Pier Luigi Gilibert, EIF, presentation 31 March at the Innovative Enterprise conference in The Hague

1. European Investment Fund
Pier Luigi Gilibert
Den Hague, 31 March 2016

2. New EU Programmes helping
businesses at every stage
2
SME Development Stages
PRE-SEED PHASE SEED PHASE START-UP PHASE EMERGING GROWTH DEVELOPMENT
HIGHER RISK LOWER RISK
EIB Programmes
SME Initiative
InnovFin SME Guarantee
ERASMUS+ Master
Student loans
Cultural and Creative Sector Guarantee Facility*
Guarantees and debt programmes
Equity programmes COSME Equity Facility for Growth
InnovFin Tech Transfer*
InnovFin SME Venture Capital
EaSI (Employment & Social Innovation)
COSME Loan Guarantee Facility
* Not yet signed

3. Guarantees – Business model
We work with a wide range of counterparts and
products to support SMEs:
- through portfolio guarantees
- based on a full delegation model to the Financial
Intermediary with pre-defined eligibility criteria
Resources and
Mandators
 European Investment
Bank
 European Commission
 Member States/regions
 Managing Authorities
 Corporates/private
 Public institutions
 Other third parties
Intermediaries and
counterparts
 Commercial Banks
 Development &
Promotional Banks
 Guarantee Institutions
 Leasing Companies
 Microfinance
Institutions
 Debt Funds
Micro-enterprises,
SMEs
and
Small mid-caps
3

4. 4
The SME Initiative
General Overview

5. 5
The SME Initiative
General Overview
 Key objectives
 Leverage the EU budget by mobilising private resources
 Incentivise Financial Intermediaries to extend new debt instruments (loans,
leases, guarantees) to SMEs
 Enhance access to SME finance through a reduction of the overall interest
rate charged (transfer of financial benefit)
 Provide loan loss protection and capital relief on the portfolio to be
originated
 Two risk-sharing instruments endorsed by the European Council:
1. Option 1: Uncapped portfolio guarantee facility for portfolios of new SME
loans/leases
• Up to 80% guarantee rate
• Signed mandates in Spain, Malta and Bulgaria
2. Option 2: Securitisation instrument for portfolios of both new and existing
SME loans, where the originators undertake to provide new financing
* European Structural and Investment Funds (“ESIF”)

6. 6
EFSI implementation
through EIF
Targets and achievements

7. 7
The multiplier effect
Leveraging on EUR 5bn to reach EUR 75bn
EFSI
SMEW
EUR 5bn
EFSI total size of EUR 21bn:
• EUR 16bn is deployed through EIB Infrastructure and
Innovation Window
• EUR 5bn deployed by EIF through SME Window
(SMEW)

8. 8
SME Window implementation
EFSI boosts InnovFin
 High leverage effect of EFSI
 Enables stable and continuous rollout
in spite of annual budgetary
contribution cycle
 Additional first loss cover provided by
unfunded credit protection from EIB to
EIF
 EIB will be counter-guaranteed by EU
under EFSI

9. EFSI approvals and signatures at
15 March 2016
Total approved of
EUR 3.4 bn
Mobilised
investments of
EUR 46.1bn
Expected to benefit
more than
131,700
SMEs and mid-
caps
68%
€5bn
target
61%
€75bn
target
71%
of EU 28
countries
Via
158
financial
transactions
Leveraging
RCR
COSME
INNOVFIN
resources
Reaching
SMEs across
20
countries
9

10. EFSI approvals and signatures at
15 March 2016
* Covered countries in blue excluding some “multi-country“ equity investment funds 10
 Reaching SMEs across 20 EU
Member States
■ Countries covered under
EFSI
■ Countries not covered
under EFSI yet

11. THANK YOU
FOR
YOUR ATTENTION
17