AFME ICMA IPFA Workshop on the Investment Plan for Europe & the AFME/ICMA Guide to Infrastructure Financing


AFME ICMA IPFA Workshop on the Investment Plan for Europe & the AFME/ICMA Guide to Infrastructure Financing

Wednesday 3 June 2015

Venue: Allen & Overy LLP, 8th floor, Apollolaan 15, 1077 AB Amsterdam, Netherlands

Time: 3.30 - 5.30 p.m followed by a networking reception

For further information please contact: This email address is being protected from spambots. You need JavaScript enabled to view it. or call +44 (0)20 7743 9515

Overview & Executive Summary

Guide to infrastructure financing – Bank loans, debt private placements and public bonds 

The global financial crisis has brought changes in the bank lending market that may, in time, make some global banks view the long-term lending typically required for infrastructure projects as less attractive.

However, there is increasing interest in, and appetite for, private sector infrastructure financing. Indeed, the 2015 European Commission and European Investment Bank (EIB) proposal for a €315 billion European Fund for Strategic Investments (EFSI) depends heavily on private sector investment. At the same time, capital markets investors have considerable untapped financial firepower committed to investing in the asset class.

This Guide aims to unlock the potential for infrastructure financing by informing public sector authorities – as grantors of various types of public concessions/contracts – first time sponsors and project companies interested in raising debt for infrastructure projects.

In particular, it focuses on the debt component of financing, rather than equity which is outside of the scope of this Guide), and describes the relative merits of the bond markets and bank financing and particular considerations to be taken into account by public procurement authorities and private sector entities, as well as considerations relevant to procurement and planning. While not primarily written for investors, this Guide also sets out key credit considerations for project bond investors.

The Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA), each of which represents a variety of capital market participants, are committed to supporting the expansion of capital markets financing for all types of infrastructure projects, in line with the European Commission’s goal of bolstering economic growth through long-term financing. It is with this common goal in mind that AFME and ICMA have produced this Guide.


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