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1. Working with the EBRD
UK-Albania Trade and Investment Forum
November 2014

2. What is the EBRD?
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International financial institution, promotes
transition to market economies in 35
countries from central Europe to central
Asia and the Southern and Eastern
Mediterranean – SEMED region)
Owned by 65* countries and two
inter-governmental institutions.
Capital base of €30 billion.
Invested over €86 billion in more than
4,007 projects since 1991
0
10
20
30
40
50
60
70
80
90
100
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 13 14
€
Billion
Cumulative business volume of €86bn
Note: Unaudited as at 30 April 2014
Introduction to EBRD Case studies

3. Where we invest
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4. EBRD finances diverse range of enterprises
12%
12%
2%
2%
5%
29%
4%
13%
8%
18%
Agribusiness - 12%
Manufacturing and Services - 12%
Information & Communication Technologies - 2%
Property and Tourism - 2%
Equity Funds -5%
Financial Institutions - 23%
Municipal & Env Inf - 4%
Transport - 13%
Natural Resources -8%
Power and Energy - 18%
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Net cumulative business volume €86bn
Note: Unaudited as at 30 April 2014
Introduction to EBRD Case studies

5. The EBRD and its objectives
Objectives:
• To promote transition to market
economies by investing mainly in
the private sector
• To mobilise significant foreign
direct investment
• To support privatisation,
restructuring and better municipal
services to improve people’s lives
• To encourage environmentally
sound and sustainable
development
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The EBRD is:
• Your engaged partner
• Operates in “business time”
• Private sector focused
• Wide product, currency, tenor
range
• Facilitates inward and cross border
investments in the region
• Promotes policy dialogue with
regards to investment climate
business environment and policy
matter
• AAA rating profitable, commercial
focus
Introduction to EBRD Case studies

6. EBRD Product Flexibility tailored
to project needs
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Equity
• Common stock or preferred
• Minority position only (up to 35%)
• Mezzanine
• Other
• guarantees
• currency swaps
Loans
• Senior, subordinated, convertible
• LT (up to 10y or more) or
ST revolving
• Floating/ Fixed rates
• Choice of currencies
(€, US$, RUB etc.)
Introduction to EBRD Case studies

7. Key strengths of EBRD
Operational
• Extensive knowledge of local economy,
business environment and practices,
local presence
• Engaged minority partner for business
• A business partner who shares risks,
including political
• Catalyst to access additional equity, debt
and trade finance
• Provides finance to both private and
public sector clients
• High standards for corporate governance
and compliance
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Institutional
• Strong, internationally recognized
financial partner with long-term
perspective
• Close working relationships with
governments and shareholders
• Political leverage due to EBRD’s unique
mandate and shareholder structure
• Preferred Creditor Status
• AAA credit rating
• Work closely with market sources of
capital to fill “market gaps”
Introduction to EBRD Case studies

8. Albania – Key Economic Indicators
• Albania has become an EU candidate in June 2014. This outcome reflects the country’s
progress in recent years in political and economic reform as well as the EU’s continued
commitment to support Albania in its efforts. EU’s IPA funds to Albania are set at 650 EUR
million for the EU’s budget period 2014-2020 (10% increase in comparison to the period
2007-2013), and the country will also have access to about 3 EUR billion of multi-beneficiary
funds.
• 1.7% real GDP growth expected in 2014 – Economic performance remains weak for Albania's
convergence potential, reflecting domestic problems and difficulties in trading partners
(especially Italy and Greece).
• Inflation below the official target of 3% +/- 1p.p. In line with the subdued inflation rate, the
Bank of Albania has implemented an expansionary monetary policy – bringing the reference
rate down to an historic low of 2.5 per cent.
• Public debt is expected to peak around 73% of GDP next year.
• A new €331 million IMF programme has been agreed in February 2014. This is
complemented by two World Bank (WB) development policy loans of US$ 220 million, which
aim to strengthen public financial management and maintain stability in the financial sector.
In Sept 2014, the WB approved additional US$150 million for improving stability of Albania’s
energy sector.
• On 10 October 2014, S&P revised Albania’s B rating from Stable to Positive outlook . Moody’s
ratings is at B1 with stable outlook.
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9. Albania - Ease of doing business
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The overall positive direction of business environment reforms is
highlighted by Albania’s significant jump in the World Bank Doing Business
2015 report. The country climbed 40 positions, ranking 68th out of 189
countries for ease of doing business. However, significant challenges
remain.
SOUTH-EASTERN EUROPE ALBANIA
2015 2014
Overall 68 108
Topics
1 Protecting Minority Investors 7 7
2 Getting Credit 36 19
3 Starting a Business 41 45
4 Resolving Insolvency 44 41
5 Trading Across Borders 95 93
6 Enforcing Contracts 102 102
7 Registering Property 118 136
8 Paying Taxes 131 144
9 Getting Electricity 152 153
10 Dealing with Construction Permits 157 189

10. Legal and Regulatory Reform
to Help Improve the Investment Climate
• EBRD’s Investment Climate and Governance Initiative (ICGI) : An ambitious programme to
• help improve the business climate,
• strengthen legal framework and mechanisms of dispute resolution
• enhance transparency, combat corruption and promote good governance
• EBRD and Government of Albania have signed a MoU on 24 Feb 2014 to provide the framework
for the implementation of this initiative.
• One example: Establishment of the Investment Council (IC), an independent body to facilitate
dialogue between the government and the private sector. Ultimate goal is improvement of
business climate in Albania working closely and strengthening the National Economic Council
(NEC) established by the government.
• Further areas of legal and regulatory reforms with EBRD engagement:
• Telecoms regulatory reform – new strategy and new law
• Financial Supervisory Authority assistance
• Corporate reform, law on bond issuance
• Fiscal Decentralization to allow municipalities and municipal utilities (at the right moment) to
start borrowing
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11. EBRD in Albania
• Active in Albania since 1992
• Total commitment of € 906 million
• EBRD financing augmented by private and public contribution – approximately € 2.5 billion linked to EBRD
projects
• Portfolio is composed of circa 55% public sector and 45% private sector investments
• In the Public sector, helping Albania with major investments such as highways, dams, electricity distribution and
other major projects that directly impact the development of the country
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28%
22%
15%
35%
EBRD Portfolio in Albania
Energy
Fin. Institutions
Ind., Comm. & Agrib.
Infrastructure
EBRD has supported the largest companies, in strategic
sectors, such as:
• Bankers Petroleum
• Tirana East Gate
• Hygeia Hospital
• Antea Cement
• Privatization of the Tirana Airport

12. Project
Summary
Albanian Deposit Insurance Agency
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© European Bank for Reconstruction and
Development 2012
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Client
Albanian Deposit Insurance Agency
EBRD Finance
EUR 100 million standby credit line, covered by a
sovereign guarantee
Use of Proceeds
Proceeds of the credit line can be used by ADIA for the
purpose of making funds available to pay out insured
depositors in accordance with provisions of the Law on
Deposit Insurance.
Context
Albania’s need for a modern well-functioning financial
system. The project is even more relevant after the
banking crisis, to ensure that the banking system remains
sound and liquid.
EBRD value added
A well-functioning deposit insurance scheme is an
important part of a well-functioning financial sector. The
support of EBRD is highly additional in that it will provide
long term financing with a flexible structure which is
currently not available in the market and which would fit
the purpose and needs of the Agency.
2014
Signed in

13. Project
Summary
Tirana East Gate
Borrower
Tirana East Gate Sh.p.k, a shopping mall established
in Tirana, Albania
EBRD finance
Total €17 million loan, including a €7 million
mezzanine loan
Tenor
9 years, originally 7 years
Use of proceeds
Construction and development of TEG, the largest
shopping mall in Albania.
EBRD Value Added
Scarcity of long-term investment resources in the
Albanian market, as well as adoption of applicable
corporate governance and financial reporting
standards;
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2009
Signed in

14. Project
Summary
Hygeia Hospital Tirana
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Client
Hygeia Hospital Tirana, part of the Hygeia Group (a
leading health care provider in Greece)
EBRD Finance
EUR 10 million senior loan. The Black Sea Trade and
Development Bank has provided a parallel loan of EUR
10 million.
Use of Proceeds
The construction and operation of a greenfield private
hospital in Tirana designed for 220 beds and initially
operating with 120 beds.
Context
Albania’s need for modern, high quality and
comprehensive medical services. The hospital provides a
wide range of services and technologies, some of which
were previously unavailable in Albania, e.g. linear
accelerators.
EBRD value added
The hospital represents the largest private health care
investment in Albania to date and one of the largest direct
investments in the country. The Bank’s role was
instrumental due to the limited availability of long-term
financing in Albania and the greenfield nature of the
project.
2010
Signed in
5 March, 2023 © European Bank for Reconstruction and Development 2012

15. Project
Summary
Bankers Petroleum - Albania
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Borrower
Bankers Petroleum Albania Ltd., subsidiary of Bankers
Petroleum Ltd. in Canada
EBRD Finance
USD 55 million loan, USD 9.5 million in equity
investment
Tenor
7 years
Co-financing
USD 130 million with IFC (International Finance
Corporation) on a 50-50 basis
Use of Proceeds
Development and remediation of the Patos Marinza oil
field in Albania
EBRD Value Added
$5 million loan allocated to support the redevelopment
& environmental remediation of the area
2009
Signed in

16. How to work with EBRD in Albania
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Directly:
• Local Enterprise Facility (LEF) - A delegated facility for equity and quasi-equity investments, as well as tailor-made debt financing.
Established jointly by the EBRD and the Italian Government in 2006. Individual investments between €1 mil to €10 mil.
• Western Balkans Sustainable Energy Direct Financing Facility (WBSEDFF) - A direct financing facility operated by the EBRD for
(small) renewable energy and (industrial) energy efficiency projects. Senior loans and project financing arrangements from EUR 2
million to EUR 6 million.
• Western Balkans Enterprise Expansion Fund (ENEF) - A fund for equity and quasi-equity finance established jointly by the EBRD, EU,
EIF and DEG in 2014. A total of EUR 77 million of initial capital.
Indirectly:
• Medium-Sized Co-financing Facility (MCFF) – Financing of medium-sized private companies. EBRD co-financing takes the form of
funded or unfunded risk participation by the EBRD. The MCFF offers local partner banks a combination of credit lines with a full
recourse to the PB and a risk-sharing participation in sub-loans where EBRD takes risk of the ultimate borrowing enterprise.
• Western Balkans Municipal Infrastructure Development Fund (MIDF) - An innovative financing vehicle established by EBRD and
KfW, dedicated to provide debt financing for municipal infrastructure projects in the Western Balkans. Operations through local
commercial banks by providing funded and unfunded risk sharing and credit lines. Loans between EUR 100,000 and EUR 5 million.
Total capital EUR 100 million.
• Western Balkans Women in Business Facility - EUR 20 million under which credit lines will be provided by EBRD to eligible
Participating Financial Institutions for on-lending to women owned and managed MSMEs.

17. Key strengths of EBRD
Operational
• Extensive knowledge of local economy,
business environment and practices,
local presence
• Engaged minority partner for business
• A business partner who shares risks,
including political
• Catalyst to access additional equity, debt
and trade finance
• Provides finance to both private and
public sector clients
• High standards for corporate governance
and compliance
5 March, 2023 © European Bank for Reconstruction and Development 2012 17
Institutional
• Strong, internationally recognized
financial partner with long-term
perspective
• Close working relationships with
governments and shareholders
• Political leverage due to EBRD’s unique
mandate and shareholder structure
• Preferred Creditor Status
• AAA credit rating
• Work closely with market sources of
capital to fill “market gaps”
Introduction to EBRD Case studies

18. Contacts
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For all further enquiries, please
contact:
Holger Muent
Director, Western Balkans
Tel: + 44 207 338 7413
Email: MuentH@ebrd.com
EBRD, One Exchange Square
London, EC2A 2JN UK
Christoph Denk
Head of Office (from 17/11/14)
EBRD Tirana Resident Office
Torre Drin Building, 4th Floor
Tel: +355 4 2232 898
Email: DenkC@ebrd.com
www.ebrd.com