eBook

Resource financed infrastructure

Halland, Håvard, Land, Bryan, Schmidt, James, Beardsworth, John

2014

Overview

This report, consisting of a study prepared by global project finance specialists Hunton and Williams LLP and comments from six internationally reputed economists and policy makers, provides an analytical discussion of resource financed infrastructure (RFI) contracting from a project finance perspective. The report is meant as a forum for in-depth discussion and as a basis for further research into RFI's role, risks, and potential, without any intention to present a World Bank, supported view on RFI contracting. It is motivated by the conviction that if countries are to continue to either seeks RFI or receive unsolicited RFI proposals, there is an onus on public officials to discern bad deals from good, to judge unavoidable trade-offs, and to act accordingly. The report aims to provide a basis for developing insights on how RFI deals can be made subject to the same degree of public policy scrutiny as any other instrument through which a government of a low or lower-middle-income country might seek to mobilize development finance. The report also feeds into the global mainstreaming of 'open contracting,' providing citizens with the means to engage with governments and other stakeholders on how nonrenewable resources are best managed for the public benefit. In the case of RFI, there is a very direct link made between the value of resources in the ground and the development of (infrastructure) benefits. It should not be a surprise, therefore, that the revised Extractive Industries Transparency Initiative (EITI) Standard, adopted in May 2013, addresses extractive transactions with an infrastructure component, including RFI.

• Publisher: THE WORLD BANK,World Bank,World Bank Publications,The World Bank,Washington, DC: World Bank,International Bank for Reconstruction and Development / The World Bank
• Subject: ACCESS TO CAPITAL / AFFORDABILITY / AIRPORT / BALANCE SHEET / BALANCE SHEETS / BANK BORROWING / BANK DEBT / BANK LENDING / BANKRUPTCY / BANKS / BARTER / BID / BIDS / BOARDS OF DIRECTORS / BORROWING COST / BORROWINGS / BRIBES / CAPITAL COSTS / CAPITAL INVESTMENTS / CAPITAL MARKETS / CASH FLOW / CASH FLOWS / COLLATERAL / COLLATERALIZATION / COMMODITY PRICES / COMPETITIVE TENDER / CONTRACT RIGHTS / CONVENTIONAL BANK / CORRUPTION / CREDIT FACILITY / CREDIT MARKET / CREDITOR / CREDITS / CREDITWORTHINESS / CURRENCY / CURRENCY MISMATCH / DEBT / DEBT SERVICE / DEBT SERVICING / DEPOSIT / DEVELOPING COUNTRIES / DEVELOPMENT ASSISTANCE / DEVELOPMENT BANK / DEVELOPMENT COMPANY / DEVELOPMENT FINANCE / DISBURSEMENTS / DIVERSIFICATION / DIVIDENDS PAYABLE / DOMESTIC CURRENCY / DOWN PAYMENT / ECONOMIC DEVELOPMENT / ECONOMIC GROWTH / ELECTRICITY / EMERGING MARKET / EMERGING MARKET ECONOMIES / EMPLOYMENT / EQUITY CONTRIBUTION / EQUITY HOLDING / EQUITY INVESTMENT / EQUITY INVESTMENTS / EQUITY INVESTOR / EQUITY INVESTORS / EQUITY RETURN / EXCHANGE RATE / FINANCE INFRASTRUCTURE / FINANCES / FINANCIAL CRISIS / FINANCIAL MANAGEMENT / FINANCIAL SKILLS / FINANCING OF INFRASTRUCTURE / FOREIGN DIRECT INVESTMENT / FOREIGN INVESTMENT / FOREIGN INVESTORS / FOREIGN MARKETS / FUNDING SOURCES / GLOBAL FINANCE / GLOBAL MARKETS / GOVERNMENT CREDIT / GOVERNMENT DEBT / GOVERNMENT FINANCES / GOVERNMENT GRANTS / GOVERNMENT GUARANTEE / GOVERNMENT INVOLVEMENT / GOVERNMENT OWNERSHIP / GOVERNMENT REVENUE / GOVERNMENT REVENUES / GOVERNMENT SUPPORT / GRACE PERIOD / GROSS DOMESTIC PRODUCT / HOST COUNTRIES / HOST GOVERNMENT / HOST GOVERNMENTS / INCOME TAXES / Infrastructure (Economics) / INFRASTRUCTURE COSTS / INFRASTRUCTURE DELIVERY / INFRASTRUCTURE DEVELOPMENT / INFRASTRUCTURE FINANCE / INFRASTRUCTURE FINANCING / INFRASTRUCTURE INVESTMENT / INFRASTRUCTURE INVESTMENTS / INFRASTRUCTURE LOANS / INFRASTRUCTURE PROJECTS / INITIAL INVESTMENT / INITIAL INVESTMENTS / INSTRUMENT / INTEREST RATE / INTERNATIONAL BANK / INTERNATIONAL DEVELOPMENT / INTERNATIONAL FINANCE / INVESTMENT POLICY / INVESTOR INTEREST / ISSUANCE / ISSUANCE OF BONDS / LACK OF TRANSPARENCY / LAWS / LEGAL CONSTRAINTS / LEGISLATION / LENDER / LENDERS / LEVEL OF RISK / LICENSES / LOAN / LOAN AGREEMENT / LOAN AGREEMENTS / LOAN FACILITY / LONG-TERM FINANCE / MARKET CONDITIONS / MARKET DESIGN / MARKET RISKS / MDB / MONETARY FUND / NATIONAL BUDGET / NATIONAL TREASURY / NATURAL RESOURCES / NEGATIVE PLEDGE CLAUSES / NEW BUSINESSES / NONPAYMENT / O&M / OPERATIONAL RISKS / OWNERSHIP INTEREST / PARTIAL RISK / PLEDGES / POLITICAL RISK / PORT FACILITIES / PRESENT VALUE / PRIVATE CAPITAL / PRIVATE INVESTOR / PRIVATE SECTOR / PRIVATE SECTOR PARTICIPATION / PROVISIONS / PUBLIC / PUBLIC INFORMATION / PUBLIC INFRASTRUCTURE / PUBLIC PARTNERSHIP / PUBLIC POLICY / PUBLIC PROCUREMENT / PUBLIC PROCUREMENT LAW / PUBLIC SERVICE / PUBLIC SERVICES / PUBLIC SPENDING / PUBLIC-PRIVATE PARTNERSHIP / PUBLIC-PRIVATE PARTNERSHIPS / RAIL / RAIL LINES / RAILWAYS / RATE OF RETURN / RECEIPTS / REGULATORY FRAMEWORKS / REGULATORY OVERSIGHT / RENEGOTIATION / REPAYMENT / RETAINED EARNINGS / RETURN ON INVESTMENT / RETURNS / REVENUE MANAGEMENT / ROADS / SETTLEMENT / SOURCES OF FINANCE / SOVEREIGN DEBT / SOVEREIGN DEBTS / SWAPS / TAX / TAX REVENUES / TELECOMMUNICATIONS / TRANSACTION / TRANSPARENCY / TRANSPORT / TRUSTEE / UTILITIES / VALUATION / VEHICLE / WATER SUPPLY / WEALTH
• ISBN: 9781464802393, 1464802394