ifc in serbia - advantage austria › rs › events › ifcjankforum.pdf · 2012-10-10 ·...
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IFC in Serbia Per Kjellerhaug, IFC
Regional Manager, Western Balkans
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IFC Overview
The World Bank Group
IBRD
International Bank
for Reconstruction
and Development
IDA
International
Development
Association
IFC
International Finance
Corporation
MIGA
Multilateral
Investment and
Guarantee Agency
Est. 1945 Est. 1960 Est. 1956 Est. 1998
Role To promote
institutional, legal and
regulatory reform
To promote
institutional, legal and
regulatory reform
To promote private
sector development
To reduce political
investment risk
Clients Governments of member
countries with per
capita income between
$1,025 and $6,055
Governments of poorest
countries with per
capita income of less
than $1,025
Private companies in
member countries
Foreign investors in
member countries
Products • Technical Assistance
• Loans
• Policy Advice
• Technical Assistance
• Interest Free Loans
• Policy Advice
• Equity/Loans
• Risk Management
• Advisory Services
• Political Risk
Insurance
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IFC’s Three Businesses
IFC Investment
Services
IFC Advisory
Services
IFC Asset
Management
Company
• Loans
• Equity
• Other forms of
financing
• Access to Finance
•Investment Climate
•PPPs
•Sustainable Business
•E&S Guidance
• Wholly-owned
subsidiary of IFC
• Private equity fund
manager
• Invests third-party
capital alongside
IFC
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5
IFC’s Global Reach
100+ country and regional offices worldwide
Dakar
Nairobi
Johannesburg
Cairo
Washington
Mexico City
Bogota
Buenos Aires
São Paulo
Port-of-Spain
Moscow
IFC HQ/Hub Offices
IFC Operational Centers
IFC Country Offices
Hong Kong
New Delhi
Almaty
Istanbul
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IFC in Serbia
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IFC in Serbia
• Serbia became a shareholder and member of IFC in 2001.
• As of 31 July 2012, IFC's portfolio in Serbia stands at $664 million.
• Last financial year FY12 (July 2011 – June 2012), IFC invested US$351.2
million and mobilized US$152.8 million in Serbia, supporting projects in
the financial sector, agribusiness, and manufacturing sectors.
• In Serbia, IFC works with private sector clients, government, and civil
society to bring the benefit of global expertise to the country through its
advisory services and investment projects.
• Our priorities in Serbia include: crisis response, agribusiness, climate
change and improvements in investment climate.
•
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IFC Advisory Services in Serbia
Infrastructure
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2.2 billion
• IFC provides advice on designing and implementing
public-private partnership (PPP) transactions to
national and municipal governments to improve
infrastructure and access to basic services such as
water, power, health and education. The program is
supported by our donor partners: Austria, Norway and
Switzerland.
• The Balkans Renewable Energy Project works to
develop the small hydro power plants (SHPP) market in
the Western Balkans countries. Supported by the
Ministry of Finance of Austria.
* Sept 2011
Corporate Governance and Investment Climate
Projects
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2.2 billion
• IFC’s Corporate Governance Program in Serbia is aimed at improving
corporate governance practices in companies and financial institutions, as
well as enhancing the corporate governance framework at the
institutional, regulatory and policy levels.
• The Southeast Europe Tax Transparency and Simplification Program
works to simplify tax administration procedures to reduce tax compliance
costs, particularly for SMEs; and improve the legal framework and
efficiency of administration of international taxation procedures, with a
focus on transfer pricing and double taxation treaties. Supported by the
Swiss State Secretariat for Economic Affairs (SECO).
• The Western Balkans Trade Logistics Project works to Reduce the
number of documents and days needed for goods to be exported and
imported; and streamline procedures for the flow of cargo by road, air,
and river.
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IFC Investment Services in
Serbia
IFC Commitment Trends and Portfolio in Serbia
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Recent Agribusiness Projects
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2.2 billion
• IFC provided a loan of up to €12.5 million to Serbia’s
beverage maker Vino Zupa to support development of
agribusiness in the country.
• IFC lent €45 million to MK Group, a Serbian food
producer, to modernize and expand production.
* Sept 2011
Recent Financial Markets Projects
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2.2 billion
• €70 million loan to the Serbian unit of Societe Generale SA to finance
agricultural development.
• IFC extended a €50 million loan to UniCredit equally divided between
housing line (focus on low income households) and agribusiness line
supporting one of Serbia’s key sectors.
• Banca Intesa a.d. Beograd: US$12.1 million (EUR 9.1 million)
participation in rights issue.
• Cacanska Banka: US$7.2 million loan aimed at the SME lending in frontier
regions (following $9.1 million equity investment in FY11).
• Komercijalna Banka a.d. Beograd: US$75 million sub-debt for
strengthening capital base (following US$65.2 million preferred share
investment (through AMC) to help capitalize the largest state owned bank
and extend support to the SME sector).
Recent General Manufacturing Projects
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2.2 billion
• IFC invested €50 million for a minority stake in Titan Cement Cyprus,
owned by Greek cement manufacturer Titan Cement. The investment will
support Titan’s subsidiaries in the Western Balkans: Cemertara Kosjeric in
Serbia, Cementarnica USJE in the FYR Macedonia, and SharrCem in
Kosovo.
• IFC extended €20 million to PMC Automotive Serbia, a joint venture
between Italian automotive suppliers CLN Group and PROMA Group. The
venture is a Greenfield metal stamping facility in the designated supplier
park, aimed at supporting the automotive supply chain for the production
of the new sub-compact vehicle in the FIAT plant in Kragujevac.
• Kronospan: US$30 million subordinated loan to help the sponsor complete
a US$120 million investment in a new particle board production plant;
IFC Strategy for the FY12-15 Period
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2.2 billion
• IFC expects to increase financing to the private sector to US$600-
800 million during the CPS FY12-15 period, or more than 50% as
compared to FY08-11 period.
• The program will depend on the government’s support for the
private sector participation in the infrastructure sectors at
national and municipality level, further improvements of the
business environment, and the growth outlook in Europe.
• IFC will continue to concentrate of crisis response initiatives,
agribusiness, financial markets and infrastructure with a particular
emphasis on the renewable energy projects.
Contact
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Per Kjellerhaug, IFC
Regional Manager, Western Balkans
Bulevar Kralja Aleksandra 86
11000 Belgrade
Tel: +381 11 3023 750
Email: [email protected]