2010, ISBN: 9780821387030

This study aims to help governments design sustainable Public-Private Partnership (PPP) strategies and projects in the context of the changed circumstances brought on by the global financ… Plus…

This study aims to help governments design sustainable Public-Private Partnership (PPP) strategies and projects in the context of the changed circumstances brought on by the global financial and economic crisis that began in the fall of 2008. The study analyses the impact and implication of the crisis on PPP infrastructure projects across the Europe and Central Asia (ECA) region. In the research undertaken for this study, it appears that most crisis-specific issues are cross-sectoral, therefore requiring cross-sectoral responses. The intended audience for this report includes national government stakeholders involved in infrastructure financing, including Ministries in charge of infrastructure, especially transport, energy, and water; state-owned enterprises with operational responsibilities, such as road directorates; and Ministries of Finance and development banks involved in PPP. This report reviewed the region's experience in PPPs in infrastructure before and during the financial crisis period (from late 2006 to 2010). Since not all ECA countries have had successful or ongoing PPP projects during this time, the report draws on lessons from Brazil, India, Spain, and the United Kingdom, countries with established PPP project pipelines to draw on cross-sectoral lessons. The findings can be used by countries wishing to start or re-start their PPP program following the impact of the recent crisis. However, beyond the crisis and its effects, the report can also guide future development of sustainable and crisis-resilient PPP programs. Most of the analysis supporting the report recommendations was undertaken for the highway sector and was financed through from a grant from the transport research support program. Initially, the highway sector was the focus of this study but the scope was later widened to include all infrastructure sectors because most issues facing highway PPP projects are common to other sectors requiring a cross-sectoral approach to PPP. Sector-specific strategies for highways have been documented in a recent World Bank study. Designing Crisis-Resilient Strategies and Bankable Projects Infrastructure ACCOUNTABILITY - ACCOUNTING - ADB - AIRPORT - AIRPORT EXPANSION - AIRPORTS - BALANCE SHEET - BALANCE SHEETS - BALANCE­SHEET - BASIS POINT - BASIS POINTS - BID - BIDS - BOND INDEX - BOND ISSUE - BOND MARKET - BONDS - BRIDGE - BUDGET DEFICIT - BUDGETING - CAPACITY CONSTRAINTS - CAPITAL GRANT - CAPITAL GRANTS - CAPITAL INVESTMENT - CAPITAL INVESTMENT PROGRAM - CAPITAL MARKET - CAPITAL PROJECTS - CAPITAL REQUIREMENTS - CASH FLOW - CHECKS - COMMERCIAL BANKS - CONTINGENT LIABILITIES - CONTRACT DESIGN - COUNTRY RISK - CREDIBILITY - CREDIT MARKET - CREDIT RATING - CREDIT RATINGS - CURRENCY - CURRENCY DEPRECIATION - CURRENCY DEVALUATION - DEBT - DEBT EXCHANGE - DEBT RATIOS - DEBT SERVICE - DEBT SERVICING - DEFAULT RISK - DEFICITS - DEVELOPING COUNTRIES - DEVELOPMENT BANK - DRIVERS - DRIVING - EIB - EMERGING MARKET - EMERGING MARKET BOND - EXCHANGE RATE - EXCHANGE RATES - EXPENDITURE - EXPORTERS - FINANCE INFRASTRUCTURE - FINANCES - FINANCIAL CRISIS - FINANCIAL INSTRUMENTS - FINANCIAL MARKET - FINANCIAL MARKETS - FINANCIAL SUPPORT - FINANCIAL SUSTAINABILITY - FISCAL CONSTRAINTS - FISCAL DEFICIT - FISCAL DEFICITS - FOREIGN CURRENCIES - FOREIGN CURRENCY - FOREIGN EXCHANGE - FOREIGN EXCHANGE RESERVES - FOREIGN EXCHANGE RISK - GOVERNMENT BOND - GOVERNMENT BOND YIELDS - GOVERNMENT BORROWING - GOVERNMENT BUDGET - GOVERNMENT CAPACITY - GOVERNMENT EXPENDITURES - GOVERNMENT FINANCES - GOVERNMENT FINANCING - GOVERNMENT FUNDING - GOVERNMENT GUARANTEES - GOVERNMENT REVENUE - GOVERNMENT SPENDING - GOVERNMENT SUPPORT - GROSS DOMESTIC PRODUCT - HIGH-SPEED RAIL - HIGHWAY - HIGHWAY MAINTENANCE - HIGHWAY PROGRAM - HIGHWAY PROJECT - HIGHWAY PROJECTS - HIGHWAY REHABILITATION - HIGHWAYS - INFRASTRUCTURE COSTS - INFRASTRUCTURE DEVELOPMENT - INFRASTRUCTURE FINANCE - INFRASTRUCTURE FINANCING - INFRASTRUCTURE FUNDING - INFRASTRUCTURE INVESTMENT - INFRASTRUCTURE INVESTMENTS - INFRASTRUCTURE PROJECTS - INSTITUTIONAL CAPACITY - INSTRUMENT - INSURANCE - INTEREST RATE - INTEREST RATES - INTERNATIONAL AIRPORT - INTERNATIONAL BANK - INTERNATIONAL FINANCE - INTERNATIONAL FINANCIAL INSTITUTION - INTERNATIONAL FINANCIAL INSTITUTIONS - INTERNATIONAL FINANCIAL MARKETS - INVESTING - INVESTMENT BANK - INVESTMENT DECISIONS - INVESTMENT FUNDS - INVESTMENT REQUIREMENTS - INVESTMENT SPENDING - INVESTMENT STRATEGY - INVESTOR CONFIDENCE - JUDICIAL ENFORCEMENT - LANES - LAWS - LEGAL ENVIRONMENT - LEGAL FRAMEWORK - LEGISLATION - LENDERS - LIGHT RAIL - LIQUIDITY - LOAN - LOCAL BANKS - LOCAL CURRENCIES - LOCAL CURRENCY - LOCAL DEBT - LOCAL DEBT MARKET - LOCAL GOVERNMENT - LONG-TERM CAPITAL - LONG-TERM DEBT - LONG-TERM INVESTMENT - LONG-TERM INVESTORS - LONG-TERM LOANS - MARKET BORROWING - MARKET CONDITIONS - MARKET LIQUIDITY - MARKET RISK - MARKET RISKS - MATURITIES - MATURITY - MINISTRY OF TRANSPORT - MONETARY FUND - MOTORWAYS - NATIONAL HIGHWAYS - OIL PRICES - PASSENGERS - POTENTIAL INVESTMENT - PRESENT VALUE - PRIVATE CAPITAL - PRIVATE FINANCING - PRIVATE INVESTMENT - PRIVATE INVESTOR - PRIVATE INVESTORS - PRIVATE LOANS - PRIVATIZATION - PRODUCTIVE INVESTMENTS - PSP - PUBLIC BANKS - PUBLIC BORROWING - PUBLIC DEBT - PUBLIC FINANCE - PUBLIC FUNDS - PUBLIC INVESTMENT - PUBLIC INVESTMENTS - PUBLIC SECTOR INVESTMENT - PUBLIC SPENDING - RAIL LINKS - RAIL PROJECTS - RAILWAY - RAILWAYS - RATES OF INFLATION - REGULATORY FRAMEWORKS - REGULATORY OVERSIGHT - RETURN - RISK MANAGEMENT - RISK PREMIUMS - ROAD - ROAD PROJECTS - ROAD SECTOR - ROAD TUNNEL - ROADS - SAFETY - SAFETY NETS - SANITATION - SHARE OF INVESTMENT - SHARES OF INVESTMENT - SHORT-TERM BORROWING - SHORT-TERM DEBT - SOVEREIGN BONDS - SOVEREIGN DEBT - SOVEREIGN ENTITIES - SOVEREIGN GUARANTEE - STATE GUARANTEES - SUBSIDIARY - TAX - TAX SYSTEMS - TOLL - TOLL ROAD - TOLLS - TRAFFIC - TRAFFIC DEMAND - TRANSACTION - TRANSPARENCY - TRANSPORT - TRANSPORT INVESTMENT - TRANSPORT INVESTMENTS - TRANSPORT PROJECTS - TRANSPORT RESEARCH - TRANSPORT SECTOR - TREASURY - TREASURY BONDS - TREATY - TRUST FUND - TUNNEL - UNDERGROUND - URBAN TRANSPORT - VEHICLE - VEHICLES DE,GB,US,ES,IT,FR,MX English Business, World Bank<

ISBN: 9780821387030

Infrastructure ACCOUNTABILITY - ACCOUNTING - ADB - AIRPORT - AIRPORT EXPANSION - AIRPORTS - BALANCE SHEET - BALANCE SHEETS - BALANCE­SHEET - BASIS POINT - BASIS POINTS - BID - BIDS - BOND… Plus…

Infrastructure ACCOUNTABILITY - ACCOUNTING - ADB - AIRPORT - AIRPORT EXPANSION - AIRPORTS - BALANCE SHEET - BALANCE SHEETS - BALANCE­SHEET - BASIS POINT - BASIS POINTS - BID - BIDS - BOND INDEX - BOND ISSUE - BOND MARKET - BONDS - BRIDGE - BUDGET DEFICIT - BUDGETING - CAPACITY CONSTRAINTS - CAPITAL GRANT - CAPITAL GRANTS - CAPITAL INVESTMENT - CAPITAL INVESTMENT PROGRAM - CAPITAL MARKET - CAPITAL PROJECTS - CAPITAL REQUIREMENTS - CASH FLOW - CHECKS - COMMERCIAL BANKS - CONTINGENT LIABILITIES - CONTRACT DESIGN - COUNTRY RISK - CREDIBILITY - CREDIT MARKET - CREDIT RATING - CREDIT RATINGS - CURRENCY - CURRENCY DEPRECIATION - CURRENCY DEVALUATION - DEBT - DEBT EXCHANGE - DEBT RATIOS - DEBT SERVICE - DEBT SERVICING - DEFAULT RISK - DEFICITS - DEVELOPING COUNTRIES - DEVELOPMENT BANK - DRIVERS - DRIVING - EIB - EMERGING MARKET - EMERGING MARKET BOND - EXCHANGE RATE - EXCHANGE RATES - EXPENDITURE - EXPORTERS - FINANCE INFRASTRUCTURE - FINANCES - FINANCIAL CRISIS - FINANCIAL INSTRUMENTS - FINANCIAL MARKET - FINANCIAL MARKETS - FINANCIAL SUPPORT - FINANCIAL SUSTAINABILITY - FISCAL CONSTRAINTS - FISCAL DEFICIT - FISCAL DEFICITS - FOREIGN CURRENCIES - FOREIGN CURRENCY - FOREIGN EXCHANGE - FOREIGN EXCHANGE RESERVES - FOREIGN EXCHANGE RISK - GOVERNMENT BOND - GOVERNMENT BOND YIELDS - GOVERNMENT BORROWING - GOVERNMENT BUDGET - GOVERNMENT CAPACITY - GOVERNMENT EXPENDITURES - GOVERNMENT FINANCES - GOVERNMENT FINANCING - GOVERNMENT FUNDING - GOVERNMENT GUARANTEES - GOVERNMENT REVENUE - GOVERNMENT SPENDING - GOVERNMENT SUPPORT - GROSS DOMESTIC PRODUCT - HIGH-SPEED RAIL - HIGHWAY - HIGHWAY MAINTENANCE - HIGHWAY PROGRAM - HIGHWAY PROJECT - HIGHWAY PROJECTS - HIGHWAY REHABILITATION - HIGHWAYS - INFRASTRUCTURE COSTS - INFRASTRUCTURE DEVELOPMENT - INFRASTRUCTURE FINANCE - INFRASTRUCTURE FINANCING - INFRASTRUCTURE FUNDING - INFRASTRUCTURE INVESTMENT - INFRASTRUCTURE INVESTMENTS - INFRASTRUCTURE PROJECTS - INSTITUTIONAL CAPACITY - INSTRUMENT - INSURANCE - INTEREST RATE - INTEREST RATES - INTERNATIONAL AIRPORT - INTERNATIONAL BANK - INTERNATIONAL FINANCE - INTERNATIONAL FINANCIAL INSTITUTION - INTERNATIONAL FINANCIAL INSTITUTIONS - INTERNATIONAL FINANCIAL MARKETS - INVESTING - INVESTMENT BANK - INVESTMENT DECISIONS - INVESTMENT FUNDS - INVESTMENT REQUIREMENTS - INVESTMENT SPENDING - INVESTMENT STRATEGY - INVESTOR CONFIDENCE - JUDICIAL ENFORCEMENT - LANES - LAWS - LEGAL ENVIRONMENT - LEGAL FRAMEWORK - LEGISLATION - LENDERS - LIGHT RAIL - LIQUIDITY - LOAN - LOCAL BANKS - LOCAL CURRENCIES - LOCAL CURRENCY - LOCAL DEBT - LOCAL DEBT MARKET - LOCAL GOVERNMENT - LONG-TERM CAPITAL - LONG-TERM DEBT - LONG-TERM INVESTMENT - LONG-TERM INVESTORS - LONG-TERM LOANS - MARKET BORROWING - MARKET CONDITIONS - MARKET LIQUIDITY - MARKET RISK - MARKET RISKS - MATURITIES - MATURITY - MINISTRY OF TRANSPORT - MONETARY FUND - MOTORWAYS - NATIONAL HIGHWAYS - OIL PRICES - PASSENGERS - POTENTIAL INVESTMENT - PRESENT VALUE - PRIVATE CAPITAL - PRIVATE FINANCING - PRIVATE INVESTMENT - PRIVATE INVESTOR - PRIVATE INVESTORS - PRIVATE LOANS - PRIVATIZATION - PRODUCTIVE INVESTMENTS - PSP - PUBLIC BANKS - PUBLIC BORROWING - PUBLIC DEBT - PUBLIC FINANCE - PUBLIC FUNDS - PUBLIC INVESTMENT - PUBLIC INVESTMENTS - PUBLIC SECTOR INVESTMENT - PUBLIC SPENDING - RAIL LINKS - RAIL PROJECTS - RAILWAY - RAILWAYS - RATES OF INFLATION - REGULATORY FRAMEWORKS - REGULATORY OVERSIGHT - RETURN - RISK MANAGEMENT - RISK PREMIUMS - ROAD - ROAD PROJECTS - ROAD SECTOR - ROAD TUNNEL - ROADS - SAFETY - SAFETY NETS - SANITATION - SHARE OF INVESTMENT - SHARES OF INVESTMENT - SHORT-TERM BORROWING - SHORT-TERM DEBT - SOVEREIGN BONDS - SOVEREIGN DEBT - SOVEREIGN ENTITIES - SOVEREIGN GUARANTEE - STATE GUARANTEES - SUBSIDIARY - TAX - TAX SYSTEMS - TOLL - TOLL ROAD - TOLLS - TRAFFIC - TRAFFIC DEMAND - TRANSACTION - TRANSPARENCY - TRANSPORT - TRANSPORT INVESTMENT - TRANSPORT INVESTMENTS - TRANSPORT PROJECTS - TRANSPORT RESEARCH - TRANSPORT SECTOR - TREASURY - TREASURY BONDS - TREATY - TRUST FUND - TUNNEL - UNDERGROUND - URBAN TRANSPORT - VEHICLE - VEHICLES , UK,GB,DE,ES,FR,IT,US,CA,MX,AU,NZ 20110224 English Business, World Bank<

2010, ISBN: 9780821387030

The global financial crisis that began in late 2008 has set back ambitious infrastructure development plans among many countries in Europe and Central Asia (ECA). Many such plans relied o… Plus…

The global financial crisis that began in late 2008 has set back ambitious infrastructure development plans among many countries in Europe and Central Asia (ECA). Many such plans relied on Public-Private Partnerships (PPP) arrangements. Furthermore, the financial crisis resulted in sharp declines in gross domestic product (GDP) and country's deteriorating fiscal space restricted the scope for maintaining the level of investment or introducing counter-cyclical measures driven by public sector investment in infrastructure. Soaring levels of public debt, limited room to cut expenditures, and lower tax receipts due to slower than expected economic growth will mean that the 'fiscal space' in the region to make public investments in infrastructure will be strained in the coming years. The ability of many ECA country governments to expand expenditure any further, even for productive investments in infrastructure, will thus prove challenging. Nevertheless, the year 2010 saw some countries and cities reaching financial close on multi-billion projects while others are still struggling to close their first PPP project in highway. The comparison of the Pulkovo Airport in Russia and the Comarnic-Brasov Highway in Romania is an illustration of this situation. On one hand St Petersburg developed a robust PPP project that involved the rehabilitation of an existing asset with established demand. On the other hand, the Romania examples show how projects with large capital requirements with unknown demand risk are still considered risky for the private sector, especially in the context of reduced liquidity from the financial crisis. This study shows that PPP financing remains viable and can bring value to the economy, despite the difficulties that projects faced. The global financial crisis has created new opportunities for the ECA Region to refocus PPP projects on value-for-money and financial sustainability, as the primary drivers for private participation, and using the range of options and innovative approaches discussed above. Trade Books>Trade Paperback>Business>Accounting,Finance>Accounting,Finance, Bernan Distribution Core >1<

ISBN: 9780821387030

124 Seiten, The recent international financial crisis has significantly affected Governments' ability to invest in infrastructure in Europe and Central Asia, with no counterbalancing effe… Plus…

124 Seiten, The recent international financial crisis has significantly affected Governments' ability to invest in infrastructure in Europe and Central Asia, with no counterbalancing effects by the private sector. The study identifies the issues dampening private participation in infrastructure in the region and recommends possible practical solutions. Business & Economics, World Bank Publications<