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Public Private Partnerships in the Infrastructure Sector

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CoursesealsPublic Private Partnerships in the Infrastructure Sector
  • Introduction to PPP in the infrastructure sector 6

    • Lecture1.1
      What is PPP and how is the concept defined? 30 min
    • Lecture1.2
      The growth of PPP from an historical perspective 30 min
    • Lecture1.3
      The concept of privatisation in the context of PPPs 30 min
    • Lecture1.4
      Conventional procurement and PPP procurement 30 min
    • Lecture1.5
      Examples of PPP reform 30 min
    • Lecture1.6
      Summary of key characteristics and criteria of PPPs 30 min
  • Chapter 2: Structuring a PPP project 5

    • Lecture2.1
      Structuring a PPP project 30 min
    • Lecture2.2
      Project structuring: feasibility study 30 min
    • Lecture2.3
      PPP economics 30 min
    • Lecture2.4
      PPP economics 30 min
    • Lecture2.5
      Alternative PPP structure: rail project case study 30 min
  • Chapter 3: Financing an infrastructure PPP project 6

    • Lecture3.1
      Sources of financing for an infrastructure PPP project 30 min
    • Lecture3.2
      What is Project Finance? 30 min
    • Lecture3.3
      Drawbacks of using project finance in infrastructure PPP transactions 30 min
    • Lecture3.4
      Structure 30 min
    • Lecture3.5
      Key parties 30 min
    • Lecture3.6
      Timeline for financing an infrastructure PPP project 30 min
  • Chapter 4 :Documenting the transaction: anatomy of a PPP concession agreement and key risk allocation issues 11

    • Lecture4.1
      Scope and term of a PPP Concession Agreement 30 min
    • Lecture4.2
      Construction period obligations 30 min
    • Lecture4.3
      Operation period obligations 30 min
    • Lecture4.4
      Payment regimes 30 min
    • Lecture4.5
      Supervening events 30 min
    • Lecture4.6
      Termination and compensation 30 min
    • Lecture4.7
      Liability and insurance 30 min
    • Lecture4.8
      Dispute resolution 30 min
    • Lecture4.9
      Government controls 30 min
    • Lecture4.10
      Government support obligations 30 min
    • Lecture4.11
      Additional terms and conditions 30 min
  • Chapter 5: Documenting the transaction: finance documents 8

    • Lecture5.1
      Core finance documents 30 min
    • Lecture5.2
      Equity arrangements 30 min
    • Lecture5.3
      Impact on the concession agreement 30 min
    • Lecture5.4
      Direct Agreements 30 min
    • Lecture5.5
      Security 30 min
    • Lecture5.6
      Enforcement and insolvency 30 min
    • Lecture5.7
      Involvement of multilateral development banks (MDBs), development finance institutions (DFIs) and export credit agencies (ECAs) 30 min
    • Lecture5.8
      Government shareholder arrangements 30 min
  • Chapter 6:Documenting the transaction: other project documents 2

    • Lecture6.1
      Construction contract, O&M contract and interface issues 30 min
    • Lecture6.2
      Sub-contract risk pass-down 30 min
  • Chapter 7:Procurement arrangements 2

    • Lecture7.1
      A typical PPP timetable 30 min
    • Lecture7.2
      Unsolicited proposals 30 min
  • Chapter 8:Introduction to key sector issues 7

    • Lecture8.1
      Road projects 30 min
    • Lecture8.2
      Urban rail projects 30 min
    • Lecture8.3
      Freight rail projects 30 min
    • Lecture8.4
      Airport projects 30 min
    • Lecture8.5
      Port projects 30 min
    • Lecture8.6
      Accommodation projects 30 min
    • Lecture8.7
      Glossary 30 min

    The concept of privatisation in the context of PPPs

    Is PPP a form of privatization? It’s a question of degree, as is shown by the diagram below.

    Full privatization of a publicly-owned enterprise would normally involve a complete transfer of ownership and risk of the business to the private sector. This may also occur by way of a private sale (through a tender process) or a public flotation of the enterprise.

    Very often, a public sector enterprise that is being privatized will have a monopoly or a very strong market position. To avoid market abuse (price-raising), a privatization process will often involve the establishment of an appropriate regulatory regime to supervise service delivery and ensure prices are fair. Subject to this regulation, the licence to operate may be indefinite in term.

    PPP projects can be said to be a step in the road toward full privatization.

    The principal difference is that the project will be time limited. As a result, the concessionaire needs to be certain that it will recover its investment over that fixed term. The concessionaire and its lenders will therefore be more sensitive to risk, so the contract will tend to be more detailed. This also allows the government party to be more prescriptive in terms of the level and nature of service delivery it expects. The government therefore remains in control to a greater degree. Termination of a PPP contract for service failure is a less blunt instrument than nationalization of a fully-private enterprise.

    SUMMARY OF KEY POINTS
    The concept of privatization and PPPs

    • Full privatization of a publicly-owned enterprise would normally involve a complete transfer of ownership and risk of the business to the private sector, which could be through a private sale of a public flotation of the business.
    • The business in question usually has a very strong market position and so if privatization occurs, a regulatory regime is also often established to ensure adequate levels of service are delivered and prices are fair and not distorted by the lack of competition.
    • PPP projects cannot be categorized as “privatization” because the project is for a fixed term within which the concessionaire must recover its investment and the Government must specify the type and level of service which must be delivered. After this point, or if it is terminated earlier due to service failure, the PPP contract expires and the Government often regains complete control of the asset.
    Prev The growth of PPP from an historical perspective
    Next Conventional procurement and PPP procurement

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