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Economic growth and development critically depends on the quality of infrastructure. Each aspect of the economy and its infrastructure are linked systemically. Public-Private Partnerships (PPPs) are increasingly being promoted as the solution to the shortfall in financing needed to achieve the Sustainable Development Goals (SDGs). Public-private partnerships enable the public entity to utilize the expertise and efficiencies of the private sector to deliver services and facilities that traditionally have been delivered by the public sector, either through public sector employees or by traditional procurement methods. To be beneficial to all stakeholders, a PPP project requires careful planning, implementation, and strong governance. This book breaks down the steps involved and the traps to circumvent.Despite its globally growing importance, project finance has been somewhat underrepresented in research. This book analyzes project finance from an interdisciplinary perspective-finance, management, and international business-and includes international laws of arbitrage and perspectives of international financial institutions as never endeavored by any previous research projects. The book also includes case studies assessing the relevance of private-public partnerships by comparing the country expectations and the real outcomes. The gap between expectations and results does not necessarily mean that significant progress has not been made. To the contrary, the book suggests that some of the original targets set may have been unrealistic, and that the requisite financial resources-or the financial sector policies that could have generated those resources-may have been lacking.
Felix I. Lessambo is Adjunct Associate Professor at Fordham University, USA, where he teaches Corporate Tax and Audit & Assurance Services. He was an Associate Professor at Central Connecticut State University School of Business where he taught Financial Statements Analysis, Global Financial Reporting, and Law & Finance. He has practiced international tax, transfer pricing, and alternative investment management where he structured and advised on hedge funds and private equity cross-border transactions. He is the author of several books in finance including The International Banking System, The International Corporate Governance System, International Financial Institutions and Their Challenges, International Aspects of US Taxation System, Audit-Assurance Services & Forensics, Financial Statements: Analysis & Reporting, The US Banking System, Mergers in the Global Markets, International Finance, and The US Mergers & Acquisitions: Legal & Financial Aspects.
Autorentext
Felix I. Lessambo is Adjunct Associate Professor at Fordham University, USA, where he teaches Corporate Tax and Audit & Assurance Services. He was an Associate Professor at Central Connecticut State University School of Business where he taught Financial Statements Analysis, Global Financial Reporting, and Law & Finance. He has practiced international tax, transfer pricing, and alternative investment management where he structured and advised on hedge funds and private equity cross-border transactions. He is the author of several books in finance including The International Banking System, The International Corporate Governance System, International Financial Institutions and Their Challenges, International Aspects of US Taxation System, Audit-Assurance Services & Forensics, Financial Statements: Analysis & Reporting, The US Banking System, Mergers in the Global Markets, International Finance, and The US Mergers & Acquisitions: Legal & Financial Aspects.
Inhalt
Chapter 1: Introduction to Project Finance
1.1 General
1.2 Characteristics of project Financing
1.3 Public-Private Partnership Framework
1.3.1 PPP Policy
1.3.2 PPP Governance Arrangements
Chapter 2: Project Financing and Direct Conventional Financing
2.1 General
2.2 Corporate Finance
2.3 Traditional Procurement
2.4 Project Finance
2.5 Advantages and disadvantages of project finance
2.5.1 Advantages
2.5.2 Disadvantages
2.6 Evolution of project finance
2.6.1 The Extractive and oil Industry
2.6.2 The Natural Resource Industry
2.6.3 The Power Industry & Beyond
Chapter 3: Sources of project funds
3.1 General
3.2 Sources of Funds
3.3 Project Financing Participants
3.4 Structuring Project finance
Chapter 4: Bankability
4.1 General
4.2 Bankability assessment 4.2.1 Certainty of Revenue Stream 4.2.2 Risk Factors 4.2.2.1 Political Environment 4.2.2.2 Economic Environment 4.2.2.3 Legal System 4.2.2.4 Regulatory Framework 4.2.2.5 Environmental Risk 4.2.2.6 Project Specificity 4.2.2.7 Project Financial Structure 4.2.2.8 Third-Party Risk Allocation 4.2.2.9 Contract Agreement 4.3 Bankability tradeoff
Chapter 5: Public Procurement: Laws and Regulations
5.1 General
5.2 Public Procurement Legal Framework The ConstitutionNational Procurement LawsProcurement Regulations 5.3 Principles of Public Procurement 5.3.1 Transparency
5.3.2 Integrity
5.3.3 Efficiency
5.3.4 Fairness
5.3.5 Openness
5.3.6 Competition
5.3.7 Accountability
5.4 Public Procurement Cycle
5.4.1 Competitive Tendering
5.4.2 Pre-Qualification of Bidders
5.4.3 Processing and evaluating bids
5.4.4 Making award recommendations 5.4.5 Negotiating contracts
5.4.6 Contract award letter and signing the contract.
5.5 Public Procurement laws in the US, EU, and China 5.5.1 Public Procurement laws in the United States
5.5.2 Public Procurement laws in the European Union
5.5.3 Public Procurement laws in China
Chapter 6: Assessment of project's viability and analytical tools
6.1 General
6.2 The Procurement Process
6.3 The Six Assessment Areas
6.3.1 Project Identification and PPP Screening
6.3.2 Appraisal and Preparation Phase
6.3.3 Structuring and Drafting Phase
6.3.4 Tender Phase
6.3.5 Contract Operational Management
6.3.6 Contract Finalization Management
6.4 The Analytical Tools: Infrastructure Prioritization Framework
· Social Cost Benefit Analysis
· Multi-Criteria Decision Analysis (MCDA)
Chapter 7: The Identification and Management of Risks
7.1 General
7.2 Identification of Projects: Project cycle
Completion/Evaluation 7.3 Risk Assessment
7.3.1 Risk Identification
7.4.1 The Project sponsor
7.4.2 The Lenders
7.4.3 The Contractor
7.4.4 The Suppliers
7.4.5 The Customers
7.5.6 The Project Company
7.5.7 The Governments
Chapter 8: The Project Finance contractual arrangement
8.1 General
8.2 PPP Types
8.2.1 Build - Operate - Transfer (BOT)
8.2.2 Build - Own - Operate - Transfer (BOOT)
8.2.3 Buy-Build Operate (BBO)
8.2.4 Build - Own - Operate (BOO)
8.2.5 Build - Own - Operate - Transfer (BOOT)
8.2.6 Design - Build
8.2.7 Design - Build - Finance
8.2.8 D…