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Method over manifesto
01 August 2003
Eu500 billion ? the amount needed for infrastructure investment in an expanded Europe. Public private partnership is the only tenable answer. But what are the elements of a successful PPP methodology?
By Paul Leatherdale, Head of Special Finance, DEPFA BANK plc.
[private finance initiative]
At the European Investment Bank's (EIB) Forum on Infrastructure
Development in the European Union Accession Countries in early 2003
the EIB's President, Philippe Maystedt, highlighted the scale of
the requirement for new public infrastructure in the enlarged EU ?
Although each country ? including both existing and the
prospective new members ? has its own particular set of priorities,
set against a backdrop of different economic strengths and
weaknesses, there is no country that is able to fully meet the
financing requirement for new investment in schools, hospitals,
roads and railways and so on, from its own budgetary resources. For
some countries such as Germany, Portugal and Italy, the size of
government debt is close to or above the Maastricht limit. So
off-budget financing ? despite its complexity ? is being
increasingly viewed as one of the key solutions to a difficult
Outside Europe, many countries are also recognizing the potential
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