THE 'NEW MARKET' FOR EMERGING MARKETS INFRASTRUCTURE: CHINA, OTHER NEW PLAYERS, AND REVISED GAME RULES

Presentations

  'New Sponsors: Infrastructure Funds' presentation by Ryan J. Orr

presentation pdf

  'New Sponsors: Infrastructure Funds' presentation by Corinne Namblard

presentation pdf

  'New Sponsors: National and Regional Firms' presentation by Stephan von Klaudy

presentation pdf

  'New Financiers: An Overview' presentation by Chee Mee Hu

presentation pdf

  'New Geopolitical Strategic Investors: Chinese Contractors/Projects in Africa' presentations by Raymond Levitt

presentation pdf

  'New Geopolitical Strategic Investors: Chinese Bilaterals/Financing and Long Term Implications in Africa' presentations by Henry Chan and Vishnu Sridharan

presentation pdf

  'New Geopolitical Strategic Investors: National Oil Companies' presentations by Tom Heller

presentation pdf

  'The Equator Principles' presentation by Suellen Lazarus

presentation pdf

  'Implementing the Equator Principles at Mizuho Corporate Bank' presentation by Osamu Odawara

presentation pdf

Other Materials

ADB's Infrastructure Operations: Responding to Client Needs

Toward a New Asian Development Bank in a New Asia: Report of the Eminent Persons Group to The President of the Asian Development Bank

Overview

At previous meetings of the General Counsels' Roundtable, lawyers, business executives, financiers, and public officials have considered private infrastructure projects in the emerging markets during the 1990s, focusing on the relatively large number of distressed projects requiring renegotiation.

We examined the reasons such projects encountered difficulties (often related to changes in government policies) and studied the ensuing renegotiations and workouts. Certain of the problems of ensuring continuity in government policies, contract enforcement and financing were not seen to lend themselves to easy solutions of broad application to such projects.

Now, we see government policies changing and the world's capital markets adjusting, with new sources of funds being attracted and strong new growth in emerging markets infrastructure. Of particular significance is the involvement and growth of the Chinese government in emerging markets infrastructure. Generally, we see (1) many governments placing greater emphasis on public sector infrastructure, while recognizing a role for private sector infrastructure and public private partnerships (collectively, 'private sector infrastructure'), and at the same time other governments relying more heavily on private sector infrastructure, (2) the rise of new emerging markets domestic investors as project sponsors (investing in home country infrastructure) and investors from China, India, the Middle East and Malaysia investing more broadly, (3) dramatic growth of private infrastructure investment funds as financial investors, (4) new sources of financing from home country financial institutions and from the international capital markets, and (5) emerging markets infrastructure becoming the focus of investments related to geopolitical objectives as governments and private sector interests compete in those markets for secure sources of energy assets and commodities for their home markets.

The 3rd Roundtable will explore these new trends: Who are these new players as project sponsors, geopolitical strategic investors, financiers, and are there new players as well among equipment and technology vendors and other service providers to such projects? Can we map these new players? Can we profile them? How do they differ from those active in such projects during the 1990s? How do they think about risk? To what extent have they addressed the problems that plagued private infrastructure in the emerging markets in the 1990s? What are the implications of the new players for the business strategies of the players originally active in emerging markets infrastructure projects?

Proceedings of the 3rd General Counsels' Roundtable

Posted by rjorr at April 28, 2007 9:03 PM