多邊投資擔(dān)保機(jī)構(gòu)在促進(jìn)私營(yíng)部門(mén)融資發(fā)展基礎(chǔ)設(shè)施方面所能發(fā)揮的

多邊投資擔(dān)保機(jī)構(gòu)在促進(jìn)私營(yíng)部門(mén)融資發(fā)展基礎(chǔ)設(shè)施方面所能發(fā)揮的2023/12/27多邊投資擔(dān)保機(jī)構(gòu)在促進(jìn)私營(yíng)部門(mén)融資發(fā)展基礎(chǔ)設(shè)施方面所能發(fā)揮的1990-2002年發(fā)展中國(guó)家有私營(yíng)部門(mén)參與的基礎(chǔ)設(shè)施投資

InvestmentinInfrastructureProjectswithprivate

participationinDevelopingcountries,1990-2002

(單位：10億美元，$billion)多邊投資擔(dān)保機(jī)構(gòu)在促進(jìn)私營(yíng)部門(mén)融資發(fā)展基礎(chǔ)設(shè)施方面所能發(fā)揮的風(fēng)險(xiǎn)到底如何？

Howrealaretherisks?最近投資者的經(jīng)驗(yàn)包括：私人資產(chǎn)的重新獲得政府責(zé)任欺騙原來(lái)政府給予的特許收回F新項(xiàng)目融資困難由于立法和法律框架不足造成合同執(zhí)行失望隨著次級(jí)主權(quán)伙伴介入的增加，風(fēng)險(xiǎn)領(lǐng)域擴(kuò)大Recentinvestorexperienceincludes:repossessionofprivatizedassetsdefaultsongovernmentobligationsrevocationofconcessionsgivenbypreviousgovernmentsfinancingdifficultyfornewprojectscontractfrustrationduetoinadequatelegal®ulatoryframeworksRiskarenawidening,assub-sovereignpartnersincreasinglyinvolved多邊投資擔(dān)保機(jī)構(gòu)在促進(jìn)私營(yíng)部門(mén)融資發(fā)展基礎(chǔ)設(shè)施方面所能發(fā)揮的前景如何

Goingforward投資需求巨大(電力，水，等等)公共投資穩(wěn)定甚至減少國(guó)際援助在總體融資中占較小比重如何填補(bǔ)缺口？私營(yíng)部門(mén)？納稅者稅收？綜合上述幾種，即PPP?Investmentneedsareenormous(power,water,etc.)!PublicfundingstableorevendecreasingInternationalaidis(andprobablywillremain)asmallpercentageoftheoverallfinancingpackageThushowtofillthegap?

Privatesector?Taxpayers?Tariffs?Acombination,i.e.PPPs?多邊投資擔(dān)保機(jī)構(gòu)在促進(jìn)私營(yíng)部門(mén)融資發(fā)展基礎(chǔ)設(shè)施方面所能發(fā)揮的在多部門(mén)吸引私營(yíng)投資需要減少風(fēng)險(xiǎn)

Attractingprivateinvestmentina

numberofsectorswillrequire

riskmitigation

貨幣風(fēng)險(xiǎn)美元債務(wù)和地方貨幣收入法律風(fēng)險(xiǎn)法律框架未能實(shí)施或未經(jīng)實(shí)驗(yàn)支付風(fēng)險(xiǎn)政府未能如期支付次級(jí)主權(quán)風(fēng)險(xiǎn)投資風(fēng)險(xiǎn)常常發(fā)生在次級(jí)主權(quán)層次l可負(fù)擔(dān)性風(fēng)險(xiǎn)私營(yíng)部門(mén)投資者很難單獨(dú)投資CurrencyriskDollardebtandlocalcurrencyearningsRegulatoryrisk RegulatoryframeworknotimplementedoruntestedPaymentriskGovernmentfailstopayamountsdueSub-sovereignriskInvestmentsoftenatsub-sovereignlevelAffordabilityrisk Privateoperatorsandconsumerswillnotdoitall;roleofpublicinvestmentsandsubsidies多邊投資擔(dān)保機(jī)構(gòu)在促進(jìn)私營(yíng)部門(mén)融資發(fā)展基礎(chǔ)設(shè)施方面所能發(fā)揮的減少法規(guī)和政策風(fēng)險(xiǎn)

Mitigatingregulatory/policyrisk比工具更重要:更好的合同:合同中包括對(duì)法規(guī)的清楚描述盡可能明確稅收澄清申述過(guò)程快速仲裁–時(shí)間限制如果未達(dá)成協(xié)議明確退出支付通過(guò)減小風(fēng)險(xiǎn)手段部分風(fēng)險(xiǎn)擔(dān)保，合同違約保險(xiǎn)可減輕法規(guī)風(fēng)險(xiǎn)Moreimportantthaninstruments:bettercontracts:ClearguidancetotheregulatorincontractSpecifytariffformulasasmuchasfeasibleClarifyappealprocessFasttrackarbitration;timelineSpecifiedexitpaymentsifnoagreementcanbereachedThroughmitigationinstrumentsPartialcreditguarantees,partialriskguarantees,breachofcontractcoveragecanmitigateregulatoryrisk多邊投資擔(dān)保機(jī)構(gòu)在促進(jìn)私營(yíng)部門(mén)融資發(fā)展基礎(chǔ)設(shè)施方面所能發(fā)揮的保險(xiǎn)可減輕一些表現(xiàn)風(fēng)險(xiǎn)

Guaranteescanmitigate

someoftheperformancerisks稅收承諾立法過(guò)程不連接政策政府未預(yù)期支付終止數(shù)量TariffcommitmentsRegulatoryprocessDisconnectionpoliciesNonpaymentsbyGovernmentsofamountsdue(e.g.OutputBasedAssistance)Terminationamounts多邊投資擔(dān)保機(jī)構(gòu)在促進(jìn)私營(yíng)部門(mén)融資發(fā)展基礎(chǔ)設(shè)施方面所能發(fā)揮的擔(dān)保：一種風(fēng)險(xiǎn)管理的工具

Guarantees:ariskmanagementtool

提高信用

■提高項(xiàng)目的總體風(fēng)險(xiǎn)回報(bào)率■減少借款人對(duì)準(zhǔn)備金的要求■降低融資成本增強(qiáng)信心■對(duì)東道國(guó)政府的干預(yù)起到威懾作用■給予投資者投資于新的邊緣市場(chǎng)的信心

■調(diào)解投資爭(zhēng)端穩(wěn)定業(yè)務(wù)環(huán)境

■為商業(yè)運(yùn)營(yíng)提供穩(wěn)定的環(huán)境Creditenhancementimprovesoverallrisk-returnprofileoftheprojectmayreduceprovisioningrequirementsforlendersmaylowercostoffinancingConfidencedeterrentagainsthostgovernmentinterferencegivesinvestorsconfidenceininvestinginnewfrontiermarketsmediationofinvestmentdisputesStabili