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Journal articles on the topic 'Project finance'

Author: Grafiati

Published: 4 June 2021

Last updated: 30 July 2024

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1

M. Pinto, João. "What is project finance?" Investment Management and Financial Innovations 14, no. 1 (May 8, 2017): 200–210. http://dx.doi.org/10.21511/imfi.14(1-1).2017.06.

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Project finance is the process of financing a specific economic unit that the sponsors create, in which creditors share much of the venture’s business risk and funding is obtained strictly for the project itself. Project finance creates value by reducing the costs of funding, maintaining the sponsors financial flexibility, increasing the leverage ratios, avoiding contamination risk, reducing corporate taxes, improving risk management, and reducing the costs associated with market imperfections. However, project finance transactions are complex undertakings, they have higher costs of borrowing when compared to conventional financing and the negotiation of the financing and operating agreements is time-consuming. In addition to describing the economic motivation for the use of project finance, this paper provides details on project finance characteristics and players, presents the recent trends of the project finance market and provides some statistics in relation to project finance lending activity between 2000 and 2014. Statistical analysis shows that project finance loans arranged for U.S. borrowers have higher credit spreads and upfront fees, and have higher loan size to deal size ratios when compared with loans arranged for borrowers located in W.E. On the contrary, loans closed in the U.S. have a much shorter average maturity and are much less likely to be subject to currency risk and to be closed as term loans.

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2

Romih, Dejan. "Project Finance." Lex localis - Journal of Local Self-Government 6, no. 2 (September 2, 2009): 171–81. http://dx.doi.org/10.4335/48.

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Project finance is enjoying renewed attention as a financing technique in which the lenders look primarily to the cash-flow of a project as the main source of loan reimbursement, whereas assets represent only collateral. Owing to the general misunderstanding of the terms used in respect of project finance, the purpose of the paper will be to provide clear definitions, drawing attention to different project finance transactions that can be placed on a continuum, with recourse to project sponsors ranging from non-recourse to almost complete recourse. Several characteristics of project finance will also be addressed. KEY WORDS: • financial economics • structured finance • project finance • non-recourse and limited recourse debt • special purpose vehicle • highly leveraged capital structure

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3

Ribeiro, Sónia Patrícia dos Santos, and Adalmiro Andrare Pereira. "Project Finance." Review of Business and Legal Sciences, no. 22 (July 25, 2017): 85. http://dx.doi.org/10.26537/rebules.v0i22.1015.

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O Project Finance é uma forma de financiamento de projetos inovadora, muito utilizada nos Estados Unidos e na Europa e que se aplica essencialmente a projetos de grande escala devido às características subjacentes. Este tema é relevante devido às condições financeiras, sociais e políticas que estamos a viver. As empresas enfrentam muitas adversidades para manter o seu negócio em bom funcionamento, procurando obter vantagens competitivas, mas isso torna-se difícil quando estas não possuem meios financeiros e de gestão para sustentar os investimentos. E é aqui que o Project Finance tem um papel importante, pois é um tipo de financiamento que pode facilitar a execução de projetos em qualquer lugar do mundo, mais particularmente nos países em desenvolvimento em que as empresas enfrentam dificuldades em obter recursos financeiros.

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Karekar, Deepak, and Prof Gopal Krishna Sharma. "Project Finance with Limited Resources." International Journal of Research Publication and Reviews 5, no. 1 (January 24, 2024): 5429–37. http://dx.doi.org/10.55248/gengpi.5.0124.0363.

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5

Farikhi, Amrin, Christiono Utomo, and Rifki Ismal. "Islamic Infrastructure Project Finance: A Literature Review." 14th GCBSS Proceeding 2022 14, no. 2 (December 28, 2022): 1. http://dx.doi.org/10.35609/gcbssproceeding.2022.2(36).

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Infrastructure plays an important role in supporting economic growth and competitiveness of a country, and well-developed infrastructure is often considered as the foundation for economic growth (Abdurraheem & Naim, 2018); (Amel et al, 2020). Infrastructure investment and economic growth are interrelated, because infrastructure improvements will have an impact on increasing economic growth, which in turn will encourage infrastructure investment (Selim et al, 2019). Infrastructure projects have a very large scope, long time span, and involve many stakeholders, and the need for investment in infrastructure also becomes less liquid (Mohamad, 2015). Infrastructure projects have two important characteristics that must be considered in terms of financing. The first is the long-term investment period and the second is the high cost involved in infrastructure projects (Manzoor et al, 2017). Most large-scale infrastructure projects are financed non-recourse to the sponsoring companies, this type of financing is commonly known as project finance (Camacho, 2005). Project finance has been implemented globally in infrastructure financing both in developed and developing countries. The current condition faced by developing countries, besides the high investment value required and short-term for financing in infrastructure development are the high interest rates (United Nations, 2021). Project finance with a sharia scheme (Islamic project finance) is expected to be one of the best alternatives in overcoming infrastructure financing problems. Sharia financing is the most appropriate instrument for infrastructure financing because the basic asset is the project itself that it can be used as a method for financing infrastructure investment (Abdulkareem & Mahmud, 2019) and other activities that are prohibited by Islamic finance principles (Rarasati et al, 2013). Keywords: Infrastructure; Long-term Investment; Project Finance; Sharia Scheme; Sukuk.

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6

Obi L. E., Uwanugo, R. G., and Uchejiora M Eng. "Analysis of project financing sources and their effects on projects’ costs in Nigerian construction domain." International Journal of Engineering Research Updates 1, no. 2 (December 30, 2021): 001–14. http://dx.doi.org/10.53430/ijeru.2021.1.2.0048.

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This research is on Project Financing in Nigeria. It examines the problems of project financing in the country, which include the following: Lack of adequate sources of finance for the development of projects; lack of information on appropriate sources of finance for projects development; failure of applications to the appropriate finance sources which in most cases result to project abandonment and, or project cost over-run. In attempting to prefer solutions to these problems, a critical analysis of the collected data was carried out using the following decision criteria in carrying out the financial appraisal of the studied projects: Simple inspection method, Cost-Benefit analysis, Equivalent uniform annual cash flow (EUACF), Internal rate of return (IRR), Present value (Worth). The results of the study show that most public projects financed using direct financing method are abandoned due to one problem or another. Contractor financing was, therefore, applied in financing such projects. In conclusion, the research revealed that the economic system in operation determines the source(s), of finance for any project. In view of the findings of the research, it is recommended that a complete re-organization of the existing institutional framework of the project financing sector in the country be carried out.

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Magdalena, Hilyah, Hadi Santoso, and Litha Leonita. "Sistem Pendanaan Proyek Perusahaan Jasa Konstruksi Berbasis Web." INFORMAL: Informatics Journal 6, no. 3 (December 20, 2021): 121. http://dx.doi.org/10.19184/isj.v6i3.26853.

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CV. Yusti Karya as a construction company realizes that the ability to manage project finances is an important requirement for smooth project management. CV.Yusti Karya often has to manage several projects simultaneously in remote locations. This condition makes it difficult for the finance staff in the office to manage project financial allocations and also makes it difficult for project managers in the field and must report the status of project expenditures to the office. This difficulty drives CV. YustiKarya improved the project's financial management system from using spreadsheets to a web-based information system. Web-based information system will be developed using object-oriented methods. The object- oriented system development method was chosen because of its modular development capabilities and adapts to system requirements. The development of this system aims to enable Person in Charge (PIC) projects in the field to submit expenditures and can be immediately approved by the financial staff in charge. Online project finance management between project PICs and finance staff helps harmonize financial management. The Director can monitor the flow of the latest project finance developments online.

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8

Alderdice, Paul, Harold Horwich, and Roger D. Feldman. "Risk Finance for Project Finance." Journal of Structured Finance 6, no. 4 (January 31, 2001): 30–35. http://dx.doi.org/10.3905/jsf.2001.320233.

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9

Trigoso Suárez, Marco Antonio. "EL PROJECT FINANCE." Ius Inkarri, no. 6 (January 26, 2018): 361–70. http://dx.doi.org/10.31381/iusinkarri.vn6.1251.

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Tanto la actividad privada como la desarrollada por la administración pública juegan un rol trascendente para la implementación de proyectos en los que se utiliza project finance como sistema de financiación. Los vínculos se darán en todo momento, desde que se constituye la SPV pues necesitara para su funcionamiento inscribirse en el registro de personas jurídicas; el proyecto también requerirá diversas autorizaciones, por ejemplo las exigidas en el régimen de la competencia; así como licencias emitidas por las municipalidades, gobiernos regionales o centrales; la administración también está presente en lo referente al régimen tributario y el correspondiente pago de impuestos; incluso, en algunos casos el Estado es quien determina el control de cambio ; asimismo, los gobiernos tienen una vital influencia respecto al riesgo político o riesgo país, lo que implica un ámbito de evaluación que realizan los promotores respecto a la estabilidad del proyecto en el tiempo.

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Trigoso Suárez, Marco Antonio. "EL PROJECT FINANCE." Ius Inkarri, no. 6 (January 26, 2018): 361–70. http://dx.doi.org/10.31381/inkarri.v0i6.1251.

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Tanto la actividad privada como la desarrollada por la administración pública juegan un rol trascendente para la implementación de proyectos en los que se utiliza project finance como sistema de financiación. Los vínculos se darán en todo momento, desde que se constituye la SPV pues necesitara para su funcionamiento inscribirse en el registro de personas jurídicas; el proyecto también requerirá diversas autorizaciones, por ejemplo las exigidas en el régimen de la competencia; así como licencias emitidas por las municipalidades, gobiernos regionales o centrales; la administración también está presente en lo referente al régimen tributario y el correspondiente pago de impuestos; incluso, en algunos casos el Estado es quien determina el control de cambio ; asimismo, los gobiernos tienen una vital influencia respecto al riesgo político o riesgo país, lo que implica un ámbito de evaluación que realizan los promotores respecto a la estabilidad del proyecto en el tiempo.

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11

Stern, Selma. "International Project Finance." Journal of Structured Finance 10, no. 1 (April 30, 2004): 46–54. http://dx.doi.org/10.3905/jsf.2004.46.

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12

Churchill, Anthony A. "Beyond project finance." Electricity Journal 8, no. 5 (June 1995): 22–30. http://dx.doi.org/10.1016/1040-6190(95)90123-x.

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13

IHORI, Toshihiro. "Projected Shinkansen Line Project and Public Finance." Japanese Journal of Real Estate Sciences 26, no. 4 (2013): 52–56. http://dx.doi.org/10.5736/jares.26.4_52.

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14

Doijod, Aniket. "Review: Detect and Overcomes the Problem in Project Finance." International Journal for Research in Applied Science and Engineering Technology 12, no. 4 (April 30, 2024): 3321–26. http://dx.doi.org/10.22214/ijraset.2024.60639.

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Abstract: Despite the increasing investment in constructional development over the past decade, a systematic review of construction project financing is lacking. The objectives of this paper are to conduct a systematic review to examine the policies, practices, and research efforts in the area of project finance in construction projects and to explore the potential opportunities for future research. To achieve these goals, this paper first reviewed the reasons for financial crises in the construction industry and sustainable construction project financing practices implemented by the critical analysis method for Kolhapur district. Project finance refers to the funding of long-term projects, such as public infrastructure or services, industrial projects, and others, through a specific financial structure. Finances can consist of a mix of debt and equity. The cash flows from the project enable servicing of the debt and repayment of debt and equity. This paper contributes to the body of knowledge by reviewing existing policies, practices, and research efforts in the area of construction project financing. Meanwhile, the findings from this paper benefit the industry as well, because they are able to provide practitioners with a holistic view of risk and uncertainty, thereby enhancing their knowledge and skills in this regard

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15

Dedialo, A. I., and A. V. Filushina. "PROSPECTS FOR PROJECT FINANCE IN THE INFRASTRUCTURE PROJECTS." Business Strategies, no. 3 (May 20, 2016): 2. http://dx.doi.org/10.17747/2311-7184-2016-3-2.

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16

Zawawi, Noor Amila Wan Abdullah, Mahadi Ahmad, Abdullahi A. Umar, Mohd Faris Khamidi, and Arazi Idrus. "Financing PF2 Projects: Opportunities for Islamic Project Finance." Procedia Engineering 77 (2014): 179–87. http://dx.doi.org/10.1016/j.proeng.2014.07.015.

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17

Thierie, Wouter, and Lieven De Moor. "Loan tenor in project finance." International Journal of Managing Projects in Business 12, no. 3 (September 2, 2019): 825–42. http://dx.doi.org/10.1108/ijmpb-03-2018-0063.

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Purpose The purpose of this paper is to develop a better understanding of the debt structuring of project finance (PF) loans and the main drivers affecting the maturity of bank loans in infrastructure deals. When banks grant loans to a project, they have two decision variables: the interest margin or the spread and the maturity of the loan. Although several studies analyze the drivers of the spread, few studies in the literature look at the maturity of bank loans. As infrastructure projects are typically highly leveraged, the structuring of bank lending is an important parameter in the financial viability of the project. Design/methodology/approach The paper develops a regression analysis of the loan’s maturity on four categories: characteristics of the project, political risk of the country where the project is executed, the macro-economic setting and the regulatory framework. By using a new data set of InfraDeals containing data on bank loans of more than 1,800 infrastructure projects worldwide from 1997 to 2016, this paper reveals new insights on the debt structuring of banks for PF loans. Findings The results indicate that the maturity of bank loans granted to infrastructure deals is predominantly driven by political risk and regulation, rather than the structuring of the project. This implicates that the region where the deal is closed weighs more heavily than the specificities of the project itself. Originality/value The results have important policy implications. The paper allows to develop a better understanding on how political risk and new regulation, like Basel III, might affect the PF market. The paper is the first one finding empirical evidence of the impact of Basel III regulation on PF lending. By delving deeper into the political risk variable, the authors formulate several recommendations to mitigate political risk.

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18

Kleimeier, Stefanie. "Limited-and Nonrecourse Project Finance: a Survey." Estudios de Administración 2, no. 1 (March 4, 2020): 27. http://dx.doi.org/10.5354/0719-0816.1995.56694.

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This paper reviews limited- and non-recourse project finance, a special financing approach for newly to be developed projects where the funds are directly linked to the cash flows of the project. This survey comprises a comprehensive literature review on project finance. Practitioner literature is reviewed with respect to project risks and hedging possibilities, project participants, the legal framework of the project company, the financial elements, and a special form of project finance: the build-operale-transfer model. Next to practitioner oriented literature, the academic literature is reviewed which models project finance as an element of a capital structure equilibrium. An appendix lists references of practitioner's articles on project finance and thus allows the reader to gather information about specific areas in project finance, for example with respect to requirements for project finance in various industries or countries.

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19

Machete, Inês Freire, and Rui Cunha Marques. "Project Risks Influence on Water Supply and Sanitation Sector Financing Opportunities." Water 15, no. 12 (June 20, 2023): 2295. http://dx.doi.org/10.3390/w15122295.

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Private financing mobilized in the water supply and sanitation sector has not been sufficient to cover the sector’s needs. Several barriers hinder private financing leveraging, including the risk perception of water supply and sanitation projects. This study analyzed 185 water supply and sanitation projects financed by the World Bank between 2015 and 2021 to understand how perceived project risks can influence the financing of these sectors. This study demonstrates the parallels between different types of project risks, their ratings, and the different lending instruments and amounts committed by the bank. The most prevalent risks in the analyzed WSS projects were identified, namely, fiduciary, institutional capacity for implementation and sustainability, environmental and social, and political and governance. The World Bank appears to have different levels of tolerance for the different types of risks, and this tolerance seems to vary between regions and with time. Risks seem to have different weights when financiers decide which WSS projects to finance. Global and regional risk profiles of the 185 WSS projects financed by the World Bank were developed, which can help borrowers identify risks that they can mitigate to potentially improve their ability to attract private finance for WSS projects.

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20

Nepal, Achyut, Ruhanita Maelah, and Vishnu Khanal. "Project Finance Criteria and Governance of Public-Private Partnership Hydropower Project in Nepal." Social & Management Research Journal 19, no. 1 (February 28, 2022): 57–88. http://dx.doi.org/10.24191/smrj.v19i1.17245.

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Project finance arrangement has obvious need for contract management during its life cycle. Contract management for private sector hydropower projects generally include Generation License, Project Development Agreement, Power Purchase Agreement, Financing Agreement, Construction Contract Agreement, and Operation Contract Agreement. Markets, hierarchies and hybrids are the forms of governance structure under the Transaction Cost Theory, while debt and equity often regarded as a basis for determining governance structure. Fundamental criteria for project finance arrangement include establishing a special purpose vehicle to undertake a project, using debt and equity in capital structure, debt capital obtained based on projected cash flow without collateral except if the project created assets given to the lender against the security of loan by the sponsors. This paper analysed project finance criteria as the determinants of governance structure in hydropower projects. In Nepal, private sector developed hydropower projects and supply generated energy to the only off-taker under Public-Private Partnership (PPP) and Project Finance (PF) arrangement. The chi-square test was utilised to assess the association of fundamental criteria of PF with the governance structure of hydropower projects. The results indicate strong association between PF criteria with the governance structure of sample hydropower projects in Nepal.

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21

Chung, Byung Kyu, and Dong Min You. "Strategies for vitalizing the domestic real estate PF market: Focusing on domestic and foreign precedent research analysis." Korea Real Estate Society 70 (December 31, 2023): 159–82. http://dx.doi.org/10.37407/kres.2023.41.4.159.

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This study aimed to compare and analyze domestic and foreign real estate project finance research to explore strategies for revitalizing the domestic real estate project finance market. Therefore, This study compared and analyzed domestic and foreign research on real estate project finance, using 'real estate project finance' as a keyword for domestic research and 'real estate project finance', 'housing project finance', and 'building project finance' as keywords for foreign research. We focused on four criteria:topic, research method, research results, and research significance. The analysis showed that domestic real estate project finance research only focused on real estate finance and financial aspects, and quantitative studies that analyzed correlations between limited variables. We also found that research related to SME real estate project finance and effective project development was insufficient. In contrast, foreign research mainly focused on effective project development in real estate project finance, such as increasing the likelihood of project success, minimizing risks, developing effective project evaluation tools, and sustainable development of the real estate project finance industry of which validity of such analysis was verified through case analysis of the United States and Japan. Based on these differences, this study proposed strategies such as as SME-tailored project development,focsing on risk reduction in SME PF projects as well as developing effective evaluation tools. considering sustainable SME real estate PF development strategies.

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Sauvage, Joseph G., and Ray Sheen. "Pooled Project Finance Financings." Journal of Structured Finance 1, no. 1 (April 30, 1995): 6–12. http://dx.doi.org/10.3905/jsf.1.1.6.

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23

Posner, Henry. "Rail Freight Project Finance." Journal of Structured Finance 5, no. 2 (July 31, 1999): 15–22. http://dx.doi.org/10.3905/jsf.1999.320208.

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Kuffler, Laura Ann, and Richard C. Siderman. "Telecommunications Tests Project Finance." Journal of Structured Finance 2, no. 1 (April 30, 1996): 50–56. http://dx.doi.org/10.3905/jsf.2.1.50.

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25

Dymond, Christopher M., and Ilse Pineda. "Brazilian Power Project Finance." Journal of Structured Finance 7, no. 1 (April 30, 2001): 29–34. http://dx.doi.org/10.3905/jsf.2001.320242.

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Feldman, Roger D. "Blackout of Project Finance?" Journal of Structured Finance 9, no. 3 (October 31, 2003): 20–23. http://dx.doi.org/10.3905/jsf.2003.320316.

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27

Kinloch, Andrew. "Asia Pacific Project Finance." Journal of Structured Finance 10, no. 1 (April 30, 2004): 12–18. http://dx.doi.org/10.3905/jsf.2004.12.

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Hodgson, Patrick J. "Project finance in Europe." International Journal of Project Management 13, no. 5 (October 1995): 342–43. http://dx.doi.org/10.1016/0263-7863(95)90002-0.

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Subramanian, Krishnamurthy V., and Frederick Tung. "Law and Project Finance." Journal of Financial Intermediation 25 (January 2016): 154–77. http://dx.doi.org/10.1016/j.jfi.2014.01.001.

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30

Pereverzeva, V. V. "PROJECT FINANCE MECHANISM FOR INVESTMENT PROJECT REALIZATION." Vestnik of the Plekhanov Russian University of Economics, no. 3 (June 10, 2018): 24–32. http://dx.doi.org/10.21686/2413-2829-2018-3-24-32.

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Hoseini Androod, Sama, and Shahrooz Bamdad. "FINANCE-BASED PROJECT SCHEDULING USING MULTIPLE SOURCES OF FINANCE: A MULTI-OBJECTIVE APPROACH." Latin American Applied Research - An international journal 52, no. 4 (September 25, 2022): 303–12. http://dx.doi.org/10.52292/j.laar.2022.787.

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A successful project is subjected to timing and cash flow management. Different objectives are considered in project scheduling, and financial goals are the most challenging ones. Lack of liquidity is one of the problems that cause a delay. To avoid these delays, project financing is essential. In most projects, a credit line (CL) is considered a source of cash. The contractors should remain below the credit limit imposed by the lender bank. This limit may cause an extension in duration because some activities cost too much, and the available cash cannot satisfy the expenses. In this paper, a new finance-based scheduling model is proposed. In addition to CL, other resources like long-term and short-term loans are considered. The objective of this study is to minimize the project duration and financing costs. The results show that financing costs and project duration can be decreased by using different financing alternatives.

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L.S., Zoyirov. "Project Finance – An Important Factor Of Economic Modernization." American Journal of Management and Economics Innovations 3, no. 06 (June 30, 2021): 170–77. http://dx.doi.org/10.37547/tajmei/volume03issue06-25.

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The article reveals the essence, content, features of project financing and its role in the modernization of the economy. The main participants of project financing and their functions, types of project financing are described. The foreign experience of organizing and implementing project financing in priority sectors of the economy is investigated. Based on the results of the study, conclusions were drawn about project financing and recommendations were developed on the development of this sphere.

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Nepal, Achyut, Ruhanita Maelah, and Vishnu Khanal. "Role of Domestic Banking and Financial Institutions in Project Finance: Insights from Hydropower Sector in Nepal." Journal of Advanced Academic Research 10, no. 2 (November 27, 2023): 1–21. http://dx.doi.org/10.3126/jaar.v10i2.60189.

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Hydropower is a low carbon renewable energy alternative for replacing carbon emission energy sources. In Nepal, this infrastructure sector is being developed for fulfilling the internal demand of electricity. Previous studies emphasized public-private partnership (PPP) utilizing project finance (PF) model in infrastructure sector. Recognizing the importance of domestic banking and financial institutions (BFIs) in project finance this study delves into factors significantly affecting the role of BFIs in project finance. Cross-sectional survey utilizing questionnaires was conducted among respondents representing the independent power producers (IPPs) and BFIs in Nepal. Regression analysis showed predictor variables like economic environment, guidelines of the central bank and low default rate have significant impact on project finance. issues related to adequate legal provision for non-recourse financingrole of BFIs for project finance arrangement. Credibility of hydropower project sponsors is an important determinant in financing hydropower project. The availability of comparatively more bankable projects in other investment sectors against the investible fund constraints resulted in limited complete project finance arrangement of hydropower projects. Detail investigation on guarantees to the lenders against the project loan and improvements needed in legal frameworks to accommodate the non-recourse finance and making economic and legal environment friendlier to private sector is the limitation of this study left for future researches.

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Steffen, Bjarne. "The importance of project finance for renewable energy projects." Energy Economics 69 (January 2018): 280–94. http://dx.doi.org/10.1016/j.eneco.2017.11.006.

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Soyeju, Olufemi. "Mitigating Legal Risks in Nigeria's Project Finance Market." African Journal of International and Comparative Law 25, no. 3 (August 2017): 442–55. http://dx.doi.org/10.3366/ajicl.2017.0204.

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Project finance is a subset of financial techniques used traditionally in raising long-term debt financing for projects particularly in the energy and mining sectors of the economy. However, over the years, it has proved helpful in raising the required funds to drive public infrastructure projects through the public private partnership framework. By its nature, project finance is either non-recourse, or of limited recourse, to the project sponsors and hence identifying the various risks and determining who should bear these risks is the overarching essence of project finance technique. These uncertainty and risks may have significant impact on outturn costs or benefits of a particular infrastructure project. Generally, typical project finance transaction is fraught with many project risks which sometimes overlap. However, among these inherent risks there are some that are legal in nature and hence they are referred to as legal risks. So, this article seeks to interrogate the related legal risks in project finance as a financing technique to fund development of infrastructure and in particular, the procurement of critical public infrastructure assets in Nigeria and the various ways by which these risks can be mitigated to drive infrastructure development in the country.

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Kolodiziev, Oleh, Viktoriia Tyschenko, and Kateryna Azizova. "Project finance risk management for public-private partnership." Investment Management and Financial Innovations 14, no. 4 (December 25, 2017): 171–80. http://dx.doi.org/10.21511/imfi.14(4).2017.14.

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The development of public-private partnership in Ukraine in recent years has become very important as an instrument of anti-crisis orientation. The real economic situation objectively creates the preconditions for more effective use of this mechanism and institutes of public-private partnerships in order to ensure sustainable economic development, obtain new ones and improve the quality of public services provided to the population.The objective of the research is to identify the components of project finance risk management and to provide justification of effective and balanced sharing of risks between public and private partners as the prerequisite and the main principle of effective implementation of public-private partnership.The authors used the following research methods: systemic approach, theoretical and empirical methods of scientific knowledge.This paper examines types of investment project financing by banks based on public-private partnership. It defines the structure of public-private partnership according to sources of capital investment in the project vehicle. The paper identifies components of the risk management process in project finance. It proves that a balanced distribution of risks between the private and public partners is the key requirement and the primary principle of effective public-private partnership. In this way, the need for mobilization of additional financial resources for implementation of investment projects calls for extended cooperation of state agencies and banks as a part of the effort of economic crisis management.

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Akbiyikli, Rifat, David Eaton, and Andrew Turner. "Project Finance and the Private Finance Initiative (PFI)." Journal of Structured Finance 12, no. 2 (July 31, 2006): 67–75. http://dx.doi.org/10.3905/jsf.2006.644162.

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Owusu, M. D. Owusu, and E. D. J. Badu Badu. "Conceptual paradigm and rethinking project finance strategy for highway projects financing in Ghana." Pentvars Business Journal 3, no. 1 (June 30, 2008): 85–93. http://dx.doi.org/10.62868/pbj.v3i1.48.

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Project finance (PF) strategy is a finance process for infrastructure projects that integrates a mixture of equity and debt financing from different sources, which derive their return from the revenue steam of the project over a long-term period with equity component consisting of 20% - 40 % whereas the debt component is of 40% - 80%. Most theoretical and empirical studies on project finance strategy focus on adoption of project finance strategy in financing large capitaldriven projects such as petrochemical projects, mineral extractions and exploitation of 'green' ventures in developed and emerging economies. Meanwhile, the demand for basic infrastructure projects delivery, more especially, highway projects in developing economies such as that of Ghana are in excesses of what the governments' budget allocations can afford. The paper utilized literature and theory to examine the position of highway construction financing and provides rethinking into possible exploitation of project finance strategy as an alternative means of financing highway projects in Ghana. The paper concluded that revenue-generating mechanisms from the project should be set up characterized by potentially low-risk grading in order to attract PF investors. The originality and value of the study is the integrated and holistic approach of viewing the problem between theoretical and empirical interface. The paper's key contribution to knowledge is the identification of influential variables in a typical PF deal in the context highway projects funding.

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Gusev, Andrey, and Aleksandr Dolgov. "Problems and prospects of project financing in Russia in the context of increasing economic sanctions." Russian Journal of Management 12, no. 1 (April 12, 2024): 447–61. http://dx.doi.org/10.29039/2409-6024-2024-12-1-447-461.

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Relevance: In recent years, Russia has faced a number of economic sanctions that have had a significant impact on its economy. These sanctions have restricted access to international financial markets, making it difficult to attract investment and realise projects. Project finance plays a key role in economic development, enabling companies to raise the necessary resources to realise major investment projects. However, in the context of sanctions, the effective use of this instrument is becoming a challenge. In a changing economic environment, companies and organisations need to adapt and seek new approaches to financing their projects. Researching this topic can help in finding effective solutions, as well as understanding how sanctions affect project finance and what strategies can be used to overcome these challenges. The purpose of this article is to analyse the current state of project finance in Russia and the world and to determine its prospects in the context of growing economic sanctions. Research methods: Statistical, economic and comparative analyses were used to identify trends in the global and Russian project finance market, as well as to determine the main problems and potential areas of development, The results of the article are based on the analysis of works of domestic and foreign economists and professional organisations in the field of project finance and economics in general. The results obtained can be used to identify further directions of project finance development, as well as to study the experience of work and organisation of project finance under sanctions.

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Styhre, Alexander. "Thinly and Thickly Capitalized Projects: Theorizing the Role of the Finance Markets and Capital Supply in Project Management Studies." Project Management Journal 51, no. 4 (June 24, 2020): 378–88. http://dx.doi.org/10.1177/8756972820931278.

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In the contemporary economy, finance industry interests and finance theory propositions increasingly determine investment behavior. Project management scholars access conceptual frameworks and methods that shed light on day-to-day project management practices, but such practices are themselves shaped by the supply and cost of finance capital. Consequently, project management scholarship would benefit from a closer look at finance industry practices to better understand how, for example, calculations and risk assessments matter for day-to-day project management practices. In order to theorize the project organization form, finance theory and its key concepts of risk and uncertainty need to be recognized and subject to scholarly inquiry. This article presents two cases of project work, wherein the former (life science ventures) is thinly capitalized on the basis of uncertainty in the development activities, whereas the latter case (housing production) is thickly capitalized, which indicates that subsidies, insurances, and exemptions increase investment appetite. In either case, economic and social welfare are not maximized, which calls for project management scholars to recognize the role of finance industry practices when allocating finance capital to various projects.

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Jackowicz, Krzysztof, Paweł Mielcarz, and Paweł Wnuczak. "Fair value, equity cash flow and project finance valuation: ambiguities and a solution." Managerial Finance 43, no. 8 (August 14, 2017): 914–27. http://dx.doi.org/10.1108/mf-08-2016-0235.

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Purpose The literature on project finance appraisal contains several ambiguities mainly concerning the correct method of equity cash flow (ECF) determination. This vagueness can lead to serious misevaluation of these projects. The purpose of this paper is to present and justify a correct method of ECF determination for project finance evaluation. Design/methodology/approach Based on the analysis of the specificity of project finance ventures and the study of existing literature, the authors propose a coherent model of ECF estimation that avoids misevaluating project finance ventures. Findings This paper demonstrates that the potential dividends methodology of ECF estimation, used commonly in the corporate finance world, leads to the erroneous valuation of project finance investments. Moreover, simulations demonstrate that the scale of this misevaluation is an increasing function of the debt covenant duration, the required rate of return, and the investment outlay dispersion over time. The proposed model of proper project finance valuation, despite inconsistency with assumptions of the fair value concept, is best suited for project finance venture appraisal, taking into consideration the inherently specific timing of the ECF. Originality/value This paper rectifies, clarifies, and extends the range of existing solutions for the project finance valuation and the application of the concepts of actual dividends and potential dividends in different valuation contexts. Furthermore, it proposes a simple and coherent method to value project finance ventures. Additionally, it offers evidence of the scale of NPV misevaluation in project finance, which occurs when the potential dividends approach is utilized.

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HAN, Min. "Legal Issues in Project Finance." Ewha Law Journal 22, no. 3 (March 31, 2018): 45–84. http://dx.doi.org/10.32632/elj.2018.22.3.45.

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Bektenova, G. S. "Project finance in bank management." Финансы и кредит 23, no. 13 (April 14, 2017): 765–79. http://dx.doi.org/10.24891/fc.23.13.765.

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Madono, Satoru. "The changing project finance climate." Journal of the Japanese Association for Petroleum Technology 63, no. 2 (1998): 135–44. http://dx.doi.org/10.3720/japt.63.135.

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Del Carpio Gallegos, Javier. "Financiamiento de proyectos (Project Finance)." Industrial Data 4, no. 1 (March 26, 2014): 020. http://dx.doi.org/10.15381/idata.v4i1.6435.

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El presente articulo se enmarca en la linea de la elaboración y evaluación de proyectos de inversión. En esta oportunidad se presenta una nueva modalidad de financiamiento conocida como Project Finance, muy utilizada en nuestro medio en proyectos mineros de gran escala como el caso de Antamina.

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Gatti, Stefano, Stefanie Kleimeier, William Megginson, and Alessandro Steffanoni. "Arranger Certification in Project Finance." Financial Management 42, no. 1 (August 1, 2012): 1–40. http://dx.doi.org/10.1111/j.1755-053x.2012.01210.x.

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Bulatović, Jelena. "Financial modelling in project finance." Ekonomski pogledi 16, no. 4 (2014): 161–73. http://dx.doi.org/10.5937/ekopog1402161b.

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Percopo, Bob, and Peter J. Haller. "Insurance Solutions for Project Finance." Journal of Structured Finance 5, no. 2 (July 31, 1999): 23–26. http://dx.doi.org/10.3905/jsf.1999.320203.

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Buehler, John E., Thomas S. Murley, and Barry E. Neal. "The Growing Project Finance Market." Journal of Structured Finance 2, no. 1 (April 30, 1996): 35–40. http://dx.doi.org/10.3905/jsf.2.1.35.

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Mckenna, John J., Jonathan S. Saiger, and Himesh Dhungel. "Project Finance Meets E-Commerce." Journal of Structured Finance 6, no. 3 (October 31, 2000): 15–18. http://dx.doi.org/10.3905/jsf.2000.320227.

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