Principles of Project and Infrastructure Finance

Purpose of this book p.1, What is project finance? p.3, History of project finance p.5, Approaches to project finance, Importance of project finance p.6, Organization of this book p.6, 2. Time Value of Money: Future value of present sum, Present value of income stream, Gordon's formula, Real and nominal rates of interest, Term structure of interest rates, Credit rationing p.8-22, 3. Organizations and Projects: Functions of management, Business strategy, Project management maturity, Public organizations p.26-37, 4. Corporate Finance I: The balance sheet, Financial ratios, The income statement, Profitability ratios, p.42-50, 5. Corporate Finance II: Sources of funds, New issues, Bonds, Bank loans, Optimal capital structure p.55-71, 6. Project Development: Request for Proposal, Requirements and specifications, Budget, Financial feasibility, Project authorization, Procurement method, Detailed estimates, Tender documents, Contractor selection, Construction p.75-99, 7. Social Projects: Private and social considerations, Valuation of social benefit, Wage distortions, Project sustainability, Multiplier effects and development, Income effects, Case study p.102-120, 8. Characteristics of Project Finance: The structure of project finance, Conventional public procurement structure, Public private partnerships (PPP), Host government, Stakeholder politics, Stakeholder management p.124-136, 9. Risk Management Framework: Risk and uncertainty, Probability, Discrete and continuous variables, Risk exposure, Scope of risk management, Methods of risk management p.138-152, 10. Risk, Insurance, and Bonds: Insurable and uninsurable risks, Mechanisms to create insurance markets, Structure of insurance markets, Self insurance and self protection, Practical considerations in insurance, Bonds p.157-168, 11. Cash Flow Risks: Uncertain initial cost and cash flows, Estimating initial cost, Payback period, Conservative estimates, Sensitivity analysis, Scenario analysis, Monte Carlo analysis, Value at risk p.173-183, 12. Financial Risks: Derivatives, Swaps, The Binomial model, Stochastic processes, Determinants of exchange rates p.191-209, 13. Agreements, Contracts, and Guarantees: Shareholders' Agreement, Implementation Agreement, Loan Agreement, Security Agreement, Purchase Agreement, Guarantees p.213-225, 14. Case Study I: Power Projects: Feasibility of power plants, Traditional financing arrangements, Regulation of electricity prices, Independent power producers, Risks in power projects, Market pricing p.p.228-236, 15. Case Study 11: Airport Projects: Monopoly of airline services, Privatization of airports, Hub and spoke networks, Air cargo and other services, Politics of airport projects, Project finance structure p.239-245, 16. Case Study Ill: Office Projects: Feasibility of office projects, Project finance structure, The case of Suntec City p.249-257, 17. Case Study IV: Chemical Storage Projects: Organization of petrochemical complex, Shanghai Chemical Industrial Park, Vopak Shanghai Logistics Company, Project finance structure, Land option, Risk management p.262-267

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