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Annual Report 2008 Investment Facility Investment Investment Facility Report 2008 Annual Report 2008 Investment Facility Investment European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank Investment Facility Annual ReportAnnual 2008 ACP-EU Cotonou Partnership Agreement © EIB – 05/2009 – EN QH-80-09-546-EN-C ISSN 1725-924X Annual Report 2008 European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank Investment Facility ACP-EU Cotonou Partnership Agreement “The Investment Facility shall operate in all economic sectors and sup- port investments of private and commercially run public sector entities, including revenue-generating economic and technological infrastructure critical for the private sector. The Facility shall: • be managed as a revolving fund and aim at being financially sustain- able. Its operations shall be on market-related terms and conditions and shall avoid creating distortions on local markets and displacing private sources of finance; • support the ACP financial sector and have a catalytic effect by encourag- ing the mobilisation of long-term local resources and attracting foreign private investors and lenders to projects in the ACPs; • bear part of the risk of the projects it funds, its financial sustainability being ensured through the portfolio as a whole and not from individual interventions; and • seek to channel funds through ACP national and regional institutions and programmes that promote the development of small and medium- sized enterprises (SMEs).” Revised Cotonou Partnership Agreement, Annex II, Article 3 Investment Facility 2 Annual Report 2008 Annual Report 2008 3 Investment Facility A word from the Vice-President In many respects, 2008 was a year of change. parency and a positive developmental impact across all its operations. Some changes were predictable, such as the mid-year entry into force of the revised Cotonou Partnership Nonetheless, greater uncertainties lie ahead. Agreement, and of its associated financial protocol, the 10th European Development Fund. As the credit crunch gradually begins to take effect in countries where exposure to the world economy is Others came more unexpectedly, such as the financial limited, the Bank stands ready to play a catalytic role in and food crises, which triggered fundamental changes the ACPs and OCTs, encouraging the funding of private in the global economy and in the ACPs/OCTs respec- sector projects. In 2009 and beyond, the EIB will con- tively. The full impact of these upheavals remains to be tinue to apply best practice standards, closely monitor seen, but first signs are already evident. its project portfolio and apply stringent criteria in its screening of potential new projects. Against this unstable economic and social backdrop, the additional resources provided by the new finan- I am confident that the EIB has the capacity to play cial protocol (10th EDF) will help the Bank to respond a fundamental role in supporting the ACP and OCT in a more flexible and innovative manner to invest- regions through the difficult financial times which ment needs in the ACPs and OCTs for the period 2008- we now face. The Bank remains committed to utilis- 2013. ing and building upon its broad range of innovative financial instruments and expertise with the aim of In 2008, in spite of the challenges and negative exter- fostering infrastructure and financial sector develop- nal events affecting the regions of operation, the Bank ment – the key drivers of sustained growth and private managed to balance its portfolio sectorally, geographi- sector expansion. cally and financially, in line with the orientations and objectives of the Cotonou Agreement. Plutarchos Sakellaris The bulk of investments went into promoting infra- EIB Vice-President structure projects and the development of the finan- responsible for lending operations cial and private sectors, notably small businesses which in the ACPs and OCTs are at the heart of economic growth. Regional inte- gration, support for projects that deliver sustainable economic, social and environmental benefits and coop- eration with local and bilateral/multilateral stakehold- ers also remained centre stage. Throughout the year, the Bank paid particular attention to ensuring trans- Investment Facility 4 Annual Report 2008 Map of ACPs and OCTs Regional Office DAKAR MAURITANIA MALI NIGER CHAD SUDAN ERITREA SENEGAL GAMBIA BURKINA FASO GUINEA BISSAU GUINEA NIGERIA SIERRA IVORY BENIN ETHIOPIA GHANA LEONE COAST TOGO LOME CAMEROON LIBERIA COTONOU UGANDA SAO TOME AND PRINCIPE KENYA DEMOCRATIC GABON CONGO Regional Office REPUBLIC RWANDA NAIROBI OF CONGO BURUNDI EQUATORIAL GUINEA TANZANIA ANGOLA MALAWI ZAMBIA ZIMBABWE MOZAMBIQUE MADAGASCAR NAMIBIA BOTSWANA SWAZILAND LESOTHO SOUTH AFRICA Regional Office Regional Office FORT-DE-FRANCE TSHWANE (PRETORIA) Regional Office West Africa and Sahel SYDNEY Central and Eastern Africa Southern Africa and Indian Ocean Pacific Caribbean Annual Report 2008 5 Investment Facility ➾ ACP Countries and OCTs • Angola • Mauritania • Antigua and Barbuda • Benin • Mauritius • Bahamas Africa • Botswana • Mozambique • Barbados • Burkina Faso • Namibia • Belize • Burundi • Niger Caribbean • Cuba* • Cameroon • Nigeria • Dominica • Cape Verde • Rwanda • Dominican Republic • Central African Republic • São Tomé and Principe • Grenada • Chad • Senegal • Guyana • Comoros • Seychelles • Haiti • Congo • Sierra Leone • Jamaica • Democratic Republic of the Congo • Somalia* • Saint Kitts and Nevis • Côte d’Ivoire • South Africa** • Saint Lucia • Djibouti • Sudan • Saint Vincent and the Grenadines • Equatorial Guinea • Swaziland • Suriname • Eritrea • Tanzania • Trinidad and Tobago • Ethiopia • Togo • Gabon • Uganda • Gambia • Zambia • Ghana • Zimbabwe • Guinea • Guinea-Bissau • Kenya • Lesotho • Anguilla • Liberia • Aruba OCTs • Madagascar • British Antarctic Territory • Malawi • British Indian Ocean Territory • Mali • British Virgin Islands • Cayman Islands • Falkland Islands • French Polynesia • French Southern and Antarctic Lands • Greenland • Mayotte • Montserrat • Netherlands Antilles • New Caledonia • Pitcairn Islands • Saint Helena • Saint Pierre and Miquelon • Cook Islands • Papua New Guinea • South Georgia and the South • East Timor • Samoa Sandwich Islands * ACP countries not • Turks and Caicos Islands signatory to the Cotonou Pacific • Fiji • Solomon Islands Partnership Agreement. • Kiribati • Tonga • Wallis and Futuna • Marshall Islands • Tuvalu ** RSA: although part of the ACP regional grouping • Micronesia • Vanuatu and signatory to the • Nauru Cotonou Partnership • Niue Agreement, South Africa receives assistance from • Palau the EIB under a different mandate. Investment Facility 6 Annual Report 2008 Annual Report 2008 7 Investment Facility Contents A word from the Vice-President 3 Map of the African, Caribbean and Pacific States and Overseas Countries 4 and Territories List of ACPs and OCTs 5 Institutional Framework 8 Operational highlights for 2008 10 Investment conditions in ACP Countries 12 ➾ Sub-Saharan Africa 12 ➾ Caribbean countries 16 ➾ Pacific islands 16 Operations in 2008 22 Infrastructure Sectors 26 ➾ Water, sewerage 28 ➾ Telecommunications 31 ➾ Energy 32 ➾ Transport 34 Industry and Agriculture/Forestry 36 ➾ Industry 36 ➾ Agriculture and forestry 37 Financial Sector 38 IF Equity Portfolio 44 Outlook for 2009 52 Portfolio overview 54 Partnerships 61 Organisation and staffing 64 Financial review 69 Annexes 70 ➾ Investment Facility portfolio of signed operations 2003-2008 71 ➾ Portfolio of signed own resources operations 2003-2008 75 ➾ Overview of Investment Facility lines of credit 77 ➾ Organisation chart 78 ➾ Financial statements of the Investment Facility as at 31 December 2008 80 ➾ Glossary 99 ➾ EIB Addresses 100 Investment Facility 8 Annual Report 2008 Institutional Framework “Supporting development through sustainable private sector initiatives” African, Caribbean and Pacific States (ACPs) The European Investment Bank (EIB) supports the Euro- ➾ the ACP Investment Facility (IF), a EUR 3 137m2 risk- pean Union’s (EU) cooperation and development poli- bearing revolving fund geared to fostering private cies in the African, Caribbean and Pacific States1. sector investment in ACP countries; Currently, the EIB operates in these regions under the ➾ grants for financing interest rate subsidies worth ACP-EC Partnership Agreement signed in June 2000 EUR 400m, of which up to EUR 40m can be used to in Cotonou, Benin, for a period of twenty years, and fund project-related technical assistance. In view revised in 2005. The Agreement between the ACP of the phasing-out of the EU-ACP sugar protocol, up States and the European Community and its Member to EUR 100m can be allocated to assist ACP sugar States is based on various instruments to reduce pov- producers in adapting to changing world market erty in the ACPs. conditions. Member States’ budgets EIB own resources Financing under the Agreement is provided from EU In addition to the Investment Facility, the EIB can lend up Member States’ budgets and is disbursed according to to a further EUR 2 000m from its own resources (OR) in financial protocols defined for successive five- to six-year the ACP countries over the period 2008-2013. Operations periods. Within the framework of the Agreement and fol- carried out under the Bank’s
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