{财务管理投资管理}多边投资担保机构在促进私营
部门融资发展基础设施方面所能发挥的
1990-20021990-2002年年发发展中国家有私展中国家有私营营部部门门参与的基参与的基础设础设施投施投资资
Investment in Infrastructure Projects with private Investment in Infrastructure Projects with private
participation in Developing countries, 1990-2002participation in Developing countries, 1990-2002
((单单位：位：1010亿亿美元，美元，$ billion)$ billion)
风险风险到底如何？到底如何？
How real are the risks?How real are the risks?
最近投资者的经验包括：
• 私人资产的重新获得
• 政府责任欺骗
• 原来政府给予的特许收
回
• F新项目融资困难
• 由于立法和法律框架不
足造成合同执行失望
随着次级主权伙伴介入的
增加，风险领域扩大
Recent investor experience
includes:
• repossession of privatized assets
• defaults on government obligations
• revocation of concessions given by
previous governments
• financing difficulty for new projects
• contract frustration due to
inadequate legal & regulatory
frameworks
Risk arena widening, as sub-
sovereign partners increasingly
involved
前景如何前景如何
Going forwardGoing forward
投资需求巨大(电力，水，
等等)
公共投资稳定甚至减少
国际援助在总体融资中占
较小比重
如何填补缺口？
私营部门？
纳税者
税收？
综合上述几种， 即
PPP?
Investment needs are enormous
(power, water, etc.) !
Public funding stable or even
decreasing
International aid is (and probably will
remain) a small percentage of the
overall financing package
Thus how to fill the gap?
Private sector?
Taxpayers?
Tariffs?
A combination, . PPPs?
在多部在多部门门吸引私吸引私营营投投资资需要减少需要减少风险风险
Attracting private investment in a Attracting private investment in a
number of sectors will require number of sectors will require
risk mitigation risk mitigation
货币风险 美元债务和地方货
币收入
法律风险 法律框架未能实施
或未经实验
支付风险 政府未能如期支付
次级主权风险 投资风险常常
发生在次级主权层次l
可负担性风险 私营部门投资
者很难单独投资
Currency risk Dollar debt and local
currency earnings
Regulatory risk Regulatory framework
not implemented or untested
Payment risk Government fails to pay
amounts due
Sub-sovereign risk Investments often
at sub-sovereign level
Affordability riskPrivate operators and
consumers will not do it all; role of
public investments and subsidies
减少法减少法规规和政策和政策风险风险
Mitigating regulatory/policy riskMitigating regulatory/policy risk
比工具更重要: 更好的合
同:
– 合同中包括对法规的清
楚描述
– 尽可能明确税收
– 澄清申述过程
– 快速仲裁
– 时间限制
– 如果未达成协议明确退
出支付
通过减小风险手段
– 部分风险担保 ，合同违
约保险可减轻法规风险
More important than instruments:
better contracts:
• Clear guidance to the regulator in
contract
• Specify tariff formulas as much as
feasible
• Clarify appeal process
• Fast track arbitration; timeline
• Specified exit payments if no
agreement can be reached
Through mitigation instruments
• Partial credit guarantees, partial risk
guarantees, breach of contract
coverage can mitigate regulatory risk
保保险险可减可减轻轻一些表一些表现风险现风险
Guarantees can mitigate Guarantees can mitigate
some of the performance riskssome of the performance risks
• 税收承诺
• 立法过程
• 不连接政策
• 政府未预期支付
• 终止数量
• Tariff commitments
• Regulatory process
• Disconnection policies
• Non payments by
Governments of
amounts due (.
Output Based
Assistance)
• Termination amounts
担保：一种风险管理的工具担保：一种风险管理的工具
Guarantees: a risk management tool Guarantees: a risk management tool
提高信用
■ 提高项目的总体风险回报
率
■ 减少借款人对准备金的要
求
■ 降低融资成本
增强信心
■ 对东道国政府的干预起到
威慑作用
■ 给予投资者投资于新的边
缘市场的信心
■ 调解投资争端
稳定业务环境
■ 为商业运营提供稳定的环
境
Credit enhancement
• improves overall risk-return profile of the project
• may reduce provisioning requirements for lenders
• may lower cost of financing
Confidence
• deterrent against host government interference
• gives investors confidence in investing in new
frontier markets
• mediation of investment disputes
Stability
• provides stable environment for business
operations
• 9、田夫荷锄立，相见语依依。九月-20九月-20Thursday, September 17, 2020
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• 16、持谢邻家子，效颦安可希。2020/9/17 4:18:5604:18:5617 September 2020
• 17、当时浣纱伴，莫得同车归。4:18:56 上午4:18 上午04:18:56九月-20
• 9、有时候读书是一种巧妙地避开思考的方法。九月-20九月-20Thursday, September 17, 2020
• 10、阅读一切好书如同和过去最杰出的人谈话。04:18:5604:18:5604:189/17/2020 4:18:56 AM
• 11、越是没有本领的就越加自命不凡。九月-2004:18:5604:18Sep-2017-Sep-20
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• 13、知人者智，自知者明。胜人者有力，自胜者强。九月-20九月-2004:18:5604:18:56September 17, 2020
• 14、意志坚强的人能把世界放在手中像泥块一样任意揉捏。17 九月 20204:18:56 上午04:18:56九月-20
• 15、最具挑战性的挑战莫过于提升自我。。九月 204:18 上午九月-2004:18September 17, 2020
• 16、业余生活要有意义，不要越轨。2020/9/17 4:18:5604:18:5617 September 2020
• 17、一个人即使已登上顶峰，也仍要自强不息。4:18:56 上午4:18 上午04:18:56九月-20
• 9、有时候读书是一种巧妙地避开思考的方法。九月-20九月-20Thursday, September 17, 2020
• 10、阅读一切好书如同和过去最杰出的人谈话。04:18:5604:18:5604:189/17/2020 4:18:56 AM
• 11、越是没有本领的就越加自命不凡。九月-2004:18:5604:18Sep-2017-Sep-20
• 12、越是无能的人，越喜欢挑剔别人的错儿。04:18:5604:18:5604:18Thursday, September 17, 2020
• 13、知人者智，自知者明。胜人者有力，自胜者强。九月-20九月-2004:18:5604:18:56September 17, 2020
• 14、意志坚强的人能把世界放在手中像泥块一样任意揉捏。17 九月 20204:18:56 上午04:18:56九月-20
• 15、最具挑战性的挑战莫过于提升自我。。九月 204:18 上午九月-2004:18September 17, 2020
• 16、业余生活要有意义，不要越轨。2020/9/17 4:18:5604:18:5617 September 2020
• 17、一个人即使已登上顶峰，也仍要自强不息。4:18:56 上午4:18 上午04:18:56九月-20
