دانلود کتاب مالی پروژه بین المللی – مشارکت عمومی و خصوصی

The origins of project finance date back to the thirteenth century, when the financing of a mining operation was structured not unlike todays’ methods. In 1299 A.D., the English Crown financed the exploration and the development of the Devon silver mines by repaying the Florentine merchant bank, Frescobaldi, with output from the mines.1 In the seventeenth century, another form of project finance emerged with fund sailing ship voyages with Investors providing financing for trading expeditions on a voyage-by-voyage basis. Upon return, the cargo and ships were liquidated and the proceeds of the voyage split among investors.2 Over centuries, project financing has evolved into primarily a vehicle for assembling a consortium of investors, lenders, and other participants to undertake infrastructure projects that would be too large for individual investors to underwrite. To date, project financing, as an alternative to conventional direct financing, is a well-established technique for large capital-intensive projects. Finnerty defines project finance as the raising of funds to finance economically separable capital investment projects, where the project cash flow serves as the source of funds to service loans and provide returns on the equity invested in the project.3 The OECD defines project finance as the financing of long-term infrastructure, industrial, extractive, environmental, and other projects/public services (including social, sports, and entertainment PPPs) based upon a limited recourse financial structure where project debt and equity used to finance the project are paid back from the cash flow generated by the project (typically, a special purpose entity (SPE) or vehicle (SPV)).4 Project finance helps finance new investment by structuring the financing around the project’s own operating cash flow and assets, without additional sponsor guarantees. Project financing involves nonrecourse financing of the development and construction of a particular project in which the lender looks principally to the revenues expected to be generated by the project for the repayment of its loan and to the assets of the project as collateral for its loan rather than to the general credit of the project sponsor. Thus, the technique is able to alleviate investment risk and raise finance at a relatively low cost, to the benefit of sponsor and investor alike.5 Prior to World War I, private entrepreneurs built major infrastructure projects all over the world. During the nineteenth century, ambitious projects such as the Suez Canal and the Trans-Siberian Railway were constructed, financed, and owned by private companies. However, the private sector entrepreneur disappeared after World War I and as colonial powers lost control, new governments financed infrastructure projects through public sector borrowing. The state and the public utility organizations became the main clients in the commissioning of public works, which were then paid for out of general taxation. After World War II, most infrastructure projects in industrialized countries were built under the supervision of the state and were funded from the respective budgetary resources of sovereign borrowings. In 1978, the United States passed the Public Utility Regulatory Act (PURPA) and established a private market for electric power. In so doing, the United States paved the way for the growth of project financing in many other industrial countries. Similarly, recent large-scale privatizations in developing countries aimed at strengthening economic growth and stimulating private sector investment have given further impetus to project finance structuring. In the 1990s as a means of financing projects designed, to help meet the tremendous infrastructure needs existing in both developed and developing countries, project financing almost replaced the traditional financing model that prevailed for centuries. Perhaps the most prolific use of project financing has been in the UK, where something called the “Private Finance Initiative” (PFI) has been used. PFI was started in 1992 and has been managed by the British government as a systematic public-private partnership program.