal StateLänderMunicipalities

Municipalities

KfWMunicipalitiesLänder

KfWInvestitions-banken

MinistriesRegions

MunicipalitiesRegions

EPFCDP

MinistriesRegions

Municipalities

CDPFROPRegional financing struc.

RegionsCDP

StateRegionsMunicipalities

Any player

Municipalities

ICOStateRegionsMunicipalities

Municipalities




Municipalities

Warnow’stunnel

Reconversion(Düsseldorf’s region)

Aid programs DtA

50% systematic from KfW(indirect aid)

Rostock’stunnel

KasselUnterneustadt

Warnow’stunnel

PRUSST

Area SviluppoNord Milano

Genoa’s tunnel

Mestre’shospital

Barcelona’s harbour

ATM

Madrid’s transportation system

Barcelona’s tram

Barcelona’s tram

Barcelona’s tram

N/A

Most projects

TransportMestre’shospital

N/A

N/A

Usagefrequency

Usagefrequency

Usagefrequency

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Confidential

Note: * CGFS = Credit Guarantee Finance Scheme; ** NDFA = National Development Finance AgencySource: Advention

ToolsTools



Tax incentivesTax incentives





Unusual Frequent

Usage frequency:





Loan guaranteesLoan guarantees


risks)


risks)

Tariff policy(eg. shadow tolls)Tariff policy

(eg. shadow tolls)





PPP Market Trends and Major PlayersCurrent Financial & Risk-sharing tools

FranceFrancePlayers Projects


CDCBanks

CDCRegionsMunicipalities

SofarisBDPME

TransportAccommodation

Business park development

SEM

TransportAccommodation

N/A

Public incubators Start-ups

Usagefrequency

Tax-free zones

United KingdomUnited KingdomPlayers Projects

All private players

Department for Transport

UK Treasury CGFS*

All

Highway DBFO

To be implemented

Usagefrequency Players Projects

IrelandIreland

All private players

Department for Transport

NDFA**

Dublin docklandsBusiness park dvt (IDA, Cork)

All

To be implemented

Highways (M3 Cloneeto Kells)

Usagefrequency Players Projects

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Tax-free zones

N/A

N/A

N/A

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Tax benefitsTax benefits Tax-credit bonds, ISPATax-credit bonds, ISPA5Public authorities put in place the appropriate legal framework to grant tax benefits on interests, thus enabling sponsors to raise money on capital markets more easily

Public authorities put in place the appropriate legal framework to grant tax benefits on interests, thus enabling sponsors to raise money on capital markets more easily

Credit enhancement through collateralization /

guarantees / insurance (funding leverage)

Credit enhancement through collateralization /

guarantees / insurance (funding leverage)

GARVEES / FFGA, SRF, SIB, revenue bonds, wrapped bonds

GARVEES / FFGA, SRF, SIB, revenue bonds, wrapped bonds

Credit enhancement through public funds

subordination(risk leverage)

Credit enhancement through public funds

subordination(risk leverage)

SIB, TIFIA, compartment fundsSIB, TIFIA, compartment funds

Improved subsidy schemeImproved subsidy scheme SRF (Reserve funds), FROP, subsidy with profit sharing clause

SRF (Reserve funds), FROP, subsidy with profit sharing clause

1

2

3

Public authorities put in place collateralization mechanisms which enable projects to raise private funds more easily

Public authorities put in place collateralization mechanisms which enable projects to raise private funds more easily

Funds invested by public authorities are subordinated to those provided by private parties, thus making projects less risky and more attractive to them

Funds invested by public authorities are subordinated to those provided by private parties, thus making projects less risky and more attractive to them

Public authorities create new subsidy schemes which enable them to reduce the level of subsidies or recapture a part of them

Public authorities create new subsidy schemes which enable them to reduce the level of subsidies or recapture a part of them

Financial levers available to the Public Sector

Public authorities can activate five types of levers regarding project financing

Financial leversFinancial levers Innovative financial toolsInnovative financial tools

Sources: desk research, Advention B.P.

Funding provided by public authorities

(leverage on public rating)

Funding provided by public authorities

(leverage on public rating)ISPA, NDFA, UK credit guarantee finance

schemeISPA, NDFA, UK credit guarantee finance

scheme4

By investing in projects, public authorities, thanks to their high quality rating, enable projects to optimize the cost of total funding

By investing in projects, public authorities, thanks to their high quality rating, enable projects to optimize the cost of total funding

RationaleRationale

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Confidential

US Public / State ProgramsUS Public / State Programs

New Tool Kit – Emergence of innovative financial tools

Innovative financial tools for project financing have been identified in different contexts

• Programs initiated by the US public authorities to foster investments in certain sectors (e.g. transports)

• Generally require the implementation of a specific legal framework

• Instruments generally created with the following objectives:

Facilitate fund raising from capital markets in project financing

Change / improve the way public authorities invest into projects


Innovative financial tools have been identified in US Public / State programs, in European PPP initiatives or in innovative project financing structures

European PPP InitiativesEuropean PPP Initiatives

• Programs initiated by European governments with the objective to promote PPP projects

• Generally created by law

IIIIII Financial instruments used in project financing

Financial instruments used in project financingIIIIII

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Confidential

- State Infrastructure Bank (SIB)

- State Revolving Funds (SRF)- Non relevant -

- FROP (Italy)

- Infrastrutture SpA (Italy)

- National Development Finance Agency (Ireland)

New structures and new instruments


Financial instruments

Financing agencies / structures

- Grant Anticipation Revenue Vehicles (GARVEEs)

- Full Funding Grant Agreement (FFGA)

- Transportation Infrastructure Finance and Innovation Act (TIFIA)

- Tax credit bonds

- Revenue-backed bonds

- Wrapped bonds

- Future-flow securitization

- Subsidy with profit-sharing clause

- “Compartment” funds

US Public / State ProgramsUS Public / State Programs European PPP InitiativesEuropean PPP Initiatives

II

Financial instruments to be used in project financing

Financial instruments to be used in project financing

IIII III

AA

- UK Treasury credit guarantee finance scheme

BB

Innovative financial tools are either financial instruments directly available to the sponsors / projects, or agencies / structures in charge of promoting innovation in project financing

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Confidential

State Revol-vingFunds (SRF)

• Bond issued to finance long-term loans for water and wastewater utilities which benefit from subsidies on interest rates

State Infrastructure Bank (SIB)

• State (or multistate) revolving fund (initially capitalized through Federal and local subsidies) offering a range of long-term loans and credit enhancement products to public and private sponsors

Water and wastewater treatment

Highway building, transit platform projects

Reserve funds structures

Cash flow structures

• Bond issued to finance long-term loans for water and wastewater utilities• Debt service and principal repayment secured on loans repayment

US Government programs Specific objectives & Dedicated instruments

Grant Anticipation Revenue Vehicles (GARVEEs)

• Bond issued, the debt service and principal repayment of which are secured on future FHA (Federal Highway Administration) subsidies

Transportation (roads, rolling stock, transit equipments)


Financial toolsFinancial tools SectorSector DescriptionDescription

In the US, public authorities have created a financial toolbox aiming at improving projects’ credit conditions mainly through collateralization

Transportation Infrastructure Finance and Innovation Act (TIFIA)

• State revolving fund offering loans and credit assistance subordinated to private debt

Transportation (roads, bridges, rail, inter-modal platforms, etc.)

Full Funding Grant Agreement (FFGA)

• Subsidy mechanism established by Congress to support the multi-year capital needs of transit project construction

• Can be used to secure debt service on GARVEEsTransportation

Tax-credit bonds • Bond which grants bondholders federal income tax credits in lieu of traditional interests / coupons

Educational infrastructure

AA


BB

Financial agencies / structures

22

Confidential

US Government programs Amounts raised

State Revol-vingFunds (SRF)

State Infrastructure Bank (SIB)

Reserve funds structures

Cash flow structures

Grant Anticipation Revenue Vehicles (GARVEEs)

Transportation Infrastructure Finance and Innovation Act (TIFIA)

Tax-credit bonds

AA


BB


• $2.6 bn have been raised since 1998

• $4 bn of loans have been agreed by SIBs on 297 commitments as of June 2002

• $21 bn have been allocated by SRFs since 1989

• $3.5 bn have been financed via TIFIA as of March 2003

• $22 bn fund raising on school programs have been agreed by Congress in 1997 over 20 years

Amounts at stakeAmounts at stakeFinancial toolsFinancial tools

In excess of $50 billion have been raised / committed through US public / state programs over the past decade


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Infrastrutture SpA, ISPA (Italy - 2002)

• Private entity wholly owned by Cassa Depositi e Prestiti which raises money on capital markets and finances PPP projects via long-term loans

All types of public works (Italy)

FROP (Fondo Rotativo per le Opere Publiche) (Italy -2002)

• State revolving fund offering long-term loans to projects’ sponsors which then have to grant an annual subsidy to the project

All types of public works (Italy)

National Development Finance Agency (Ireland -2003)

• Public entity dedicated to (i) advise public or private structuring PPP project finance Ireland, (ii) finance projects through the creation of Special Purpose Companies

All types of public works (Ireland) with a focus on public transport and roads

PPP initiatives in Europe


Financial toolsFinancial tools SectorSector DescriptionDescription

In Europe, public authorities have recently launched dedicated structures and financial instruments in order to further promote PPP

UK Treasury reforms on PFI (2003)

• Public long-term loans offered to PFI contractors provided that debt service and principal repayment are guaranteed by private credit providers (mainly insurance companies)

Well-established PFI projects whose risk profile is well-known

AA


BB


24

Confidential

Financial instruments derived from Project Finance


For public and private sponsors, it is possible to adapt capital market instruments and other innovative schemes to project financing

Financial toolsFinancial tools DescriptionDescription

Revenue bonds

Wrapped-bonds

Future-flow securitization

Compartment funds

• Debt instrument backed by an identifiable and predictable stream of revenues

• Bond with enhanced credit profile through the insurance of specialized companies

• Bond issued on the back of a future stream of revenues generated by an asset• Helps monetize an asset and provides alternative source of fund

• Funds dedicated to take equity shares in projects• The fund is capitalized by different types of investors which subscribe to different classes

of shares in the fund, each class of share having a determined level of subordination translating into priority access to dividends / capital gains

Subsidy with profit-sharing clause

• Public subsidy combined with a profit-sharing mechanism

AA


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Confidential

Objectives of these instruments

Project finance specific instrumentsEuropean PPP InitiativesUS Public / State Programs

- Credit enhancement

- Risk pooling

- Subordination

Make better use of public funds

Reduce project financing costs*

Improve project risk profile through:

Raise cash / monetize future flows

Subsidy without

profit sharing clause

Com

partment

funds

Future-flow

securitization

Wrapped bonds

Revenue bonds

ND

FA (Ireland)

ISPA (Italy)

FRO

P (Italy)

Credit G

uarantee Finance Schem

e (U

K)

SIB

SR

F

Tax-credit bonds

TIFIA

GAR

VEESObjectives

Innovative financial tools aim at raising cash, improving project risk profiles, reducing project financial costs or substituting / improving subsidy schemes

OBJECTIVES

Note : (*) independently of risk profileSources: desk research, Advention B.P.

IIIIIII

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