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Mrs. Hildegard Gacek, Managing Director, SEMED

European Bank for Reconstruction and Development Southern & Eastern Mediterranean Region Egypt: Best Kept Investment Secret 19 th June 2014. Mrs. Hildegard Gacek, Managing Director, SEMED. Contents. EBRD: Snapshot EBRD: Operations

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Mrs. Hildegard Gacek, Managing Director, SEMED

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  1. European Bank for Reconstruction and Development Southern & Eastern Mediterranean Region Egypt: Best Kept Investment Secret 19th June 2014 Mrs. Hildegard Gacek, Managing Director, SEMED

  2. Contents EBRD: Snapshot EBRD: Operations EBRD in the Southern and Eastern Mediterranean region (SEMED) EBRD in Egypt

  3. EBRD: Snapshot • An International Financial Institution established in 1991 to support the transition to market economy and democracy in the former communist countries. • Owned by governments of 65 countries and two inter-governmental institutions (EU, EIB). • Headquartered in London and investing in 35 countries in Eastern Europe and Central Asia, and, since September 2012, in Egypt, Jordan, Morocco and Tunisia. • Cumulative commitments of €82.1 billion, of which 73% private sector.

  4. EBRD: Snapshot (continued) • Capital base of € 30 billion, AAA rated by all 3 agencies. • Invested over € 82.1 billion in more than 3,833 projects since 1991. • 241 new projects signed in 2013 with commitments of over €4.7 billion. • Private sector accounted for 73% share. • Debt 77% and Equity 21% & Guarantee 2%.

  5. Cumulative commitments by sector • Cumulative commitments €82.1 billion

  6. Where we operate

  7. Contents EBRD: a snapshot EBRD: Operations EBRD in the Southern and Eastern Mediterranean region (SEMED) EBRD in Egypt

  8. EBRD Financing Solutions • Loans • Equity • Senior, subordinated, convertible • Long term (up to 10yrs or more) or short term revolving • Floating/ Fixed rates • Choice of currencies (EUR, USD, local currency) • Syndication Loan • Common stock or preferred • Minority position only (up to 35%) • Mezzanine debt

  9. Operational Strengths of EBRD • High-risk taking capacity: EBRD is willing to share risks, including political risks. • Provides finance to both private and public sector clients. • EBRD finance can be a catalyst to access additional equity, debt and trade finance, mobilising up to 2.5 times from other sources. • Very good knowledge of local economy, business environment and practices, through extensive local presence. • Focus on corporate governance including protection of minority interests.

  10. Institutional Strengths of EBRD • Strong, internationally recognised financial partner with long-term perspective. • Close working relationships with governments and shareholders. • Political leverage due to EBRD’s unique mandate and shareholder structure (all countries of operations are shareholders). • Preferred Creditor Status. • 1:1 gearing ratio at €26 billion.

  11. EBRD is Additional to the Commercial Banking Sector • EBRD does not lend or invest when commercial banks or private investors can do it alone. • EBRD invites other banks to participate in its operations (syndication, co-financing). • EBRD leads the market with innovative products, local currency and longer tenors. • EBRD provides technical assistance for project preparation and implementation where such assistance is required.

  12. Contents EBRD: a snapshot EBRD: Operations EBRD in the Southern and Eastern Mediterranean region (SEMED) EBRD in Egypt

  13. EBRD: Expansion into SEMED • The Arab Spring of 2011 created major new transition challenges in the SEMED region. • The May 2011 G8 Summit launched the Deauville Partnership to support democratic transition, transparent government and sustainable growth. • EBRD shareholders later that year approved an expansion of EBRD’s mandate to include 4 SEMED Countries (Egypt, Jordan, Morocco and Tunisia). • In November 2013, EBRD Board of Governors granted full Country of Operation status to Jordan, Morocco and Tunisia. The review of Egypt’s political situation has been scheduled for 2014. • In 2013 Host Country Agreements were signed with Egypt, Tunisia and Jordan; negotiations are in progress with Morocco.

  14. SEMED: Progress to Date • Permanent offices were opened in Tunis and Amman were opened in 2013. The opening of permanent offices in Egypt and Morocco is planned for 2014. • Overall the Bank will increase its staff by 107 employees, 97 are hired. • 37 Projects have been signed to date for a total value of €1 billion. • Over €60 million in donor funding has been made available for Technical Assistance. 87 Technical Cooperation projects received funding €46.2 million. • Local currencies are available in Jordan and Egypt. The bank is negotiating currency swap arrangements in Morocco and Tunisia.

  15. EBRD: SEMED Investment Projects

  16. EBRD: SEMED Investment Projects

  17. Contents EBRD: a snapshot EBRD: Operations EBRD in the Southern and Eastern Mediterranean region (SEMED) EBRD in Egypt

  18. EBRD Experience to Date • EBRD Egypt: Investment Projects Egypt Portfolio: Sector Breakdown As of 17 June 2014, excl. TFP

  19. EBRD Egypt: Portfolio • Total Portfolio: EUR 472 million for 12 projects (including 2 regional private equity funds) • Private/public sector ratio: 44% / 56% • Private sector portfolio: EUR 206 million for 10 projects • Public Sector: EUR 266 million for 2 projects • TFP facility: EUR 38 million with the National Bank of Egypt 19

  20. EBRD Egypt: Pipeline • There are 23 projects in the pipeline, valued at € 823 million: • Agribusiness: € 179 million (5 projects) • Financial Institutions: € 196 million (6 projects) • Manufacturing &Services: € 64 million (3 projects) • Municipal & Environmental Infrastructure : € 181 (3 projects) • Natural Resources: € 135 million (3 projects) • Property & Tourism: € 46 million (2 projects) • Transport: € 23 million (1 project) 20

  21. EBRD: Operational priorities in Egypt Finance and improve conditions for investments in the private sector, including mid-sized companies Modernise the financial sector by strengthening its capacity and diversifying financial products and support of MSMEs Enhance the agribusiness value chain to improve food security and strengthen the distribution chain Increase the role of cleaner fuels and renewable energy Support reform and commercialisation of the transport, fuels and power sectors Upgrade and expand municipal infrastructure

  22. Contact us Hildegard Gacek Managing Director - SEMED Tel: +44 (0)20 7338 8586 gacekh@ebrd.com Egypt: Philip Ter Woort Director, Egypt • Tel: + 20 (0) 010 2457 7113 • terwoor@ebrd.com 22

  23. THANK YOU FOR YOUR ATTENTION 23

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