ROLE OF DIFFERENT STAKEHOLDERS
AND FINANCIAL MECHANISM OF MHI
Financial sources and mechanism of creation
of multilateral investment fund to develop
the Model Highway
Prospects of creation of a pool of companies (or a
management company) to operate the ancillary
infrastructure
Report by Juliette Passer, Esq., for International Project
Development Group and PanaManagement Corporation, NY,
USA in Batumi, Georgia October 10, 2011
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
Public Private Partnerships or PPPs as Means of Financing
Infrastructure in Central Asia and MHI Projects
Introduction:
PPPs have been used in developed countries in a wide
range of sectors, and they are increasingly being seen as
part of solutions to the lack of infrastructure services in
developing countries. However, PPPs can fulfil this role
only if they appropriately combine the interests of the two
partners, i.e. (i) the interests of the government in
expanding and improving services for citizens that are
sustainable and (ii) the interests of private investors in
obtaining reasonable returns on their investment for the
risks they incur.
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
Notion of Project Finance:
Private sector finance for PPP projects normally
consists of a mixture of equity, provided by investors
in the project, and third-party debt, provided by
banks or through financial instruments such as
bonds.
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
As an alternative for the Project Company and more
in line with multinational projects – a Central Asian
Infrastructure Fund (CAIF) could also be established
to funnel regional and international savings and
investments toward regional infrastructure
development projects through investment in various
special purpose companies
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
Государственные
инвесторы
Обыкновенные акции
Преференциальные акции без права голоса
Огр. партнёры
Полный партнёр
ZZZ Co
компания
Международные
Банки
Прочие
институты
Админ. Управляющий
Доля частного
капитала
XYZ Co
компания
Инвестиционный менеджер
XXX Co
компания
Центрально-Азиатское инфраструктурное Партнёрство
(Фонд государственно-частного партнёрства)
Консультативный
комитет
Состоит из представителейпартнёров
Частные
юр.лица/
Проектные
компании
Source: Juliette Passer, Esq. 2011
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
Alternatives to traditional public financing are
playing an increasing role in the development
of infrastructure. In recent years, new
infrastructure investment in various countries
has included projects with exclusively or
predominantly private funding sources. The
two main types of funding are debt finance,
usually in the form of loans obtained on
commercial markets, and equity investment.
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
Источники
средств:
1.
2.
3.
4.
5.
6.
7.
8.
MDB
Двусторонние
фонды и
агентства
развития
Национальные
Правительства
и Банки
Развития
Частные
финансовые
институты
SWF
Исламские
фонды
Пенсионные
фонды
Частные
портфельные
инвесторы
Центрально-Азиатский
Инфраструктурный фонд
Виды
капитала
Стандартные
фонды
-----------Гранты и
концессионные
фонды
------------Портфельные
фонды
(a Trust Fund managed by ADB)
Подразделение по
привлечению
финансовых
ресурсов и
финансированию
Мобилизировать
региональные и
международные
фонды посредством
собственных
ресурсов,
институциональных
облигаций,
механизмов
софинансирования и
государственночастного
партнёрства.
Подразделение
по подготовке
проектов
Создавать,
развивать,
обсуждать, и
давать оценку
региональным
инфраструкту
рным
проектам
Подразделение
по страхованию
рисков
Обеспечивать
страхование по
основным рискам
(к примеру, по
операционным,
финансовым,
национальным и
политическим
рискам).
Source: Adopted and Modified by Juliette Passer, Esq. from ADBI 2009
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
Sources of Funds
1.
2.
3.
4.
5.
6.
7.
8.
MDBs
Bilateral and
Development
Agencies
National
Governments
and
Developments
Banks
Private Financial
Institutions
SWFs
Islamic Funds
Pension Funds
Private Portfolio
Investors
Central Asian Infrastructure
Fund
Types of
Capital
(a Trust Fund managed by ADB)
Ordinary
Funds
-----------Grants and
Concessionnal
Funds
-------------
Fund
Mobilization
& Financing
Facility
Project
Preparation
Facility
Risk
Guarantee
Facility
Mobilize
regional and
international
funds through
its own
resources,
institutional
bonds, cofinancing
arrangements,
and PPP
Prepare,
develop,
negotiate, and
evaluate from
agreed upon
regional
infrastructure
projects
Provide
guarantee
against major
risks (e.g.,
operational,
financial,
country, and
political risk)
Portfolio Funds
Source: Adopted and Modified by Juiette Passer, Esq. from ADBI 2009
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
(i) Equity capital
(ii) Commercial loans
(iii)“Subordinated” debt
(iv) Institutional investors
(v) International financial institutions and export
credit and investment promotion agencies
(vi) Insurers
(vii)Political Risk Guarantees and Guarantee Funds
(viii)Other Forms of Guarantees
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
(ix) Independent experts and advisers
(x) Capital market funding
(xi) Financing by Islamic financial institutions
(xii) Financing by international financial institutions
(xiii) Support by export credit and investment
promotion agencies
(xiv) Combined public and private finance
(xv) Funding for Project Preparation
(xvi) Legal Authority
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
IPDG LLC, a New York limited liability company, was
founded in 1996 by Juliette M. Passer, as its President and
General Counsel, a New York licensed attorney with over 20 years of
broad international transactional experience, fluent in the Russian
and Ukrainian languages. Ms Passer is a member of the Council on
Foreign Relations and serves on boards of several companies. She is
listed in Who’s Who in American Law and Who’s Who in American
Women. The company provides legal and financial consulting to
both US and foreign clients involved in many industries. Its
associates have an average of over 15 years of experience at major
US firms in financial services, investment banking, marketing and
management consulting. The clients of IPDG receive personalized
and effective representation based on combination of major firms
experience and quality at highly competitive rates.
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060
PanaManagement Corporation provides legal and
business consulting to both US and foreign clients
involved in many industries in transactions in such sectors as
aviation, aircraft leasing, transportation, pharmaceuticals,
petrochemicals, telecommunications, real estate development,
technology transfer, information technology (IT) and the
Internet, advertising, clothing manufacturing, defense
conversion, energy production and conversion, entertainment,
non-profit organizations. Together with its affiliated companies,
our associates have combined experience of over 20 years at
international and US firms in legal services, strategic business
consulting, marketing, and management consulting.
International Project Development Group
New York Office:
Telephone: 212-541-3909
Panamá City Office:
Telephone: +507-269-0060