From Concessions to Project Finance and the Private Finance Initiative

de Lemos, Teresa, Betts, Martin, Eaton, David, & de Almeida, Luis T. (2000) From Concessions to Project Finance and the Private Finance Initiative. Journal of Project Finance, Fall, pp. 1-19.


Since the mid twentieth century in the U.S. and, more recently, since the 1970s in Europe, Asia, and other developing countries, national governments have increasingly used private capital to implement infrastructure projects and to provide services previously in the scope of the public sector. They do it using several types of concessions. Following this trend, in 1992, the U.K. government announced the Private Finance Initiative (PFI), a guidance and a legal framework for concessions in the U.K. Its main objective was to encourage private capital investment into public projects. To understand why the U.K. government introduced PFI, the concessions’ historic and economic background is presented. Although a national policy (Kerr [1998]), the underlying rationale of PFI must be analyzed and integrated within the international context as each state is a participant in the global economy.

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ID Code: 8081
Item Type: Journal Article
Refereed: Yes
Additional Information: For more information, please refer to the publisher's website (link above) or contact the author:
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ISSN: 1551-9783
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300) > Business and Management not elsewhere classified (150399)
Divisions: Current > Research Centres > CRC Construction Innovation
Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Copyright Owner: Copyright 2000 Institutional Investor, Inc.
Deposited On: 07 Jun 2007 00:00
Last Modified: 10 Aug 2011 18:41

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