Interest in the public private partnership project model (PPP)
has increased in recent years as governments look to alternative
procurement methods to address their growing infrastructure gaps.
The broad concept of PPP is becoming increasingly understood across
the world; however, more work is required in understanding the key
factors that make a PPP successful. One such factor is ensuring
that the PPP project is a "bankable" project.
"Bankability" refers to the overall structure of a
project being such that lenders are prepared to finance it. As
lenders fund the vast majority of capital required to undertake
projects (in some cases, up to 90 per cent of required capital),
bankability is of critical importance during the project
In addition, PPP projects are unique to other more traditional
procurement methods, as financing by lenders depends heavily on the
ability of the project to repay lenders' loans. Therefore
lenders have a very close eye on the structuring of the project,
including all project agreements (and not just the financing
agreements). Put simply, if the parties are unable to find a
bankable structure, the project will not proceed.
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