Project bonds, promoters of investment in transport infraestructure in Europe
DOI:
https://doi.org/10.14422/icade.i98.y2016.010Keywords:
Project bonds, infrastructure financing, European Union, credit enhancements, project eligibility.Abstract
The global financial crisis has caused difficulties in infrastructure financing in Europe, but also less-leveraged structures and ever-decreasing deadlines, which have stimulated the search for alternative mechanisms. In this paper, the main advancements to boost priority infrastructure within the European Union, through collaboration between governments, multilateral institutions and private agencies are analysed. Mechanisms that encourage greater private participation in project financing are described. The focus will be on project bonds, as a major tool: features, associated risks and modalities. We have studied the Pilot phase achievements, facing its horizon (2020).
References
BANCO EUROPEO DE INVERSIONES (2016), Investment Plan for Europe. Banco Europeo de Inversiones. Luxemburgo. http://www.eib.org/projects/cycle/ (última consulta 08/06/2016).
BANCO EUROPEO DE INVERSIONES (2012), An outline guide to Project Bonds Credit Enhancement and the Project Bond Initiative. Banco Europeo de Inversiones. Luxemburgo.
BANCO MUNDIAL (1994), “Valuing Infrastructure Stocks and Gains from Improved Performance”, Background paper prepared for World Bank, World Development Report.
CHAMPION, J. (2016), Research Briefing. Trans-European Transport Network (TEN-T) – a quick guide. National Assembly for Wales Commission. Research Service National Assembly for Wales.
COMISIÓN EUROPEA (2015a), Making the best use of new financial schemes for European transport infrastructure projects. Bruselas. http://ec.europa.eu/transport/themes/infrastructure/ten-t-guidelines/doc/2015_06_03_cbs_action_plan_final.pdf (última consulta: 15/06/2016).
COMISIÓN EUROPEA (2015b), Informe de la Comisión al Parlamento Europeo y al Consejo de evaluación de las finanzas de la Unión basado en los resultados obtenidos. Bruselas, 26.6.2015 COM(2015) 313 final.
COMISIÓN EUROPEA (2011), Libro Blanco. Hoja de ruta hacia un espacio único europeo de transporte: por una política de transportes competitiva y sostenible. Luxemburgo. http://ec.europa.eu/transport/themes/strategies/doc/2011_white_paper/white-paper-illustrated-brochure_es.pdf (última consulta: 15/06/2016).
COMISIÓN EUROPEA (2012), Connect to compete, http://ec.europa.eu/transport/facts-fundings/connect-to-compete/index_en.htm (última consulta 08/06/2016).
COMISIÓN EUROPEA. (2012), Transport modes, http://ec.europa.eu/transport/modes/rail/news/shift-to-rail_en.htm (última consulta 06/07/2016).
DUPAS, N. y otros (2011). Mini-perm Structures in PPP Contracts: Risks and Opportunities. https://halshs.archives-ouvertes.fr/halshs-00686701/document (última consulta: 10/06/2016).
EPEC y FRESHFIELDS BRUCKHAUS DERINGER (2013), Financing PPPs with project bonds in Germany. An analysis of procurement issues. http://www.eib.org/epec/resources/financing-ppps-project-bonds-in-germanyjuly-2013pdf1.pdf (última consulta 01/06/2016)
EY (2015), Ad-hoc Audit of the pilot phase of the Europe 2020 Project Bond Initiative. Comisión Europea.
FRESHFIELDS BRUCKHAUS DERINGER LLP. (2012), From policy to proof of concept, and beyond: Outlook for infraestructure 2012.
GEREBIZZA, E. y TRICARICO, A. (2013), Large infrastructure to overcome the crisis? The hidden risks of the Europe 2020 project bond initiative.
GROUT, P. A. (2003), “Public and private sector discount rates in Public-Private Partnerships”, The Economic Journal, num. 113, pp. 62-68.
MARGUERITE (2016), The PCI initiative: how the Marguerite Fund can help this succeed.
MOODY´S (2016), Moody’s: Europe’s project bond market set for growth after successful pilot. Moody’s Investors Service.
OCDE (2007), Infrastructure to 2030, vol. 2. Mapping policy for electricity, water and transport.
PAPE, M. (2015), An overview of the Trans-European Transport Network. Servicio de Estudios del Parlamento Europeo.
PWC (2014), European Commission DG Transport and Mobility. Ad-hoc audit of the Marguerite Fund. Executive Summary. Comisión Europea
ROSSI, E. y otros (2015), Infrastructure project finance and project bonds in Europe. Springer.
SPACKMAN, M. (2002), “Public-private partnerships: lessons from the British approach”, Economic Systems, Vol. 26, num. 4, pp. 283-301.
Downloads
How to Cite
Issue
Section
License
The authors of articles published in icade. Revista de la Facultad de Derecho retain the intellectual property rights over their works and grant the journal their distribution and public communication rights, consenting to their publication under aCreative Commons Attribution-NonCommercial-NoDerivates 4.0 Internacional. Authors are encouraged to publish their work on the Internet (for example, on institutional or personal pages, repositories, etc.) respecting the conditions of this license and quoting appropriately the original source.
