马普托港项目融资案例的启示

在莫桑比克这样一个市场机制不完善、政府信用不足,且拥有长期计划经济传统的国家,私有化项目所承受的政治风险是巨大的.为了确保马普托港特许经营项目的顺利进行,莫桑比克政府通过立法手段为项目公司提供了使用、转让和抵押土地权利的特别许可证;创造了"准权益资本"的投资方式,以解决双方对特许经营初期和经营结束后移交的港口资产估价的分歧.此外,由项目干系人各方参与的联合委员会以及专题研讨会两种沟通机制也有效地弥补了政府能力的不足.这些创新方案使得这个被认为是在发展中国家中首次对港口及其管理权全面实行私有化的项目最终得以实现.本文分析了项目面临的挑战,介绍了项目融资中具有独创性的解决方案,并分析了该项目对包括我国在内的发展中国家开展特许经营项目的启示.

Financing of the Maputo Port Project

Public-private Partnership Projects bear tremendous political risk in countries like Mozambique, where the market system is still incomplete and the government is in short of credit. In order to ensure the success of the Maputo port project, the government of Mozambique provided special license for the project company, meanwhile, the equity restructuring proposal was put forward to solve the conflict on port assets evaluation between the parties. Furthermore, the Inter-Agency Committee was founded which developed and encouraged a non-confrontational approach to the negotiation process and, to some extent at least, reduced the inevitable suspicion of the private sector that certain representatives otherwise may have felt. Based on the analysis of Maputo Project, this paper puts forward instructive advices on how to improve the execution of PPP projects in developing countries.