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Infrastructure and project financing in Italy: the (possible) role of the regulation

Cristina Giorgiantonio () and Valentina Giovanniello ()
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Valentina Giovanniello: Bank of Italy

No 56, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: There has been a significant increase in project financing in the public sector in Europe in the past decade, benefiting the implementation of infrastructure projects. In Italy, project financing is still much more limited than in such countries as Spain and the UK: the projects funded are smaller and the sectors involved are less appropriate. Based on the economic literature, European initiatives and international comparisons, the paper examines the aspects of the regulations that could encourage the appropriate use of project financing and considers the problems with the Italian regulations, proposing some corrective measures. The main limitations involve: i) uncertainties over the allocation of administrative and regulatory risks; ii) poor procedures for selecting the private contractors; iii) relative lack of attention to the contract terms; and iv) inadequate safeguards to ensure the bankability of the projects.

Keywords: infrastructure financing; project financing; regulation; risk allocation (search for similar items in EconPapers)
JEL-codes: K23 L51 L90 (search for similar items in EconPapers)
Date: 2009-11
New Economics Papers: this item is included in nep-law, nep-ppm and nep-reg
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