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International Partner in Natural Resources Marrakech, April 30, 2004 Margrit Nzuki NOT AN OFFICIAL UNCTAD RECORD.

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Presentation on theme: "International Partner in Natural Resources Marrakech, April 30, 2004 Margrit Nzuki NOT AN OFFICIAL UNCTAD RECORD."— Presentation transcript:

1 International Partner in Natural Resources Marrakech, April 30, 2004 Margrit Nzuki NOT AN OFFICIAL UNCTAD RECORD

2 2 Content Why chose international partners to finance Oil & Gas projects in Africa Advantages Requirements KfW as your international finance partner Our approach Experience in Africa Guideline for eligible projects and structural elements Lessons learned Contacts

3 3 International Partners Providing Political support Technical Expertise Providing access to international capital markets Allows for diversified lending base over coming local constrains Resources projects are typically of a scale to large for local/regional banking market Enhancing project creditability

4 4 Our Value Proposition We add value to our clients’ projects by:  Long-term lending reflecting our continuous support throughout the project cycle  In-depth knowledge of our clients’ markets based on our sector expertise gained over years  Tailor-made financing solutions meeting our clients’ needs  Fast and reliable commitment to our partners at early project stages  Strong underwriting capacity  Long-term partnership with our clients also in challenging markets & times

5 5  Most extensive and decade-long experience with Euler-Hermes  Long standing experience in multi-sourcing transactions and established business relationships with all major European ECAs (e.g. ECGD, SACE, COFACE, Atradius, OEKB, Finnvera)  Dedicated in-house Credit Insurance Team, as internal advisor with regard to ECA/PRI/Private Insurer covered transactions (e.g. contacts, premia, maximizing inclusion of third country deliveries under ECA cover, etc.)  Frequent ECA-Agent mandates in multi-sourcing transactions  Cooperation agreements with a number of export financing institutions (ECGD, FIDE, SIMEST, JBIC, SEK, Vnesheconombank) complementing existing ECA reinsurance schemes -> „one stop shop“ financial packages (partially OECD minimum rates, i.e. CIRR) Multi-sourcing

6 6 Advantages and Features offered by your international partner Main Features  Loans are extended directly to buyers, investors, project companies or banks  Long-term loans in EUR, USD or other foreign currencies at attractive fixed or variable interest rates like CIRR  Experience with many different financing structures: from export credits with state or bank guarantees to tailor-made project and lease finance  Expertise in the utilisation of diverse security instruments ● Insurance through ECAs like Hermes, ECGD, EDC et. al. ● Multilateral agencies (MIGA, EIB) ● Private risk insurance ● Specific German schemes like UfK / GKA

7 7 KfW Group - Overview Establishedby law in 1948 Shareholders 80% Federal Republic 20% Federal States HeadquarterFrankfurt am Main Branch OfficesBerlin, Bonn, Cologne (DEG) Liable EquityEUR 10.4 billion* Balance-Sheet TotalEUR 315 billion* RatingAAA / Aaa Employees3,600 * figures as of Dec. 31st, 2003 (liable equity: KfW only)

8 8 KfW Group - New Brand Structure Investment Finance Germany and Europe Financial Cooperation Export and Project Finance Advisory and Other Services Promotion of housing finance, environmental and climate protection, education, infra- structure and the social sector Securitization Export and Project Finance Industry, transport infrastructure, tele- communication, natural resources, energy, environment Supporting the Federal Government in the privatisation of state- owned enterprises Other services Promotion of developing and transition countries Promotion of small and medium-sized enterprises, business founders, start-ups

9 9 KfW Group - New Law on KfW Specification of KfW‘s mandate concerning promotional activities Clear and concise separation of promotional and commercial business Spin-off of commercial export and project finance business by December 31, 2007, into a legally independent subsidiary without federal guarantee and government privileges  KfW IPEX-Bank Implementation of EU Understanding of March 2002

10 10 KfW Group - New Commitments 2003 Total New Commitments: € 72.2 billion KfW Promotional Bank € 27.7 bn KfW Development Bank € 1.6 bn KfW IPEX-Bank € 11.4 bn KfW SME Bank € 9.1 bn Securitisations € 21.9 bn DEG € 0.5 bn

11 11 KfW IPEX-Bank

12 12 Portfolio Total Volume as of Dec. 31, 2003: € 66.4 billion* * incl. domestic project/structured finance Rail & Road 15% Power, Renewables and Water 19% Shipping 15% Aviation 20% Telecom- munications/ New Media 6% Manufacturing Industries, Commerce, Health Air- and Seaports, Construction Industries 3% Basic Industries & 22%

13 13 New Commitments 2003 Total Volume as of Dec. 31, 2003: € 11.4 billion* * incl. domestic project/structured finance Rail & Road 1.7 bn Power, Renewables and Water 1.9 bn Shipping 1.7 bn Aviation 1.7 bn Telecom- munications/ New Media 0.6 bn Manufacturing Industries, Commerce, Health Air- and Seaports, Construction Industries 0.7 bn Basic Industries & 3.1 bn

14 14 KfW IPEX-Bank PARTNER IN NATURAL RESOURCES FINANCING

15 15 KfW IPEX-Bank extends long-term loans to finance  exports of capital goods and related services  direct investments  projects to secure supply of natural resources which are of interest to the German economy and the European integration. KfW IPEX-Bank

16 16 KfW‘s total West African Exposure Commitment and Outstanding Amounts (Mio. EUR) Country CommitmentOutstanding Ghana Kamerun Ivory Coast Benin Angola Nigeria Guinea Namibia Kongo Gabun Guinea-Bissau 7 7 Total

17 17 KfW‘s major involvement in Africa through the KfW Development Bank & KfW IPEX Bank KfW Banking Group Commitment in Western and Northern Africa in 2003 Tunesia119 Mio.Kamerun12 Mio. Ghana29 Mio.Senegal5 Mio. Angola20 Mio.Benin5 Mio. KfW Development Bank Sectors Infrastructure Finance Agriculture Public Health KfW IPEX Bank Sectors Natural Resources Telecommunication Aviation Industry Ship Financing

18  Natural Resources69 Mio.-59 Mio.  Telecommunications23 Mio.-16 Mio.  Aviation5 Mio.8 Mio.5 Mio.  Ship Financing7 Mio.-48 Mio. Total104 Mio.8 Mio.128 Mio. KfW IPEX - Selective Approach Commitments (Mio. EUR)

19 19 KfW IPEX-Bank Natural Resources Financing criteria Stable cash flow Financially strong, experienced sponsors Established, stable legal system in the project country Offshore account and completion guarantee Compliance with high environmental standards Minimum project size Rich resource deposits Tried and tested technology Protection against political risk (if necessary)

20 20 KfW IPEX-Bank Approval Procedure Project Finance 1. Credit appraisal on the basis of a bankable feasibility study 2. Start of loan negotiations (Term Sheet) 3. Management board decision 4. If applicable, application for federal guarantee / ECA cover 5. Supervisory board approval (> EUR 50 million) 6. Decision on ECA cover 7. Conclusion of contract

21 21 X 1 a2X 1 a3 Holger Apel (2548) Senior Vice President Basic Industries Team Assistant: Christina Komini (4778) Contacts Lars Oermann(3948) Martin Schubert(4486) Patrick Kreutzer(4246) N.N. N.N. Jochen Eichmann(1849) Dr. Stefan Glock(4733) Donata Kozinska(3642) Waltraud Wolff(2220) N.N. Ulrich Goretzki (2884) First Vice President Matthias Wietbrock (3522) First Vice President Petrochemicals Pulp and Paper, Building Material, Steel X 1 a1 Dirk Sindermann(2257) Margrit Nzuki(2474) Hartmut Troschel(2243) Dr. Victoria Hottenrott(3810) Stephan Pueschel(4649) Dr. Jan Klasen (2481) First Vice President Natural Resources, Oil & Gas


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