1. Working with the European Bank for Reconstruction and Development

2. What is the EBRD?
An international financial institution, promotes transition to market economies in 36 countries from central Europe to central Asia and the Southern and Eastern Mediterranean – SEMED region.
Owned by 65 countries and 2 inter-governmental institutions (EU, EIB).
Capital base of €30 billion.
Shareholding structure - EBRD has a AAA rating from all three main rating agencies (S&P, Moody’s and Fitch)
(1) Includes European Community and European Investment Bank (EIB) each at 3%. Among other EU countries: France, Germany, Italy, and the UK each holds 8.6%
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© European Bank for Reconstruction and Development 2012

3. EBRD’s objectives achieved through financing the private sector
Invested over €95 billion in more than 4,188 projects since 1991
In 2014:
€8.9 billion invested in 377 projects
Private sector accounted for 72% share
Debt 85%, Equity 10% & Guarantee 5%
Note: Unaudited as at end December 2014
Net cumulative business volume €95bn
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© European Bank for Reconstruction and Development 2012

4. The EBRD and its objectives
The EBRD is:
Your engaged partner
Operates in “business time”
Private sector focused
Wide product, currency, tenor range
Facilitates inward and cross border investments in the region
Promotes policy dialogue with regards to investment climate business environment and policy matter
AAA rating profitable, commercial focus
Objectives:
To promote transition to market economies by investing mainly in the private sector
To mobilise significant foreign direct investment
To support privatisation, restructuring and better municipal services to improve people’s lives
To encourage environmentally sound and sustainable development
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© European Bank for Reconstruction and Development 2012

5. EBRD finances diverse range of enterprises
Net cumulative business volume €95bn
Note: Unaudited as at end December 2014
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© European Bank for Reconstruction and Development 2012

6. Country group portfolio distribution
Net cumulative business volume €95bn
Note: Unaudited as at end December 2014
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© European Bank for Reconstruction and Development 2012

7. EBRD Product Flexibility tailored to project needs
Equity
Common stock or preferred
Minority position only (up to 35%)
Mezzanine
Other
guarantees
currency swaps
Loans
Senior, subordinated, convertible
Long Term (up to 10y or more) or Short Term revolving
Floating/ Fixed rates
Choice of currencies (€, US$, Local currency)
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© European Bank for Reconstruction and Development 2012

8. Geographic expansion of the Bank’s region of operations
In November 2013, the EBRD welcomed Jordan, Morocco and Tunisia as recipient countries and continued to increase its investment levels in the southern and eastern Mediterranean (SEMED) region
In the region the Bank focuses on assisting financial institutions, developing infrastructure and supporting SMEs and other private businesses, as well as on promoting sustainable energy and energy efficiency.
The Board at its Annual Meeting in May 2014 decided that Libya would become a member of the EBRD with a view to becoming a recipient country. At the same meeting, it was also decided that Cyprus become a recipient country. We expect to open an office in Cyprus shortly and our operational priorities in Cyprus include:
strengthening the financial sector to build up resilience and improve governance
supporting the authorities’ privatisation programme
assisting corporate restructuring and providing finance to small and medium-sized enterprises
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© European Bank for Reconstruction and Development 2012

9. Serbia - General Information
Country of operation since 2001.
Total cumulative commitments of €3.8 billion as of end December 2014.
Total outstanding portfolio of €2.4 billion, comprised of 126 active operations.
Private sector participates with 49.4 per cent in total cumulative commitments but with 83 per cent in total number of projects.
Team of 28 people in Resident Office in Belgrade.
Objectives: To promote a sound investment climate, good corporate governance and stronger institutions.
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© European Bank for Reconstruction and Development 2012

10. Investment instruments in Serbia
The Bank’s balance sheet.
Special programmes:
LEF – Local Enterprise Facility
ENEF – Enterprise Expansion Fund
WeBSEDFF - Western Balkans Sustainable Energy Direct Financing Facility (for investments in projects of renewable energy and energy efficiency)
SBS – Small Business Support (advisory projects for local companies to support growth and export activities)
TFP (Trade Facilitation Programme).
Syndication with other banks and co-investment with PE funds or strategic investors.
Indirect financing through funding of financial institutions.
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© European Bank for Reconstruction and Development 2012

11. SEMED: Progress to Date
Permanent offices were opened in Tunis and Amman in The opening of a permanent office in Egypt took place in 2014 and is planned in Morocco for 2015.
Overall the Bank has increased its staff by 107 employees.
61 Projects have been signed to date for a total value of €1.7 billion.
As of end-December 2014, over 130 TC projects totalling €69 million have received funding.
Local currencies are available in Jordan and Egypt. In Morocco a swap agreement has been signed and a local currency investment is being processed. The Bank is negotiating currency swap arrangements in Tunisia.
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© European Bank for Reconstruction and Development 2012

12. EBRD: SEMED Investment Projects
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© European Bank for Reconstruction and Development 2012

13. Total Signed Projects by Sector
EBRD: SEMED Investment Projects
Total Signed Projects by Sector
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© European Bank for Reconstruction and Development 2012

14. SEMED: 2015 Project Pipeline
Total project pipeline is estimated at € 1.3 billion:
Egypt: 11 projects representing €550 million.
Jordan: 12 projects representing €250 million.
Morocco: 9 projects representing €370 million.
Tunisia: 10 projects representing €180 million.
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© European Bank for Reconstruction and Development 2012 14