Overview

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.

Full Product Details

Author:   Felix I. Lessambo
Publisher:   Springer Nature Switzerland AG
Imprint:   Springer Nature Switzerland AG
Edition:   1st ed. 2022
Weight:   0.437kg
ISBN:  

9783030963897

ISBN 10:   3030963896
Pages:   214
Publication Date:   19 April 2022
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   Manufactured on demand  
We will order this item for you from a manufactured on demand supplier.

Table of Contents

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 ·         PPP Rationale ·         PPP Scope ·         PPP Implementation Principles ·          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   ·         Syndicated Commercial loans ·         Bridge finance Bonds and other debt instruments Stapled Financing Equity finance Mezzanine Loan Hybrid Instruments Pension funds Government grants 3.3 Project Financing Participants Project sponsors or owners Project company Contractor Operator Supplier Customer Multilateral agencies Export credit agency Legal advisers The trustee  Insurance Companies 3.3 Public-Private Partnerships 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 Constitution National Procurement Laws Procurement 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 6.4.1 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 Identification Preparation Appraisal Negotiation/Approval Implementation/Support Completion/Evaluation 7.3 Risk Assessment             7.3.1 Risk Identification Country risk Political risk Industry risk Project risk Customer risk Supplier risk  Sponsor risk Contractor risk  Operating risk Product risk Environmental risk Competitor risk Funding risk Currency risk Interest rate risk 7.4 Risk Allocations 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 Design – Construct – Maintain – Finance (DCMF)  8.2.9 O & M (Operation & Maintenance) 8.2.10 Lease-Purchase 8.2.11 Turnkey contract 8.3 Bidding and Award Procedure Purposes Procedures Evaluation 8.4 PPP Contract clauses             8.4.1 PPP Contracts under various Legal Systems Common Law System  Civil Law System  Islamic law  8.4.2 PPP Key Contractual terms                         8.4.2.1 Force Majeure The Concept of Force majeure Force Majeure and hardship clause Consequences of Force Majeure             8.4.2.2 Material Adverse Government Action             8.4.2.3 Change of Law Concept of Change in Law Relief and Compensation             8.4.2.4 Termination of Contract The concept of contractual termination Early Termination by the Public Authority             8.4.2.5 Governing Law and Dispute Resolution  The PPP Governing Law The PPP Dispute Resolution   Chapter 9: Alternative Dispute Resolution 9.1 General 9.2 Advantages and disadvantages of ADR 9.2.1 Benefits of ADR 9.2.2 Disadvantages of ADR 9.3 Forms and Types of ADR 9.3.1 Adjudicative ADR ·         Arbitration ·         Neutral Fact-Finding 9.3.2 Evaluative ADR ·         Peer Evaluation  ·         Specialist or Expert Evaluation 9.3.3 Facilitative ADR ·         Mediation ·         Conciliation  ·         Consensus Building 9.4 International Platforms              9.4.1 The ICSID 9.4.2 The International Chamber of Commerce             9.4.3 The Arbitration Institute of the Stockholm Chamber of Commerce (SCC) 9.4.4 The Hong Kong International Arbitration Centre (HKIAC) 9.4.5 The Singapore International Arbitration Centre 9.4.6 The Cairo Regional Centre for International Commercial Arbitration Chapter 10: Project Finance Governance 10.1 General 10.2 OECD Principles for public governance of PPP 10.3 Quality Infrastructure investment principles 10.4 PPP Governance Paradigm   10.4.1 Traditional Public Administration   10.4.2 New Public Management   10.4.3 Collaborative Governance   10.4.4 Private Governance Approach Chapter11: International Project Finance and Corruption 11.1 General 11.2 Forms of Corruption ·         Bribery ·         Lubrication ·         Subornation ·         Lobbying ·         Extortion ·         Cronyism ·         Patronage ·         Influence peddling ·         Graft 11.3 Fighting corruption within World Bank Group-financed projects             11.3.1 Effects of Corruption on Projects Finance             11.3.2 Corruption in the extractive industries             11.3.3 Example: Extractive Industries Transparency Initiative   Chapter 12: Infrastructure Projects Finance 12.1 General 12.2 Substantial Project Financing 12.2.1 Water and Sanitation Project 12.2.1.1 Human Right to Water and Sanitation 12.2.1.2 Water and Sanitation PPP ·         Concessions ·         BOT Project ·         DBO Project 12.2.2 Transportation and Telecommunications Projects                         12.2.2.1 Transportation ·         Airports ·         Ports  ·         Roads ·         Railways ·         Urban Passenger Transport                         12.2.2.2 Telecommunications 12.2.3 Climate and Energy                         12.2.3.1 Climate Change                         12.2.3.2 Energy Power   Chapter 13: Public Fiscal Risk Assessment Model 13.1 General 13.2Understanding the Fiscal Metrics  13.3 PPP Accounting and Reporting 13.3.1 Budgeting 13.3.2  Accounting 13.3.3  Reporting PPPs in Public Deficit and Debt 13.4 Assessment of Fiscal Risk  (i) Identification and Assessment of Risks  (ii) Mitigating factors 13.5. Performing the Sensitivity analysis GDP shock. Exchange rate shock ·         Inflation shock.   Chapter 14: Cases study 14.1 General 14.2 Successful stories 14.2.1 Breaking New Ground: Lesotho Hospital Public-Private Partnership—A Model for Integrated Health Services Delivery 14.2.2 Ukraine: Providing Safe Harbors for Ukraine’s Economic Growth 14.2.3 Senegal- A Road leads to Economic Opportunities   14.2.4 China (1997): The Greenfield project to install modern medium-density fiberboard plants   14.3 Unsuccessful PPP 14.3.1  Liberia Education Advancement Programme (LEAP) 14.3.2 The New Paris Courthouse 14.3.3 International Airport of Chinchero – Cuzco

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Author Information

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.

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