Global Project Finance

A large financial gap for infrastructure development exists in developing economies. To fill the gap, many emerging economies try to mobilize private funds, including in the form of PPP modality, for public infrastructure development. This course focuses on the financial side of the PPP modality. Basic project finance theory and practice will be discussed throughout the course.

The course will focus on finances for infrastructure PPP projects in developing countries. By participating in the course, the students will be able to acquire basic knowledge on finanecs for PPP projectse.

Lecture 1: Introduction
Lecture 2: Utilizing public-private partnerships to Asia's infrastructure challenge
Lecture 3: Case study (i): Skytrain in Bangkok (an indicative)
Lecture 4: Basics of project finance (i): equity and debt finance
Lecture 5: Basics of project finance (ii): bonds and drawbacks in capital markets in developing Asia
Lecture 6: Basics of project finance (iii): credit enhancements and roles of MDBs
Lecture 7: Case study (ii): Highways in India (an indicative)
Lecture 8: Basics of cash-flow analysis of a PPP project (i): NPV and IRR
Lecture 9: Basics of cash-flow analysis of a PPP project (ii):constructing a simple cash flow table
Lecture 10: Basics of cash-flow analysis of a PPP project (iii): FIRR, EqIRR, DSCR
Lecture 11: Basics of cash-flow analysis of a PPP project (iv): sensitivity analysis
Lecture 12: Case study (iii): Water supply in Manila (an indicative)
Lecture 13: Impacts of COVID-19 on PPP projects (tentative)
Lecture 14: Students' presentations: "PPP environments in your country"
Lecture 15: Wrap-up

Relevant reading articles are provided by the lecturer to promote the students' understanding on the updated issues related to PPP finance in emerging economies.

An appointed student is expected to deliver a presentation on the assigned topic in class using power point presentation materials.

Grades will be evaluated based on (i) attendance and quality of outputs of assignments during the course (65%) and (ii) the final report(35%).

PPP students only. As this is an introductory course, there are no requirements for entry to the course.

No specific textbooks will be used.

Relevant papers and articles will be introduced by the lecturer.

In case there are no foreign students who prefer having the course in English, the course may be conducted in the Japanese language. However, some presentation and reading materials may be provided in English.