世界银行APL上海环境项目“郊区融资平台”设计及项目开发情况(中英文版).docVIP

/sundae_meng世界银行APL上海环境项目“区（县）项目融资平台”设计及项目开发概况WORLD BANK APL SHANGHAI PROJECTSDISTRICT FINANCE VEHICLE (DFV)Introduction on Status of Design and Project Development一、 “区（县）项目融资平台”的设计开发思想The Design Philosophy for “District Finance Vehicle”1. 必要性。上海做为全国率先实现城市化、现代化的典型示范地区，需要投入大量资金建设及完善污水治理、生活垃圾处置、绿化等环境公用基础设施。而现实情况是目前的资本市场融资渠道比较单一，在政府财力支持有限的情况下，上海的区（县）兴办的大量公用基础设施项目（包括个别枢纽性项目），在其推进市场化、产业化的发展进程中，缺乏低成本的市场融资渠道；在与包括世行等国际金融机构进行项目合作时，其项目信用能力（主要为融资信用）缺乏必要的市场化支持条件；No.1 The Necessity Being a leader and pilot city in actualization of urbanization and modernization in China, Shanghai needs a large sum of capital to construct and improve its environmental public infrastructure services, including wastewater treatment facilities, domestic solid waste treatment facilities, and public green landscaping etc. The fact at present is that sources of financing in capital market is relatively mono-centered, and the financial support by Government is limited. Under such case, a chunk of infrastructure projects (including a few central projects) in the rapidly urbanizing suburban districts in Shanghai have experienced shortage of sources of low cost financing in its process of promotion of marketization and industrialization; and lacking of credit enhancement mechanism in commercial way in its project cooperation with international financing institutions including the World Bank2. 目的。设立“区（县）融资平台”（以下称DFV）的首要目的是为了有效降低项目融资成本，即通过依托世界银行与上海城投两大政策性/政府性开发机构，将政策性资源及资金信用在一个特别组织机制中（Special Purpose Vehicle）有效组合起来，为区（县）项目实现市场化开发创造一种有保证力的市场信用缓冲安排，成为地方有限财力的倍增器。从而实现降低项目融资成本，推进市场化融资安排（尤其是有效地吸纳民间投资，扩大PPP应用范围）的功效。No.2 Objectives The primary and chief objective of District Finance Vehicle is to lower effectively the cost of financing for projects. With the support of the World Bank (WB) and Shanghai Chengtou (UDIC) which are both public sector institutions. DFV will pool the politic resources and capital credit together effectively, and provide a guaranteed ,credit enhancement supporting mechanism for the development of suburban projects in a market oriented manner, which acts to be a multiplier to limited local financial ability. Consequently, this will facilitate the reduction of financing cost, and promote the financing arrangement (in particular absorbing private and social investment, and broadening PPP) in a commercial manner. 此外，世行项目目前所推行及实施的包括项目立项、调研与评审、资金管理等一系列较为规范的组织体系及管理程序，面对区（县）项目规模小、周期短、预备条件不充分等典型特征，表现出种种的缺乏灵活调整的（某种意义上为繁琐的）刚性机制。而DFV机制应能更好地协调政府项目管理及方便资金运作，即将其中的关键性环节进行管理重组，形成适应于区（县）项目开发需要的管理与决策的“快速通道”机制。In addition, the series of regulations and procedures including project identification, study and appraisal, and loan management etc. currently applied by the World Bank seems inflexible (burdensome to some degree) and rigid to suburban projects which are normally small in size, short in period and insufficient in its preparation. Whereas, the DFV is institutionally designed to better coordinate the project management procedure,especially for facilitating the use of the World Bank financing, viz. restructure the critical steps of project management, being an “express channel” of project management and decision making applicable to project development in suburban districts.3. 运作机制。为实现上述之目的，DFV考虑开发并拥有两个系列的管理规程，并形成与之相配合的管理决策、组织架构及政策支持要求。No.3 Operational Mechanism In order to realize above objectives, two series of managerial mechanism plus regulations are to be developed and maintained under DFV, tied with supporting managerial decision-making, institutional structure, and policy framework. 项目开发及“预处理”机制规程。: Project Management and “Pre-Treatment” Mechanism. 核心内容体现为：i.) 依托上海城投，并通过与上海区（县）政府的良好合作，开发环境公用基础设施的项目资源。ii.) 以上述项目资源为基础遴选、并形成世行项目备用资源。同时，在充分把握世行项目政策的基础上，由DFV代替世行进行项目前期必要的经济、财务及技术评估与项目方案策划。换言之，即世界银行通过DFV实现项目管理规程本土化转换，并取得规范性与灵活性的有机平衡；通过项目“预处理”提高项目操作效率。The core of this mechanism is as follow:i.) On reliance of UDIC, and through good cooperation with governments in suburban districts in Shanghai, to develop resources of projects of environmental infrastructure;ii.) On the base of above project resources, to select and form project reserves for WB inclusion. At the same time, based on full comprehension of WBs regulation and policy, to let DFV on behalf of WB to handle project preliminary preparation including economic, financial and technical appraisal and project option selection. In other words, the WB is going to realize localization of its project management process by means of DFV, and obtain a kind of balance between rigid regulations and flexibility. Meanwhile, the “pre-treatment “ of project resources will raise efficiency of project operation. 项目“资金池”机制规程: Project “Funding Pool” Mechanism.核心内容包括： 将上海市市级财政对区（县）环境项目的支持由过去较为分散的、多层次的点式操作模式，集中到DFV实施信用集中与统一调配。 上海城投作为上海市政府最大的公用事业与基础设施项目投资主体，其对于上海区（县）项目的开发投资统一纳入DFV运作范畴。 DFV做为各项目政府性资产的总代理机构，成为项目世行信贷的特别融资主体；如此，世界银行对上海区（县）项目信贷可改变过去的针对单体项目分散信贷模式，由DFV总体代理并运作一揽子世行项目资金（包括还贷）。即:世行（财政转贷）项目 变为世行（财政转贷）DFV（转贷/政府性资产总代理）项目。The core of this mechanism is as follow: Rather than delivering municipal financial supports to environment projects in suburban districts in a disaggregated way,Project by project, to aggregate and channelize through DFV (funding pool) for unified allocation and arrangement; Being the largest governmental investor in public utilities and infrastructure facilities in Shanghai, UDIC will unify its investment in projects in suburban districts by means of DFV; Rather than granting loans by WB to environment projects in suburban districts in a disaggregated way,Project by project, to authorize DFV as intermediary，also the holding agent of state owned assets of projects, to manage overall package of WB loan fund to suburban districts (including repayment of loan), viz. from existing mode of WB (on lending from ministry or municipality) to Project company, to proposed WB (on lending from ministry or municipality ) to DFV (on lending through DFV) and then to Project company.资金池的主要功效是通过增加DFV这一金融中介环节，成为项目政府性资产的总代理（持有人）。从而可以对分散的项目资金进行组合管理及集约处理（包括总体代理世行项目资金），从而最大程度地现项目资金成本的规模经济效能。这种集约管理应能体现项目资金链更加明晰，并降低委托代理成本。The primary function of funding pool is to act as the market proxy of a basket of projects assets owned by local governments, integrate and manage collectively the disaggregated fund,including fund from WB, by means of enhanced intermediary of DFV, maximizing the benefit of scale of economy of capital and funding for project. The management of this collectivism would clearly reflect the capital flow chain for project, lowering the cost of principal and agent relationship.4. 决策与支持。上述DFV机制规程要充分发挥作用，则需要政府部门（包括中央及上海市）与世界银行在管理决策、组织机构及协调方面实施管理创新并给予政策支持。No.4 Decision Making and SupportTo bring above mentioned regulations and mechanism of DFV into full play, it requires innovative administration and support from government authorities (both Central and Shanghai Government) and the WB in terms of decision-making, organization structuring and coordination etc.i.) 建议设立DFV理事会，由上海市发改委、市财政局、上海城投三方统一协调区（县）项目前期立项、审批、相关资金政策等问题，由上海市政府明确理事会对项目适用的政策决策及便宜行事之职权。ii.) 世界银行授权DFV进行项目前期调研，并认可DFV的项目开发、评估管理规程。iii.) 世界银行在APL框架内设立相对独立的、更为灵活的项目信贷追加机制（建议设立DFV机动额度，不收取承诺费），更为优惠的资金利率（不收取前端费），更为灵活、快捷启用资金以适应世行认可，但资金安排无法及时到位的项目需求。iv.) 为帮助上海郊区在项目管理中创立符合国际规范的市场化运作机制、并实质地进行机构强化、人才培训方面的工作，希望世行提供不少于一千万美元的赠款。 Set up an Executive Council of DFV, composed of members from UDIC and relative SMG authorities, to unify and coordinate the project preparation in suburban districts, the approval on project identification, capital arrangement and policy concerned etc. SMG should authorize clearly the Executive Council right and responsibility of decision making applicable to project. The WB should authorize DFV to start up the project preparation, and should recognize and accept the regulating procedure of DFV for project identification and appraisal. The WB should consider establish a flexible credit replenishment mechanism for DFV , which should be comparatively independent from APL Programme (a flexible line of credit for DFV, no commitment fee, flexible start-up), more preferential capital costs, to meet the needs of project for which the economy is not very strong ,and for which approval has been granted by the WB, but capital is not ready yet. In order to help district establishing market-oriented project finance and management mechanism, UDIC hope the WB set aside a sum of grants not less than 10million USD to DFV for institution strengthening and professional training.DFV在组织机构上应建立与项目开发及资金管理功能相适应的市场主体资质。可考虑选择三种模式或逐次递进演化。In terms of institutional structure of DFV, the corporate nature of DFV should be designed accordingly to meet the function of project development and fund management tied in DFV. The following three options could be considered or phased.模式一：上海城投专设机构（部门）负责项目开发，资金池功能（如转贷）由上海城投（或城投环境），借助于金融机构进行委托管理；该模式起动成本最低，但限制性因素多。 Option 1: To set up a department within UDIC exclusively for DFV, in charge of preliminary project development; the financial activity of funding pool (such as on lending) could be channelized through UDIC or UDIC Enviroment, with the help of a commercial financial institution by means of entrustment. This option provides a lowest cost of start up, but with a lot of constraints.模式二：设立新的投资公司，以强化其金融功能，消除委贷局限；Option 2: To set up an investment company independently, to enhance its financing function, eliminating constraints of entrustment模式三：设立上海城投旗下的非银行金融机构（信托或财务公司），全面赋予其金融发展功能。（此需要中央给予政策支持，取得执业牌照）。Option 3: To set up a non-banking financial institution (trust company or financial company) affiliated to UDIC, to allow full function of financing nature. (This requires politic support by central government for a license). 二、 设计开发安排1. 上海城投与加拿大CHREOD公司成立了DFV 设计工作小组，2003年6月正式开始项目研究合作。并获得世行60万美元TA贷款及加拿大政府30万加元研究赠款。2. 上海城投公司负责DFV整体框架的设计起草，并在项目投融资机制及管理模式方面提供主要意见；CHREOD公司则在DFV管理实施细则、国际惯例及案例分析方面提供专业服务。3. 上海城投公司已提出了一个供双方讨论的DFV的整体框架模式设计，计划于2004年3月底完善最后的方案；CHREOD公司将就项目管理规程、资金池管理规程提出方案；双方共同准备DFV项目资源评估，以及DFV机构组织方案。计划于6月底完成系统方案的设计，提交上海市及世界银行评审（并最终报中央政府部门审定）。争取年内正式设立DFV机构并实施运作。 UDIC has provided working team with a working version of conceptual framework for DFV, and it is planned that the final version of DFV framework will be completed by end of this March; Chreod Ltd. will design procedure for project management, regulations and management for funding pool; both parties will prepare options for evaluation of project resources, and institutional structure of DFV. It is scheduled to complete the systematic design of DFV by end of this June, submitting to Shanghai Government and the WB for review and approval (finally to central government for approval). DFV should be operating officially by the end of 2004.附：项目开发情况Attachment: Project Development (Identification) under DFV1. DFV小组目前已完成了上海市七个区（县）的市政自来水、污水治理、生活固废处置等环境基础设施项目的实地调研。The DFV working team has conducted site visits to environmental infrastructure potentials including municipal water supply works, wastewater treatment works, and solid waste disposal works to be located in 7 suburban districts or counties In Shanghai.2. 金山一水厂20万吨供水项目将由上海城投开发，金山方面已完成项目初步设计。其中一期10万吨要求实现年内供水，二期建设融资可考虑纳入APL二期，并通过DFV实施运作。项目投资概算3.8亿人民币。Jinshan No.1 Water Works, with a designed capacity of 200,000 m3/day in Jinshan district, will be developed by Shanghai UDIC. Its preliminary design was completed by arrangement of Jinshan District. The first phase of this Works, with a designed capacity of 100,000 m3/day, is required to be completed and start commissioning within the year of 2004, whilst, the second phase of this Works will be included into APL and built through DFV. The total cost estimate of this project is around RMB 380 million.3. 金山污水处理及排海工程项目，上海城投已获得项目开发权。管网及污水处理厂一期5万吨已纳入APL一期，可考虑二期新增5万吨污水处理设施，并纳入DFV系统。项目投资概算1.6亿人民币Jinshan Wastewater Treatment Works and Ocean Outfall Project, will be