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Resource financed infrastructure - a discussion on a new form of infrastructure financing (Paperback)
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Resource financed infrastructure - a discussion on a new form of infrastructure financing (Paperback)
Series: World Bank studies
Expected to ship within 10 - 15 working days
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In recent decades, resource-rich developing countries have been
using their natural resources as collateral to access sources of
finance for investment, countervailing the barriers they face when
accessing conventional bank lending and capital markets. One of the
financing models that have emerged as a result is the Resource
Financed Infrastructure (RFI) model, a derivation of previous
oil-backed lending models pioneered by several Western banks in
Africa. Under a Resource Financed Infrastructure (RFI) arrangement,
a loan for current infrastructure construction is securitized
against the net present value of a future revenue stream from oil
or mineral extraction. The model has been applied in several
African countries, for a cumulative contract value of approximately
$30 billion, according to publically available sources. This
report, consisting of a study prepared by global project finance
specialists Hunton & Williams LLP and comments from six
internationally reputed economists and policy makers, provides an
analytical discussion of resource-financed infrastructure (RFI)
contracting from a project finance perspective. The report is meant
as a forum for in-depth discussion and as a basis for further
research into RFI s role, risks, and potential, without any
intention to present a World Bank supported view on RFI
contracting. It is motivated by the conviction that if countries
are to continue to either seek RFI or receive unsolicited RFI
proposals, there is an onus on public officials to discern bad
deals from good, to judge unavoidable trade-offs, and to act
accordingly. The report aims to provide a basis for developing
insights on how RFI deals can be made subject to the same degree of
public policy scrutiny as any other instrument through which a
government of a low- or lower-middle-income country might seek to
mobilize development finance."
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