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European Investment Bank (EIB)

European Investment Bank (EIB). EIB Intermediated lending to SMEs in the EU, 2005-2011 “ The evolution of a key operational priority ” 18 June 2013 IEG – OECD/DAC Workshop Evaluating Support to Private Sector Development. Bastiaan de Laat , Evaluation Expert / Team Leader.

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European Investment Bank (EIB)

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  1. European Investment Bank (EIB) EIB Intermediated lending to SMEs in the EU, 2005-2011 “The evolution of a key operational priority” 18 June 2013 IEG – OECD/DAC Workshop Evaluating Support to Private Sector Development Bastiaan de Laat, Evaluation Expert / Team Leader European Investment Bank

  2. This presentation • The EIB Group and SME support • Evaluation of EIB Intermediated SME Lending • Scope • Approach • Evidence base • Preliminary evaluation outcomes European Investment Bank

  3. eib group sme support European Investment Bank

  4. EIB Group and SME Support • EIB Group: • European Investment Bank (EIB) • European Investment Fund (EIF) • Variety of tools for SME support: • On-lending to SMEs through financial intermediaries (FIs) • Venture capital / private equity investment funds • Guarantees • Special instruments (e.g. RSFF), etc. European Investment Bank

  5. A variety of productstargetingSMEs • L4SMEs • largest volume among the SME instruments • currently about 70 000 loansp.a. to SMEs European Investment Bank

  6. EIB Intermediated lending to SMEs European Investment Bank

  7. Geography ¾ of the signed EUR 64 bn volume were to the benefit of 7 Member States Italy, Spain and France with 55% constitute “top-3” European Investment Bank

  8. The evaluation European Investment Bank

  9. Scope and Policy Background Board request 02/2010 • implementation of new strategies with respect to SMEs • provide insights into the benefits accruing to SMEs Evaluation response • Take account of evolving policy context (2005-2012) • Systematic approach through site visits and SME survey • Focus: Intermediated lending to SMEs • Commercial, co-operative, promotional banks, leasing… • From Global Loans (“GLs”) to “Loans for SMEs” (“L4SMEs”) European Investment Bank

  10. Understanding the policycontext European Investment Bank

  11. Reconstructing the Intervention Logic Targeted (eligible) investments: Growth "improve access to finance" • Tangible assets • Development, planning, financing costs • R&D expenses • Transmission • Working capital • Distribution networks • … Financial Intermediaries SMEs Competitiveness (Revised Lisbon Strategy : 2005) Funding Funding Employment bps, tenor, volume… GLs, L4SMEs Inputs Activities Outcomes Impact Outputs European Investment Bank

  12. Identifying objectives Intermediated SME Lending • Operational • to extend finance to eligible SMEs (signed and disbursed to FI, then “allocated” to SMEs by FI) • Intermediate • to provide such funding at improved conditions • to improve access to finance? • Global • to enhance the competitiveness of SMEs, ultimately, generating a positive impact on economic growth and employment European Investment Bank

  13. Evidence base The aim is to assess ALL links within the intervention logic (EIB, FI, SME, wider economy), and each preferably with multiple methods • Initially, 20 operations selected • Geographic spread, number of SMEs, loan size, disbursement level, loans vs. leasing, public vs. private, and repeat vs. single operations: “lessons learnt” • 18 different financial intermediaries (FI), 11 countries • Commercial, co-operative, promotional, leasing, etc. • Some 15 000 SMEs benefitted • Delivery mechanisms: GL => L4SME • 19 in-depth evaluations • FI comparative portfolio analysis & other desk research • Interviews with FI HQ & front office personnel • 74 SME site visits & interviews • Large-scale SME survey (1003 respondents) European Investment Bank

  14. Six evaluationcriteria • Relevance • Effectiveness • Efficiency • Sustainability • EIB Added Value • EIB Management of the operation • Eachcriterion for eachoperationrated on a 4 point scale European Investment Bank

  15. Evaluation outcomes European Investment Bank

  16. Main evaluationfindings • Highly consistent with EU and EIB objectives • Increased relevance due to the crisis • L4SME product “says what it does and does what it says” • Higher awareness among SME about EIB origin of funding - more comfort about funding advantage being actually passed on (web, contract, front office, etc.) • Evaluation results trigger reflection on • Targeted vs. volume-driven instruments • Contribution to growth and employment • Fine-tuning to national SME finance needs European Investment Bank

  17. Thank you!! European Investment Bank

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