Lessens and case study from the Tans-European Rail Network (TEN-T) to the region. The presentation highlights Structuring, financing and implementing this massive 900 billion euro investment with focus on risk transfer. The region can learn greatly from TEN-T projects across Europe in terms of overcoming regulation barriers to cross border infrastructure projects and in exploring the lending facilities and guarantees used by the European Investment Bank (EIB), state Governments and the Private sector to fund this project.
Presented at the Training Session on Public Private Partnerships organised by the MENA-OECD Investment Security in the Mediterranean (ISMED) Support Programme in September 2014.
Presentation 1 of 8 from Horizon 2020 for Rail event held 8th Nov 2013.
High level overview of where Horizon 2020 fits in
Beginning with the Transport White Paper, and Challenge 2050.
Introduction to Horizon 2020 research programme, its scope and purpose, and how it will differ from the previous Framework Programmes.
This presentation was held during the 5th GIB Summit, May 27-28 2015.
The presentation and more information on the Global Infrastructure Basel Foundation are available on www.gib-foundation.org
Guest presentation by Christian Thiel and Gillian Harrison, of European Commission's Joint Research Centre, Institute for Energy and Transport
https://ec.europa.eu/jrc/en/science-area/energy-and-transport
Presented at the Training Session on Public Private Partnerships organised by the MENA-OECD Investment Security in the Mediterranean (ISMED) Support Programme in September 2014.
Presentation 1 of 8 from Horizon 2020 for Rail event held 8th Nov 2013.
High level overview of where Horizon 2020 fits in
Beginning with the Transport White Paper, and Challenge 2050.
Introduction to Horizon 2020 research programme, its scope and purpose, and how it will differ from the previous Framework Programmes.
This presentation was held during the 5th GIB Summit, May 27-28 2015.
The presentation and more information on the Global Infrastructure Basel Foundation are available on www.gib-foundation.org
Guest presentation by Christian Thiel and Gillian Harrison, of European Commission's Joint Research Centre, Institute for Energy and Transport
https://ec.europa.eu/jrc/en/science-area/energy-and-transport
The Middle East has allocated nearly $250bn to various railway projects over the next 10 years with ambitious plan to build around 67,000km of railway tracks throughout the region. The region has the opportunity to build the world’s most advanced passenger and freight transport systems. The presentation touches on all aspects of railway development and strategies in the region including different Public private Partnership (PPP) models and financing / funding advice to better develop rail projects as a sustainable means of transport.
Economic regulation and competition in railways Tristan Wiggill
A presentation by Ms Kgomotso Modise (DDG: Transport: Department of Public Enterprises) at the Transport Forum Month of Transport Celebrations 1 October 2015 hosted by University of Johannesburg. The theme for the event was: "Trends in Policy Development for Transport" and the topic for the presentation was: "Economic Regulation and Competition in Railways."
More like this on www.transportworldafrica.co.za
Economics of Crossrail (Microeconomics)Eton College
Europe’s largest construction project
Crossrail will increase London's rail capacity by 10%
Crossrail route will run >100km from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east.
40 Crossrail stations including 10 new stations
Crossrail will bring an extra 1.5 million people to within 45 minutes of central London
Total funding available to deliver Crossrail is £14.8bn
Costs outside the £14.8 billion funding package include the estimated £1 billion cost of buying trains, the majority of which will be funded directly by Transport for London
A presentation by Ms Hlengiwe Sayd (Director: Rail Policy and Strategy Development: DOT) at the Transport Forum Month of Transport Celebrations 1 October 2015 hosted by University of Johannesburg. The theme for the event was: "Trends in Policy Development for Transport" and the topic for the presentation was: "The Green Paper on National Rail Policy."
More like this on www.transportworldafrica.co.za
Private sector solution for South African transport dilemmaMaciek Szymanski
South African economic development is limited by poor and costly national airline which continuously consumes public sector resources which could be better served elsewhere. Through a solid track record of public private partnerships (PPPs) in the country, we evaluate a potential solution that could be applied to the air travel sector, impacting improvement in at least two of the sustainable development goals.
The Middle East has allocated nearly $250bn to various railway projects over the next 10 years with ambitious plan to build around 67,000km of railway tracks throughout the region. The region has the opportunity to build the world’s most advanced passenger and freight transport systems. The presentation touches on all aspects of railway development and strategies in the region including different Public private Partnership (PPP) models and financing / funding advice to better develop rail projects as a sustainable means of transport.
Economic regulation and competition in railways Tristan Wiggill
A presentation by Ms Kgomotso Modise (DDG: Transport: Department of Public Enterprises) at the Transport Forum Month of Transport Celebrations 1 October 2015 hosted by University of Johannesburg. The theme for the event was: "Trends in Policy Development for Transport" and the topic for the presentation was: "Economic Regulation and Competition in Railways."
More like this on www.transportworldafrica.co.za
Economics of Crossrail (Microeconomics)Eton College
Europe’s largest construction project
Crossrail will increase London's rail capacity by 10%
Crossrail route will run >100km from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east.
40 Crossrail stations including 10 new stations
Crossrail will bring an extra 1.5 million people to within 45 minutes of central London
Total funding available to deliver Crossrail is £14.8bn
Costs outside the £14.8 billion funding package include the estimated £1 billion cost of buying trains, the majority of which will be funded directly by Transport for London
A presentation by Ms Hlengiwe Sayd (Director: Rail Policy and Strategy Development: DOT) at the Transport Forum Month of Transport Celebrations 1 October 2015 hosted by University of Johannesburg. The theme for the event was: "Trends in Policy Development for Transport" and the topic for the presentation was: "The Green Paper on National Rail Policy."
More like this on www.transportworldafrica.co.za
Private sector solution for South African transport dilemmaMaciek Szymanski
South African economic development is limited by poor and costly national airline which continuously consumes public sector resources which could be better served elsewhere. Through a solid track record of public private partnerships (PPPs) in the country, we evaluate a potential solution that could be applied to the air travel sector, impacting improvement in at least two of the sustainable development goals.
In his presentation entitled: “R&D&I - Future Prospects”, Mr. Bernard Barani from EC presented the Commission’s proposals for the 2014-2020 Multiannual Financial Framework. He discussed the need for a Common Strategic Framework to increase impact and achieve simplification, while he outlined the objectives and structure of Horizon 2020.
Unlocking Capital for Land Use and Conservation Projects: the Business Case f...CIFOR-ICRAF
This presentation by The European Investment Bank's James Ranaivoson was given at a session titled "Unlocking Capital for Land Use and Conservation Projects: the Business Case for Investing" at the Global Landscapes Forum: The Investment Case on June 10, 2015. For more, please visit http://www.landscapes.org/london/
Smart cities are driving economic competitiveness, environmental sustainability and livability. To make a city resourceful is to make it more efficient, more attractive, and more eco-friendly, all while making a real improvement to Citizens quality of life. While financing options are not evolving quite as fast as technology, they are evolving nonetheless. Lean how to fund and finance your smart city project.
Transport sectors projects are very political entities and governments are still held responsible should there be revenue short fall or distressed situation. further modes of transport do compete with each other but in a limited manner, however, global threats nowadays require certain redundancy in transport network, this affects PPP structure!
Also experience suggests that negotiations between public authorities and prospective concessionaires are rather asymmetrical, and lead to asymmetric risk sharing. Concessionaires have extraordinary bargaining powers as they know no competition exists after the concession is signed.
Contractor’s ability to mitigate damages can be limited if coupled with uncertainty of the duration of the delay. HOOH is recoverable in certain prolonged delay situations and has been granted by courts and amicable settlements for more than half a century. The Contractor may recover the return that he would have achieved on other work had his resources not been detained on the Works due to the delay. The presentation highlights the different formulae used in the calculations and conditions precedent to do so.
Many countries are embarking to rehabilitate its aging sewer & water network where sewer infiltration and water loss can reach 50%. The presentation highlights the strategies to tender and implement efficient rehabilitation program with a preview of trenchless technologies in rehabilitation while highlighting the technical and contractual challenges.
There is a huge need for infrastructure developments and service quality improvement at many airports markets, but public budgets are limited. PPPs can provide a solution when the resources of private and public partners are bundled where conventional privatizations are not possible. The uniqueness of each airport development requires always a tailored approach structuring a PPP.
PPPs with a fair allocation of risks and rewards provide a means to raise necessary funds and know-how on the basis of a realistic business case. Risk mitigation strategies have to be developed to protect the public and private partners, including e.g. re-definition of the airport value chain, tax advantages, direct subsidies, etc.
Infrastructure whether financed through traditional methods or PPPs relies on funding sources to repay financing, whether debt, equity, or a combination. All infrastructure investments ultimately depend on either user fees, government tax revenues, or a combination of both. Transport has a great impact on economic growth and poverty alleviation.
Therefore, community and political support for greater investment of government tax revenues or the imposition of user fees is critical to expanding investment in public infrastructure. The challenge is for PPPs to demonstrate overall cost savings and efficiencies that outweigh the lower-cost financing advantage of traditional procurement.
Creation of Infrastructure has economics both of scale and scope (i.e., minimum size of facilities, inelastic adjustment of capacity to demand, long term project completion, etc..
ITS allows support travelers of all classes and to assist in road network management and performance by using systems for information, communication, and control, to provide improved safety and an enhanced traveling experience. The presentation provides highlights on Bahrain ITS Efforts.
Renewable Energy comes from sources that do not deplete over years such as sun, wind, oceans and plants. There are numerous ways to convert primary energy forms into consumable forms of energy including heat and electricity; however, due to the intermittent nature of many renewable sources, the issue of storing electricity is of particular importance. Further its worth to note renewable energy technologies do NOT necessarily compete with each other purely based on price. It depends on geographic location, availability of space, capital costs, operational costs, and environmental concerns.
The housing crisis continues to worsen as cities are increasingly falling behind in building housing solutions. As Cities become denser, bringing the modules in by crane and dropping them atop the podium may be sometimes the only solution.
With the right use of Modular technology the gap between aesthetics and affordability can be closed.
A bridge is the key element in a transportation system; it controls both the volume and weight of the traffic. Balance must be achieved between handling future traffic volume and loads and the cost of heavier and wider bridge structure. Economic Analysis and comparisons against competing alternatives is required as Bridges are the most expensive part of a road transportation network. Monetized & Non-Monetized Benefits that will accrue like time savings to road users, benefits to business activities (and to the economy in general) and salvage value benefits like Right-of-Way and substructure use need to be assessed as well.
Facilities management sector is populated by a wide range of professionals from a variety of different backgrounds, many of whom have come to the profession with experience in the construction and servicing of buildings. There is little unanimity about the definition of facilities management but it’s about the effective management of place and space, integrating an organization’s support infrastructure to deliver services to staff and customers at best value whilst enhancing organizational performance.
While new software platforms & BIM had taken the facility management industry by a storm and allowed enhanced interdisciplinary collaboration, yet other changes are affecting the industry. The presentation provides insights into these factors including a preview of Global Facilities Management M&A and industry trends.
Railways are undergoing major industry changes with management and business planning at the forefront that encompasses operational, customer and intermodal competition issues with innovative technologies removing earlier barriers. The presentation highlights trends in engineering, operations, stations design, passengers’ expectations and ticketing & collection while touching on issues like network capacity, demand forecasting & fare policies.
World Bank estimated, in 2025 the production of municipal solid waste will be 2.2 billion tones worldwide. With this amount, we are more and more polluting our own environment. Seven to eight percent of the total greenhouse gas emissions arise from continued landfilling. EfW (WtE) does not only decrease the volume of waste, it also protects natural resources like land and water. There is no additional need for landfills, where leakage can occur and pollute our tap water. It also protects air and climate because the regulations by law for EfW are more stringent than for coal fired power plants or any other industry. EfW plants decrease the greenhouse gases which come from landfill.
Constructions projects have become of increasing technological complexity with relationships of those involved are also more complex and contractually varied. Additionally global trends are dramatically impacting contracting activity. Success depends on new and innovative ways to manage uncertainty and complexity.
Increasing traffic in major urban regions leads to congestion which challenges cities and urban regions in terms of mobility, pollution and safety. ITS is application of information and communications technology (ICT) to the transport sector in the interests of safer, more sustainable & more efficient movement of goods & people.
The integration of intelligent infrastructure and intelligent vehicles had gained wide acceptance yet understanding the various options without incurring unnecessary expenditure is core in ITS planning and implementation. The presentation explains various ITS portfolios, value chain and life-cycle management with focus on the appropriate level of integration.
Loay Ghazaleh, a 1986 Texas A & M Civil Engineer with MBA 2000 Finance from Thunderbird – Arizona, backed by over 25 years diverse experience in both government and private businesses in Bahrain, UAE, Jordan, India, Brazil, Philippines, Saudi Arabia & Palestine.
Warming is believed to be caused by increasing concentrations of greenhouse gases produced by human activities such as the burning of fossil fuels and deforestation. The effects of an increase in global temperature include a rise in sea levels and a change in the amount and pattern of precipitation, as well a probable expansion of subtropical deserts.
With the façade embodying up to 35% of the construction costs as well as being hugely accountable for the buildings' response to climate change, it has never been so important to understand which façade solutions deliver not only a cost effective and sustainable façade, but also one that is aesthetically pleasing and technically performing.
The Second Edition of the Rainbow Suite is considerably longer, more detailed. The update addresses issues raised by users over the past 18 years and reflects current international best practice. The presentation analysis changes in Yellow & Silver Books as they apply to EPC & PPP Contracts from the perspectives of Public Entities, Contractors and Lenders.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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2. TEN – T Overview
EU Commission, TENs Budgets, Policies & Funds
EIB TENs Financing Role
EIB 2012 Preview & Financial Standing
EIB Financing Facilities , Funds & PPP’s
Lessons Learnt: TEN – T Financing Shortfalls
Lessons Learnt: Compelling PPP Logic
Lessons Learnt: Regulatory & Standardization
Lessons Learnt: Barriers to Cross-Border Projects
Lessons Learnt: Europe Single Railway Area
Lessons Learnt: Privatization Future - The British Railways Example
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 2
4. The “Europe 2020” Strategy was endorsed in
March 2010 by the European Council
“Europe 2020” Priorities:
Priority 1: Smart growth
(Innovation, Education, Digital Society)
Priority 2: Sustainable growth (Climate, Energy
and Mobility, Competitiveness)
Priority 3: Inclusive growth (Employment and
Skills, Fighting Poverty)
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 4
5. TEN-T – European Union Investment challenges
75,200 kilometers of roads
79,400 kilometers of railways
430 Airports
270 International seaports
210 Inland ports
Traffic Management Systems, User Information and
Navigation Services
TEN-T – Objectives
The development of TENs aims to provide:
High-quality infrastructure supporting the links
between the 27 EU Member States and connecting the
EU and the countries of the European Neighborhood
Interconnection and interoperability of existing
national networks
Access to the basic networks, permeating the benefits of
the Trans-European Networks over the whole EU
territory
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 5
7. Full Ten-T Network Cost - EUR 900 billion (from 1996 to 2020).
EUR 500 billion remaining, as of 2009
Cost of Priority Projects alone - EUR 415 billion (from 1996 to
2020). EUR 253 billion remaining, as of 2009
The estimated TENs investment requirement in 2007-2013 is
over €350bn
TEN-T investment programs are too large for the public sector
to develop alone without increased private sector risk
participation.
The credit crisis has had significant impact on the volume of
transactions, speed of closing, margins, and tenors.
Syndication and wrapped bond markets dried up.
Currently uncertainties relating to the scale of investments
and the way it are to be financed.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 7
8. EU, Budget Lines and Structural & Cohesion Funds - 15%
EIB Loans Finance - 15-20%
National Resource Finance - 40-50%
Private sector risk finance needed to finance 20-25%
Volume of Investments EUR Support Rate
(2007 - 2013) bn
Member States 196
TENT-T Budget (direct) 8 Up to 30% (10% in reality)
Cohesion + Structural (CS) Funds 47 Up to 85%, grants, technical support
EIB loans 54
Funding Gab 45
Total 350
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 8
9. PPP/concessions have been used widely for
road, bridges/tunnels, light rail, heavy rail, airport and
seaports projects at national and subnational level in
the EU.
Several EU Member States have used transport projects
concessions like Austria, Belgium, Bulgaria, Czech
Republic, Cyprus, Denmark, Finland, France, Germany, G
reece, Hungary, Ireland, Italy, the
Netherlands, Latvia, Poland, Portugal, Romania, Slovaki
a, Spain and the United Kingdom
Despite extensive use of concessions in transport sector
,YET NO explicit reference to PPP in 2004 EU public
procurement legislative package. EU now are
Introducing new process of Competitive Dialogue in
new legislative package (intended to make PPP easier)
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 9
11. “Convergence” Objective: regions in which GDP per head does not reach
75% of the EU average – Funds set at € 283 billion (81.5% of EU budget)
for 84 regions – 154 million people
“Regional Competitiveness & Employment” Objective: regions facing
difficulties or changes in key sectors, decline of traditional activities,
economic/social crisis, deterioration in urban areas, depopulation of
rural areas - Funds set at € 55 billion (16%) ,168 regions – 314 million
people
“Territorial Cooperation” Objective - Funds set at € 8.7 billion (2.5%)
The policies focus on enhancing accessibility and strengthening regional
economies and achieving cohesion and competitiveness with railways,
mobile rail assets, motorways, multimodal and inland waterways being a
key element. (Consumes nearly 1/3 of the budget).
Cohesion Policy builds capacities in Member States for project
identification, selection, implementation and management in addition to
financial engineering project preparation and financing.
Cohesion Policy finances up to 85% of the total costs of the project in
convergence regions.
Cohesion Policy finances up to 50% in competitiveness and employment
regions.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 11
12. EU’s long term lending bank set up in 1958 by the Treaty
of Rome, to promote EU objectives and policies in several
sectors.
Shareholders: 27 EU Member States.
The EIB supports projects through loans, guarantees and
venture capital.
Employs about 1500 people.
World’s largest multilateral financial institution with total
assets of EUR 300bn, mainly financed by bond issuances.
Rated AAA by S&P, Moody’s and Fitch.
EIB - European Priority Objectives within the Union
Cohesion and convergence
Small and medium-sized enterprises (SMEs)
Environmental sustainability
Knowledge Economy (i To i)
Trans-European Networks (TENs)
Sustainable, competitive and secure energy
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 12
13. Mobility is essential for the free movement of people and economic
growth. EIB strives for the most efficient, most economic and most
sustainable way of satisfying transport demand.
The EIB will continue its strong commitment to the funding of TENs as
the backbone of transport investment in the EU and essential for the
functioning of the internal market.
Funding railways, inland waterways and maritime projects will continue
to be a priority as these are intrinsically the most promising in terms of
reducing greenhouse gas emissions per transport unit. The same
applies to urban transport and intermodal hubs.
Further emphasis will be given to RDI activities with vehicle
manufacturers whatever the sector involved. This should primarily
focus on ensuring energy efficiency, emissions reduction and safety
enhancement.
Preliminary Outcomes
EIB is well placed with its current product portfolio
Refinement of EIB offers in order to close market gaps that have become visible
during the recent economic and financial crisis
EIB does and will continue to support of safer/smarter/cleaner transport
infrastructure and vehicles
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 13
23. EIB adds value to TENs Transport and Energy :
Mobilize on competitive terms the large amounts necessary to co-finance
the building of this infrastructure;
Offers maturities tailored to the long construction and operating periods
of the schemes concerned;
Provides structured finance as a complement to commercial bank and
capital market funding.
Establishes equity funds to finance TEN-T Infrastructure such as the
2020 European Fund for Energy, Climate Change and Infrastructure – the
Marguerite Fund - to invest in minority participations with other
strategic investors greenfield infrastructure projects in TEN-T, TEN-E and
renewable energy (loan facility of €5 billion, Investment period of 4
years, Duration of the Fund: 20 years)
Many green field transport projects are sub-investment grade unless
supported or guaranteed by government/pubic authorities or credit
enhanced. EIB provides such support
Senior lenders require expensive additional buffers (e.g. lower gearing/
higher cover ratios, contingent mezzanine debt and equity). EIB provides
such facilities.
In current market circumstances, projects need supplementary
robustness in order to attract private financings in traffic related
infrastructure investments. EIB provides rump up guarantees.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 23
24. It is desirable for projects to be presented to the Bank at the
earliest possible stage by potential Promoters , Commercial
Banks , Public Authorities and International or National
Development Finance Institutions.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 24
25. Project scope must fall under EIB eligible sectors
(e.g.
transport, environment, energy, education, health, et
c.) and at least one of the EIB objectives
EU procurement rules, particularly publicity and
environmental legislation must be observed.
Technical and economic feasibility must be
demonstrated under conservative assumptions
including market, job creation, and economic rate of
return.
Satisfactory credit risk level under EIB own
assessment.
Information to be provided to EIB also include;
General and legal information about the main
shareholders;
Financial information, historic and forecast (balance
sheet, P&L, business plan);
Confirmation legislation;
25
27. Loan Guarantee Instrument for TEN Transport projects (LGTT): EUR 5 bn
EIB guarantee program for which EUR 1 bn risk capital has been jointly
provided by the EIB and EU budget. LGTT shares the revenue / traffic
risk in the early years of TENs projects
Structured Finance Facility (SFF): to fund projects with a higher risk
profile to enable equity financing; mezzanine and guarantee operations
for infrastructure schemes
Investments in Equity Funds: EIB invests in equity funds, e.g.
Marguerite, which in turn take direct equity participations in
infrastructure investments
European PPP Expertise Centre (EPEC): expertise service provided by
the EIB and European Commission to support program and policy
development as well as best practice by the public sector for PPP
transactions.
Joint Assistance to Support Projects in the European Regions (JASPERS):
a joint policy initiative of EIB, EBRD and KfW to provide assistance for
absorption of Structural & Cohesion Funds period 2007 to 2013
European Clean Transport Facility (ECTF) : is a major EIB financing
program to support investments targeting RDI (Research, Development
and innovation); emissions reduction and energy efficiency.
EIB participation in PPPs
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 27
28. LGTT is a specialized risk based instrument created in 2008
jointly EIB & European Commission to support demand-based
PPPs with transfer of traffic risk. Both have committed evenly a
total of €1 billion over the next years (until 2013) .All TEN-T
projects are eligible
The LGTT Guarantee Facility is designed to provide contingent
stand-by mezzanine debt to promoters and thereby to protect
senior debt. EIB will only be repaid out of cash available post
senior debt service.
The Capital Commitments of €1bn enable LGTT Guarantees of €
5bn to be issued based on a 20% provisioning ratio with a
maximum €300 per transaction and up to 7 years from
construction completion (ramp-up phase). Residual risk is borne
by the EIB Balance Sheet.
In current crises, LGTT proved decisive to attract senior lenders
and to close sound TEN-T PPP projects with traffic risk
components from near-investment grade to better funding cost.
LGTT is particularly useful to mitigate refinancing risk in Mini-
Perm structures.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 28
29. Purpose of SFF is to increase EIB leverage value added and
financing capacity while limiting amounts financed. SFF
financing of EUR 4.2 bn in 2008, EUR 5.8 bn in 2009
SFF allows EIB to increase the leverage on its own funds
and those of the Commission Budget through structured
finance.
SFF allows EIB to reach projects with a credit quality that
previously might not have qualified for EIB financing.
Strategic objectives established by the Bank include the
building of a significant and sustainable SFF program,
transforming these activities into a mainstream element
of the Banks’s lending with a focus on high priority
sectors of TENs, i2i (Knowledge Economy), energy and
cooperation in partner countries.
SFF may also be used for other priority objectives where
appropriate, such as SMEs.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 29
30. Emerging Europe Convergence Fund Aug-05 655 50 CEE ITC expansion
Dexia Southern EU Infrastructure Mar-06 120 25 FR, IT, ES, PT PPP
Dutch/Northern EU Infrastructure Aug-05 121 15 NW Europe PPP
Barclays European Infrastructure Jul-06 315 28 UK, IE, FR, DE PPP
San Paolo IMI Infrastructure Fund Dec-06 120 18 IT PPP
Enercap Power Fund Jun-07 98 25 CEE Renewable Energy
Benelux, FR,
DIF Renewable Energy Fund Sep-07 314 25 DE, Scandinavia
Renewable Energy
Meridian Infrastructure Fund Oct-06 547 50 EU PPP
Green Alliance Renewable Fund Dec-07 41 15 ES,PT Renewable Energy
Espirito Santo Infrastructure Fund May-08 96 15 ES,PT Renewable Energy
PPP / Renewable
DIF Infrastructure Fund II Dec-08 220 35 NW Europe
Energy
Worldwide (40%
Dasos Timberland Fund I May-09 85 17 Europe)
Timberland assets
Meridian Infrastructure Fund II Dec-09 175 50 EU PPP
SE Europe Energy Efficiency &
SE Europe Energy Efficiency Fund Dec-09 95 25 including Turkey Renewable Energy
Renewable Energy,
2020 Marguerite European Fund Dec-09 710 100 EU
TEN-T, TEN-E
Total 5243 528
European Investment
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 Bank 30 30
31. A collaborative venture between the EIB and
European Commission
Membership open to PPP taskforces in
Member States and candidate countries
Allows members to share experience and
expertise
Staffed by experienced transactors capable
of synthesizing experience and
disseminating guidance
27 organizations already signed up
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 31
32. Joint Assistance to Support Projects in the
European Regions
Joint policy initiative of EIB, EBRD and KfW
Assistance for absorption of Structural &
Cohesion Funds period 2007 to 2013
Assistance with project presentation and
identification
Analysis of horizontal issues such as
grant/loan blending
Project implementation support to follow in
second phase
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 32
33. ECTF facility is targeting RDI (Research, Development and Innovation)
investments in emission reduction and energy efficiency in the European
transport industry.
Lending under ECTF amounted to EUR 4.2 bn and targets automotive
(OEMs/Suppliers), railroad, aircraft and shipping industries as well as
related infrastructure.
This Risk Sharing facility targets larger scale investments with corporate
sponsors (or project finance structures).
Such risk-sharing facility is used for example in:
Intelligent traffic management (e.g. variable message signs, advanced traveller
information systems, advanced driver’s assistance, speed
advisory/control, electronic tolls, etc.), and
“Smart” vehicles (e.g. Advanced Drivers’ Assistance, accident
sensors, automated guided vehicles, navigation systems, inter-vehicle
communications systems etc.), and “Green” vehicles (application of ICT in
reducing the congestion of vehicles).
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 33
34. Involvement since pre-qualification stage;
Principle of non-exclusivity during tender;
Public tender compliant with EU requirements;
Non-discriminatory treatment;
Tight cooperation with public sector;
Tenor shorter concession termination (need of
“tail”);
Usual coverage ratios (debt service, loan life);
Benefits of EIB financing must be transferred to
private and public sector;
Complementary with banking sector and capital
markets.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 34
35. Fully guaranteed or intermediated by
acceptable financial institutions until final loan
maturity;
Guaranteed during construction and early
operations and confirmation of project meeting
minimum technical / financial requirements.
Structure Finance Facility, if eligible, the EIB
would participate with other Senior Lenders,
assuming construction and operation risks.
Maximum amount of EUR 200m.
LGTT –TENs Guarantee Instrument: funded by
the EU budget and managed by the EIB taking
the revenue ramp-up risk in the early years of
TENs projects.
Participate through Infrastructure Fund.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 35
36. Since 1990, EIB has progressively broadened geographic and sectorial
spread of its PPP lending. 2009 approvals amounted to EUR 36bn
The Bank is now Europe’s foremost funder of PPP projects. Portfolio of
120 projects and investment of around EUR 25 billion
Despite difficult economic conditions in 2009, signatures exceeded EUR
2 billion.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 36
37. INFRABEL RAIL TUNNEL PPP (BE) - €313m AUTOBAHN A-5 PPP TEN (DE) - €225m
METRO DE MADRID IV- TR C (ES) - €50m METRO DE SEVILLA DBFO 1&2 (ES) - €10m
AUTOVIAS RENOVACION PPP (ES) - €211m M25 WIDENING TRANCHE A (GB) - €448m
AUTOROUTE A 19 (TEN/SFF) (FR) - €200m M80 MOTORWAY PPP (GB) - €157m
TRAMWAY DE REIMS PPP (FR) - €107m SCUT ACORES (PPP) TRANCHE BST (PT) - €60m
AUTOROUTE A88 PPP (FR) - €102m SCUT ACORES (PPP) TRANCHE BBVA (PT) - €60m
E-K-P-P-T MOTORWAY PPP PROJECT (GR) - BAIXO ALENTEJO MOTORWAY (PT) - €225m
€200m
M6 DUNAUJVAROS-SZEKSZARD (HU) - €200m
AEROPORTI DI ROMA II (IT) - €80m
2ND COEN TUNNEL PPP (NL) - €194
A1 MOTORWAY - 2ND PHASE (PL) - €575m
DOURO LITORAL PPP (IC 24) (PT) - €350m
IP4 AMARANTE-VILA REAL (PT) - €200m
TRANSMONTANA MOTORWAY (PT) - €289m
37
40. LGTT does not extend the guarantee period to cover risks of difficult
revenue scenarios after the initial ramp-up period. This unfunded
guarantee instrument can provide a supplementary buffer to down side
scenarios.
A specific instrument for availability of PPPs payment schemes is not
there. Many projects in rail and inland waterway projects can benefit
from facility like a guarantee or subordinated debt instruments which
can substantially open PPPs to capital market financing.
The use of escrow accounts in order to better support PPPs on the entire
duration of the contract concession and to avoid the constraints of the EU
/ Governments budgetary cycle is not available.
Project bonds credit enhancement instruments are not available under
EU initiatives. This would facilitate bond issuance at appropriate rating
(at least single A) to attract interest of institutional investors and
pension funds lacking specialist expertise in the sector, project finance
or PPPs.
No GAP Facility is available. This facility would improve the rating
assigned to the senior debt/bonds to A, AA-levels and consequently
enable certain institutional investors to invest in an asset class that
matches their own liabilities.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 40
41. TEN-T budget Cohesion Fund roles, availability, as
well as the way they are managed vary substantially.
No National Task Forces are there to oversee and
coordinate the implementation of the TEN-T network
to the community.
Some elements to be improved in EU funding
constraints with respect to PPP projects. Duration of
EU budgetary cycle and duration of PPP contracts
often mismatch.
EU TEN-T funds must be allocated in a 3 years
maximum after the financing decision
Confidentiality issues : EU reimburses real costs
incurred, which some time can create issues for the
private partner
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 41
42. Facilitation of the issuance of bonds through subordinated
debt instruments is something that can be done with ease.
Greater availability of subordinated debt tranches could
enhance projects credits. The size of this tranche would
depend on the risk of the project/portfolio as the purpose
is to uplift the credit profile of the higher ranking senior
debt financing to single-A rating.
In this instance, TEN-T budget and EIB can provide /
contribute to such instrument. In this case Instead of
loans, EIB can provide guarantees and EC could also
provide the same using Community Budgetary funds on
Risk Sharing basis.
Institutional investors would be interested to invest in the
sector with suitable risk sharing between public and
private institutions. The subordinated tranche could be
similar in structure to LGTT.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 42
44. Environment
Support green and sustainable transport
Improve air quality
Reduce Noise
Safety
Safeguard public safety
Improve transport security
Economy
Value for money
Improve transport efficiency and encourage competition
Support businesses and create employment opportunities
Accessibility
Improve access to transport, interoperability and cross-
border
Increase transport options
Reduce severance
Integration
Improve transport interchanges
Integrate transport policy with land use
Consistency in legislation and regulations
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 44
45. Need to improve cost and quality in strategic public
services as infrastructure
Scarcity of public capital – infrastructure investment
needs outstrip the ability of the public sector to fund
Procurement Procedures that improve Value for Money
for public sector
Maturity Of PPP Market Varies Across EU Member States:
some committed to very significant programs (UK,
Germany: target for PPP to meet 15% of public
infrastructure investment requirements)
Diversity of PPP models across Europe – a key advantage
of PPP is its flexibility to meet different economic and
political priorities
Strong Track Record Of Operational Projects In Europe;
focused on transport, but also waste, water, defense,
health, education, custodial services etc.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 45
46. Importance of strategic planning and management among
all levels of government
Forecasting demand/transferring demand risk
Determining how much users can pay and how
Dealing with policy issues and setting priorities. Need for
effective regulation
Scoping projects (size/ability to finance)
Blending PPP with EU / EIB Budget Funds, Structural
Funds and Guarantees
Complexity of during procurement processes & contracts
management - public sector skills needed
Managing competition for proprietary technologies
(vertical separation on rail lines is an important option in
PPP- wheel-rail interface design)
protections from abuse of monopoly powers and future
development - Industry-wide codes and rules, proper
incentives and fair market behavior are needed
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 46
47. Recognize that transport is more complex than energy,
water broadcasting & telecommunications
Construction, ground conditions risks
Acquisition of land rights
Interface & integration with existing management systems
Integration with port and other facilities / assets
Partners (many) – need maturity + competence / capacity
of counterparties, construction industry + others
Rolling stock design & approval
International and local supplies , interoperability issues
Revenue risk / Traffic forecasts
Safety and economic regulation
Change over time – how much does the structure
accommodate it
Termination & hand back
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 47
49. Importance of regulatory authority’s competence
often underestimated or misunderstood
Sound and durable regulatory system is a major
protective regime for everyone:
Infrastructure manager
Infrastructure users
Final customers
Taxpayers
Government
Requires regulatory authority to have
professionalism, technical and legal
competence, resources and ability to do its job
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 49
50. Road (Intelligent Transport Systems – ITS); EASYWAY – Europe-
wide ITS deployment on main trans-European road network
corridors. Advantages near 15% reduction of congestion, less
fatalities and less co2 emissions.
Rail (European Rail Traffic Management System – ERTMS).
ERTMS aims at creating cross-border rail traffic that enables
speeds higher than 200 km/
Aviation (Air Traffic Management – ATM); SESAR (Single
European Sky ATM Research) Development Phase
Inland waterways (River Information Services – RIS)
Maritime (Vessel Traffic Management and Information Services –
VTMIS)
GSM-R: A radio system similar to GSM (but with specific
frequencies for voice and data exchange between the driver and
central control
ETCS: European Train Control System
Speed limits are transmitted from track to train
Driver response is monitored continuously
On-board computer stops train if speed limit exceeded
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 50
51. At shared interfaces,
Everything necessary to meet the essential
requirements like safety, healthy, availability, reliability,
environmental protection and especially technical
compatibility.
Elsewhere
That which is necessary to ensure mutual recognition of
vehicle authorization and Safety Management Systems
Where market opening for common components adds
value
Everything else – Beware!
Too much standardization (e.g. couplings, design
technical solutions) inhibits innovation and market
entry.
Interchangeability of vehicles and components
Is not necessary for interoperability
Can often be achieved voluntarily
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 51
53. Cross-border infrastructure development has impact
on country’s sovereignty that must be balanced with
other stakeholders. Political nervousness can arise.
For effective cross-border infrastructure planning
key political, economic and
financial, technical, social and
environmental, institutional and coordination issues
need to be discussed.
Measures can be undertaken to minimize these
effects thru mechanisms like committee exchanges
and frequent coordination meetings
The asymmetrical distribution of costs and benefits
among the different groups of stake holders need to
be addressed with both appropriate institutional
arrangements
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 53
54. Allocations of resources “huge sunk-costs “are usually
questioned due to the indirect and long term benefits. An
Infrastructure Development Fund can reduce capital cost,
debt service requirements and pressure on increasing
tolls.
The issue of incentives compatibility should be dealt with
as early as the planning and design stage. It is crucial that
incentives and financing arrangements are aligned to
ensure equitable benefit from the project.
Interests of pure transit countries are different from those
benefiting from such a link and need to be balanced and
regional alternative competitiveness need to be observed.
For example land freight cost make up near 30 - 40% of
the value of exports from landlocked countries.
Often upfront external financial support is needed in the
identification and design of cross-border infrastructure
projects catering a large market.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 54
55. A project-based approach to cross- border infrastructure
development tends to have a high failure rate. Institutional
coordination and enabling regulatory framework help minimize
project failure risks. Difference in institutional and human
capacities across border can become serious barriers.
Despite private sector involvement, Governments play important
role in cross-border infrastructure. In situations where
relationships are governed by commercial benefits, differences
are more easily resolved.
Projects, like those involving power, rail, and water require
harmonization of legal and regulatory framework as well as
standardization of rules and procedures. The non-tariff barriers
and policy environment are equally important and must be
addressed under sector reforms.
While investors are encouraged to participate, selection of lead
partner or partners in various countries can become an issue
especially in any major change in shareholding structure or
technology selection.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 55
56. Cross – Acceptance, a “Bridge” to Interoperability
Private companies normally work together to deliver
interoperability and standardization for mutual commercial
benefit
Public bodies find it more difficult to work together due to
national pride and politics which often takes precedence.
The importance of Technical Compatibility (horizontal
Integration) as every (infrastructure) project left to its
own devices will develop its own solution
The role of the Government
Defining the role and responsibilities thus ensuring the
separation of powers (Areas of Transparency)
Regulating the (monopoly) Infrastructure Managers thus
ensuring technical compatibility of different infrastructure
projects
Setting the specifications at the shared interfaces thus
balancing risk and cost between the infrastructure Managers
and Train Operators
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 56
57. In 1993 the Railways Act 1993 was introduced by John Major's
Conservative government. The operations of the British Railways
Board (BRB) were broken up and sold off. This process was very
controversial at the time, and the Labor opposition announced
its intention to re-nationalize the railways, although this was not
implemented by the subsequent Labor government. The manner
in which privatization was carried out has also received
criticism for the number of companies involved (over 20), and its
complexity.
The UK: WHAT WENT WRONG?
Railway industry restricted and privatized too fast
Inadequate experience and expertise, stewardship was flawed
Infrastructure manager’s (Rail track) accountability to train
operators and public interest confused, complex and weak
Infrastructure manager abused its monopoly power, neglected its
assets and was hostile to its customers
Deferred maintenance, inadequate asset knowledge and
stewardship, incompetent management, poor contracting practices
with suppliers.
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 57
58. The Financial Regime - review of charges which introduced
stronger incentives on infrastructure provider to maintain
network properly and grow capacity while controlling costs and
driving out waste and insufficiency
Review the Infrastructure Provider’s License to Operate - thru
monitoring the adequacy of maintenance, renewal and
development of network
The Contractual Regime - proper specification of what is
required from each party and remedies when things go wrong
Clear And Understood Industry-Wide Common Procedures - for
changes to timetable, network, rolling stock; for dealing with
operational disruption; etc.
Competent Infrastructure Manager - by focusing on the key
drivers of performance improvement while engaging its
customers, its regulator and the public. A culture of co-operation
Track-train Interface Design - the most important of all.
Interoperability is not just about safety
TEN-T Case Study - Oman Infrastructure Summit, Sep,2012 58