It is both feasible and important to set-up as soon as possible a reliable investment program of this
size, in order to foster a credible, sustainable growth impulse that carries Europe forward.
Though slightly smaller, with a total dimension of about 2% of GDP, but with quite important frontloading,
this current plan could -like the Marshall Plan- contribute to a significant renewal of growth
dynamic in Europe.
9. Investment multiplier of the program for growth
The advantage of the outlined program for growth also lies in the fact that it attracts other financing
partners, notably from the private sector. So an additional leverage or multiplier effect is created.
The most evident multiplier can be found in the risk buffered activities of the EIB related to project
bonds, where the explicit purpose is to bring private finance to work for infrastructure projects. The
multiplier for this product is four. The promoter brings in some 25 % on equity, EIB with the budget
support of EC money provides the next risky 25 % as a kind of very junior or mezzanine loan and in
addition EIB commits itself to an originate and hold strategy. The private investors are invited to
come in with 50 % of the financing as a senior loan (or in the form of project bonds). The resulting
multiplier is four looked at from the view of the EIB lending. The resulting multiplier is eight looked
from the view of the EU budget. The multiplier for the risk buffer for innovation can be calculated in
the following way. As the EIB finances up to 50 % with the regular loans to innovation and in some
exceptional cases up to 75 % a multiplier of two on average seems appropriate. For the EU budget
the multiplier is in between four and six for the risk innovation buffer. These two different products
are described above together.
It is both feasible and important to set-up as soon as possible a reliable investment program of thissize, in order to foster a credible, sustainable growth impulse that carries Europe forward.Though slightly smaller, with a total dimension of about 2% of GDP, but with quite important frontloading,this current plan could -like the Marshall Plan- contribute to a significant renewal of growthdynamic in Europe.9. Investment multiplier of the program for growthThe advantage of the outlined program for growth also lies in the fact that it attracts other financingpartners, notably from the private sector. So an additional leverage or multiplier effect is created.The most evident multiplier can be found in the risk buffered activities of the EIB related to projectbonds, where the explicit purpose is to bring private finance to work for infrastructure projects. Themultiplier for this product is four. The promoter brings in some 25 % on equity, EIB with the budgetsupport of EC money provides the next risky 25 % as a kind of very junior or mezzanine loan and inaddition EIB commits itself to an originate and hold strategy. The private investors are invited tocome in with 50 % of the financing as a senior loan (or in the form of project bonds). The resultingmultiplier is four looked at from the view of the EIB lending. The resulting multiplier is eight lookedfrom the view of the EU budget. The multiplier for the risk buffer for innovation can be calculated inวิธีต่อไปนี้ เป็น EIB เงินถึง 50% พร้อมสินเชื่อปกตินวัตกรรม และ ในบางยกเว้นกรณีลดสูงสุดถึง 75% คูณสองเฉลี่ยเหมาะสม สำหรับงบประมาณ EUการคูณระหว่าง 4 และ 6 สำหรับบัฟเฟอร์นวัตกรรมความเสี่ยงได้ ผลิตภัณฑ์ต่าง ๆ เหล่านี้สองอยู่ข้างกัน
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