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Advances in Infrastructure Finance

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This book examines advanced approaches to finance infrastructure projects. In doing so, it synthesizes developments and generates new understandings in the field. 

Infrastructure financing has moved beyond traditional government funding, multilateral assistance, and project finance, to a diverse set of innovative approaches, increasing participation from private, institutional, commercial, and philanthropic investors.

Chapters in the book discuss various infrastructure finance themes including the dynamism of project finance, diversification of multilateral assistance into various concessional and guarantee instruments, the surge of green and other thematic bonds, the role of land value capture, funded and unfunded risk mitigation options, growth of private institutional markets, and asset recycling. 

Given that developments in infrastructure finance are followed by many financial institutions, private developers, public sector policymakers, consulting firms and academic institutions, a researched discussion on the subject will help readers reflect on, compare and contrast the emerging trends in relation to their practice.

Author(s): Raghu Dharmapuri Tirumala, Piyush Tiwari
Publisher: Palgrave Macmillan
Year: 2023

Language: English
Pages: 268
City: Singapore

Acknowledgments
About This Book
Contents
About the Authors
Abbreviations
List of Figures
List of Tables
1 Introduction
1.1 Understanding Infrastructure
1.2 Importance of Infrastructure Financing
1.3 Advances and Innovations
1.4 Scope of the Book and Chapterization
References
2 Project Finance Transformation
2.1 Introduction
2.2 Project Finance—A Primer
2.3 Evolution of Project Finance
2.4 Infrastructure Debt Funds
2.5 Islamic Finance and Sukuks
2.6 Interest Rate Basis: LIBOR/SOFR
2.7 Discussions
2.8 Conclusions
References
3 Multilaterals Leading the Innovation Path
3.1 Introduction
3.2 Origins of the MDBs and Their Gradual Transformation
3.3 The Expanding MDB Landscape: Role of Global, Regional, and Sub-Regional Institutions
3.4 Financial Models of MDBs
3.5 Financial Instruments of MDBs
3.6 Infrastructure Focus
3.7 Evolution of Innovative Financing Mechanisms
3.8 Private Sector Participation: Blended Finance, Co-Financing
3.9 Observations
3.10 Conclusions
References
4 Exponential Growth of Sustainable Debt: Green Bonds Surge
4.1 Rapid Growth
4.2 Multilaterals as Frontrunners
4.3 Bond Issuance Process
4.4 Green Taxonomies
4.5 Exchanges and Indices
4.6 Greenium and Transaction Costs
4.7 Impact and Reporting
4.8 Additionality
4.9 Discussions
4.10 Conclusions
References
5 Diverse Applications: Thematic Bonds Catching Up
5.1 Introduction
5.2 Diverse Applications
5.3 Social, Sustainability and SDG Bonds
5.4 Biodiversity
5.5 Blue Bonds
5.6 Discussions
5.7 Challenges
5.8 Conclusions
References
6 The Appeal of Land-Based Financing Instruments
6.1 Introduction
6.2 Demand for Sustainable Infrastructure in a Rapidly Urbanizing World
6.3 Financing Sustainable Urbanization
6.4 Land as a Resource for Funding Infrastructure
6.5 Innovative Land-Based Instruments for Financing Infrastructure
6.6 Public–Private Partnerships
6.7 Conclusion
References
7 Growing of Age in Risk Mitigation: Funded and Unfunded Participation
7.1 Introduction
7.2 Natural Hazards
7.3 Risk Mitigation in Project Finance
7.4 MDBs: Funded and Unfunded Participation
7.5 Managed Co-Lending Portfolio Program (IFC)
7.6 Government Credit Enhancement
7.7 Credit Enhancement—Capital Markets
7.8 Residual Risks
7.9 Force Majeure—A Pandemic Context
7.10 Political Unrest
7.11 Conclusions
References
8 Unlocking Value Through Asset Recycling
8.1 Introduction
8.2 Asset Recycling Initiative of Australia
8.3 Other International Asset Monetization Initiatives
8.4 AR for Social Infrastructure: Permanent Funds
8.5 The Case for Mainstreaming AR
8.6 Criticism
8.7 Credit Rating
8.8 Conclusions
References
9 Private Market Infrastructure Funds
9.1 Introduction
9.2 Growth of the Infrastructure Funds
9.3 Infrastructure Investment Trusts (InVITs)
9.4 Sustainable Investing by Private Equity Funds
9.5 Crowdfunding
9.6 Institutional Investor Participation Modalities in Infrastructure
9.7 Discussions
9.8 Conclusions
References
Index