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External Investment Plan EXTERNAL INVESTMENT PLAN 2017 OPERATIONAL REPORT EFSD The European Fund for Sustainable Development AIP Promoting investment in the Africa Neighbourhood and Africa Investment Platform NIP Neighbourhood Investment Platform This report covers the first year of the operation of the European Fund for Sus- tainable Development (EFSD). As such, it merges into one the reports on blended finance operations under the Africa Investment Platform (AIP, formerly the AfIF) and the European Neighbourhood Platform (NIP, formerly the NIF). It presents the first results of the EFSD, such as approved blending investments, and the first steps towards implementing the EFSD Guarantee. LEGAL NOTICE : Neither the European Commission nor any person acting on behalf of the Commis- sion is responsible for the use which might be made of the following information. More information on the European Union is available on the Internet (http://europa. eu). Reproduction is authorized provided the source is acknowledged. Printed in Belgium © European Union, 2018 CONTENTS JOINT FOREWORD / INTRODUCTION 4 EIP AND EFSD OBJECTIVES, BLENDING INSTRUMENTS, AND PROGRESS IN 2017 OBJECTIVES 6 INSTRUMENTS 6 PROGRESS IN 2017 8 POLICY CONTEXT FROM THE AFRICA INVESTMENT FACILITY TO THE AFRICA INVESTMENT PLATFORM 10 FROM THE NEIGHBOURHOOD INVESTMENT FACILITY TO THE NEIGHBOURHOOD INVESTMENT PLATFORM 11 LAUNCH OF THE EFSD GUARANTEE INVESTMENT AREAS 12 ORGANISATIONAL STRUCTURE 13 EFSD BLENDING IN SUB-SAHARAN AFRICA IN 2017 OVERALL 14 ALLOCATIONS BY SECTOR AND FINANCING TYPE 16 EFSD BLENDING IN THE EU NEIGHBOURHOOD IN 2017 OVERALL 18 ALLOCATIONS BY SECTOR AND FINANCING TYPE 19 ALLOCATIONS BY REGION 20 OVERVIEW OF EFSD PREDECESSOR BLENDING OPERATIONS AFRICA INVESTMENT FACILITY (AFIF) 22 NEIGHBOURHOOD INVESTMENT FACILITY (NIF) 23 EFSD BLENDING OPERATIONS IN 2017 SUB-SAHARAN AFRICA 24 EU NEIGHBOURHOOD 46 ANNEX 60 ABBREVIATIONS 64 EIP / EFSD OPERATIONAL REPORT 2017 4 FOREWORD Johannes Hahn & Neven Mimica The Sustainable Development Goals (SDGs) are our common aspiration. To achieve them, we need to mobilise all the different sources of financing available. We realise that public money and grants alone are not enough; we also need to leverage private investment. In Abidjan in November 2017, the EU held an important summit with the African Union. The Heads of State recognised that creating quality jobs requires stepping up joint efforts to advance economic transformation, an improvement of the investment and business climate as well as unlocking and boosting responsible and sustainable African and European investments. At the same time, the Eastern Partnership Summit in Brussels welcomed the EU's continued In fact, the Fund is expected to generate eleven support to the Eastern Partnership through a times more investment – €44 billion – than the full and targeted use of the available financial EU's initial €4.1 billion contribution. This money instruments, including efficient mobilisation will help improve ports and roads, expand energy of significant amounts of investment. It also supplies and connect energy suppliers and affirmed that the EU's incentive-based approach consumers, protect the environment, support will continue to benefit those partners most entrepreneur farmers and food companies. It will engaged in reforms. improve quality of life in cities while protecting the nature, and help small businesses, especially A paradigm change is required and the External young people and women, secure the financing Investment Plan (EIP) is the EU’s contribution they need to take off the ground and expand. By to it. The EIP offers a more holistic approach doing so, the EIP will also help address some of to economic and social development by closely the root causes of migration. linking economic policy dialogue, technical assistance and investment. To this end, the This report outlines EIP major achievements, the EIP’s investment arm, the European Fund for Fund's activities in 2017, focusing on blending Sustainable Development (EFSD), combines the – the strategic use of a limited amount of EU existing blending platforms with a new guarantee. grants to leverage financing for investment It will cover part of the investment risks, for both projects. private and public investors in projects with high social and development impact, including in the world's least developed countries and in fragile states. FOREWORD BY HAHN & MIMICA 5 During the first year of the External Investment Plan: ‣ The EU contributed €1.3 billion to blended ‣ A flexible new guarantee to mitigate finance operations in Africa and the investment risks in difficult environments. European Neighbourhood. This will bring in more than €10.6 billion in much-needed Our success will result in new jobs and investment, funding over 50 projects. opportunities for people in our partner countries, as well as in the EU. With the experience gained, ‣ More than 80% of the projects the EU has we can expand the use of modern financial approved in Sub-Saharan Africa are in least instruments in the external chapter of the next developed countries. EU budget. ‣ The EU established the Sustainable Business for Africa (SB4A) and the Structural Reform Facility for Eastern Neighbourhood as platforms for structured dialogue on investment climate with the private sector and partner countries. Johannes Hahn Commissioner for Neighbourhood ‣ For the Guarantee, five priority areas for and Enlargement Negotiations investment were approved. The entities entrusted to manage EU funds were invited to submit proposals for investment that the EFSD Guarantee would cover. Neven Mimica We expect to sign the first guarantee agreements Commissioner for International in the second half of 2018, after consulting EU Cooperation Member States. and Development This is a significant moment for the EU’s international cooperation. With the EFSD, we can now step up investments in places and sectors that are not attractive for regular investors. Partner countries and investors stand to benefit from the EIP's three central innovations: ‣ An integrated, three-pillar approach that will help improve the investment climate and business environment in partner countries. ‣ A single entry point and one stop shop for submitting proposals for financing investments. EIP / EFSD OPERATIONAL REPORT 2017 - CHAPTER 1 6 EIP AND EFSD OBJECTIVES, BLENDING INSTRUMENTS, AND PROGRESS IN 2017 Objectives and medium-sized enterprises (MSMEs), to contribute more effectively to sustainable The European Union’s External Investment Plan development in partner countries. The EFSD (EIP) supports investments primarily in the EU should: Neighbourhood and in Africa. It has three parts: ‣ The European Fund for Sustainable ‣ maximise additionality Development (EFSD), which includes ‣ address market failures and sub- a financial guarantee and blending optimal investment situations instruments to leverage much more ‣ deliver innovative products, and public and private investment in ‣ crowd in private sector financing sustainable development. ‣ Technical assistance to enable The EFSD should also foster: investors and businesses to develop ‣ the creation of decent jobs bankable projects, and support for ‣ economic opportunities and regulatory improvements. entrepreneurship ‣ green and inclusive growth that furthers ‣ Improving business environment gender equality and empowers women and investment climate in partner and young people countries, including through regular ‣ the rule of law, good governance, and dialogue with governments, businesses human rights and other stakeholders. ‣ equitable access to, and use of, natural resources The EIP is guided by the general objectives of the EU’s external action. It contributes to: Instruments The achievement of the SDGs of the United Nations (UN) 2030 Agenda for The EFSD blended finance operations are Sustainable Development (the ‘2030 composed of two regional investment Agenda’), in particular poverty eradication platforms – the Africa Investment Platform (AIP, former AfIF) and the Neighbourhood The EU’s commitments under the Investment Platform (NIP, former NIF). European Neighbourhood Policy By supporting such investments, the EFSD aims EFSD Budget to address some of the socio-economic causes of migration. The EFSD, as part of the EIP, should also contribute to the implementation AIP and NIP EFSD of the Paris Agreement on Climate Change (the €2.6 billion Guarantee €1.5 billion Paris Agreement). The EFSD should also allow investors and Amount expected to be leveraged by 2020 €44 billion private companies, in particular micro, small OBJECTIVES, BLENDING INSTRUMENTS AND PROGRESS 7 What is Blending? Blending is the use of a limited amount of Blending helps to: public grants or non-grant resources to mobilise financing from partner financial institutions, ‣ Do more with less taxpayers’ money, such as international development banks, while saving time and the private sector for projects which will ‣ Improve project sustainability, do most to help countries develop. Blending development impact, quality, and projects aim at achieving sustainable growth innovation and reducing poverty. The EU has conducted ‣ Support reforms that partner countries blended finance operations around the world pursue since 2007. ‣ Improve cooperation between European and non-European donors and financial Blending grant contributions can take different institutions forms to support investment projects: ‣ Raise the profile of EU development funding ‣ Investment grants – these finance specific project
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