Preface to the Portuguese Edition

AutorE. R. Yescombe
XXXIII
PREFACE TO THE
PORTUGUESE EDITION
It is some twenty year s since the first edit ion of thi s book, and over that
time private i nvestment i n infrastr ucture has grown from a l imited base
in a few countries to a worldw ide phenomenon in both developed and
developing countries. P ublic-private partnersh ips for infrastruct ure are
now recognised by most govern ments as a key tool for acceleration of
economic development.
Project fi nance has played a vital rôle in the development of PPPs,
beginn ing with the power-generation industr y and other ‘economic
infra structu re’ sectors such as tra nsportation and utility networks, but
now extending to ‘socia l infrastructure’ such as schools and hospitals.
Another key trend in recent decad es has been the privatisation of
infra structure, for exa mple in the utilities and telecom munications sector,
and again project fina nce has played its part in funding this process.
Projects developed using project-f inance techniques have a good
record of success, often sig nificantly bet ter than ‘standard’ publ ic-sector
projects. The techniques set out in the book explain why th is is the
case—the careful and det ailed ana lysis car ried out by project-finance
lenders are a ‘thir d pair of eyes’ in addition to the project’s investors and
their contracting counterpar ties and so provide a ‘sense check’ on the
project’s viability, while lender s’ controls over contracts and cash f low
help to ensure projects are complete on-t ime and on-budget.
_PrinciplesProjectFinance.indb 33_PrinciplesProjectFinance.indb 33 11/02/2022 13:12:1811/02/2022 13:12:18

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