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The Economic Appraisal of Investment Pr The Economic Appraisal of ojects at the EIB Investment Projects at the EIB V Version March 2013 – Under review ersion Mar ch 2013 – Under r eview European Investment Bank The Economic Appraisal of Investment Projects at the EIB The Economic Appraisal of Investment Projects at the EIB Projects Directorate March 2013 (Under review) 30/10/2020 – Note to the Reader The EIB Projects Directorate conducts technical and economic appraisal of the projects financed by the Bank, and JASPERS includes economic appraisal in its project preparation assistance. Economic appraisal plays a central role in the operations of the EIB. It allows the Bank to judge whether an investment project will contribute to the economic growth and cohesion of the EU and the economic progress of its partners. This guide, which was published in April 2013 in the EIB website, illustrates how the Bank conducts economic appraisal across the sectors of the economy where it operates. The transformation of the EIB into the EU Climate Bank, as well as research advances in some of the elements of the appraisal require that the guide be revised. Amongst some of the elements requiring revision there are: the cost of carbon, the value of time (VoT) in transport and the value of transport safety. This version under review provides links to updated documents for their use until the new version of the guide is available by end of 2021 at the latest. 30 October 2020 page 1 / 211 European Investment Bank The Economic Appraisal of Investment Projects at the EIB Table of Contents List of Abbreviations and Acronyms ....................................................................................... 3 Contributors ............................................................................................................................ 6 Foreword 8 1 Introduction ......................................................................................................... 9 PART 1: METHODOLOGY TOPICS: CROSS-SECTOR .................................................... 14 2 Financial and Economic Appraisal ................................................................... 15 3 Defining the Counterfactual Scenario ............................................................... 20 4 Incorporating Environmental Externalities ........................................................ 24 5 Land Acquisition and Resettlement .................................................................. 28 6 Wider Economic Impacts .................................................................................. 31 7 Economic Life and Residual Value ................................................................... 41 8 The Social Discount Rate ................................................................................. 44 9 Multi-Criteria Analysis (MCA) ........................................................................... 53 10 Risk Analysis and Uncertainty .......................................................................... 66 PART 2: METHODOLOGY TOPICS: SECTOR-SPECIFIC................................................. 72 11 Security of Energy Supply ................................................................................ 73 12 The Value of Time in Transport ........................................................................ 79 13 The Value of Transport Safety ......................................................................... 81 14 Road Vehicle Operating Costs ......................................................................... 82 15 Traffic Categories in Transport ......................................................................... 84 16 Risk-Reduction Analysis in Water .................................................................... 92 PART 3: SECTOR METHODS AND CASES ...................................................................... 97 17 Education and Research .................................................................................. 98 18 Renewable Energy ......................................................................................... 106 19 Electricity Network Infrastructure .................................................................... 110 20 Energy Efficiency and District Heating ........................................................... 115 21 Health ............................................................................................................. 118 22 Private Sector Research, Development and Innovation (RDI) ....................... 125 23 Software RDI .................................................................................................. 132 24 Research Infrastructure .................................................................................. 137 25 Manufacturing Capacity .................................................................................. 142 26 Telecommunications ....................................................................................... 146 27 Biofuel Production .......................................................................................... 156 28 Tourism ........................................................................................................... 160 29 Interurban Railways ........................................................................................ 165 30 Roads ............................................................................................................. 171 31 Urban Public Transport................................................................................... 178 32 Airports ........................................................................................................... 182 33 Seaports ......................................................................................................... 186 34 Regional and Urban Development ................................................................. 189 35 Public Buildings .............................................................................................. 196 36 Solid Waste Management .............................................................................. 201 37 Water and Wastewater ................................................................................... 205 30 October 2020 page 2 / 211
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