Beardsworth, JohnHalland, HavardLand, BryanSchmidt, James2014-06-092014-06-092014-05-29978-1-4648-0239-310.1596/978-1-4648-0239-3https://hdl.handle.net/10986/18554This report, consisting of a study prepared by global project finance specialists Hunton and 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 seeks 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. The report also feeds into the global mainstreaming of 'open contracting,' providing citizens with the means to engage with governments and other stakeholders on how nonrenewable resources are best managed for the public benefit. In the case of RFI, there is a very direct link made between the value of resources in the ground and the development of (infrastructure) benefits. It should not be a surprise, therefore, that the revised Extractive Industries Transparency Initiative (EITI) Standard, adopted in May 2013, addresses extractive transactions with an infrastructure component, including RFI.Depuis quelques dizaines d'années, les pays en développement riches en ressources naturelles utilisent ces dernières en tant que garanties pour obtenir accès à des sources de financement pour leurs investissements et contourner les obstacles qu'ils rencontrent lorsqu'ils s'efforcent d'obtenir des prêts traditionnels auprès des banques ou des capitaux sur les marchés financiers. Différents modèles de financement sont issus de ces efforts, parmi lesquels le modèle des infrastructures financées par des ressources naturelles (IFR) qui est une variante des modèles de prêts garantis par le pétrole lancés en Afrique par plusieurs banques occidentales. Ce rapport, qui se compose d'une étude préparée par Hunton & Williams LLP, spécialiste du financement de projets à l'échelle mondiale, et de commentaires formulés par Paul Collier, Alan Gelb, Justin Yifu Lin et Yan Wang, Clare Short et Louis T Wells, est la première analyse approfondie des opérations menées dans le cadre de contrats de type IFR considérés sous l'angle du financement de projets. Il a pour objet de provoquer une réflexion de fond et de servir de base à de nouveaux travaux de recherche sur le rôle du modèle IFR, les risques qu'il pose et les perspectives qu'il offre, sans pour autant prétendre présenter des opinons des contrats IFR qui auraient l'aval de la Banque mondiale.en-USCC BY 3.0 IGOACCESS TO CAPITALAFFORDABILITYAIRPORTBALANCE SHEETBALANCE SHEETSBANK BORROWINGBANK DEBTBANK LENDINGBANKRUPTCYBANKSBARTERBIDBIDSBOARDS OF DIRECTORSBORROWING COSTBORROWINGSBRIBESCAPITAL COSTSCAPITAL INVESTMENTSCAPITAL MARKETSCASH FLOWCASH FLOWSCCCOLLATERALCOLLATERALIZATIONCOMMODITY PRICESCOMPETITIVE TENDERCONTRACT RIGHTSCONVENTIONAL BANKCORRUPTIONCREDIT FACILITYCREDIT MARKETCREDITORCREDITSCREDITWORTHINESSCURRENCYCURRENCY MISMATCHDEBTDEBT SERVICEDEBT SERVICINGDEPOSITDEVELOPING COUNTRIESDEVELOPMENT ASSISTANCEDEVELOPMENT BANKDEVELOPMENT COMPANYDEVELOPMENT FINANCEDISBURSEMENTSDIVERSIFICATIONDIVIDENDS PAYABLEDOMESTIC CURRENCYDOWN PAYMENTECONOMIC DEVELOPMENTECONOMIC GROWTHELECTRICITYEMERGING MARKETEMERGING MARKET ECONOMIESEMPLOYMENTEQUIPMENTEQUITY CONTRIBUTIONEQUITY HOLDINGEQUITY INVESTMENTEQUITY INVESTMENTSEQUITY INVESTOREQUITY INVESTORSEQUITY RETURNEXCHANGE RATEFINANCE INFRASTRUCTUREFINANCESFINANCIAL CRISISFINANCIAL MANAGEMENTFINANCIAL SKILLSFINANCING OF INFRASTRUCTUREFOREIGN DIRECT INVESTMENTFOREIGN INVESTMENTFOREIGN INVESTORSFOREIGN MARKETSFUNDING SOURCESGLOBAL FINANCEGLOBAL MARKETSGOVERNMENT CREDITGOVERNMENT DEBTGOVERNMENT FINANCESGOVERNMENT GRANTSGOVERNMENT GUARANTEEGOVERNMENT INVOLVEMENTGOVERNMENT OWNERSHIPGOVERNMENT REVENUEGOVERNMENT REVENUESGOVERNMENT SUPPORTGRACE PERIODGROSS DOMESTIC PRODUCTHOST COUNTRIESHOST GOVERNMENTHOST GOVERNMENTSINCOME TAXESINFRASTRUCTURE COSTSINFRASTRUCTURE DELIVERYINFRASTRUCTURE DEVELOPMENTINFRASTRUCTURE FINANCEINFRASTRUCTURE FINANCINGINFRASTRUCTURE INVESTMENTINFRASTRUCTURE INVESTMENTSINFRASTRUCTURE LOANSINFRASTRUCTURE PROJECTSINITIAL INVESTMENTINITIAL INVESTMENTSINSTRUMENTINTEREST RATEINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINVESTMENT POLICYINVESTOR INTERESTISSUANCEISSUANCE OF BONDSLACK OF TRANSPARENCYLAWSLEGAL CONSTRAINTSLEGISLATIONLENDERLENDERSLEVEL OF RISKLICENSESLOANLOAN AGREEMENTLOAN AGREEMENTSLOAN FACILITYLONG-TERM FINANCEMARKET CONDITIONSMARKET DESIGNMARKET RISKSMDBMONETARY FUNDNATIONAL BUDGETNATIONAL TREASURYNATURAL RESOURCESNEGATIVE PLEDGE CLAUSESNEW BUSINESSESNONPAYMENTO&MOPERATIONAL RISKSOWNERSHIP INTERESTPARTIAL RISKPLEDGESPOLITICAL RISKPORT FACILITIESPRESENT VALUEPRIVATE CAPITALPRIVATE INVESTORPRIVATE SECTORPRIVATE SECTOR PARTICIPATIONPROVISIONSPUBLICPUBLIC INFORMATIONPUBLIC INFRASTRUCTUREPUBLIC PARTNERSHIPPUBLIC POLICYPUBLIC PROCUREMENTPUBLIC PROCUREMENT LAWPUBLIC SERVICEPUBLIC SERVICESPUBLIC SPENDINGPUBLIC-PRIVATE PARTNERSHIPPUBLIC-PRIVATE PARTNERSHIPSRAILRAIL LINESRAILWAYSRATE OF RETURNRECEIPTSREGULATORY FRAMEWORKSREGULATORY OVERSIGHTRENEGOTIATIONREPAYMENTRETAINED EARNINGSRETURN ON INVESTMENTRETURNSREVENUE MANAGEMENTROADSSETTLEMENTSOURCES OF FINANCESOVEREIGN DEBTSOVEREIGN DEBTSSWAPSTAXTAX REVENUESTELECOMMUNICATIONSTRANSACTIONTRANSPARENCYTRANSPORTTRUSTEEUTILITIESVALUATIONVEHICLEWATER SUPPLYWEALTH10.1596/978-1-4648-0239-3