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Assessing the Potential Use of Financial Instruments in Cyprus

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Assessing the Potential Use of Financial Instruments in Cyprus Assessing the potential use of Financial Instruments in Cyprus A study in support of the ex-ante assessment for the potential future use of Financial Instruments for SMEs, ICT, and the Low-Carbon Economy in Cyprus Final Report 21 July 2017 European Investment Bank Disclaimer This Report has been prepared by PricewaterhouseCoopers (PwC) on the instruction and under the supervision of the European Investment Bank (EIB) for the exclusive use by the Directorate General for European Programmes, Coordination and Development (DG EPCD), and should not be relied upon by any third party for any purpose. The authors do not assume and hereby disclaim any liability to any party for any loss or damage howsoever arising from the use of this Report or of the information contained herein by any person other than the DG EPCD. Any views expressed herein reflect the current views of the authors, and may not in any circumstance be regarded as stating an official position of the DG EPCD. Opinions expressed herein may differ from views set out in other documents, including other research published by the EIB or the DG EPCD. The content of the Report is based on market conditions prevailing, and on data and information obtained by the authors from various external sources and assumed to be accurate, correct, and reliable at the date they were published or obtained. No representation or warranty express or implied will be made and no liability or responsibility is or will be accepted by the authors in relation to the accuracy or completeness of such data and information and any such liability is expressly disclaimed. Nothing in this Report constitutes investment, legal, or tax advice to the DG EPCD or to any other person, nor shall be relied upon as such advice. Specific professional advice should always be sought separately before taking any action based on this Report. All rights reserved [16 June 2017]. © - DG EPCD Version v.01 Produced by PricewaterhouseCoopers (PwC) Reviewed by European Investment Bank Delivery date 21/07/2017 Assessing the potential future use of Financial Instruments in Cyprus – Final Report 1 European Investment Bank Table of Contents List of Acronyms ............................................................................................................................................... 9 Progress achieved to date ............................................................................................................................... 13 Executive summary ......................................................................................................................................... 14 1 Introduction ............................................................................................................................................. 25 1.1 Objectives and scope of the study .................................................................................................... 25 1.2 Relevant regulation ............................................................................................................................ 26 2 Methodology ........................................................................................................................................... 28 2.1 Desk research ..................................................................................................................................... 28 2.2 Interviews ........................................................................................................................................... 28 2.3 Online survey ...................................................................................................................................... 29 2.4 Data analysis ....................................................................................................................................... 29 3 The market environment ........................................................................................................................ 30 3.1 Characteristics of the economy......................................................................................................... 30 3.2 SME characteristics and environment .............................................................................................. 36 3.3 Low-carbon economy ........................................................................................................................ 39 3.4 ICT sector and broadband ................................................................................................................. 46 3.5 Cross-cutting topics ........................................................................................................................... 56 4 Investment priorities in the 2014-2020 programming period for SME financing, ICT and the Low Carbon Economy in Cyprus .................................................................................................................... 58 4.1 SME access to finance ........................................................................................................................ 58 4.2 Low-carbon economy ........................................................................................................................ 60 4.3 ICT and broadband ............................................................................................................................. 62 5 Financial instruments and grant support for SMEs, the Low Carbon Economy, and ICT ................... 64 5.1 National, ESIF and EU level grant schemes ...................................................................................... 64 5.2 International, EU and national financial instruments ...................................................................... 81 5.3 Review of lessons learned ................................................................................................................. 89 6 Supply analysis ........................................................................................................................................ 96 6.1 Overview of the financial system ...................................................................................................... 96 6.2 Supply of commercial financial products for SMEs .......................................................................... 98 6.3 Supply of commercial financial products for the low-carbon economy ....................................... 105 6.4 Supply of commercial financial products in the ICT sector .......................................................... 108 Assessing the potential future use of Financial Instruments in Cyprus – Final Report 2 European Investment Bank 6.5 Summary of the supply analysis ..................................................................................................... 108 7 Demand analysis ..................................................................................................................................... 113 7.1 Demand for financing for SMEs ....................................................................................................... 113 7.2 Demand for financing for the low-carbon economy ..................................................................... 135 7.3 Demand for financing for the ICT sector and broadband ............................................................ 149 7.4 Summary of the demand analysis .................................................................................................. 150 8 Financing gaps ....................................................................................................................................... 153 8.1 Financing gaps rationale .................................................................................................................. 153 8.2 Financing gaps for SMEs .................................................................................................................. 155 8.3 Financing gaps for the low-carbon economy ................................................................................ 160 8.4 Financing gaps for ICT and broadband ........................................................................................... 163 8.1 Results and conclusions ................................................................................................................... 164 8.2 Recommendations ........................................................................................................................... 169 Delivery and management of the financial instruments (Building Block 2) ............................................ 175 9 Proposed investment strategy and expected results ..........................................................................176 9.1 Proposed Financial Instruments .......................................................................................................176 9.2 Proposed governance structure of the Financial Instruments ...................................................... 202 9.3 Governance options for the FIs financed through ESI Funds ........................................................ 203 9.4 Next steps in the implementation of the financial instruments proposed ................................... 213 Annexes ...................................................................................................................................................... 218 10 Annex A - Online survey ........................................................................................................................
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