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

1、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作用 MIGAs Role in Promoting Private Sector Financing for Infrastructure Development 多边投资担保机构 Philippe Valahu 业务局基础设施处 Manager, Infrastructure 处长菲利普.瓦拉胡 Operations Department 2004年10月26日 MIGA, October 26, 2004,1990-2002年发展中国家有私营部门参与的基础设施投资Investment in Infrastructure Proj

2、ects with private participation in Developing countries, 1990-2002(单位：10亿美元，$ billion),风险到底如何？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 governme

3、nt obligations revocation of concessions given by previous governments financing difficulty for new projects contract frustration due to inadequate legal role of public investments and subsidies,减少法规和政策风险Mitigating 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

4、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 mitig

5、ation instruments Partial credit guarantees, partial risk guarantees, breach of contract coverage can mitigate regulatory risk,保险可减轻一些表现风险Guarantees can mitigate some 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 Go

6、vernments of amounts due (e.g. Output Based Assistance) Termination amounts,担保：一种风险管理的工具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 S