Participation of financial institutions in project financing of infrastructure projects

Abstract

Investiranje u infrastrukturu čini značajan deo portfolija finansijskih institucija, te doprinosi stvaranju dugoročne aktive i izvesnih novčanih tokova. Dodatno, aktiva infrastrukture je relativno neelastična na tražnju i cene, te kao takva, aktiva ima dobre performanse i u vreme pada ekonomske aktivnosti. Valjano strukturirane infrastrukturne investicije doprinose diverzifikaciji portfolija, usled slabe korelacije sa prinosom na obveznice, akcije i nekretnine, te nude i dobru zaštitu od inflacije. Primena koncepta projektnog finansiranja podrazumeva primenu najrazvijenijih finansijskih tehnika i proizvoda koje su u stanju da obezbede samo međunarodno kredibilne finansijske institucije i kompanije. Radom se želi ukazati na prisutnost finansijskih institucija u projektnom finansiranju infrastrukture, kao i na koristi koje se od ovog koncepta finansiranja infrastrukture očekuju u Srbiji.

Infrastructure investing makes up a significant part of the financial institutions portfolio, and contributes to creating long-term assets cash flows. In addition, infrastructure assets are relatively inelastic in demand and price, and as such the asset has a good performance during the economic downturn. Properly structured infrastructure investments contribute to the diversification of the portfolio, due to the lack of correlation with the yield on bonds, stocks and real estate, and offer good protection against inflation. Applying the concept of project financing involves the application of the most advanced financial techniques and products that are able to ensure only credible international financial institutions and companies. Paper attempts to indicate the presence of financial institutions in project financing of infrastructure, as well as the benefits of this concept in expected to finance infrastructure in Serbia.