| Project Detail |
The operation is an "unfunded de-linked risk sharing" related to an existing portfolio of loans guaranteed by Export Credit Agencies (ECAs). Through the EIBs resources, new ECA-backed loans will be provided to eligible Global Gateway renewable energy projects (Solar photovoltaic, onshore wind and battery projects) as well as transmission lines across Latin America, Africa and Asia.
Objectives
The operation supports the competitiveness of EU exports to non-EU countries by increasing the availability and affordability of export finance solutions backed by ECAs. There are significant overlaps between medium to long-term export finance and development finance despite these two traditionally having evolved in two parallel universes without significant interactions. While the main objective of the Development Finance Institutions (DFIs) is to promote development in partner countries without a supplier specific focus, ECAs are financial institutions controlled by governments that provide financial support for national exports, mainly in the form of loans, guarantees, or insurance thus supporting economies in a wider sense. In this context, the proposed guarantee transaction aims at increasing the capacity of the international banking system to underwrite the risk of EU ECAs and to align the pricing conditions of the financial offer to the counterparts of EU exports. The main goal pursued by this operation is support additional investments by commercial banking institutions in EU ECA-backed operations which are aligned with the Global Gateway agenda and the Neighbourhood, Development and International Cooperation Instrument (NDICI)- Global Europe goals.
Sector(s)
Energy - Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
EUR 1000 million
Total cost (Approximate amount)
EUR 2000 million |
