Advance Funding for Infrastructure PPPs : Cautions from Two Road Projects in Peru

Kerf, Michel

World Bank Group, Washington, DC

关键词: INVESTORS;    SOVEREIGN DEBT;    FINANCING;    PAYMENT OBLIGATION;    STOCK;   

RP-ID  :  96251

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Public private partnerships (PPPs) forinfrastructure projects require substantial initial fundingthat private operators in developing countries can rarelyobtain in the domestic market. In 2005, in the context oftwo important road projects, the government of Peruintroduced a financial innovation with two goals: improvethe access of the projects’ concessionaires to theinternational financial markets and book government supportas an operating expense rather than debt. The innovationsoffered distinct advantages to the concessionaires whileimposing a significant burden on the government, which hassince stopped using them. Nonetheless, the new approach canstill be useful in carefully limited instances to help solvethe funding problem.