Infrastructure Financing Instruments and Incentives
Infrastructure Financing Instruments and Incentives
2015
Infrastructure Financing Instruments and Incentives
Contact: Raffaele Della Croce, Financial Affairs Division, OECD Directorate for Financial and Enterprise Affairs [Tel: +33 1 45 24 14 11 | raffaele.dellacroce@], Joel Paula, Financial Affairs Division, OECD Directorate for Financial and Enterprise Affairs [Tel: +33 1 45 24 19 30 | joel.paula@] or Mr. Andr? Laboul, Deputy-Director, OECD Directorate for Financial and Enterprise Affairs [Tel: +33 1 45 24 91 27 | andre.laboul@].
FOREWORD
Foreword
This taxonomy of instruments and incentives for infrastructure financing maps out the investment options available to private investors, and which instruments and incentives are available to attract private sector investment in infrastructure. The coverage of instruments is comprehensive in nature, spanning all forms of debt and equity and risk mitigation tools deployed by governments and agents. While the taxonomy is meant to capture all forms of private infrastructure finance techniques, a focus of this work is to identify new and innovative financing instruments and risk mitigation techniques used to finance infrastructure assets.
Part I of this report provides the foundation for the identification of effective financing approaches, instruments, and vehicles that could broaden the financing options available for infrastructure projects and increase as well as diversify the investor base, potentially lowering the cost of funding and increasing the availability of financing in infrastructure sectors or regions where investment gaps might exist.
Part II identifies the range of incentives and risk mitigation tools, both public and private, that can foster the mobilisation of financing for infrastructure, particularly those related to mitigating commercial risks.
This report benefited from comments from the G20 Investment and Infrastructure Working Group, from the G20/OECD Task Force on Institutional Investors and Longterm Financing, from the following OECD bodies: the Committee on Financial Markets, the Insurance and Private Pension Committee and the Working Party of Private Pensions, and from the following private sector institutions (amongst others unnamed): the Longterm Investors Association and the Club of Long-term Investors. The report was submitted to the G20 IIWG meeting in Berlin on 20-21 August 2015, and then transmitted to the September 2015 meeting of the G20 Finance Ministers and Central Bank Governors.
INFRASTRUCTURE FINANCING INSTRUMENTS AND INCENTIVES ? OECD 2015
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TABLE OF CONTENTS
Table of contents
Introduction ......................................................................................................................................... 7 Background of the taxonomy.............................................................................................................9 Objectives of the taxonomy ............................................................................................................. 10
Part I. Financing instruments and channels ................................................................................. 13 Financial instruments of the taxonomy ............................................................................................ 14 Financing instruments - descriptions ............................................................................................... 20 References........................................................................................................................................ 39
Part II. Risk mitigation and incentives for infrastructure finance ............................................. 45 Risks in infrastructure investment ................................................................................................... 46 Classification of risk in infrastructure..............................................................................................47 Risk management environment........................................................................................................48 Risk management of infrastructure asset cash flows ....................................................................... 50 Risk mitigation instruments and techniques for infrastructure finance ........................................... 50 Impact of instruments on financial viability .................................................................................... 53 Risk mitigation and incentives ? descriptions of instruments..........................................................53 Appendix II.1. Description of risk linked to infrastructure assets .................................................. 61 References........................................................................................................................................ 63
Annex A. Publications consulted for furthur reading .......................................................................... 67
INFRASTRUCTURE FINANCING INSTRUMENTS AND INCENTIVES ? OECD 2015
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