Nigel Page
The financing of emerging-market projects on a limited-recourse basis has been a focus of attention for the past few years. Companies rarely fund such projects off their own balance sheets. Rather they will take equity stakes in special purpose project companies. Lenders only get paid back if the projects succeed.
This has been particularly so with mining projects. Weakening commodity prices have put pressure on mining companies to concentrate on developing projects in emerging markets, where extraction costs are substantially lower than in more developed economies.
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