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Touting TAV
01 August 2003
The TAV rail project will be the first test for Infrastrutture SpA, Italy's newly-formed PPP bank. It will need to attract cautious investors without burdening the Treasury. Marisa Rodrigues talks balance sheet manoeuvres with I-SpA chief investment officer Valerio Bellamoli.
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[editor]
[PPP]
[project financing]
[securitisation]
The creation of Infrastrutture SpA (I-SpA) is the clearest sign yet
that the Italian government is serious about moving forward its PPP
agenda. It is a recognition that debt funding will be a scarce, yet
vital, part of meeting the Eu50 billion investment levels that
Italy wants to reach by 2006. In the Economic and Financial White
Paper (for the five years from 2002 to the end of 2006), the
premise for the creation of a new financial entity to help fund
strategic infrastructure projects in Italy was outlined.
I- SpA is fully owned by the Treasury but is to be managed
commercially and will act as a co-financier with private sector
institutions, complementing the sources of financing currently
available in the market for infrastructure projects. It is expected
that I-SpA will supplement the lending capacity of private
institutions, making available to the market loans with long-term
maturities at attractive rates. I-SpA could also, on...
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