Contents
APPENDIX 4 — Pillar 5 – Impact of the financing or investment operation
| Impact of the financing or investment operation | |||||
|---|---|---|---|---|---|
| Fair (= 1) | Good (= 2) | Very good (= 3) | Excellent (= 4) | ||
| 1. Economic and growth impact (ERR) (weight: 40 %) OR Qualitative assessment | > 0 % – 5 % | 5 %-7 % | 7 %-10 % | > 10 % | |
| The scoring will be done based on duly justified qualitative assessment of the project’s socioeconomic costs and benefits, and its expected contribution to economic activity and growth. | |||||
| 2. Employment impact (weight: 15 %) | Construction/implementation phase (FTE/EUR million) < 3 | Construction/implementation phase (FTE/EUR million) 3-6 | Construction phase/implementation (FTE/EUR million) 6-8 | Construction phase/implementation (FTE/EUR million) > 8 | |
| Operation phase (FTE/EUR million) < 0,4 | Operation phase (FTE/EUR million) 0,4-0,7 | Operation phase (FTE/EUR million) 0,7-1,1 | Operation phase (FTE/EUR million) > 1,1 | ||
| 3. Sustainability proofing aspects(weight – 45 %) + bonus | a. Climate (weight: 15 %) | Negative impacts not fully mitigated, no significant positive impact. | Negative impacts partly mitigated, some positive impact. | Negative impacts fully mitigated, significant positive impact. | Negative impacts fully mitigated,very substantial positive impact. |
| b. Environment (weight: 15 %) | Negative impacts not fully mitigated, no significant positive impact. | Negative impacts partly mitigated, some positive impact. | Negative impacts fully mitigated,significant positive impact. | Negative impacts fully mitigated,very substantial positive impact. | |
| c. Social dimension (weight: 15 %) | Negative impacts not fully mitigated, no significant positive impact. | Negative impacts partly mitigated, some positive impact. | Negative impacts fully mitigated,significant positive impact. | Negative impacts fully mitigated,very substantial positive impact. | |
| BonusPositive agenda checklist(weight: 22,5 % in total for the three dimensions) | n/a | n/a | n/a | If yes, see Table 3 for more details |
| Fair | Good | Very good | Excellent | ||
|---|---|---|---|---|---|
| Climate15 % | Negative impacts and risks related to the projectnote(weight: 50 %) | There are some significant climate change mitigation and/or adaptation concerns that cannot be fully mitigated or compensated.The project faces high climate change related risks, and some mitigation measures are implemented that partially address those risks. | Significant negative impacts were reduced or limited through measures envisaged to avoid, prevent, reduce or, if possible, offset any identified significant adverse effects.The project faces medium climate change related risks, and mitigation measures are implemented that partially address those risks. | Some negative impacts still remain after the mitigation measures are implemented, but they are not significant and no further measure is considered necessary.The project faces medium or high climate change related risks, and they are mitigated and well managed. | No or only negligible negative impacts after mitigation measures (or not requiring mitigation), the project faces low climate change related risks.ORHigh or medium risks that are fully mitigated. |
| Positive impacts resulting from the project, no voluntary measuresnote taken by the project promoter/final recipient(weight: 50 %) | No significant positive impacts were identified. | Some positive impacts on climate change mitigation or adaptation could be identified. | Significant positive impacts (the objective of contribution to climate change mitigation or adaptation is explicitly stated, but it is not the fundamental reason for which the project is undertaken). | Substantial positive impacts (the project is entirely dedicated to climate change mitigation or adaptation, it is the fundamental reason for which the project is undertaken). | |
| Voluntary measures taken to enhance the project’s climate performance(weight: 7,5 % (bonus)) | On a voluntary basis, the project promoter under the guidance of the implementing partner, will undergo one or more of the following actions, as relevant for the project:undertaking the climate proofing (adaptation and/or mitigation) for direct financing projects under the threshold | ||||
| Environment15 % | Negative impacts and risks related to the project(50 %) | there are some significant negative impacts or risks that were not fully mitigated | significant negative impacts or risks were reduced or limited through measures envisaged to avoid, prevent, reduce or, if possible, offset any identified significant adverse effects)) | some negative impacts or risks remain after the mitigation, but they are not significant and no further measures are necessary | no or only negligible negative impacts or risks after mitigation (or not requiring mitigation) |
| Positive impacts resulting from the project, no voluntary measures taken by the project promoter/final recipient(weight: 50 %) | no significant positive impacts | some positive impactson the environment elements could be identified | significant positive impacts (the objective of contribution to environment objective is explicitly stated, but it is not the fundamental reason for which the project is undertaken) | substantial positive impacts (the project is entirely dedicated to environment objective, it is the fundamental reason for which the project is undertaken) | |
| Voluntary measures taken to enhance the project’s environmental performance(weight: 7,5 % (bonus))(bonus) | On a voluntary basis, the project promoter under the guidance of the implementing partner, will undergo one or more of the following actions, as relevant for the project:voluntary measures are taken by the project promoter/final recipient to enhance the environmental performance of the project, including by implementing measures in order to further mitigate/compensate for negative impacts | ||||
| Social15 % | Negative impacts and risks related to the project(weight: 50 %) | There are some significant negative impacts that cannot be fully mitigated or compensated | Some significant negative impacts were reduced or limited through measures envisaged to avoid, prevent, reduce or, if possible, offset any identified significant adverse effects | Some negative impacts still remain after the mitigation, but they are not significant and no compensation measures are necessary | No or only negligible negative temporary impacts after mitigation (or not requiring mitigation) |
| Positive impacts resulting from the project, no voluntary measures taken by the project promoter/final recipient(weight: 50 %) | No significant positive impacts | Some positive impacts on the social aspects could be identified. | Significant positive impacts (the objective of contribution to social aspects is explicitly stated, but it is not the fundamental reason for which the project is undertaken) | Substantial positive impacts (the project is entirely dedicated to social objectives, it is the fundamental reason for which the project is undertaken) | |
| Voluntary measures taken to enhance the project’s social performance(weight: 7,5 %(bonus)) | On a voluntary basis, the project promoter under the guidance of the implementing partner, will undergo one or more of the following actions, as relevant for the project:voluntary measures are taken by the project promoter/final recipient to increase the social performance of the project |
| Impact of the financing or investment operation | ||||
|---|---|---|---|---|
| Fair (= 1) | Good (= 2) | Very good (= 3) | Excellent (= 4) | |
| 1. Increasing access to finance and improving financing conditions for final recipients (weight: 80 %) | ||||
| a. Scale of finance expected to be made available by the financial intermediary to final recipients related to the InvestEU supported financing (weight: 30 %) | Limited expected scale of finance (< 2 times). | Moderate expected scale of finance (between 2 and 3 times). | High expected scale of finance, (between 3 to 5 times). | Considerably high-expected scale of finance, (beyond 5 times). |
| b. Benefits for the final recipients (weight: 30 %) | The financing or investment operation allows the intermediary(-ies) to offer more favourable terms to final recipients via:(a) flexibility of draw-downs,(b) sculpted repayments(c) length of availability period for disbursements,(d) length of grace period,(e) longer maturity,(f) financing in local currency within the EU, | (g) contribution to diversification and stability of final recipient’s financing(h) increasing availability of non-banking alternative debt and/or equity financing,(i) subordinated position,(j) collateral requirements,(k) transfer of financial advantage by the intermediary to the final recipient,(l) other, to be specified (as they may arise in the context of the financing or investment operation). | ||
| None of the above elements are applicable. | One or two of the above elements are applicable. | Two to three of the above elements are applicable. | More than three of the above elements are applicable. | |
| c. Expected impact on the financial ecosystem (weight:20 %) | Financing/investment activities expected to support well-established intermediaries, maintaining existing financing channels mostly at local level with limited cross fertilisation or interactions with wider ecosystem. | Financing/investment activities expected to largely support well-established intermediaries, scaling up or expanding financing channels beyond their local ecosystem to address InvestEU policy objectives as defined in Articles 3 and 8 of the InvestEU Regulation. | Significant part of the financing/investment activities are expected to be delivered by supporting new intermediaries, including new category of intermediaries, or by developing alternative financing mechanisms or investment channels to address InvestEU policy objectives as defined in Articles 3 and 8 of the InvestEU Regulation. | Financing/investments activities aim at supporting novel interventions in a sector in line with the policy priorities as defined in the guarantee agreements, or vertical, and/or by fostering partnerships, development of platforms or otherwise systematic collaborations within wider ecosystem to address InvestEU policy objectives as defined in Articles 3 and 8 of the InvestEU Regulation. |
| 2. Employment (weight: 20 %) | ||||
| Number of jobs expected to be supported at the level of final recipients(weight: 20 %) | Number of jobs (including seasonal ones and part-time jobs) and/or self-employed persons expected to be supported per EUR million of funding by the implementing partner, is expected to be:for guarantees: less than 50,for equity: less than 5. | Number of jobs (including seasonal ones and part-time jobs) and/or self-employed persons expected to be supported per EUR million of funding by the implementing partner, is expected to be:for guarantees: between 50-100,for equity: between 5 and 10. | Number of jobs (including seasonal ones and part-time jobs) and/or self-employed persons expected to be supported per EUR million of funding by the implementing partner, is expected to be:for guarantees: between 101 and 300,for equity: between 11 and 15. | Number of jobs (including seasonal ones and part-time jobs) and/or self-employed persons expected to be supported per EUR million of funding by the implementing partner, is expected to be:for guarantees: more than 300,for equity: more than 15. |
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