Infrastructure Finance in Developing Countries by State and Multilateral Development Banks

Rodrígues Brochado, Mariana y Vassallo Magro, José Manuel (2012). Infrastructure Finance in Developing Countries by State and Multilateral Development Banks. En: "XVIII International Conference on Industrial Engineering and Operations Management (ICIEOM 2012)", 09/07/2012 - 11/07/2012, Guimaraes, Portugal. p. 1.

Descripción

Título: Infrastructure Finance in Developing Countries by State and Multilateral Development Banks
Autor/es:
  • Rodrígues Brochado, Mariana
  • Vassallo Magro, José Manuel
Tipo de Documento: Ponencia en Congreso o Jornada (Artículo)
Título del Evento: XVIII International Conference on Industrial Engineering and Operations Management (ICIEOM 2012)
Fechas del Evento: 09/07/2012 - 11/07/2012
Lugar del Evento: Guimaraes, Portugal
Título del Libro: XVIII International Conference on Industrial Engineering and Operations Management (ICIEOM 2012)
Fecha: 2012
Materias:
Escuela: Centro de Investigación del Transporte (TRANSyT) (UPM)
Departamento: Otro
Licencias Creative Commons: Reconocimiento - Sin obra derivada - No comercial

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Resumen

Infrastructure concession is an alternative widely used by governments to increase investment. In the case of the road sector, the main characteristics of the concessions are: long-term projects, high investments in the early years of the contract and high risks. A viability analysis must be carried out for each concession and consider the characteristics of the project. When the infrastructure is located in a developing country, political and market growth uncertainties should be add in the concession project analysis, as well as economic instability, because they present greater risks. This paper is an analysis of state bank participation in road infrastructure finance in developing countries. For this purpose, we studied road infrastructure financing and its associated risks, and also the features of developing countries. Furthermore, we considered the issue of state banks and multilateral development banks that perform an important role by offering better credit lines than the private banks, in terms of cost, interest and grace period. Based on this study, we analyzed the Brazilian Development Bank - BNDES – and their credit supply to road infrastructure concessions. The results show that BNDES is the main financing agent for long-term investment in the sector, offering loans with low interest rates in Brazilian currency. From this research we argue that a single state bank should not alone support the increasing demand for finance in Brazil. Therefore, we conclude that there is a need to expand the supply of credit in Brazil, by strengthening private banks in the long-term lending market.

Más información

ID de Registro: 19240
Identificador DC: http://oa.upm.es/19240/
Identificador OAI: oai:oa.upm.es:19240
URL Oficial: http://www.icieom.org/BKP_icieom2012/index.asp
Depositado por: Memoria Investigacion
Depositado el: 19 Sep 2013 17:23
Ultima Modificación: 22 Sep 2014 11:15
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