ebrd’s experience in urban transport infrastructure ...zmc.ro/docs/berd_studiu_de_caz.pdf ·...
TRANSCRIPT
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EBRD’s experience in
Urban Transport Infrastructure.
Financing Opportunities in
Romania
Constanta, 12 July 2016
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What is the EBRD?
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• €30 billion capital base
• €41 billion portfolio
• €8.9 billion average annual business volume in the
past three years
• AAA rated
• Public financing institution established in 1991 to foster
transition to market economies
• Owned by 65 countries from 5 continents, the EU and
the EIB
• Operates in 35 countries, including ROMANIA
3 key operational principles
• Sound banking
• Transition impact
• Environmental sustainability
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EBRD’s role in the municipal sector
� Structure financing of municipal investments
� Promote commercialisation of services
� Support development of regulatory structures
� Promote appropriate private sector involvement
� Improve environmental, social, health and safety
� Facilitate donor grant for technical assistance and commercial loan (co-)financing
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Key sectors covered by MEI
� Water & Wastewater – improved quality of service and
environmental compliance
� Urban Transport – improved public transport services,
traffic management and more efficient and safe networks
� Solid Waste Management – improved efficiency and
frequency of collection; adequate disposal; prevention of
groundwater contamination
� District Heating – renewal of obsolete heating and distribution
systems and significant efficiency gains
� Energy Efficiency
�
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Romania – typical PT problems
� Increased car ownership, generating traffic jams
� Aging PT fleets and deteriorating infrastructure
� PT investments often made on ad-hoc basis, no long
term asset management approach
� Unclear contractual relationships
� Generally weak regulatory and institutional framework
� No continuous focus on customers
� Poor and expensive maintenance
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� Rehabilitation of public transport,urban road network and trafficmanagement systems, to counterthe negative effects of rapidmotorisation
� Improve financial performance oftransport operators to allow accessto financing
� E-ticketing
� New equipment needs to complywith national and EU emissionstandards
Investment challenges
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Financing principles - PT sector
� Based on sound banking principles
� Investments based on sustainable transport
strategies
� Commitment towards market reforms
� Work with clients to define suitable financing
structures together with transition package
� PSC – key component, condition for loan financing
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EBRD financing structures in the UT
1. Corporate loans
– Borrower: transport company, public or private
– Loan repayment based on service payments under PSC
– Backed by a municipal guarantee or a municipal support
agreement (MSA)
– Preferred as it makes the PT company responsible for
investments
– Ex: rolling stock
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EBRD financing structures in the UT
2. Municipal loans
– Non-sovereign loans
– Ex. Rehabilitation of tram tracks, traffic management
systems, ticketing systems, line extensions, etc.
– Support outsourcing of bus supply or contracting out
of bus services to private operators
3. Performance guarantees to the private contractor
– Guaranteeing contractual payment obligations of the client
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• rolling stock (and spare parts)
• workshop equipment
• workshop/depot refurbishment
• ticketing systems
• traffic management
• parking
• urban road rehabilitation and
maintenance
EBRD public transport investments (1)
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Infrastructure rehabilitation prior to rolling stock renewal.
Benefits:
–lower operation costs
–reducing maintenance
–more passengers
EBRD public transport investments (2)
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Signed between transport operator and City
PSC defines:
• Rights and obligations of both parties (who is
responsible for what?)
• Quantity and quality of services delivered under the
contract
• Service payments to the operator for delivering services
under the contract
Public Service Contracts
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MEI financing guidelines (I)
� Maturities between 10 to 15/18 years
� Flexibility on commitment amounts (no 35% rule for public sector) for projects above EUR 5 million, special facilities for smaller projects
� Market pricing and security
� Local currency, where possible
� IFI public procurement rules for works, goods and servicesand competitive procurement for private partners in PPParrangements
� Equity investments, where appropriate
� SMART facility – EUR 120 mil
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MEI financing guidelines (II)
� Investments have beneficial effect on local economy
� Long term finance on self supporting basis at project level -no “soft loans”
� Commercialisation of companies and services
� Tariff reform with cost recovery, collection, e-ticketing
� Technical assistance (TA) to promote institutional reformand commercialisation, including for project preparation andimplementation
� Key TA donor partners: EU and various countries on multi/bi-lateral basis
� Compliance with national and EU environmental standards
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Technical Assistance
� Grants for TA linked to EBRD’s investments (from donors,
pre- and post-signing)
� MoU 2007-2013 - urban transport (from the ROP 2007-
2013):
– PSC
– SUMPs for growth poles and BI
MoU 2014-2020
- A Benchmarking Programme is proposed for the Romanian Public
Transport sector
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SUMP Strategy BI (example)
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Galati Urban Transport
� Borrower – Galati Municipality
� City – 250,000 people
� Project components
� Rehabilitation of streets
� Acquisition of 17 trolley-buses
� E-ticketing system
� Total Investments – Lei 100 million
� TC:
� Preparation of a Sustainable Urban Mobility Plan (SUMP)
� Support for introduction of an e-ticketing system
� Project Implementation support
� Commercialisation of Public Transport Services
� Amend the Public Service Contract between the City and the Company
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Arad Urban Transport: efficient and
reliable urban transportation
� Borrower – Arad Municipality
� City – 185,000 people
� 3 projects:
� Rehabilitation of main trams and road infrastructure
� acquisition of new energy efficient rolling stock (up to 6 new tram vehicles)
� modernisation of the main tram depot
� Total Investments–EUR 35 mln
� TC support (technical cooperation = technical assistance):
– PSC, CDP, e-ticketing, parking plan
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Pitesti Urban Transport
� Borrower - Publitrans
� Structure – EBRD loan backed by
a PSC and a MSA with the City
� Pitesti – 150,000 population
� Project:
� The Project entails the purchase of up to 70 Euro-6 buses ,
� Total Investments– €13 mln.
� TC:
� Support for e-ticketing
� Twinning with another EU company - Commercialisation of Public Transport
Services
� Amend the Public Service Contract between the City and the Company
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Sibiu Urban Transport
� Borrower - Tursib
� Structure – EBRD loan backed by a PSC and a MSA with the City
� Sibiu – 150,000 population
� Project components – two loans:
� Purchase of new buses;
� Relocation of the depot.
� Total Investments– €15 mln.
� TC :
� Amend the Public Service Contract between the City and the Company
� Support for e-ticketing
� Twinning with another EU company - Commercialisation of Public Transport
Services
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Brasov Urban Transport
� Borrower - RAT Brasov
� Structure – EBRD loan backed by a PSC and a MSA with the City
� Brasov – 227,000 population
� Project: � purchase of up to 100 buses (70 large buses
and 30 midi-buses) for the rationalisation of the operations of RATB, replacing a significant portion of the Company's old and inefficient tram and trolley-bus fleet
� Total Investments– €15 mln.
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Belgrade Urban Transport Project
• financing of 110 new buses
• refurbishment workshops
• workshop equipment
• tram track renewal
• power supply
• TC:• assistance with procurement
• new regulatory framework for
public transport
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Krakow public transport project
• tram infrastructure upgrading
• new tramline (fast tram)
• new rolling stock
• TC:
• introduction of PSC
• urban transport strategy
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Croatia: Dubrovnik and bus projects
• bus fleet renewal
• TC• sustainable transport
strategy for historic cities
• environmental standards
for buses and maintenance
• procurement assistance
• twinning programme with
Graz (Austria)
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Lithuania: Kaunas Bus Project
• Financing of 50 new buses,
spare parts and workshop
equipment
• Direct loan to (municipal) bus
company
• EUR 10 million
• No municipal (or sovereign)
guarantee
• TC:• Company Business Plan and
restructuring PT sector
• Introduction of a Public Service
Contract between the Company
and the City
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Lithuania: Kaunas Trolleybus Project
� First trolleybus project EBRD
� Financing of up to 50 new
trolleybuses
� EUR 15 million
� Direct loan to trolleybus
company (without guarantee)
� TC: – Restructuring public transport
network
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City and Company
GSigning Public Service Contract
GEBRD Procurement Policies and Rules
Company
GAdoption of a Business Plan
GTransformation into a joint-stock company
GCorporate Development Programme
City
GSigning Municipal Support Agreement with EBRD
GSound model for financing public transport
GReview of tariff system
GRestructuring public transport network
GReview regulatory and institutional framework
Loan Conditions and Technical Cooperation
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GMunicipality
-good transport doesn’t come for free
-support the transport company by a fair, transparent and sustainable
model for service payments - PSC
-don’t interfere with daily business management
-long term vision and strategy on PT needed
GTransport Companies
-change from product-oriented to client-oriented
-think as a Company, act as a Company
-learn from your colleagues / best practices / benchmarking
Final remarks
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Contact details
Venera VladAssociate Director, MEI
Tel: +40 21 202 7119
Fax: +40 21 202 7110