By J. Luis Guasch
Little over a decade in the past, infrastructure concessions promised to resolve Latin America's endemic infrastructure deficit. offered in aggressive auctions, those concessions have been presupposed to mix inner most region potency with lease dissipation caused by means of festival. but anything didn't pass relatively correct, as concessions have been plagued with opportunistic renegotiations, so much of them on the cost of taxpayers.
Granting and Renegotiating Infrastructure Concessions is an immense contribution towards realizing what went flawed and what may be performed in a different way sooner or later to harvest the aptitude merits of infrastructure reform and personal participation in infrastructure provision. It starts off by way of interpreting a wealthy info set on greater than 1,000 infrastructure concessions, uncovering a sequence of confusing stylized proof. It then considers replacement motives for the styles it has exposed, and concludes with a chain of insightful coverage proposals geared toward averting universal error, allowing concessions to successfully give a contribution to financial progress and poverty relief.
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Additional info for Granting and Renegotiating Infrastructure Concessions: Doing it Right (Wbi Development Studies)
Thus, the appraisal of the project’s credit risk will depend primarily on whether the ultimate purchaser is creditworthy and on the contractual arrangements for guaranteeing payment. A variety of arrangements to mitigate this risk can and have been used, for example, escrow accounts for a portion of revenues for services. None of these arrangements can get around the difficulties of dealing with a nearly insolvent utility whose tariffs are too low or which is dramatically inefficient. And indeed the experience in Mexico with BOT in the water sector has seen a number of such type of problems.
The concessionaire retains control and use rights over the new assets until they are handed over at the expiration of the contract. The contract might contain a clause specifying compensation for investments not fully amortized by the end of the concession period, and clauses specifying causes and remedies for early termination of contract and stating penalties and fines for noncompliance with agreed-upon terms. 1. The book uses the terms concessionaire and operator interchangeably, meaning the private party operating the concession.
For example, stated and standard tariff adjustments resulting from inflation or other stated drivers do not count as renegotiation. Nor do periodic tariff reviews stipulated in a contract, or contingencies (such as significant devaluations) in a contract that induces tariff changes. Only when substantial departures from the original contract occurred and the contract is amended can one say that a renegotiation took place. Excluding the telecommunications sector (which is far less subject to renegotiation, mostly because of the sector’s higher competitiveness and availability of potential new entrants, and which was privatized rather than concessioned), more than 41 percent of infrastructure concessions in Latin America and the Caribbean have been renegotiated.