Friday, 21 February 2020

PFI Global Infrastructure Report 2018

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  • Issues and challenges on BRI

    The Belt & Road Initiative (BRI) is notable not only in terms of its scale, geographical reach and the political will behind it, but also for its lack of any roadmap. By Vicky Ma, consultant, Clifford Chance.

  • Goodwill runs out for Carillion

    There are many extraordinary facts surrounding the collapse of Carillion. One minor point though is, after all, that it was not the fault of the private finance initiative (PFI), labelled a fraud on the public by RBS chairman Sir Howard Davies in the days after the collapse. No – it was a toxic mix of accounting practices and a focus on shareholder returns at all costs that bought it down. Not in the same league as Enron by any means but accounting is once again a root cause. By Rod Morrison

  • Bridging the gap in Turkey

    Financial close was achieved in June on the largest international project finance deal in Turkey’s recent history, the Çanakkale 1915 bridge PPP. As the country’s infrastructure ambitions swell, the project’s South Korean sponsor and structure are worth considering. By Colin Leopold.

  • US infra – Ripe for disruption

    Audacity and disruption are badly needed in the US infrastructure market. By Michael Whalen, a managing director at Berkeley Research Group and a former senior adviser at the US Department of Transportation’s Build America Bureau.

  • Fibre-optic for the Heimat

    Germany, the Wirtschaftswunderland, is at the bottom of the international league when it comes to fibre-optic market penetration but is catching up. Small, agile start-ups and SMEs that have driven the initial expansion are becoming increasingly mature. Bankable project finance structures are now firmly established. By Steffen Leiwesmeier, head of digital infrastructure financing at HSH Nordbank.

  • Argentina’s bold PPP initiative

    Over the past decade, countries across Latin America have launched innovative public-private partnership (PPP) initiatives to provide the framework for broad-scale infrastructure development programmes. By Gianluca Bacchiocchi, Clifford Chance US LLP, New York.

  • New president to push 4G into five

    Colombia has elected a new president, who is relatively business-friendly. The infrastructure sector will remain a priority and continued regulatory support is expected to keep fuelling private sector involvement. ByNic Stone.

  • Ghost of challenging hospital P3s looms

    A new mega-hospital and several other healthcare P3s are preparing for various stages of procurement across Canada. They have come up against a legacy of higher-than-expected costs, delays, litigation and even criminal charges. By Alison Healey.

  • Pedemontana – An innovative project bond

    The financing of the Superstrada Pedemontana Veneta was made possible by an innovative structure, adapting project bond economics to meet the challenges of greenfield motorway construction. By Valentina Vangelista, JP Morgan, and Umberto Antonelli, partner, Ashurst Milan.

  • Property traffic a PPP risk

    The sale of government land titles registries has been one of the more interesting infrastructure-type deals in Australia over the past 18 months. The deals are structured along the lines of toll road concessions and face similar traffic-style risks for lenders. By John Arbouw.

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