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m7!P !:rw>̶wyǴ9zI;EѻݞxZjz.[ JsJm[g.B 0ծ/(w6S_8q*pVjjW"6),U*CddB4 Ҟ7wOD$,^؆4oG>Tz|i+ Q\% =أg5+E TV[ʜo6CʶHs ں`:@!F u[[\q`k DZܕ=kXp9<+.ϳ5]Kmg jnpu٘-G2[L$dp#R|!S4tDczF[z"p=5/=ZhyOrqCG%累r?OO!,.E%08dO0a$lX $3gMЕh 799QG0l.3NH/Ӥh=0#VԸEղ_<PV ~TQGuСl/W.\X.62[ǦV٪+bX*1٪A ЪFfcl) #}mʔIg}x4@ fΜYExUPE& @!@jeEDv)Z! @J$1U-LXŧ~UhmTbSkvѪK}0!"w cw @h5VW?C c!@ZMՏ @"ߪX@ V OJlC`2$C${ ]gᅤ0x61h'YX=$) @@UO @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @/#R @ > !@ Pr8" @O @qIENDB`3(@ (/ 0DArialgsh2(0(B 0 DTahomagsh2(0(B 0  DTimes New Roman(0(B 0 0DWingdingsRoman(0(B 0 @DSimSungsRoman(0(B 0 PDtSungsRoman(0(B 0  A .  @n?" dd@  @@`` LDTV(    K!#%]')+-,   // 21//IJKQMNOPQRST,b$ܩ+8o{M<'~ 0AA@8)*wʚ;_7ʚ;g4KdKd@B 0ppp@ <4ddddlpC 0@2 <4ddddlhG 080___PPT10 ?  %)IPublic Private Partnerships for financing of infrastructure developmentJJ/Akash Deep Harvard University December 1, 2005 0Z-Agenda The objective: infrastructure development The mechanism: public private partnerships The actor: government The institution: national development banks +:The need for infrastructure & $qThe impact of economic infrastructure on growth is substantial: Canning and Benathan (2000) find that the rate of social return on paved roads is 2.5 times higher than the rate of return on capital in developing countries. Calderon and Serven (2004) find that infrastructure stocks have a positive effect on long-term growth, and a negative impact on income inequalityrr,>& but the shortage of financing $<Estimates arrive a need for infrastructure investment that are massive: $450b per year Electricity $120b 2001-10 Water &sanitation $49b 2001-15 China $200b 2001-10 But current ($56b) and expected future levels of investment are far short, making infrastructure& A binding factor of production: agriculture and manufacturing And detriment to the development of social infrastructure: health and education 2XPTPP 7The challenges of financing infrastructure domestically88$Size: Large, lumpy, inelastic projects Duration: very long -- maturity mismatch can be problematic for local commercial banks Low volume of deposit mobilization Volatile depositor base Low level of credit provision to the private sector: crowding out by government debt Limited capital market penetration Lack of non-government longer-term debt markets Lack of  fiscal space @{PP~b~ 13The challenges of financing infrastructure globally44$ Denomination: local currency revenues cannot support foreign currency liabilities Distance: Political risk Regulatory inadequacy Political feasibility 62Why must government participate in infrastructure?33$USignificant positive social externalities requiring the socially optimal level of investment Rate of return inadequate for private capital Check on negative externalities Missing markets for credit, especially long-term Natural monopoly and need for regulation Ensuring affordability and thereby access Longer term perspective of developmentVV Public Private Partnerships$~Under a public-private partnership (PPP), a contractual arrangement is formed between public- and private-sector partners that involves the private sector in the development, financing, ownership, and operation of a public facility or service. In such a partnership, public and private resources are pooled and responsibilities divided so that the partners' efforts complement one another. Such a venture differs from typical service contracting in that the private-sector partner usually makes a substantial cash, at-risk, equity investment in the project, and the public sector gains access to new revenue or service delivery capacity.(P~b~  PPP variants $Ownership B[O]OT: build [own] operate transfer BOO: build own operate Joint ventures Provision Leasing Operations or management contracts B L , 2Creating distance from government: Project Finance 3#$$9For private finance, need private assets Project finance involves creating a separate legal and economic entity with the primary role of setting up an organizational structure and obtaining the necessary financial resources to develop and manage a project. The main, and crucial, distinction from conventional corporate or public financial structures is that repayment to debt and equity providers depends solely on the capacity of the project to generate cash flows, with typically no recourse to the balance sheets of the sponsors or the resources of the government. ,:Z) # Typical project finance structure $$$ Forms of public participation$yDirect Subsidies on investment or usage Debt Equity and mezzanine financing Bridge financing Indirect Contingent support6V z Why PPP? $Greater regulatory convenience Enhanced development capacity of the state by leveraging public money Mechanism for tapping into private money and efficiency Greater transparency requirements: usually includes a competitive bidding process Lower financing costs Better risk containment and sharing Directed benefits through subsidies Better adherence to quality standards which might be hard to measure2Pb  Concerns regarding PPPs$Agency problems and moral hazard Risk allocation: are transferred risks systematic or idiosyncratic? Service quality standards difficult to ascertain and may be under- or over-estimated at the onset of the contracts: need for renegotiating contracts Inability of the government agency to pay the service charge due to future budgetary constraints Comparing with other alternatives:  Public Sector Comparator is too difficult to implement Renegotiation in a non-competitive framework may promote opportunistic behavior 4ZZb  National development banks$ & concerned with offering long-term capital finance to projects generating positive externalities&  Provider of long term financing Regulatory support and legitimacy Catalyst for other forms of private capital Developer of domestic credit markets Developer of local derivatives instruments A steady counter-cyclical financing source,ed ?National Development Banks: A conduit for public participation@@ >Financed by government borrowings, NDBs: Hold a diversified portfolio of government s stake in infrastructure projects Adopt a more professional approach to government participation Learn across projects and creating a repository of expertise and information Gain an inside view of projects at par with private investors and banks Maintain a sustained role lending legitimacy and continuity of public participation$*ZvZ NDBs: Questions$Financial and economic performance of NDB investments Extent of complimentarily between different roles of development banks: domestic capital markets Are there agency problems between the government and independent NDBs? 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WFinancial risks @`  <xZ4 ?"`p#  KX @`  <|c4?#  T  @`  <Tl4? #  T  @`  <4n4? #  Operating and Maintenance Risks& b  @`  <`4 ?"`p KX @`  <d4? T  @`  <<4?  T  @`  <D4?  Design and Construction Risks&b  @`   <Е4?p T  @`   <4? KX @`   <4?  T  @`   <4?  Demand and Revenue Risks&b  @`   <4?p QPrivate @`  <H4? PShared @`  <4?  PPublic @`  <4?  R  @``B . 0o ?pZB / s *1 ?pZB 0 s *1 ?ZB 1 s *1 ?ZB 2 s *1 ?# # ZB 3 s *1 ?. . ZB 4 s *1 ?8 p8 ZB 5 s *1 ?B pB ZB 6 s *1 ?L pL ZB 7 s *1 ?VpV`B 8 0o ?`p``B 9 0o ?`ZB : s *1 ?  `ZB ; s *1 ?`ZB < s *1 ?`B P 01 ?p`B Q 01 ?p`B R 01 ?. `B T 01 ?pp. `B = 0o ?pp`B V 01 ?# p# `B Y 01 ?. p. ZB Z s *1 ?. ``B [ 0o ?p. p`H  0޽h ? 33___PPT10i.%s+D=' = @B +O 0 P_(  ^  S XK   4  c $6 )  4 U{BOOT: the private developer finances, builds, maintains and operates the project, with ownership reverting to the government after a fixed or flexible period of time. BOO: the private concessionaire enjoys ownership in perpetuity. This structure has been used for various water treatment and desalination projects around the world. Leasing can take a variety of forms which range from cases in which the government might finance and build an asset which is then leased to a private operator (similar to a management contract), to those where the private operator might finance and build the asset and lease it to the government for use. Joint ventures The public and private sectors can jointly own and operate the facility in a jont venture. Such structures typically include joint ownership of assets, such as the Equate petrochemicals project in Kuwait or the Petrolera Zuata project in Venezuela. Operations and management contracts While not exactly a form of private financing, these include cases where the private sector provides a specific service or manages the operation of the asset for a specific period of time for a fee. x|     +   $  > H  0.k ? 3380___PPT10.|4?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^`abcdefghijklmnopqrstuvwxyz{|}~    Root EntrydO)Pictures~Current User SummaryInformation((UPowerPoint Document(_DocumentSummaryInformation8Root EntrydO){Pictures~Current UserGSummaryInformation((U%_ CMS InstallerCMS Installer