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Baffled by BAFO
01 December 2000
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When the EIB director for Portugal announces the first EIB
subordinated/mezzanine debt programme through its new Structured
Finance Facility (SFF), and then concludes that Portugal (which has
received some serious EIB backing of late) is unlikely to benefit
because the current project process is too inflexible, it is time
for the Portuguese government to reconsider its position on a range
of project issues.
That EIB announcement came on October 26 at the Project Portugal
2001 roundtable in Lisbon ? the Portuguese government has had what
is probably its last gentle alarm call. The next one could be when
a deal fails ? too late.
At the heart of the Portuguese project debate is the bidding
process. As Felipe Cartaxo, EIB director and chairman at Project
Portugal 2001, says, ?all agree there is room for improvement in
the bidding process ? but no-one seems to agree on what.?
The fundamental hurdle is...
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