Cursul 2 Instrumentele Pietele Institutiile

ACADEMIA DE STUDII ECONOMICE BUCURETI
FACULTATEA DE RELAII ECONOMICE INTERNAIONALE
Finanare internaional
CURSUL II:
Piee, instituii i instrumente folosite
pe pieele financiare internaionale
Conf. dr Cristian PUN
Structura Sistemului Financiar
Guvernul
Tranzacii
financiare
Tranzacii
financiare
Instituii
financiare
Populaia
Cursul 2: Componentele SFI
Companii
private
Tranzacii
financiare
Piee financiare
Pieele financiare - caracteristici

PIEE FINANCIARE
Piee monetare (scaden <
1 an):
- foarte lichide;
- tranzacii cu instrumente
de credit;
- fluctuaii reduse ale
preurilor activelor => risc
redus
- Piaa primar
Piee de capital (scaden > 1

year):
- tranzacii cu instrumente de
mprumut i aciuni (bonds,
equities)
- fluctuaii mai mari de pre
Piaa internaional a creditului,

Euromarkets i FX Markets
- Piaa secundar
Exchange offices (NYSE, CBOT)
OTC Markets
3
Pieele financiare - caracteristici

Caracteristici
Piee monetare
Piee de capital
Scaden
Sub un an
Peste 1 an
Riscuri
Mai mic
Mai mare
Instrumente
Instrumente de credit
Instr. de mprumut + aciuni
Lichiditate
Mai mare
Mai mic
Volumul tranzaciilor
Mai mic
Mai mare
Instrumente de credit
Instrumente de mprumut i aciuni
- Titluri de stat;
- Aciuni obinuite
- Hrtii comerciale;
- Aciuni prefereniale
- Certificate de depozit;
- Obligaiuni
- Forward;
- Participaii la fondurile de investiii
- Credits;
- Polie de asigurare
- REPO
- Participaii la fondurile de pensii
Resursele de finanare pentru o companie

Resurse
interne
Decizia de
finanare
Resurse atrase
- Reinvestirea
profiturilor;
- Majorri de capital;
- Conversia datoriilor
n aciuni;
- Amortizarea
mijloacelor fixe.
- Credite;
- Obligaiuni;
- Aciuni.
Cnd se recomand utilizarea surselor interne ?

Avantaje ale utilizrii surselor interne de finanare:
Creterea valorii companiei;
Autonomie mai mare fa de instituiile financiare;
Cost de tranzacionare mai redus (comisioane bancare i taxe mai mici);
Avantaje fiscale aplicate profitului reinvestit;
Companii mici sau companii aflate la nceput;
Companii ndatorate puternic (high debt).
Dezavantaje:
Costul total al surselor proprii este cel mai mare datorit impozitrii (tax
shield) i datorit costului de oportunitate)
Resursele proprii cost cel mai mult !!!
Cnd se recomand utilizarea surselor atrase ?

Avantaje:
afaceri mature cash-flow cows;
sunt mai puin costisitoare dect sursele proprii;
posibilitatea de obinere a unor resurse de capital importante;
scadene mai mari;
deducerea cheltuielilor cu dobnda;
Dezavantaje:
Costuri adiionale (taxes, commissions applied);
Dependena de instituiile financiare;
Existena unui calendar precis de rambursare;
Necesitatea unei bune proiecii a dezvoltrii viitoare a afacerii.
Efectele impozitrii cnd se utilizeaz finanarea prin

emisiune de aciuni
EBIT
- interest expense
EBT
- taxes (34%)
EAT
- dividends
Retained earnings
Aciuni
400,000
0
400,000
(136,000)
264,000
(50,000)
214,000
Credit
400,000
(50,000)
350,000
(119,000)
231,000
0
231,000
8
Finanare direct vs. Finanare indirect
Intermediarii
financiari
Finanare indirect
Debitor
(beneficiar)
Investitor
Finanare direct
Finanare direct vs. Finanare indirect

Avantajele intermedierii financiare:
o mai bun informare cu privire la excedentul de resurse financiare;
risc mai redus (unele instituii financiare pot prelua din riscuri);
consultana financiar;
facilitile de finanare;
o multitudine de tehnici de financiare;
condiiile impuse de intermediarii financiari;
cost de tranzacionare mai sczut.
Dezavantajele intermedierii financiare:
costuri operaionale mai mari;
inexistena unui contact direct cu piaa;
impunerea unui istoric al relaiilor cu piaa.
10
Serviciile furnizate de intermediarii financiari

Vnzarea i cumprarea de active financiare;
Derularea fluxurilor de ncasri i pli;
Finanarea afacerilor (incl. export financing);
Consultana financiar;
Monitorizarea pieelor financiare internaionale (rating agencies);
Asigurarea mpotriva riscurilor financiare;
Garantarea riscurilor financiare;
Expertiza managerial;
Monitorizarea companiilor (competitors, clients);
Management de portofoliu;
Administrarea fondurilor de investiii.
11
Instituiile financiare de pe piaa internaional

I. Instituiile financiare internaionale:
-International Monetary Fund;
-World Bank (IBRD, IDA, IFC, IMGA);
-EBRD;
-European Investment Bank;
-Bank for International Settlements;
II. Ageniile guvernamentale:
-Export Credit Agencies;
-Export Guarantee Credit Agencies;
-Export Insurance Agencies;
III. Instituiile depozitare:
-Bncile comerciale;
-Casele de economii;
-Bncile mutuale de economii;
-Uniunile de credit.
IV. Instituiile non-depozitare:
-Bncile de investiii;
-Fondurile mutuale;
-Fondurile de pensii;
-Companiile de asigurri;
-Companiile de finanare;
-Fondurile cu capital de risc;
-Societile de valori mobiliare.
Instituii
financiare
publice
Instituii
financiare
private
12
Banca European pentru

Reconstrucie i Dezvoltare
13
Banca European pentru Reconstrucie i Dezvoltare

BERD a fost creat n 1991;
Obiectivul iniial: s furnizeze suport pentru crearea i dezvoltarea
sectorului privat n rile foste comuniste;
n prezent BERD furnizeaz asisten pentru dezvoltarea economiei de
pia n 27 de ri din Europa Central i de Est i din Asia.
BERD este cel mai important investitor n regiune i mobilizeaz
importante investiii strine directe n plus de propriile finanri acordate.
BERD interacioneaz i cu instituiile publice, oferindu-i sprijinul n
procesul de privatizare, restructurare a companiilor de stat i mbuntire a
serviciilor publice / municipale.
BERD are 60 ri membre i dou instituii interguvernamentale (UE i
Banca European de Investiii).
14
Banca European pentru Reconstrucie i Dezvoltare

Obiectivele BERD:
S ajute rile foste comuniste s se ndrepte ct mai rapid ctre
o economie de pia funcional
S i asume o parte din riscurile investiionale
S promoveze principii bancare sntoase
BERD promoveaz:
Reformele structurale i sectoriale
Competiia, privatizarea and spiritul antreprenorial
Instituii financiare puternice i sistemul legal - instituional
Dezvoltarea infrastructurii necesare sectorului privat
O guvernare sntoas
Cofinanarea i ISD
Mobilizarea resurselor locale de capital
Furnizarea de asisten tehnic
15
European Bank for Reconstruction and Development
16
BERD n Romnia
BERD este cel mai mare investitor din Romnia cu o sum ce depete 2.5
miliarde de euro.
Romnia se afl pe locul al III-lea ca beneficiar al resurselor BERD.
Portofoliul BERD n ara noastr este foarte diversificat i include investiii n
sectorul privat, dezvoltarea sectorului financiar, infrastructura de baz
(electricitate, transport, infrastructura municipal) i privatizarea cu investitori
strategici.
EBRD ncurajeaz finanarea privat a infrastructurii prin promovarea unor
finanri de tip project finance
BERD susine dezvoltarea sistemului financiar nebancar, prin promovarea
investiiilor n sectorul leasing i a companiilor de asigurare, fondurilor de pensii
i fondurilor private de investiii.
17
18
Proiecte BERD de succes n Romnia

Susinerea privatizrii cu succes a celei mai mari bnci din Romnia Romanian
Commercial Bank (In 2003 the EBRD agreed to buy a 25 per cent stake in BCR together
with the IFC for a combined investment of 176 million);
Privatizarea cu succes a PETROM: - in 2002, EBRD arranged a syndicated US$ 150
million pre-privatisation corporate loan to SNP Petrom, the Banks largest non-sovereign
long-term syndicated loan to a state-owned company in Romania at the time.
Furnizarea de fonduri pentru terminalul din Constana: - In September 2004, the
Bank granted a 16 million non sovereign loan to the Administration of Constanta Port to
finance a new barge terminal in what has been the first non sovereign guaranteed loan by
the Bank for a state owned company in the Romanian Transport sector.
Transelectrica - Regional Transmission Line Project: - in December 2004 the Bank
signed a 23.2 million loan with Transelectrica in order to finance: (i) the Romanian part
of a 110km transmission line between Oradea (Romania) and Bekescsaba (Hungary),
and (ii) the construction of a 400kV substation at Nadab along the route of the line.
Banca Transilvania: - BT managed to implement the Mortgage Loan of 10 million in
a short period of time, reaching around 830 clients with a large geographic spread
covering 32 main counties through a network of 130 branches and agencies as of endMarch 2005.
19
EBRD Direct Investment Projects:
20
EBRD and SME Financing Facilities
21
EBRD Municipal and Environmental Loan Facility
EBRD Regional Investment
22
Banca European de Investiii
23

The task of the European Investment Bank, the European Union's financing
institution, is to contribute towards the integration, balanced development
and economic and social cohesion of the Member Countries.
The European Investment Bank (EIB), the financing institution of the European
Union, was created by the Treaty of Rome.
The members of the EIB are the Member States of the European Union, who
have all subscribed to the Bank's capital.
The EIB grants loans mainly from the proceeds of its borrowings, which,
together with "own funds" (paid-in capital and reserves), constitute its "own
resources".
Outside the European Union, EIB financing operations are conducted principally
from the Bank's own resources but also, under mandate, from Union or
Member States' budgetary resources.
24

Obiective i prioriti de finanare pentru BEI:
Economic and social cohesion in the enlarged EU
Implementation of the Innovation 2010 Initiative
Development of Trans-European and Access Networks
Support of EU development and cooperation policies in partner countries
Environmental protection and improvement, including climate change and
renewable energy.
Support for small and medium-sized enterprises as well as mid-cap
companies of intermediate size
Support for human capital, notably health.
25
European Investment Bank Shareholders

The shareholders of the European Investment Bank are the 25 Member States
of the European Union.
Each Member States share in the Banks capital is calculated in accordance
with its economic weight within the European Union (expressed in GDP) at
the time of its accession.
In total, the Banks subscribed capital amounts to more than 163.6 billion.
The EU Member States are fully eligible for Bank financing operations,
without any geographical or sectorial quotas being applied.
Under its Statute, the Bank may have maximum loans outstanding
equivalent to two and half times its capital.
26
European Investment Bank - Structure

1. Board of Governors: consists of Ministers designated by each of the 25
Member States, usually Finance Ministers.
2. Board of Directors: has the power to take decisions in respect of loans,
guarantees and borrowings. The Board of Directors consists of 26 Directors,
with one Director nominated by each Member State and one by the
European Commission.
3. The Management Committee: is the Banks permanent collegiate executive
body. It has nine members. Under the authority of the President and the
supervision of the Board of Directors, it oversees day-to-day running of the
EIB, prepares decisions for Directors and ensures that these are
implemented.
4. The Audit Committee: is an independent body answerable directly to the
Board of Governors and responsible for verifying that the operations of the
Bank have been conducted and its books kept in a proper manner.
27
European Investment Fund

Following the conclusions of the Lisbon European Council in March 2000, which
called for increased support for operations to assist SMEs, the Board of
Governors decided to set up the "EIB Group", consisting of the European
Investment Bank and the European Investment Fund.
The EIB became the majority shareholder in the European Investment Fund,
which nevertheless retains a tripartite share-ownership structure consisting of the
EIB (59.15%), the European Commission (30%) and European banks and
financial institutions (10.85%).
EIB Group is thus able to play a predominant role in boosting the
competitiveness of European industry through the diversified support it
provides for the activities of SMEs (medium and long-term loans, venture capital
and guarantees).
The EIB continues to promote smaller businesses through its medium and
long-term global loan financing, arranged in collaboration with the banking sector.
The relationship between the EIB and the EIF encourages a productive
sharing of expertise between the Bank and the Fund in support of finance for
SMEs;
28
Financing Facilities offered by EIB

The EIB offers various financial services to support projects, depending on
eligibility and project category.
Loans for SMEs through an intermediary (credit lines made
available to banks, leasing companies or financial institutions, which on
lend the proceeds for small or medium-scale investment projects
meeting the Bank's criteria)
Venture capital
Direct loans (also known as Individual loans) (Promoters in both the
public and private sectors, including banks);
Structured Finance Facility (SFF) (senior loans and guarantees
incorporating pre-completion and early operational risk; subordinated
loans and guarantees ranking ahead of shareholder subordinated debt;
mezzanine finance, including high-yield debt for industrial companies in
transition from SME scale or in the course of restructuring; projectrelated derivatives.)
29
Priority Roads and Motorways Rehabilitation II AFI Czech Republic

Date of
Entry:
Beneficiary:
Location:
17/05/2005
The Region of Pardubice.
The Region of Liberec.
Czech Republic - European Union. Pardubice and Liberec.
Description:
The project concerns a series of priority schemes for the rehabilitation of the regional
road network.
Objectives:
The project will improve traffic fluidity and safety along the Regions road network and
decrease cost of road users (fuel and tyre consumption, maintenance, travel time).
Sector:
Transports.
Transport.
Proposed
EIB
finance:
To be determined
Total cost:
Up to EUR 40 million for the Region of Pardubice

Up to EUR 40 million for the Region of Liberec.
Environment
al
aspects:
Current environmental impact legislation in the Czech Republic is based on the Act No
100/2001 Coll., which reflects relevant EU legislation (namely Directive
85/337/EEC as amended by Directive 97/11/EC).
Procuremen
t:
EU Procurement Directives have been transposed into the national legislation, and the
procedures to be used will be verified during appraisal.
Status:
Signed - 30/06/2005
30
A1 Motorway - Poland
Date of
Entry:
25/02/2005
Beneficiary:
Gdansk Transport Company SA
Location:
Poland - European Union.

Gdansk to Nowe Marzy (89.5 km)
Description:
Design, construction and operation of 152 km dual carriage motorway from Gdanks to
Torun.
Objectives:
The new motorway section will constitute the first step in completing of the missing link
between Gdask and d on the way to industrial Silesia. At the same time, once the
whole section Gdask-Toru is completed, it will facilitate easier access between
Warsaw region and Tricity (Gdask, Sopot and Gdynia).
Sector:
Transports.
Road transport
Proposed
EIB finance:
EUR 525 million
Total cost:
EUR 700 million
Environment
al aspects:
The project falls under the requirements of Annex 1 of the EU Directive 97/11 and
requires full EIA with public consultation.
Procuremen
t:
The project has been procured as a Public Private Partnership to design, build, finance
and maintain the infrastructure based on combination of shadow toll revenues and
availability and performance payments to the concession company during a 35-year
concession.
Status:
Signed - 28/07/2005
31
Budapest Central Waste Water Treatment Plant Project

Date of
Entry:
16/09/2004
Beneficiary:
Municipality of Budapest
Location:
Description:
Hungary - European Union.

Budapest.
The project concerns the design, construction, operation and maintenance of the
BCWWTP and ancillary investments. It includes the following main investments:
Objectives:
The project represents a cost-effective solution to wastewater collection, treatment and

sludge disposal in central Budapest to meet EU and Hungarian environmental
standards. It is expected that there will be indirect benefits to the city through reduced
pollution of the Danube and greater tourism potential of the riverfront.
Sector:
Water, sewerage.
Environment sector.
Proposed
EIB finance:
Up to EUR 147 million.
Total cost:
Approximately EUR 529 million.
Environment
al aspects:
The project has been designed in full compliance with national and relevant EU
environmental directives. Upon completion and successful start of operation wastewater
generated by more than 90% of Budapest population (for the time being some 1.8
million) will be treated biologically.
32
HVB Bank Romania Global Loan II

Date of Entry:
03/02/2005
Beneficiary:
HVB Bank Romania
Location:
Romania - Accession Countries.
Description:
Small and medium-scale projects in the field of environment protection, infrastructure, development
of a knowledge-based economy, rational use of energy, health and education in Romania.
Objectives:
The global loan would contribute to the development of term finance in Romania. Through the
financial intermediary, the global loan would provide long-term funding for eligible projects promoted
by small and medium sized enterprises (SMEs) and local municipalities/authorities/associations.
Sector:
Global loans.
Proposed EIB
finance:
Up to EUR 20 million
Total cost:
EIB finances up to 50% of total project cost
Environmental
aspects:
The financial intermediary will be requested to ensure compliance of the sub-projects with relevant
national and EU directives, as appropriate.
Procurement:
The financial intermediary will be requested to ensure compliance of the sub-projects with EU
directives, in particular for the award of public sector contracts, as may be appropriate.
Status:
Signed - 15/09/2005
33
Grupul Bncii Mondiale
34
World Bank Group

The World Bank is a vital source of financial and technical assistance to
developing countries around the world.
WBG includes two international financial institutions owned by 184 member
countriesthe International Bank for Reconstruction and Development
(IBRD) and the International Development Association (IDA).
The IBRD focuses on middle income and creditworthy poor countries;
IDA focuses on the poorest countries in the world.
Together we provide low-interest loans, interest-free credit and grants to
developing countries for education, health, infrastructure, communications
and many other purposes.
35
World Bank Group Organization

The World Bank is like a cooperative, where its 184 member countries are
shareholders.
The shareholders are represented by a Board of Governors, who are the
ultimate policy makers at the World Bank. Generally, the governors are member
countries' ministers of finance or ministers of development. They meet once
a year at the Annual Meetings of the Boards of Governors of the World Bank
Group and the International Monetary Fund.
Because the governors only meet annually, they delegate specific duties to 24
Executive Directors, who work on-site at the bank. The five largest
shareholders, France, Germany, Japan, the United Kingdom and the United
States appoint an executive director, while other member countries are
represented by 19 executive directors.
The World Bank operates day-to-day under the leadership and direction of the
president, management and senior staff, and the vice presidents in charge
of regions, sectors, networks and functions. Vice Presidents are the principal
managers at the World Bank.
36
Health Sector Reform 2 Project: The Second Romania Health Sector Reform
Project provides more accessible services, o f increased quality and with
improved health outcomes for those requiring maternity and newborn care,
emergency medical care, and rural primary health care.
Approval Date
Closing Date
16-DEC-2004
31-DEC-2009
Total Project Cost **

Region
Major Sector (Sector) (%)
206.49
Europe And Central Asia
Health and other social services (Health) (96%)
Law and justice and public administration (Central
government administration) (3%)
Old Major Sector
Law and justice and public administration (Sub-national

government administration) (1%)
N/A
Old Sector
N/A
Environmental Category
Bank Team Lead
Borrower
Implementing Agency
B
Haazen, Dominic S.
MINISTRY OF PUBLIC FINANCE
MINISTRY OF HEALTH
37
Transport Restructuring Project: The Government of Romania has defined a

strategy for the transport sector that is primarily aimed at improving the efficiency
of the railways and road sectors, and thereby reducing the overall costs of
transportation.
Approval Date
Closing Date
16-NOV-2004
31-JUL-2009
377.9
Region

Transportation (Roads and highways) (67%)
Transportation (Railways) (33%)
Old Major Sector

Old Sector
N/A
N/A
A
Bank Team Lead

Borrower
Implementing Agency
Kerali, Henry G. R.
MINISTRY OF PUBLIC WORKS AND TRANSPORT
NAT'L ADM OF ROADS AND STATE RAILWAYS CFR-INFRA
38
Irrigation Rehabilitation & Reform Project: Despite the current pricing and
subsidy mechanisms, which do not encourage economic irrigation, the central
issue of Romania's irrigation sector today, remain that irrigation facilities will likely
become economic as the agriculture sector redevelops in the coming years.
Approval Date
Closing Date
31-JUL-2003
31-MAR-2011

Region
102.98
Agriculture, fishing, and forestry (Irrigation and drainage) (94%)
Law and justice and public administration (Central government administration)
(4%)
Old Major Sector
Agriculture, fishing, and forestry (Agricultural extension and research) (1%)

Education (Vocational training) (1%)
Agriculture
Old Sector
Bank Team Lead
Borrower
Irrigation & Drainage

B
Ionita, Gabriel
ROMANIA
Implementing Agency
MINISTRY OF AGRICULTURE, FORESTRY, WATER AND ENVIRONMENT
39
Electricity Market Project: The development objective of the Electricity Market

Project for Romania is to develop a well-functioning wholesale electricity market with the
aim of: (a) putting in place a transparent and predictable commercial and regulatory
framework and a power exchange that will facilitate electricity trading within a competitive
national, regional and eventually European market; and (b) improving the efficiency and
reliability of the transmission system in order to support trading and supply electricity.
Approval Date
Closing Date
12-JUN-2003
30-JUN-2008

Region
Old Major Sector
113.6
Energy and mining (Power) (100%)
N/A
Old Sector
Bank Team Lead
N/A
B
Visa, Doina
Borrower
Implementing Agency
TRANSELECTRICA
TRANSELECTRICA, ANRE, OPCOM
40
Energy Community of South East Europe Project: A strategy paper for energy
trade in South East Europe outlines the Bank's vision for regional energy market
development, and defines its role in supporting the evolution of regional energy trade. The
framework elaborates the Bank's role in supporting policy reform, institutional development,
and lending for power generation, transmission, distribution.
Approval Date
Closing Date
27-JAN-2005
30-JUN-2010

Region
Old Major Sector
112.3
Energy and mining (Power) (100%)
N/A
Old Sector
Bank Team Lead
N/A
F
Nyman, Kari J.
Borrower
Implementing Agency
COUNTRIES OF SOUTH EAST EUROPE

UTILITIES IN SOUTH EAST EUROPE
41
Instituii financiare private
42
Activele i pasivele intermediarilor financiari

Tipul intermediarului
Sursa fondurilor
Destinaia fondurilor
- Bnci comerciale
Depozite
Business and consumer loans,

Municipal Bonds, T-Bonds
- Bnci de economii i
asociaii de credit
Depozite
Credite ipotecare
- Bnci mutuale de economii
Depozite
Credite ipotecare
- Uniuni de credit
Depozite
Credite de consum
1. Instituii depozitare:
2. Instituii de economisire pe baze contractuale

- Companii de asigurare de
via
Prime din polie de asigurare
Corporate Bonds and Mortgages
- Companii de asigurri de
bunuri
Prime din polie de asigurare
Municipal Bonds, corporate Bonds,

Treasury securities
- Fonduri de pensii
Contribuii ale angajatorilor i angajailor
Corporate bonds and stock
- Companii de finanare
Hrtii comerciale, aciuni, obligaiuni
Consumer and business loans
- Fonduri mutuale
Aciuni
Stocks, Bonds
- Fonduri mutuale n
instrumente
monetare
Aciuni
Money market instruments
3. Instituii de investiii
43
Structura intermediarilor financiari pe piaa SUA
44
Instrumentele financiare
Un instrument financiar este un contract ntre investitor i debitor;
Acest contract stabilete:
mecanismul finanrii;
rolul fiecrei instituii implicate n mecanism;
suma mprumutat;
scadena;
moneda n care se face mprumutul;
costul finanrii (rata de dobnd) i modalitatea de plat a ei;
alocarea riscului ntre prile implicate;
condiiile de rambursare a mprumutului;
Alte aspecte (clauzele speciale din contractul de finanare).
45
Instrumentele financiare
46
Instrumentele pieelor monetare (cazul SUA)

Titlurile de stat;
Certificate de depozit;
Hrtii comerciale;
Efecte de comer;
REPO;
Fonduri monetare federale.
47
Instrumentele pieelor de capital

Aciuni;
Creditele ipotecare;
Obligaiuni guvernamentale;
O. municipale;
Obligaiuni corporative
48
Clasificarea instrumentelor financiare n funcie de risc
49

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ACADEMIA DE STUDII ECONOMICE BUCURETI

FACULTATEA DE RELAII ECONOMICE INTERNAIONALE

Structura Sistemului Financiar

Cursul 2: Componentele SFI

Pieele financiare - caracteristici

Piee de capital (scaden > 1

Piaa internaional a creditului,

Exchange offices (NYSE, CBOT)

Cursul 2: Componentele SFI

Pieele financiare - caracteristici

Instr. de mprumut + aciuni

Instrumente de mprumut i aciuni

- Participaii la fondurile de investiii

- Participaii la fondurile de pensii

Cursul 2: Componentele SFI

Resursele de finanare pentru o companie

Cursul 2: Componentele SFI

Cnd se recomand utilizarea surselor interne ?

Cursul 2: Componentele SFI

Cnd se recomand utilizarea surselor atrase ?

Cursul 2: Componentele SFI

Efectele impozitrii cnd se utilizeaz finanarea prin

Cursul 2: Componentele SFI

Finanare direct vs. Finanare indirect

Cursul 2: Componentele SFI

Finanare direct vs. Finanare indirect

Serviciile furnizate de intermediarii financiari

Cursul 2: Componentele SFI

Instituiile financiare de pe piaa internaional

Banca European pentru

Cursul 2: Componentele SFI

Banca European pentru Reconstrucie i Dezvoltare

Cursul 2: Componentele SFI

Banca European pentru Reconstrucie i Dezvoltare

European Bank for Reconstruction and Development

Cursul 2: Componentele SFI

Cursul 2: Componentele SFI

Cursul 2: Componentele SFI

Proiecte BERD de succes n Romnia

EBRD Direct Investment Projects:

Cursul 2: Componentele SFI

EBRD and SME Financing Facilities

Cursul 2: Componentele SFI

EBRD Municipal and Environmental Loan Facility

EBRD Regional Investment

Cursul 2: Componentele SFI

Banca European de Investiii

Cursul 2: Componentele SFI

Banca European de Investiii

Cursul 2: Componentele SFI

Banca European de Investiii

Cursul 2: Componentele SFI

European Investment Bank Shareholders

Cursul 2: Componentele SFI

European Investment Bank - Structure

Cursul 2: Componentele SFI

European Investment Fund

Financing Facilities offered by EIB

Priority Roads and Motorways Rehabilitation II AFI Czech Republic

Up to EUR 40 million for the Region of Pardubice

Cursul 2: Componentele SFI

Gdansk Transport Company SA

Poland - European Union.

EUR 525 million