Evaluatierapport (PDF, 6.47 MB) - Buitenlandse Zaken - Belgium
Evaluatierapport (PDF, 6.47 MB) - Buitenlandse Zaken - Belgium
Evaluatierapport (PDF, 6.47 MB) - Buitenlandse Zaken - Belgium
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FINEXPO EVALUATION<br />
programmes or to e.g. parallel financing with other bilateral or<br />
multilateral donors.<br />
Works financed under Danish tied mixed credits shall be tendered<br />
and contracted as one contract with a Danish contractor/supplier<br />
or joint venture. The contractor shall be chosen through<br />
competitive tendering among Danish contractors. Prequalification<br />
is used to select and invite prospective tenderers<br />
among those eligible and qualified.<br />
Spain: Fondo de<br />
Ayuda<br />
al<br />
Desarrollo<br />
Spain : CARI<br />
Netherlands:<br />
ORET<br />
An export credit guarantee required and is issued by the Export<br />
Credit Fund (EKF).<br />
Each recipient country should indicate –and be responsible for- its<br />
own agent (bank, financial intermediary) responsible for the<br />
financial handling in the recipient country. ICO should approve<br />
this agent. All specific requirements are being detailed in the<br />
Credit Agreement, which does not only refer to all financial<br />
management aspects, but also to aspects like the respect for<br />
international agreements on i.e. labour, environment and others.<br />
See FAD<br />
All applications for ORET were (pre-) appraised against three<br />
main conditions:<br />
The project should be development-relevant;<br />
assessed on the basis of national development<br />
plans, sector plans and/or poverty reduction<br />
strategy paper<br />
<br />
<br />
<br />
<br />
The transaction should be beneficial to the Dutch<br />
economy; assessed on standardised criteria of<br />
produce from Dutch origin (usually minimum of<br />
50-60 %); and employment generation<br />
The project should not be commercially viable,<br />
assessed by means of three standard<br />
calculations: the Financial Internal Rate of<br />
Return, the Economic Internal Rate of Return and<br />
the Commercial Internal Rate of Return. The<br />
Ministry had developed standard calculation sheets to<br />
that end. The non-commercial viability of the<br />
transaction (and broader project) is determined by<br />
either a low Commercial Internal Rate of Return or the<br />
fact that no commercial financing (on market terms)<br />
can be obtained 96 .<br />
Country “ceilings” has to be respected; that implies<br />
that no single country could receive more than 20% of<br />
the annual budget allocation (apart from China).<br />
In principle and additionality requirement, implying<br />
that the ORET grant had the function of ‘resources of<br />
last resort’ and could only be used if no other funding<br />
arrangement against comparable conditions could be<br />
see<br />
96 A project is regarded as non-financial viable if within 10 years it fails to generate sufficient income (cash flow) under free<br />
market conditions to recover the initial capital investment and to cover both operating and financing costs. This cash flow<br />
analysis should be calculated for the entire project, not just for the transaction. If a project is financially viable but could not<br />
obtain financing on commercial terms it is also deemed to be non-commercially viable.<br />
Final report – Appendix 8 – page 160