Upload
sebastian-thornhill
View
228
Download
0
Tags:
Embed Size (px)
Citation preview
InternationalPartner in Natural Resources
Marrakech, April 30, 2004
Margrit Nzuki
NOT AN OFFICIAL UNCTAD RECORD
2
Content
Why chose international partners to finance Oil & Gas projects in Africa Advantages Requirements KfW as your international finance partner Our approach Experience in Africa Guideline for eligible projects and structural elements Lessons learned Contacts
3
International Partners
Providing Political support
Technical Expertise
Providing access to international capital markets
Allows for diversified lending base over coming local constrains
Resources projects are typically of a scale to large for local/regional banking market
Enhancing project creditability
4
Our Value Proposition
We add value to our clients’ projects by:
Long-term lending reflecting our continuous support throughout the project cycle
In-depth knowledge of our clients’ markets based on our sector expertise gained over years
Tailor-made financing solutions meeting our clients’ needs
Fast and reliable commitment to our partners at early project stages
Strong underwriting capacity
Long-term partnership with our clients also in challenging markets & times
5
Most extensive and decade-long experience with Euler-Hermes Long standing experience in multi-sourcing transactions and
established business relationships with all major European ECAs (e.g. ECGD, SACE, COFACE, Atradius, OEKB, Finnvera)
Dedicated in-house Credit Insurance Team, as internal advisor with regard to ECA/PRI/Private Insurer covered transactions (e.g. contacts, premia, maximizing inclusion of third country deliveries under ECA cover, etc.)
Frequent ECA-Agent mandates in multi-sourcing transactions Cooperation agreements with a number of export financing
institutions (ECGD, FIDE, SIMEST, JBIC, SEK, Vnesheconombank) complementing existing ECA reinsurance schemes -> „one stop shop“ financial packages (partially OECD minimum rates, i.e. CIRR)
Multi-sourcing
6
Advantages and Features offered by your international partner
Main Features
Loans are extended directly to buyers, investors, project companies or banks
Long-term loans in EUR, USD or other foreign currencies at attractive fixed or variable interest rates like CIRR
Experience with many different financing structures: from export credits with state or bank guarantees to tailor-made project and lease finance
Expertise in the utilisation of diverse security instruments
● Insurance through ECAs like Hermes, ECGD, EDC et. al. ● Multilateral agencies (MIGA, EIB) ● Private risk insurance ● Specific German schemes like UfK / GKA
7
KfW Group - Overview
Established by law in 1948
Shareholders 80% Federal Republic20% Federal States
Headquarter Frankfurt am Main
Branch Offices Berlin, Bonn, Cologne (DEG)
Liable Equity EUR 10.4 billion*
Balance-Sheet Total EUR 315 billion*
Rating AAA / Aaa
Employees 3,600
* figures as of Dec. 31st, 2003 (liable equity: KfW only)
8
KfW Group - New Brand Structure
Investment FinanceGermany and Europe
Financial Cooperation
Export and Project Finance
Advisory andOther Services
Promotion of housing finance,
environmental and climate protection,
education, infra-structure and the social sector Securitization
Export and Project Finance
Industry, transport infrastructure, tele-communication, natural resources, energy, environment
Supporting the Federal Government in the privatisation of state-owned enterprises
Other services
Promotion of developing and transition countries
Promotion of small and medium-sized enterprises, business founders, start-ups
9
KfW Group - New Law on KfW
Specification of KfW‘s mandate concerning promotional activities
Clear and concise separation of promotional and commercial business
Spin-off of commercial export and project finance business by December 31, 2007, into a legally
independent subsidiary without federal guarantee and government privileges KfW IPEX-Bank
Implementation of EU Understanding of March 2002
10
KfW Group - New Commitments 2003Total New Commitments: € 72.2 billion
KfW Promotional Bank€ 27.7 bn
KfW Development Bank€ 1.6 bn
KfW IPEX-Bank€ 11.4 bn
KfW SME Bank€ 9.1 bn
Securitisations€ 21.9 bn
DEG € 0.5 bn
11
KfW IPEX-Bank
12
Portfolio Total Volume as of Dec. 31, 2003: € 66.4 billion*
* incl. domestic project/structured finance
Rail & Road15%
Power, Renewables and Water
19%
Shipping15%
Aviation20%
Telecom-munications/New Media
6%
Manufacturing Industries, Commerce, Health
Air- and Seaports,
Construction Industries
3%
Basic Industries &
22%
13
New Commitments 2003 Total Volume as of Dec. 31, 2003: € 11.4 billion*
* incl. domestic project/structured finance
Rail & Road1.7 bn
Power, Renewables and Water
1.9 bn
Shipping1.7 bn
Aviation1.7 bn
Telecom-munications/New Media
0.6 bn
Manufacturing Industries, Commerce, Health
Air- and Seaports,
Construction Industries
0.7 bn
Basic Industries &
3.1 bn
14
KfW IPEX-Bank
PARTNER IN NATURAL RESOURCES FINANCINGPARTNER IN NATURAL RESOURCES FINANCING
15
KfW IPEX-Bank extends long-term loans to finance
exports of capital goods and related services
direct investments
projects to secure supply of natural resources
which are of interest to the German economy and the European integration.
KfW IPEX-Bank
16
KfW‘s total West African Exposure Commitment and Outstanding Amounts (Mio. EUR)
Country Commitment Outstanding Ghana 573 487
Kamerun 503 463
Ivory Coast 408 366
Benin 299 259
Angola 241 239
Nigeria 240 188
Guinea 232 209
Namibia 168 132
Kongo 65 65
Gabun 26 26
Guinea-Bissau 7 7
Total 2.762 2.441
17
KfW‘s major involvement in Africa through the KfW Development Bank & KfW IPEX Bank
KfW Banking Group Commitment in Western and Northern Africa in 2003
Tunesia 119 Mio. Kamerun 12 Mio.
Ghana 29 Mio. Senegal 5 Mio.
Angola 20 Mio. Benin 5 Mio.
KfW Development Bank Sectors
Infrastructure Finance Agriculture Public Health
KfW IPEX Bank Sectors
Natural Resources Telecommunication Aviation IndustryShip Financing
18
2001 2002 2003
Natural Resources 69 Mio. - 59 Mio.
Telecommunications 23 Mio. - 16 Mio.
Aviation 5 Mio. 8 Mio. 5 Mio.
Ship Financing 7 Mio. - 48 Mio.
Total 104 Mio. 8 Mio. 128 Mio.
KfW IPEX - Selective ApproachCommitments (Mio. EUR)
19
KfW IPEX-Bank Natural Resources
Financing criteriaFinancing criteria
Stable cash flow Financially strong, experienced sponsors Established, stable legal system in the project country Offshore account and completion guarantee Compliance with high environmental standards Minimum project size Rich resource deposits Tried and tested technology Protection against political risk
(if necessary)
20
KfW IPEX-Bank Approval Procedure Project Finance
1. Credit appraisal on the basis of a bankable feasibility study
2. Start of loan negotiations (Term Sheet)
3. Management board decision
4. If applicable, application for federal guarantee / ECA cover
5. Supervisory board approval (> EUR 50 million)
6. Decision on ECA cover
7. Conclusion of contract
21
X 1 a2 X 1 a3
Holger Apel (2548)Senior Vice President
Basic IndustriesTeam Assistant: Christina Komini (4778)
Contacts
Lars Oermann (3948)Martin Schubert (4486)Patrick Kreutzer (4246)N.N.N.N.
Jochen Eichmann (1849)Dr. Stefan Glock (4733)Donata Kozinska (3642)Waltraud Wolff (2220)N.N.
Ulrich Goretzki (2884)First Vice President
Matthias Wietbrock (3522)First Vice President
PetrochemicalsPulp and Paper,
Building Material, Steel
X 1 a1
Dirk Sindermann (2257)Margrit Nzuki (2474)Hartmut Troschel (2243)Dr. Victoria Hottenrott (3810) Stephan Pueschel (4649)
Dr. Jan Klasen (2481)First Vice President
Natural Resources, Oil & Gas