IFC in Croatia

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9 Νοε 2013 (πριν από 3 χρόνια και 5 μήνες)

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IFC in Croatia

Magdalena
Soljakova
, IFC

Senior Country Officer, Croatia

The World Bank Group

IBRD

International Bank
for Reconstruction
and Development

IDA

International
Development
Association

IFC

International Finance
Corporation

MIGA

Multilateral
Investment and
Guarantee Agency

Est. 1945

Est. 1960

Est. 1956

Est. 1998

Role

To promote
institutional, legal and
regulatory reform

To promote
institutional, legal and
regulatory reform

To promote private
sector development

To reduce political
investment risk

Clients

Governments of member
countries with per
capita income between
$1,025 and $6,055

Governments of poorest
countries with per
capita income of less
than $1,025

Private companies in
member countries

Foreign investors in
member countries

Products


Technical Assistance


Loans


Policy Advice


Technical Assistance


Interest Free Loans


Policy Advice


Equity/Loans


Risk Management


Advisory Services


Political Risk
Insurance

2

Latin America
and the
Caribbean
23.8%
Europe and
Central Asia
18.9%
Sub
-
Saharan
Africa
17.7%
East Asia and
the Pacific
16.5%
Middle East
and North
Africa
14.3%
South Asia
8.5%
Global
0.4%
Telecom & IT
1.6%
Trade Finance
38.8%
Financial
Markets
21.8%
Infrastructure
9.4%
Consumer &
Social Services
8.9%
Manufacturing
6.6%
Agribusiness &
Forestry
6.6%
Oil, Gas &
Mining
3.2%
Funds
3.1%
IFC

over $100 billion Invested in Emerging Markets since
1956


S&P, Moody’s


AAA


Outstanding Portfolio


$56.4
billion


Committed

in FY12 $15.5
billion


Syndicated

in FY 12 $4.9
billion


# of companies


1,825


# of countries


103


IFC
FY12 (06/30)
Highlights

3

FY2012 Commitments


by region

FY2012 Commitments


by sector


Largest multilateral source of loan/equity
financing for the
private sector
in
emerging
markets



Takes market risk with no sovereign guarantees



Promoter of environmental, social, and
corporate governance standards



Resources and know
-
how of a global
development bank + flexibility of a merchant
bank



Holds equity in over 800 companies worldwide



4

2.5 million

jobs

$200 billion
in
micro, small, and medium enterprise
loans

12.2 million
patients with health care treatment

34.3 million
people with clean water

41.9 million
people with power connections

900,000
students with education

Last year our clients provided:

The Reach of IFC’s Projects

IFC’s Products and Services

Senior

Debt

Global Trade

Finance
Program

Structured

Finance

Mezzanine

Finance

Private

Equity


On
-
lending


Acquisition financing


Mobilization


Credit Enhancement


Partial Credit Guarantees


Risk Sharing Facilities


Securitization


New Products


Convertible debt


Subordinated debt


Other Tier II
instruments


Common shares


Preferred
shares


Asset Management
Company, with US$4Bn
under management,
invests third
-
party
capital along side IFC


$1 billion program


Guarantees to issuing banks


Over 200 issuing banks in 82
countries


Over 200 confirming banks in 62
countries


$3.4 billion of issued guarantees
in first FY10

Advisory

Services


SME/Distributor training


Corporate
governance


Small
and medium business
banking


Housing finance


Resource/Energy efficiency


Privatization

Sustainable

Finance


Carbon finance


Renewable energy


Supply chain financing


Distributor financing

5

Top Reasons Why Clients Choose IFC


(Percentages of IFC’s clients who chose each category as among their top four
reasons for working with IFC, based on results of
2010
IFC Client Survey)

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Long-Term
Partner
Loan
Maturity
Mobilization
Product
Pricing
Stamp of
Approval
Broad Range
of Products
Part of the
World Bank
Group
Global
Presence
Technical
Expertise
6

How We Finance Projects


Umbrella for participants in IFC’s syndication program: IFC lender of
record, immunity from taxation and provisioning requirements.


IFC’s total financing must be less than 25% of total company
capitalization, and IFC does not manage or own largest stake.

Project Type

IFC
Investment (own account)

Greenfield, total cost

less than $50 million

Greenfield, total cost

more than $50 million

Expansion or rehabilitation

Up to 35% of project cost
for IFC’s account

Up to 25% of project cost
for IFC’s account


Up to 50% of project cost
for IFC’s
account

7

IFC’s Project Cycle

Early Review


Client needs
determined


Contribution
of project to
development
assessed


Project
screened for
potential
risks & issues


Mandate
letter

Due
Diligence

Negotiation

Disclosure

Internal
Approvals and
Commitment


Disbursemen
t


Site visit


Assessment
of
business
potential,
risks,
opportunities


Financial and
economic
Evaluation


Compliance
with IFC’s
social and
environmental
performance
standards
reviewed


Terms and
conditions of
the IFC
investment


Action plan
agreed


Environment
al and social
information
disclosed


Opportunity
for public
comment


Board
consideration


Board
approval


Legal review


Signing of
legal
documents


Fulfillment of
conditions of
disbursement


IFC funds
disbursed

We Agree on a Specific Timeline to Meet Client’s Needs

8

9

IFC in Western Balkans and Croatia



IFC has been active in most of the Western Balkans (Albania, Bosnia and
Herzegovina, Croatia, Kosovo, FYR Macedonia, Montenegro and Serbia)
since the early 1990s.


Last fiscal year (FY13), IFC invested $1.1 billion in the Western Balkans
(50% over FY12), including financing mobilized from other partners,
supporting projects in the financial sector, infrastructure, agribusiness,
and manufacturing sectors.


In the Western Balkans, IFC works with private sector clients,
governments, and civil society to bring the benefit of global expertise to
the region through its advisory services and investment projects.


Our priorities in the Western Balkans include crisis response,
agribusiness, renewable energy and improvements in investment climate.


In FY13, IFC invested $150 million in 4 projects in Croatia. IFC has
invested over $700 million since 1998 in Croatia.



10

Strategic Priorities in Western Balkans


MEDIUM TO LONG TERM

Inclusive Growth & Jobs


Strengthen the
Financial System:

MSME Finance

Targeted credit lines
to the priority sectors
(agribusiness,
renewable energy
women
-
owned
businesses)


Support for regional
banks

Banking sector
consolidation

NBFIs


Improve Access
to Infrastructure
/ Services:

Develop PPPs and
municipal finance


Invest in private
sector
infrastructure in
transport,
logistics, telecom
and
renewables
.

Facilitate
Competitiveness &
Diversification:

Increase value added
of production
(especially in
manufacturing and
agribusiness)

Enable the growth of
SMEs

Investment climate,
and corporate
governance, resource
efficiency

Mitigate Climate Change

Financial Sector

Fund Growth:
Risk capital to
banks; LTF for SME & priority
sector lending. Advisory in
NPL and risk management.

Supply liquidity:
Working
capital & STF to maintain
supply chains & trade flows.

Financial Sector Crisis
Response includes support to
Western European Bank
subsidiaries in ECA to diminish
the impact of deleveraging.

Real Sector

Provide local
currency, STF,
equity & mezzanine
capital to support
both portfolio
clients & new
clients with strong
fundamentals.

Advisory in risk
management.

Crisis Response

SHORT TERM

Economic Stabilization

Increase Regional Integration

(e.g., South
-
South, Frontier, Trade)

Mobilization

Support Portfolio Clients

Mobilization

IFC Advisory Services
-

Infrastructure

11

2.2 billion


IFC

provides

advice

on

designing

and

implementing

public
-
private

partnership

(PPP)

transactions

to

national

and

municipal

governments

to

improve

infrastructure

and

access

to

basic

services

such

as

water,

power,

health

and

education
.

The

program

is

supported

by

our

donor

partners
:

Austria,

Norway

and

Switzerland
.



Recent

mandates
:

Privatization

of

electricity

distribution

company

in

Kosovo

(to

Turkish

consortium

Limak

Calik

for


300

million)

and

Privatization

of

4

hydropower

plants

in

Albania

(to

Kürüm

for


109
.
5

million)


IFC Advisory Services
-

Supporting Resource Efficiency

12

2.2 billion


IFC’s

Resource

Efficiency

Program

works

at

the

firm

and

sector

levels

to

stimulate

investment

into

resource

efficient

technologies

and

practices
.



The

program

helps

improve

management

and

operational

practices

in

industry

across

all

sectors
;

raises

awareness

among

decision

makers
,

and

drives

market

transformation

through

sector

studies

such

as

benchmarking

and

assessment

tools
.


Recent

project
:

Assisted

Prevent

Leather

in

Bosnia

and

Herzegovina

to

comply

with

environmental

standards

and

to

improve

utilization

of

water

resources

that

could

create

annual

savings

of

more

than


600
.
000
.



IFC Advisory Services
-

Supporting Good Corporate Governance

13

2.2 billion


IFC’s

Corporate

Governance

Program

is

aimed

at

improving

corporate

governance

practices

in

companies

and

financial

institutions,

as

well

as

enhancing

the

corporate

governance

framework

at

the

institutional,

regulatory

and

policy

levels
.


Recent

project
:

Turbina

IPD,

a

Bosnian

wind
-
turbine

manufacturer,

is

transforming

green

technology

with

its

patented

vertical
-
axis

turbine,

which

can

also

be

placed

on

top

of

telecommunications

antennas
.

IFC

Advisory

Services

supported

the

company’s

corporate

restructuring

by

developing

bylaws,

a

corporate

governance

code,

an

investor

Link

for

its

website,

and

an

initial
-
public
-
offering

prospectus



all

elements

which

have

facilitated

the

company’s

access

to

more

capital
.



IFC Investment Services



Recent Financial Markets Projects

14

2.2 billion



70

million

loan

to

the

Serbian

unit

of

Societe

Generale

SA

to

finance

agricultural

development
.



50

million

loan

to

Serbian

unit

of

UniCredit

equally

divided

between

housing

line

and

agribusiness

line
.


US
$
75

million

sub
-
debt

for

strengthening

capital

base

of

Serbia’s

Komercijalna

Banka

(following

US
$
65
.
2

million

preferred

share

investment

(through

AMC)

to

help

capitalize

the

largest

state

owned

bank

and

extend

support

to

the

SME

sector
.



10

million

in

financing

to

Credins

bank

(Albania),

including

up

to


1

million

from

the

IFC
-
Canada

Climate

Change

Program

for

renewable

energy

projects
.




10

million

loan

to

FYR

Macedonia’s

Ohridska

Banka
,

a

subsidiary

of

Société

Générale
,

enabling

the

bank

to

increase

access

to

finance

for

SMEs
.






IFC Investment Services



Recent Agribusiness Projects

15

2.2 billion




57

million

loan

to

Victoria

Group
,

a

leading

agricultural

group

in

Serbia
.



55

million

loan

to

Atlantic

Group

(Croatia),

a

leading

regional

food

and

beverage

producer

and

distributor

of

FMCG
.




12
.
5

million

to

Serbia’s

beverage

maker

Vino

Zupa

to

support

development

of

agribusiness

in

the

country
.



45

million

to

MK

Group
,

a

Serbian

food

producer,

to

modernize

and

expand

production
.


EUR
40

million

to

Frikom

(
Agrokor

Group)

for

modernize

and

expand

production

IFC Investment Services



Recent General Manufacturing Projects

16

2.2 billion


Schwarz

Group

(
Lidl
)
:

Committed

US
$
39

million

A

and

US
$
25
.
6

million

B

loan

to

support

the

expansion

of

hard

discounter

in

Croatia
.


EUR 50million for a minority stake in
Titan Cement Cypru
s to support Titan’s
subsidiaries in Western Balkans: Cemertara Kosjeric in Serbia, Cementarnica USJE
in the FYR Macedonia, and SharrCem in Kosovo.



20

million

loan

to

PMC

Automotive

Serbia
,

a

greenfield

metal

stamping

facility

aimed

at

supporting

the

automotive

supply

chain

for

new

FIAT

plant

in

Kragujevac
.



12

million

laon

to

Italian

farm

equipment

producer

SAME

DEUTZ
-
FAHR

to

support

agribusiness

development

in

Croatia

and

Western

Balkans
.



US
$
30

million

loan

to

help

Kronospan

complete

a

US
$
120

million

investment

in

a

new

particle

board

production

plant

in

Serbia
.





IFC Investment Services



Recent Infrastructure Projects

17

2.2 billion


Jelinak

(
Acciona
):
$
20.1 million loan and $30.4 million B loan to support a 30 MW
wind
farm in Croatia.



20

million

loan

to

the

local

subsidiary

of

Austrian

energy

producer

RP

Global

Holding

to

support

the

43
.
7
-
megawatt

Danilo

wind

farm

in

Croatia
.

IFC

mobilized

an

additional


35

million

from

UniCredit

through

a

syndicated

loan
.




6

million

for

a

20

percent

stake

in

Enso

Hydro

Energji

to

help

it

build

a

series

of

small

hydropower

projects

in

Albania

that

will

increase

the

country’s

electricity

generation

capacity

and

reduce

energy

imports
.




10
.
7

million

loan

to

the

capital

city

of

Montenegro,

Podgorica,

to

refinance

a

bridge

construction

loan

in

2012
.

In

2010
,

IFC

extended

a


10

million

loan

to

Podgorica

to

help

the

city

finance

its

eastern

bypass
.








Contact

18

Magdalena
Soljakova
, IFC

Senior Country Officer, Croatia

Radnicka

cesta
, 80/IX

10000 Zagreb


Tel: +385 1 2357238

Email: Msoljakova@ifc.org