Appendix A – Introduction to Project Finance

[40] The main reports cited are “PFI: Construction Performance. Report by the Comptroller and Auditor General, HC 371 Session 2002-2003: 5 February, Canberra (National Audit Office, 2003); “PFI: Strengthening Long-term Partnerships, The Stationery Office, London” (HM Treasury [2006]). “National PPP Forum – Benchmarking Study, Phase II: Report on the Performance of PPP Projects in Australia when Compared with a Representative Sample of Traditionally Procured infrastructure projects” (The University of Melbourne 2008). More research literature about the effective value added by PPPs include: Estache, A. And C. Philippe (2012), “The Impact of Private Participation on the Performance of Infrastructure in Developing Countries: Summary of the academic evidence,” IFC Economics Notes, No. 2, April, Grimsey, D. and M.K. Lewis (2005), “Are Public Private Partnerships Value for Money? Evaluating Alternative Approaches and Comparing Academic and Practitioner Views”, Accounting Forum, 29(4), 345-378, or Gassner, K., A. Popov, and N. Pushak (2009), Does Private Sector Participation Improve Performance in Electricity and Water Distribution? PPIAF Trends and Policy Options, No. 6, Washington, DC: World Bank.

[50] IMF´s World Economic Outlook (WEO) country classification system designates 34 member countries as advanced countries; the remaining 154 member countries are labeled “Emerging Markets and Developing Economies” (EMDEs). The EMDE category is not formally broken down into sub-groups of emerging markets (EMs) and non-EMs, although there is significant text discussion of the EM category and generally recognized EMs (for example, Brazil, Russia, India and China, the BRICS). See http://www.imf.org/external/np/pp/eng/2014/060314.pdf

[86] More information on this matter may be found in the following readings: Pension Funds Investment in Infrastructure – A Survey (OECD, September 2011); Institutional Investment in Infrastructure in Emerging Markets and Developing Economies (PPIAF, 2014); Where Next on the Road Ahead? Deloitte Infrastructure Investors’ Survey 2013; What are Infrastructure Funds? (Kelly DePonte, Probitas Partners, 2009).