Slovakia - Project FinancingSlovakia - Project Financing
EU financial assistance programs provide a wide array of grants, loans, loan guarantees, and co-financing for feasibility studies and projects in a number of key sectors (e.g., environmental, transportation, energy, telecommunications, tourism, public health). A number of centralized financing programs are also generating procurement and other opportunities directly with EU institutions.
The EU supports economic development projects within its Member States, as well as EU-wide "economic integration" projects that cross both internal and external EU borders. In addition, the EU provides assistance to candidate and neighbor countries.
The EU provides project financing through grants from the EU budget and loans from the European Investment Bank. Grants from the EU Structural and Investment Funds program are distributed through the Member States’ national and regional authorities. Projects in non-EU countries are managed through the Directorate-Generals Enlargement, Development and Cooperation (EuropeAid), Humanitarian Aid and Civil Protection (ECHO).
For projects financed through ESIF, member state regional managing authorities are the key decision-makers. They assess the needs of their country, investigate projects, evaluate bids, and award contracts. To become familiar with available financial support programs in the Member States, it is advisable for would-be contractors to develop a sound understanding of the country’s cohesion policy indicators.
Tenders issued by Member States’ public contracting authorities for projects supported by EU grants are subject to EU public procurement legislation. All ESIF projects are co-financed by national authorities and many may also qualify for a loan from the European Investment Bank and EU research funds under Horizon 2020, in addition to private sector contribution. For more information on these programs, please see the market research section on the website of the U.S. Mission to the EU.
Trans-European transport projects including transport infrastructure, and environment, including areas related to sustainable development and energy for projects with environmental benefits.
The fund supports projects in Member States whose Gross National Income (GNI) per inhabitant is less than 90 % of the EU average, such as Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovakia, and Slovenia. These projects are, in principle, co-financed by national authorities, the European Investment Bank, and the private sector:
Key Link: The Cohesion Fund
The European Neighborhood Instrument (ENI) provides assistance to countries that are the Southern Mediterranean and Eastern neighbors of the EU. ENI is the follow-up to the European Neighborhood Policy program (ENPI) covering the countries of Algeria, Armenia, Azerbaijan, Belarus, Egypt, Georgia, Israel, Jordan, Lebanon, Libya, Moldova, Morocco, the occupied Palestinian territory, Syria, Tunisia and Ukraine. The ENI budget is EUR 15.4 billion (USD 17.6 billion) for 2014-2020. Additional information can be found at: EU External Action.
Instrument for Pre-accession Assistance II (IPA II) is an EU program for pre-accession countries that provides support for political and economic reforms, preparing the beneficiaries for the rights and obligations that come with EU membership and that are linked to the adoption of the acquis communautaire (the body of European Union law that must be adopted by candidate countries as a precondition to accession). These programs are intended to help build up the administrative and institutional capacities of these countries and to finance investments designed to aid them in complying with EU law. IPA II runs from 2014 to 2020 and finances projects in: Albania, Bosnia and Herzegovina, the former Yugoslav Republic of Macedonia, Kosovo, Montenegro, Serbia, and Turkey. The budget of IPA II for 2014-2020 is EUR 11.7 billion (USD 13.3 billion).
For more information, see here.
The Connecting Europe Facility (CEF) is an EU financing mechanism that uses the EC budget as well as the Cohesion Funds to finance projects in three key areas: energy, transport and telecom. It was created by Regulation 1316/2013 on December 11, 2013.
Along with the European Fund for Strategic Investments (EFSI), CEF is expected to play a role in bridging the investment gap in Europe, which is one of the Commission's top priorities. In all three main categories the focus is on creating better conditions for growth and jobs. Annual and multi-annual work programs specify the priorities and the total amount of financial support allocated for these priorities in a given year.
Only actions contributing to projects of common interest in accordance with Regulations 1315/2013, No 347/2013 and a Regulation on guidelines for trans-European networks in the area of telecommunications infrastructure, as well as program support actions, are eligible for support.
Projects supported through the CEF mechanism focus on the following:
• cleaner transport modes,
• high speed broadband connections, and
• the use of renewable energy (in line with the Europe 2020 Strategy), integration of the internal energy market, reduction of the EU's energy dependency and ensuring security of supply.
The total budget of the CEF for the period 2014 to 2020 is set at EUR 30.44 billion (USD 34.7 billion). This amount is distributed between the main priority areas as follows:
a) transport sector: EUR 24.05 billion (USD 27.4 billion);
b) telecommunications sector: EUR 1billion (USD 1.14 billion);
c) energy sector: EUR 5.35 billion (USD 6.09 billion)
Please see Connecting European Facility.
While the EIB mostly funds projects within the EU, it lends outside the EU as well (e.g., in Southeastern Europe, Africa, Latin America, and Pacific and Caribbean states). In 2017, the EIB loaned EUR 69.9 billion (USD 79.6 billion) for projects. The EIB also plays a key role in supporting EU enlargement with loans used to finance improvements in infrastructure, research, and industrial manufacturing to help those countries prepare for eventual EU membership.
The EIB presents attractive financing options for projects that contribute to the European objectives cited above, as EIB lending rates are lower than most other commercial rates. Projects financed by the EIB must contribute to the socio-economic objectives set out by the EU, such as fostering the development of less favored regions, improving European transport and environment infrastructure, supporting the activities of SMEs, assisting urban renewal and the development of a low-carbon economy, and generally promoting growth and competitiveness in the EU. The EIB website displays lists of projects to be considered for approval.
Slovakia became IBRD’s member in 1993. Ministry of Finance on behalf of Slovakia executes its shareholding rights resulting from its membership in the IBRD. Since 1993 until 2008 Slovakia borrowed funds and benefited from technical assistance relating to health care system modernization, banking sector restructuring, public finance management reform, social benefits administration reform. In 2008 Slovakia graduated from the World Bank's operations and became a donor of development assistance. The current effort of the Ministry of Finance is focused on better involvement of the Slovak private sector in development projects financed by the IBRD. Slovakia also regularly contributes resources through Ministry of Finance every three years to support responses to development challenges in the poorest countries in the global world.
The Governor for Slovakia in the Board of Governors, the highest decision-making body, is the Minister of Finance. The Vice Governor of the National Bank of Slovakia was appointed as Alternate Governor. Slovakia is represented by the Executive Director in the Executive Board of the IBRD, the executive body, and belongs to the Belgian Constituency where Slovakia has its representative.
The Governor for Slovakia in the Board of Governors is the Minister of Finance of the Slovak Republic and the Alternate Governor is the Governor of the National Bank of Slovakia.
The EBRD has been active in Slovakia since 1992. The Bank has been an active participant in Slovakia’s successful transition to a market economy, financing mainly private sector projects across a broad spectrum of economic sectors. Since 1992, the Bank has committed around EUR 2 billion (USD 2.28 billion) to its operations in Slovakia.
More information can be found here.
The EBRD has also supported the successful privatization of banks and its current activities include infrastructure, the enterprise and the financial sectors. In addition, the Bank has launched an energy efficiency framework for Slovakia with the aim to raise the share of renewable resources in energy generation and improve Slovak energy security.
The EBRD Strategy for Slovakia was approved on November 13, 2012.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
The EU supports economic development projects within its Member States, as well as EU-wide "economic integration" projects that cross both internal and external EU borders. In addition, the EU provides assistance to candidate and neighbor countries.
The EU provides project financing through grants from the EU budget and loans from the European Investment Bank. Grants from the EU Structural and Investment Funds program are distributed through the Member States’ national and regional authorities. Projects in non-EU countries are managed through the Directorate-Generals Enlargement, Development and Cooperation (EuropeAid), Humanitarian Aid and Civil Protection (ECHO).
EU Structural and Investment Funds (ESIF)
EU Structural Funds, including the European Regional Development and the European Social Fund, were created in 1975 with the aim to mitigate economic and social differences between the regions of the European Union. New budgets are approved every seven years for all Member States. The budgets and the allocation of funding between the different priorities (social, economic or environmental) are based on the conclusions of the “Partnership Agreements” (PAs) which are negotiated between the European Commission and the member state national authorities. For the period of 2014 – 2020, the EU has earmarked EUR 352 billion (USD 401 billion) for regional development and cohesion policy projects. For information on approved programs that will result in future project proposals.For projects financed through ESIF, member state regional managing authorities are the key decision-makers. They assess the needs of their country, investigate projects, evaluate bids, and award contracts. To become familiar with available financial support programs in the Member States, it is advisable for would-be contractors to develop a sound understanding of the country’s cohesion policy indicators.
Tenders issued by Member States’ public contracting authorities for projects supported by EU grants are subject to EU public procurement legislation. All ESIF projects are co-financed by national authorities and many may also qualify for a loan from the European Investment Bank and EU research funds under Horizon 2020, in addition to private sector contribution. For more information on these programs, please see the market research section on the website of the U.S. Mission to the EU.
Market Intelligence
The Cohesion Fund
The Cohesion Fund is another instrument of the EU’s regional policy with EUR 63 billion (USD 72 billion) in the 2014 to 2020 budget designated to finance projects in two areas:Trans-European transport projects including transport infrastructure, and environment, including areas related to sustainable development and energy for projects with environmental benefits.
The fund supports projects in Member States whose Gross National Income (GNI) per inhabitant is less than 90 % of the EU average, such as Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovakia, and Slovenia. These projects are, in principle, co-financed by national authorities, the European Investment Bank, and the private sector:
Key Link: The Cohesion Fund
Other EU Grants for Member States
Other sets of sector-specific grants such as Horizon 2020 offer assistance to EU Member States in the fields of science, technology, communications, energy, security, environmental protection, education, training and research. Tenders related to these grants are posted on the websites of the European Commission and the relevant Member State authorities. Participation is usually restricted to EU-based firms or tied to EU content. Information pertaining to each of these programs can be found at: EU Funding and Tenders.External Assistance Grants
“Development and Cooperation – EuropeAid” is the Directorate–General (DG) responsible for implementing EU development policies through programs and projects across the world. Its website offers extensive information on the range of grant programs, the kind of projects that are eligible, as well as manuals to help interested parties understand the relevant contract law. However, participation in these calls for tender is reserved for enterprises located in the EU Member States or in the beneficiary countries and requires that the products used to respond to these projects are manufactured in the EU or in the aid recipient country. Consultants of U.S. nationality employed by a European firm are allowed to participate. European subsidiaries of U.S. firms are eligible to participate in these calls for tender. For more information: International Cooperation and Development.The European Neighborhood Instrument (ENI) provides assistance to countries that are the Southern Mediterranean and Eastern neighbors of the EU. ENI is the follow-up to the European Neighborhood Policy program (ENPI) covering the countries of Algeria, Armenia, Azerbaijan, Belarus, Egypt, Georgia, Israel, Jordan, Lebanon, Libya, Moldova, Morocco, the occupied Palestinian territory, Syria, Tunisia and Ukraine. The ENI budget is EUR 15.4 billion (USD 17.6 billion) for 2014-2020. Additional information can be found at: EU External Action.
Instrument for Pre-accession Assistance II (IPA II) is an EU program for pre-accession countries that provides support for political and economic reforms, preparing the beneficiaries for the rights and obligations that come with EU membership and that are linked to the adoption of the acquis communautaire (the body of European Union law that must be adopted by candidate countries as a precondition to accession). These programs are intended to help build up the administrative and institutional capacities of these countries and to finance investments designed to aid them in complying with EU law. IPA II runs from 2014 to 2020 and finances projects in: Albania, Bosnia and Herzegovina, the former Yugoslav Republic of Macedonia, Kosovo, Montenegro, Serbia, and Turkey. The budget of IPA II for 2014-2020 is EUR 11.7 billion (USD 13.3 billion).
For more information, see here.
The Connecting Europe Facility (CEF) is an EU financing mechanism that uses the EC budget as well as the Cohesion Funds to finance projects in three key areas: energy, transport and telecom. It was created by Regulation 1316/2013 on December 11, 2013.
Along with the European Fund for Strategic Investments (EFSI), CEF is expected to play a role in bridging the investment gap in Europe, which is one of the Commission's top priorities. In all three main categories the focus is on creating better conditions for growth and jobs. Annual and multi-annual work programs specify the priorities and the total amount of financial support allocated for these priorities in a given year.
Only actions contributing to projects of common interest in accordance with Regulations 1315/2013, No 347/2013 and a Regulation on guidelines for trans-European networks in the area of telecommunications infrastructure, as well as program support actions, are eligible for support.
Projects supported through the CEF mechanism focus on the following:
• cleaner transport modes,
• high speed broadband connections, and
• the use of renewable energy (in line with the Europe 2020 Strategy), integration of the internal energy market, reduction of the EU's energy dependency and ensuring security of supply.
The total budget of the CEF for the period 2014 to 2020 is set at EUR 30.44 billion (USD 34.7 billion). This amount is distributed between the main priority areas as follows:
a) transport sector: EUR 24.05 billion (USD 27.4 billion);
b) telecommunications sector: EUR 1billion (USD 1.14 billion);
c) energy sector: EUR 5.35 billion (USD 6.09 billion)
Please see Connecting European Facility.
Loans from the European Investment Bank
Headquartered in Luxembourg, the European Investment Bank (EIB) is the financing arm of the European Union. Since its creation in 1958, the EIB has been a key player in building Europe. As a non-profit banking institution, the EIB assesses reviews and monitors projects, and offers cost-competitive, long-term lending. Best known for its project financial and economic analysis, the EIB makes loans to both private and public borrowers for projects supporting four key areas: innovation and skills, access to finance for smaller businesses, climate and environment, and infrastructure.While the EIB mostly funds projects within the EU, it lends outside the EU as well (e.g., in Southeastern Europe, Africa, Latin America, and Pacific and Caribbean states). In 2017, the EIB loaned EUR 69.9 billion (USD 79.6 billion) for projects. The EIB also plays a key role in supporting EU enlargement with loans used to finance improvements in infrastructure, research, and industrial manufacturing to help those countries prepare for eventual EU membership.
The EIB presents attractive financing options for projects that contribute to the European objectives cited above, as EIB lending rates are lower than most other commercial rates. Projects financed by the EIB must contribute to the socio-economic objectives set out by the EU, such as fostering the development of less favored regions, improving European transport and environment infrastructure, supporting the activities of SMEs, assisting urban renewal and the development of a low-carbon economy, and generally promoting growth and competitiveness in the EU. The EIB website displays lists of projects to be considered for approval.
Multilateral Development Banks
The World Bank (IBRD - the International Bank for Reconstruction and Development)Slovakia became IBRD’s member in 1993. Ministry of Finance on behalf of Slovakia executes its shareholding rights resulting from its membership in the IBRD. Since 1993 until 2008 Slovakia borrowed funds and benefited from technical assistance relating to health care system modernization, banking sector restructuring, public finance management reform, social benefits administration reform. In 2008 Slovakia graduated from the World Bank's operations and became a donor of development assistance. The current effort of the Ministry of Finance is focused on better involvement of the Slovak private sector in development projects financed by the IBRD. Slovakia also regularly contributes resources through Ministry of Finance every three years to support responses to development challenges in the poorest countries in the global world.
The Governor for Slovakia in the Board of Governors, the highest decision-making body, is the Minister of Finance. The Vice Governor of the National Bank of Slovakia was appointed as Alternate Governor. Slovakia is represented by the Executive Director in the Executive Board of the IBRD, the executive body, and belongs to the Belgian Constituency where Slovakia has its representative.
European Bank for Reconstruction and Development (EBRD)
Slovakia joined of the EBRD in 1991. Slovakia is a member of a Constituency together with the Czech Republic, Hungary, the Republic of Croatia and Georgia. Since May 1, 2016 the Director representing the Constituency in the Board of Directors is Mr. László Havas (Hungary) and the Alternate Director is Mrs. Martina Kobilicova (Slovakia).The Governor for Slovakia in the Board of Governors is the Minister of Finance of the Slovak Republic and the Alternate Governor is the Governor of the National Bank of Slovakia.
The EBRD has been active in Slovakia since 1992. The Bank has been an active participant in Slovakia’s successful transition to a market economy, financing mainly private sector projects across a broad spectrum of economic sectors. Since 1992, the Bank has committed around EUR 2 billion (USD 2.28 billion) to its operations in Slovakia.
More information can be found here.
The EBRD has also supported the successful privatization of banks and its current activities include infrastructure, the enterprise and the financial sectors. In addition, the Bank has launched an energy efficiency framework for Slovakia with the aim to raise the share of renewable resources in energy generation and improve Slovak energy security.
The EBRD Strategy for Slovakia was approved on November 13, 2012.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.