Interview with
Fabio
Serri
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Head of EBRD Tirana Office
-
Italy
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Newsletter: Special edition
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January 2011
1. The European Bank for Reconstruction and
Development (EBRD) has been directly involved since its
establishment in 1991 in the process of implementation and
modernization of South-East Europe transport infrastructures. How
do you evaluate what has been done until today? Was it perhaps
possible to obtain better results?
Since 1991 the EBRD has signed 194 projects in the transport
sector, with a net cumulative business volume of over € 8 billion,
representing a total project costs in excess of € 30.8 billion. The
projects cover aviation, ports and shipping, road, rail and
intermodal transport infrastructure and the funds were provided in
the form of debt financing (including bonds) or equity
participations to sovereign states, state-owned companies or
private businesses.
Projects in the SEETAC region represent roughly half of the
EBRD's Transport commitments both in terms of project numbers (50%)
and business volume (56%) and the region itself covers countries in
four of the EBRD's defined operating regions: Central Europe and
the Baltics, South Eastern Europe, Western Balkans and Serbia and
Eastern Europe and the Caucuses.
The Bank has been heavily involved in assisting the region to
address significant shortfall in infrastructure maintenance and
funding that had existed prior to market liberalisation, to ensure
the creation of safe and efficient transport networks throughout
the region. As such, the EBRD has been a key partner in the
restructuring and commercialisation of most of the railway networks
throughout the region and has provided strategic financing to
support the key Trans-European Networks, in particular in the road
sector. The Bank has also supported the urgently required upgrade
of most of the Air Navigation Service Providers in the region.
2. How did the financial and economic global crisis
influence the present EBRD lending and technical assistance
activities in South Eastern countries? How did the EBRD respond to
the crisis ?
The Bank has been able to respond flexibly to the crisis,
applying key changes in geographic focus and business purpose,
where needed. To support our domestic and international clients we
have prioritised debt restructuring of private infrastructure
players; stepped in to fill the substantial funding gaps left by
the retreat of the commercial banks for key PPP motorway projects;
and supported strategic first phase investments in the rail, ports
and logistics sectors. In stepping up our activities, we have
mobilised additional funding from other financial institutions
working closely with the European Investment Bank, The World Bank
and International Financing Corporation (IFC), as well as some of
the regional and national development banks.
Specific examples of our crisis response activities can be seen
in Slovakia, where the Bank was able to step in with € 200 million
of financing for the R1 motorway project, whilst at the same time
encouraging commercial banks to commit up to € 900 million. The
financial close of this transaction in August 2009 was perhaps the
first major infrastructure undertaking that was concluded in Europe
after the onset of the crisis without direct state support.