Financial instruments in the ERDF 2014

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Financial instruments in the ERDF 2014
Financial instruments
in the ERDF 2014-2020
programmes
Marta Mackiewicz
Warsaw, 24 June 2015
What are the benefits of financial
instruments?
• Leverage resources and increased impact of ESIF
programmes
• Efficiency and effectiveness gains due to revolving
nature of funds, which stay in the programme area
for future use for similar objectives
• Better quality of projects as investment must be
repaid
• Move away from “grant dependency” culture;
• Attract private sector support (and financing) to
public policy objectives
Source: European Commission, Financial instruments in ESIF
programmes 2014-2020, 2014
What projects can FIs fund?
• Investment projects which encourage smart, sustainable and
inclusive growth and are able to repay the investment
• ESIF FIs can be developed for allocations from five EU funding
sources:
–
–
–
–
–
European Regional Development Fund (ERDF)
Cohesion Fund (CF)
European Agricultural Fund for Rural Development (EAFRD) and
European Maritime and Fisheries Fund (EMFF)
European Social Fund (ESF)
• For FIs created under the first four Funds, the projects
supported must generate income or revenue, or savings on
future expenditure.
2007-2013
2014-2020
Support for enterprises, urban
development, energy efficiency and
renewable energies in building sector;
Voluntary gap analysis for enterprises
and at the level of Holding Fund
Support for all thematic objectives
covered under a programme;
Compulsory ex-ante assessment
Market failure and suboptimal investment conditions
No market
failure
Unsatisfied
demand (rejections,
lack of application,
lack of information,
lack of experience
in FI, etc.)
Unsatisfied
demand (low
profitability, too
high risk perceived,
too low incentives)
Podaż na rynku
Market
supply
(in
(w formie
kapitału
własnego
(equity), quasiform
of equity,
kapitału
własnego,
quasi-equity,
loan,
pożyczek,
gwarancji
lub
guarantee or
grantów)
grants)
Zaspokojony popyt
Satisfied demand
Reasons
Banking policy (e.g.
exclusion of sectors)
Lack of credit history
Lack of collateral
Restricted risk
capacity of the
financial
intermediaries
No experience in the
regional market or in
FI
Source:„Financial instruments in Cohesion Policy 2014-2020”, European Commission and EBI, 2014
Lack of
sustainability of
underlying
business model
Market failure –
justification to
support
Experience in using FI in Poland
•
•
•
Very limited experience in using FIs so far:
 exceptions: municipal companies that used corporate loans and the
regions currently implementing FIs via the JESSICA or JEREMIE
initiative
Positive experience in using JESSICA and JEREMIE
 most of beneficiaries and Managing Authorities who already
implemented JESSICA and JEREMIE assess it very positive due to its
clear benefits:
 lower interest rates,
 longer tenors than available in the commercial market,
 no additional costs and extra fees,
 possibility to finance significantly larger investment projects that in
case of grants (private beneficiaries).
General openness towards FIs
Consistency with Thematic Objectives
The FI shall fit into the intervention logic established by each programme in order to contribute to the Europe
2020 priorities and the selected Thematic Objectives.
Smart Growth
(1) strengthening research, technological development and innovation
(2) enhancing access to, and use and quality of, information and communication
technologies
(3) enhancing the competitiveness of small and medium-sized enterprises
Sustainable Growth
(4) supporting the shift towards a low-carbon economy in all sectors
(5) promoting climate change adaptation, risk prevention and management
(6) protecting the environment and promoting resource efficiency
(7) promoting sustainable transport and removing bottlenecks in key network
infrastructures
Inclusive Growth
(8) promoting employment and supporting labour mobility
(9) promoting social inclusion and combating poverty
(10) investing in education, skills and lifelong learning
(11) enhancing institutional capacity and an efficient public administration.
Operational Programmes
in 2014-2020
2014-2020 National Programmes:
Infrastructure and Environment
27,5 mld euro
Smart Growth
8,6 mld euro
Knowledge, Education, Development
4,7 mld euro
Digital Poland
2,2 mld euro
Eastern Poland
2,0 mld euro
Technical Assistance
0,7 mld euro
Regional Programmes:
16 regional programmes
31,3 mld euro
OP Infrastructure and Environment
2014-2020
Priority Axis I
Priority Axis II
Decarbonise the economy
Environmental protection, including mitigation of climate
change
Priority Axis III Modernisation of European Transport Network (TEN-T) and
multimodal transport corridors
Priority Axis IV Urban roads infrastructure
Priority Axis V
The development of rail transport in Poland
Priority Axis VI The development of low-emission collective transport in
cities
Priority Axis VII Improvement of energy security
Priority Axis VIII Protection of cultural heritage and development of cultural
resources
Priority Axis IX Reinforcement of the strategic infrastructures of health care
Priority Axis X
Technical Assistance
Funding priorities
The programme provides support on 10 thematic
objectives. It mainly concentrates its resources on:
• transport infrastructure (63.88% on thematic
objective 7 including 18% for rail);
• low-carbon economy (15% on thematic objective 4);
• climate change adaptation, risk prevention &
management and environment protection (more
than 12% on thematic objective 5)
THANK YOU
[email protected]

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