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FINANCING GROWTH AND COHESION IN THE ENLARGED EU Brussels 24 November 2005 Gavin Anderson.

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Presentation on theme: "FINANCING GROWTH AND COHESION IN THE ENLARGED EU Brussels 24 November 2005 Gavin Anderson."— Presentation transcript:

1 FINANCING GROWTH AND COHESION IN THE ENLARGED EU Brussels 24 November 2005 Gavin Anderson

2 EBRD EXPERIENCE OF PPPs IN NEW MEMBER STATES 1.Examples of EBRD financing Tallinn Water Hungarian Motorways 2.Illustrative pipeline 3.Key issues for accelerating PPP development

3 TALLINN 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

4 HUNGARIAN MOTORWAY EXPERIENCE M1/M15 financing –issues of toll/traffic levels and legal challenges –many lessons learned M5 financing -Sound financing structure, but tolling inhibits full utilisation -Refinanced in 2004 on basis of availability payments; subsequent financing of final stretch /5 M6 financing -Experience of restructuring M5 enabled fast and effective tender process -Construction nearing completion, so refinancing now under discussion.

5 ILLUSTRATIVE 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

6 KEY ISSUES FOR ACCELERATING PPP DEVELOPMENT Project selection Process People How to encourage cofinancing with EU funds?


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