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It analysed debt restructuring options that could be used in the undesirable event of a default. (...) Options for this are limited but include utilizing proceeds from the IMF bailout package or setting funds aside for the buy. b) Refinancing: The Zambian Government can seek to change the terms of the 2022 Eurobond before maturity, including extension of the loan duration so that it does not have to be redeemed in September 2022. (...) And what lessons for other LDCs? iv. What debt refinancing options are there for LDC’s borrowing from external private sources and what initiatives can the international community undertake to avoid a looming debt crisis in LDCs?
Language:English
Score: 1525344.3 - https://www.un.org/ldc5/sites/...e_of_zambia_and_mozambique.pdf
Data Source: un
FINANCING SCHEMES OF TRANSPORT INFRASTRUCTURE : ADDENDUM 4 / TRANSMITTED BY THE GOVERNMENT OF GERMANY
· The Federal Government will have the option of paying off the private-sector pre- financing, either wholly or in part, at an earlier time using federal funds. (...) TRANS/WP.5/2003/7/Add.4 page 4 Actual financing of the project Because federal funds are available for investment, the Federal Government has availed itself of its contractual option and has already paid off, using Federal funds, the costs of pre- financing that have already accumulated. (...) Road user charges On 1 January 1995, Germany started levying distance-related charges for the use of motorways by heavy goods vehicles (HGV) with a maximum permissible weight of at least 12 tons within the framework of a common regional system established by means of an ________ 4 Includes also refinancing of projects pre-financed by the private sector. 5 Is refinanced by the Federal Government.
Language:English
Score: 1431952.2 - daccess-ods.un.org/acce...TRANS/WP.5/2003/7/ADD.4&Lang=E
Data Source: ods
This culminated in the two large-scale long-term refinancing operations (LTRO) held at the end of 2011 and in February 2012 that resulted in more than 1 trillion euro of borrowing and expanded the ECB’s balance sheet to about 3 trillion euro (see figure below). (...) Unlike other forms of QE—where the central bank supplies liquidity through buying securi- ties, thus controlling the amount of liquidity creation—the ECB’s refinancing operations can be viewed as a form of “endogenous credit easing” as the amount of new liquidity2 created is dependent on bank demand for liquidity. (...) Figure 1: Consolidated balance sheet of the Eurosystem: Assets Source: ECB. 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 12/30/2005 12/29/2006 12/28/2007 12/26/2008 12/25/2009 12/24/2010 12/23/2011 12/21/2012 Securities held for monetary policy purposes Other securities Longer-term refinancing operations Main refinancing operations Other assets Claims on euro area residents denominated in foreign currency General government debt Claims on non-euro area residents In millions of euro
Language:English
Score: 1344210 - https://www.un.org/development.../uploads/sites/45/wesp_wh9.pdf
Data Source: un
Hubert Jenny, Senior Project Engineer Southeast Asia Department, Infrastructure Division Asian Development Bank hjenny@adb.org UN-DESA Capacity Building Workshop Partnership for Improving the Performance of the Water Utilities in the Asia & Pacific Region Bangkok July 2006 2 ADB Water Strategy • Under Review (2006) Linkage with Urban Strategy (also under review) • Principles – Promote National Focus of Sector Reform – Foster Integrated Management Water Resources – Improve / Expand Water Services Delivery – Foster Water Conservation / Increase Efficiencies – Promote Regional Cooperation – Facilitate Exchange Water Sector Information &Experience – Improve Governance • Safeguards (Environment, Resettlement, Ethnic Minority) and Procurement Compliance 3 Rationale for PPP & Private Sector Participation • Relieve Local and Provincial Government of operational responsibility for utilities • Lower cost of service / Clarify internal budget transfer and true cost of the water • Increase access: MDG 7 • Improve level of service: Benchmarking, including Non Revenue Water 4 PPP / PSP Objectives • Achieve complete managerial, financial & operational autonomy • Achieve financial self-sufficiency: Full Cost recovery +++ • Establish appropriate independent regulatory control • Develop Integrated Business Planning Models • Construct financial planning and control systems that define responsibilities and measure performance • Improve planning and operational performance via method changes, management development and broad-based training 5 PPP/PSP Options ä Public Autonomous Water / Wastewater Company ä Service Contracts ä Management Contracts ä Leases ä Concessions ä Build-Operate-Transfer Contracts (BOT) ä Full or Partial Divestiture 6 PPP / PSP Functional Activities • Institutional Reform • Business Planning • Financial Management Development • Financial Modeling and Tariff Development • Management Information Systems (MIS) • Geographic Information Systems (GIS) • Information Technology (IT) • Water Operations • Human Resources Development • Training and Management Development 7 All planning, goal setting, operations, tariff development, capital planning, financing are under the complete control of utility management. (...) PPP / PSP Institutional Reform 8 PERFORMANCE INDICATORS Set (annually) as a series of specific goals to achieve, maintain or improve operational control: • Exhibit social responsibility • Numerous operational & performance goals • Numerous financial and construction goals • Water resources goals • Water quality goals • Environmental goals • Pricing goals ADB Southeast Asian Water Utilities Network (SEAWUN): Database of 47 water utilities IBNET: International Water Association / World Bank 9 ADB New Financing Instruments qMultiTranche Financing Facility (MFF) - “Finance as you go” - flexible structures q Subsovereign Lending - Target state owned enterprises & LGUs q Refinancing - Salvage good projects with bad financing plans q Local Currency Lending - Avoid “currency mismatch” risks 10 MFF: Features qSimple documentation & approval procedures q Roadmap q Investment program q Financing Plan q Standard sector loan due diligence q Standard project due diligence q Framework Financing Agreement –conditions q Periodic Financing Requests – fast approval q Focus implementation – procurement/safeguards 11 MFF - Steps Roadmap Phased Investment Program: One Company / Province / Country Facility Diagnostics/TAs Sequencing/ Intervention Non Physical Physical Loan 1 Loan n Guarantee Grant TA Warranties & Reps Mix & Match: ADB & Cofinanciers for Loans, Grants & Guarantees 12 Subsovereign Lending- SOEs & LGUs qDirect lending - no guarantee from Government q3 different client classifications – LGUs qStrict financial and reform agenda/criteria qPricing and terms determined on basis of risk profile qFocus on reform, developmental impact & additionality 13 Subsovereign Client Categories Instrument Sovereign Guarantee Sovereign Guarantee or “ring fenced” Direct lending or “ring fenced” Green Entities Amber Entities Red Entities PPP / PSP Governance/ Reforms Financial/ Budget Meets criteria Partially meets criteria Does not meet criteria 14 Subsovereign Lending - SOEs q Due Diligence Technical – investment plan and operating cost structure Commercial – tariff, competition and competitors Legal – framework Regulatory Governance/Capacity Financial – audits and proforma statements Economic Social Safeguards Reforms Management q Structuring – Debt/Equity q Collateral / Security Package ADB: Risk Management Unit 15 Municipal Financing – Example Municipal Government PPP Infrastructure Project Private Sector Sponsor ADB Municipal Enterprise Guarantee Loan Equity Equity Guarantee 16 Refinancing Facility • Public, private or JV assets – refinancing • Preference -projects with new investments/reforms • Technically, socially and financially viable projects • ADB minimum criteria – policies and procedures • Focus on financing plan – wide array of situations 17 Refinancing Facility • Financing Plan Options Equity Debt Guarantees New equity Mezzanine finance Conversion into equity Short into medium and long New maturities - conditions PRG PCG Carve outs 18 Credit Enhancement Products • Complementary Financing Scheme (CFS) • Political Risk Guarantee (PRG) • Partial Credit Guarantee (PCG) • … and indirectly through “anchor” – Direct Loans – Equity 19 CFS • Through our “B” loans or “lender of record” cofinancing, commercial lenders get “cover” from ADB’s • Privileges and Immunities – Currency conversion/transfer – Expropriation – Withholding taxes • Preferred Creditor Status – Least chance of debt-rescheduling 20 Private / PPP Sector Borrower International banks & investors ADB ADB Direct Loan (Anchor) Take nearly all risks CFS Loan Debt service passes through ADB Private Sector / ADB / PRI reinsurer If needed CFS 21 PRG Up to 100% coverage for loss due to: • Currency inconvertibility/non-transfer (CI/NT) • Expropriation/discriminatory government action (Expropriation) – Adverse change in agreed regulatory environment or tax regime • Political Violence (PV) – Can include terrorism/sabotage 22 PRG And / or Arbitration Award Default/Denial of Justice – Supply contracts/Off-take agreements – or other government undertakings … also called “Extended Cover” and … an area that ADB is particularly interested in 23 PRG Private / PPP Sector Borrower International banks & investors takes political risk(s) retain commercial risks PRG Commercial Loan ADB Direct Loan/ Equity (Anchor) ADB 24 Private Sector Borrower International banks & investors takes political risk(s) ADB ADB w/ co- guarantor/ reinsurer(s) retain commercial risks PRG Commercial Loan Direct Loan/ Equity (Anchor) Private Sector PRI reinsurer Government “counter-guarantee” Only when needed 25 Private Sector Borrower Private Sector Borrower International banks & investors Private Sector Borrower International banks & investors takes political risk(s) ADB ADB w/ co- guarantor/ reinsurer(s) retain commercial risks PRG Commercial Loan Government “counter guarantee” Public Sector Loan (Anchor) Private Sector PRI reinsurer(s) 0r when used to support a “Facility” Government 26 PCG • Provides ‘comprehensive’ cover – Political risks, and – Commercial (or credit) risks • For part of debt owed by – Governments, SOEs or commercial borrowers under • term loans, notes, bonds – SMEs and other targeted borrowers in a portfolio under a “Facility” 27 PCG • Denominated in major convertible currencies • But more importantly, can also cover local currency debt to: – Mitigate FX risk – Help develop local capital markets 28 Private / PPP or Public Sector Borrower Int. & Local Banks & Investors ADB PCG Takes a share of the risk Must keep some risk Government counter-guaranteeOnly when needed … say for a newly privatized SOE ADB Direct Loan/ Equity (Anchor) Loan in major or local currency 29 Reverse CFS: Commercial Bank is the Lender of Record MOF Autonomous Water Company Water Project Local Loans $15 M Loan (plus $8 M Interest) $23 M Counter-Indemnity & Guarantee $18 M PRG $1 M Loan anchor Commercial Bank Terms & Cond. (...) Back-to-Back • Funding Options: Bonds vs. Swaps • ALM: Match-Funding Principle • Pricing: Sovereign vs.
Language:English
Score: 1309197.7 - https://www.un.org/esa/sustdev...p_asia/presentations/jenny.pdf
Data Source: un
FINANCING OF HOUSING : DISCUSSION PAPER / PREPARED BY THE SECRETARIAT WITH THE ASSISTANCE OF THE BUREAU
Has there recently been any reaction to them by means of innovations (such as real loans, options models, etc.)? Who was responsible for these innovations and how can the results be evaluated? Whatever form they take, the funds invested in the financing of housing construction have to be refinanced in one way or another. What types of refinancing exist in the different countries (savings funds, bonds, loans, etc.)? (...) 18. With regard to refinancing, attractive secondary markets have developed in various countries and securitization has played a special role.
Language:English
Score: 1297050.6 - daccess-ods.un.org/acce...f/get?open&DS=HBP/R.325&Lang=E
Data Source: ods
EXPANDED FEASIBILITY STUDY ON THE UNITED NATIONS HEADQUARTERS ACCOMMODATION NEEDS 2014-2034 : REPORT OF THE ADVISORY COMMITTEE ON ADMINISTRATIVE AND BUDGETARY QUESTIONS
Options 1 and 2 Construction on the North Lawn 25. (...) It was indicated to the Committee that, nonetheless, the Secretariat understood from the Corporation that, in that eventuality, it was likely that the City would continue to explore options to generate revenue by selling or refinancing the two buildings. 44. (...) The Advisory Committee also enquired whether the Secretariat had explored the option of buying DC-1 and DC-2. It was informed that, in examining future options, the Secretariat had decided not to explore that option further for a number of reasons.
Language:English
Score: 1259298 - daccess-ods.un.org/acce...sf/get?open&DS=A/67/788&Lang=E
Data Source: ods
GOVERNMENT SUPPORT TO TRADE FINANCE : DIRECT FINANCING AND EXPORT PROMOTION SCHEMES
Here, Eximbank provides refinancing for commercial banks participating in the project. (...) More specifically, refinancing facilities are designed for larger manufacturers or exporters, with the minimum amount of the loan rising to USD 250 thousand. (...) Slovak Eximbank: Re-financing facility funding 1. Refinancing loan facility extended to a commercial bank (1 year revolving) 2.
Language:English
Score: 1215729.7 - daccess-ods.un.org/acce...n&DS=TRADE/WP.8/SEM.1/5&Lang=E
Data Source: ods
DRAFT CONVENTION ON ASSIGNMENT (IN RECEIVABLES FINANCING) (OF RECEIVABLES IN INTERNATIONAL TRADE) : COMPILATION OF COMMENTS / BY GOVERNMENTS
France would like to see non-contractual receivables covered by the draft Convention, at the very least, through the introduction of an optional system. Limitations on receivables other than trade receivables (article 5) The draft Convention intends to allow assignment of receivables even in circumstances where the agreement concluded between the assignor and the debtor contains an anti-assignment clause (article 11). (...) Such a result would be completely unacceptable for the refinancing bank, whether it were a central bank or some other credit institution. Ifwe want to avoid seriously hampering the application of the draft Convention for purposes of inter-bank refinancing, a special regime must be found for branches of banks.
Language:English
Score: 1182335.8 - daccess-ods.un.org/acce.../get?open&DS=A/CN.9/472&Lang=E
Data Source: ods
ASSIGNMENT IN RECEIVABLES FINANCING : DISCUSSION AND PRELIMINARY DRAFT OF UNIFORM RULES : REPORT OF THE SECRETARY-GENERAL
Such an approach would cover, for example, refinancing or securitization of credit card consumer receivables, home equipment loans and home mortgages. (...) Refinancing of receivables is faced with the same problem of the possible invalidity or ineffectiveness of cross-border assignments. (...) The exact nature of the options available to the assignee may depend on the nature of the assignment.
Language:English
Score: 1153801.6 - daccess-ods.un.org/acce.../get?open&DS=A/CN.9/412&Lang=E
Data Source: ods
STUDY OF THE SITUATION OF THE RAILWAYS IN THE MEMBER COUNTRIES / TRANSMITTED BY THE GOVERNMENTS OF PORTUGAL AND SWITZERLAND
The study group specifically recommends that: The CFF should be transformed, as a first step, into a more streamlined and efficient federal company, enjoying more extensive freedom of commercial action; As a second step, preparations could be made to set up a private law holding company; For accounting purposes, a separation should be established between railway infrastructure and operations and a charge introduced for the use of infrastructures, the costs of which are partially covered by the Confederation; A single refinancing of the CFF should be undertaken by the Confederation along with a new form of infrastructure financing. (...) These proposals will be submitted to the Swiss Parliament. The options selected will provide a basis for the preparation of new guidelines for the relations between the Confederation and the CFF.
Language:English
Score: 1115817 - daccess-ods.un.org/acce...=TRANS/SC.2/R.185/ADD.1&Lang=E
Data Source: ods