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„FROM THE IDEA TO THE FINANCING“ Case Study: Hungarian Municipal Infrastructure Investment Project

„FROM THE IDEA TO THE FINANCING“ Case Study: Hungarian Municipal Infrastructure Investment Project Peter E. Gumpel Chairman of Management Board Meinl Capital Advisors AG, Vienna. Meinl Bank AG. Leading private merchant and investment bank in Austria Focus:  Central and Eastern Europe

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„FROM THE IDEA TO THE FINANCING“ Case Study: Hungarian Municipal Infrastructure Investment Project

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  1. „FROM THE IDEA TO THE FINANCING“ Case Study: Hungarian Municipal Infrastructure Investment Project Peter E. Gumpel Chairman of Management Board Meinl Capital Advisors AG, Vienna

  2. Meinl Bank AG • Leading private merchant and investment bank in Austria • Focus:  Central and Eastern Europe • Private banking; private asset management • Institutional asset management • Equity banking; venture funds managment • Emerging market debt trading and forfaiting • Corporate finance advisory services

  3. Meinl Capital Advisors AG –Corporate finance advisory services in Central andEastern Europe • Government privatization and restructuring advisory services • Macedonia:  Restructuring and Privatization of Electricity Sector • Serbia:  Restructuring and Privatization of Metalworking and Engineering companies • Serbia:  Privatization of companies in Food Processing and Textile Sectors

  4. Meinl Capital Advisors AG –Corporate finance advisory services in Central and Eastern Europe • Merger and acquisition advisory services for private strategic investors • Bulgaria:  Advised Carlsberg A/S on acquisition of Breweries • Moldova:  Advised owners on sale of Moldcell GSM provider • Arrangement of finance for governments, municipalities and quangos • Hungary:  Advisor to Heves County (Eger Region) on implementing and arranging finance for Regional Waste Management System

  5. CASE STUDY: HEVES COUNTY HUNGARY (1) • MCA is advisor to 93 municipalities in Heves County for preparation and implementation of Regional Waste Management System • Euro 65 million project, of which 50% will be provided by the EU Cohesion Fund, 40% by the Hungarian Government, and 10% by private investors • Similar projects have been planned and are underway in Bulgaria

  6. CASE STUDY: HEVES COUNTY HUNGARY (2) • Step 1: Defining the Project • Public Sector – defined the need for modernization • Private sector – specific technological and financial proposals • Regional policy of European Union – strategy for applicants to reach EU standards (acquis communitaire) in environmental area • Strong political support on all levels

  7. CASE STUDY:   HEVES COUNTY HUNGARY (3) • Step 2: Identification of Financing Sources • Multilateral FinancingEuropean Union: Cohesion Fund / ISPA / PHARE EBRD / EIB / IFC • Bilateral Financing - Hungarian Government • Commercial FinancingSuppliers / Commercial Banks /  EGA Structured FinancingPrivate Financial Investors – Special Purpose Fund

  8. CASE STUDY: HEVES COUNTY HUNGARY (4) • Step 3:   Key milestones in the project • Establishment of Municipal Association – 2003 • Detailed project planning – 2003 • Government permitting / impact studies – 2003-04 • Submission to EU Cohesion Fund of feasibility study – 2004 • Establishment of operating company – 2004 • Tendering for equipment – 2005 • Public-private partnership – partial privatization of opco – 2005 • Realization of project – 2006-08

  9. Key success factors • Planning and analysis: assurance of adequate returns over investment period under conservative assumptions • Government support: municipal, central government, multilateral levels • Thorough review of technical, legal, financial issues (due diligence) • Flexibility and opportunism in sources and structure of financing • Appropriate legal and contractual framework • Competent project management to drive project and assure success

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