Public-Private Partnerships: Principles of Policy and Finance
Butterworth-Heinemann, 01/04/2011 - 368 páginas
Over the last decade or so, private-sector financing through public-private partnerships (PPPs) has become increasingly popular around the world as a way of procuring and maintaining public-sector infrastructure, in sectors such as transportation (roads, bridges, tunnels, railways, ports, airports), social infrastructure (hospitals, schools, prisons, social housing) public utilities (water supply, waste water treatment, waste disposal), government offices and other accommodation, and other specialised services (communications networks or defence equipment).
This book, based on the author's practical experience on the public- and private-sector sides of the table, reviews the key policy issues which arise for the public sector in considering whether to adopt the PPP procurement route, and the specific application of this policy approach in PPP contracts, comparing international practices in this respect. It offers a systematic and integrated approach to financing PPPs within this public-policy framework, and explains the project-finance techniques used for this purpose. The book deals with both the Concession and PFI models of PPP, and provides a structured introduction for those who are new to the subject, whether in the academic, public-sector, investment, finance or contracting fields, as well as an aide memoire for those developing PPP policies or negotiating PPPs.
The author focuses on practical concepts, issues and techniques, and does not assume any prior knowledge of PPP policy issues or financing techniques. The book describes and explains:
* The different types of PPPs and how these have developed
* Why PPPs are attractive to governments
* General policy issues for the public sector in developing a PPP programme
* PPP procurement procedures and bid evaluation
* The use of project-finance techniques for PPPs
* Sources of funding
* Typical PPP contracts and sub-contracts, and their relationship with the project’s financial structure
* Risk assessment from the points of view of the public sector, investors, lenders and other project parties
* Structuring the investment and debt financing
* The key issues in negotiating a project-finance debt facility.
In addition the book includes an extensive glossary, as well as cross-referencing.
*Reviews the PPP policy framework and development from an international perspective
*Covers public- and private-sector financial analysis, structuring and investment in PPPs
*No prior knowledge of project financing required
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Chapter 4 Cash Flow and Investment Analysis
Chapter 5 The PublicSector Investment Decision
Chapter 6 PublicSector Procurement and Contract Management
Chapter 7 The PrivateSector Investors Perspective
Chapter 8 Project Finance and PPPs
Chapter 11 Financial Hedging
Chapter 12 Lenders CashFlow Controls Security and Enforcement
Chapter 13 ServiceFee Mechanism
Chapter 14 Risk evaluation and transfer
Chapter 15 Changes in circumstances and termination
Chapter 16 Funding competition debt refinancing and equity sale
Chapter 17 Alternative models
Chapter 9 PrivateSector Financing Sources and Procedures
Chapter 10 Financial Structuring
Glossary and Abbreviations
Outras edições - Ver tudo
ADSCR amount approach balance sheet banks basis benefit bond breakage cost calculation capex capital cash flow Company’s competition completion Concession construction phase Construction Subcontractor Cover Ratio debt service default discount rate discussed due diligence effect ensure Equity IRR Facility Financial Close financial model fixed fixed-rate funding guarantee hedging hence inflation inflation-indexed inflation-indexed bond initial interest rates interest-rate swap investment involved issues Lead Arrangers lenders loan London Underground long-term maintenance Mezzanine debt negotiation normally operating opex paid payments PFI-Model PPP Contract PPP programme PPP projects pricing private-sector investors Project Company Project Contracts project finance project-finance Public Authority Public Authority’s public-sector procurement Refinancing Gain repayment Reserve Accounts revenues Risk Matrix risk transfer road rôle sector Service Fees Shadow Tolls Soft FM Sponsors structure swap provider Table term Termination Sum toll toll roads usage risk