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Creating Confidence for Private Investors Tokyo. August 2004. EBRD Financing Criteria. Sound Banking Principles Transition Impact Additionality. Sound Banking Principles. Realistic and achievable business plan Fully-funded finance plan Identification of risks Robust to sensitivities
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Creating Confidence for Private InvestorsTokyo August 2004
EBRD Financing Criteria • Sound Banking Principles • Transition Impact • Additionality
Sound Banking Principles • Realistic and achievable business plan • Fully-funded finance plan • Identification of risks • Robust to sensitivities • Adequate returns
Investor Confidence (1) • Understanding the market • Predictable legal framework • Predictable regulatory regime • Assessment of risk
Investor Confidence (2) • Government commitment • Appropriate sharing of risk • Active involvement of all key stakeholders
Who are the stakeholders? • Local community • Government • Existing operators and service providers • Major users • Investors
What can Government do? • Create stable and predictable conditions • Show commitment through provision of resources • Create structure for rural development • Demonstrate appropriate government control
What can EBRD do? (1) • Provide financing • own account • co-financing • Provide technical assistance • improve the legal and regulatory regime • develop appropriate policy • prepare project business plan
What can EBRD do? (2) • Act as bridgehead between: • government • private investors • donors • commercial financiers • “Seal of approval” • stimulate investor confidence • quasi-independent oversight
Telecoms Team Contacts Izzet R. Güney Team Directortel: +44 207 338 6565 e-mail : GuneyI@ebrd.com David Cooper Senior Banker tel: +44 207 338 6831e-mail : cooperd@ebrd.com Team fax : +44 207 338 6674