This course is designed to help participants with a basic level of project finance knowledge understand the key role of ECAs and DFIs in attracting additional liquidity, enhancing project bankability and mitigating risks.
Starting with an introduction to the world of ECAs and DFIs, their approach, criteria and strategies, participants will be provided with a solid understanding of the complementary products which ECA and/or DFI involvement make available to project financiers and financial advisors seeking to optimize the sources of funding for a project.
The participants will learn about the ECA country programs which may be available (guarantees, insurance and sources of alternative funding), depending on the envisaged procurement pattern for a project. They will develop a general understanding of the OECD guidelines which apply to a large proportion of the world’s ECAs and of how ECA programs can be applied in order to mitigate political and commercial risks. They will also learn about the general approach of the main DFIs and their rationale and risk appetite.
The participants will consider too the wider implications of incorporating ECAs and DFIs into a transaction – in particular as regards the consequences for procurement, national interests, inter-creditor issues, other documentary matters and the structuring process and timeline.
On completion of the course, participants will be equipped with a clear understanding of:
- The major ECAs and their product offerings;
- The significance of the OECD guidelines;
- The major DFIs, their offerings and requirements;
- What attracts ECAs and/or DFIs to a project;
- How to optimize the involvement of ECAs and DFIs in order to leverage pricing and tenor by mitigating risk;
- How to approach these organisations and become familiar with their processes, requirements and policies;
- How to access the ECAs as a source of alternative funding when banks’ long-term liquidity costs are an issue.
The course is led by Audrey Caulliez-Louis who has over 15 years’ experience of power & utilities project financing. Audrey has spent time at bpifrance (at the start of her career) and UKEF and has worked on many projects involving ECAs and DFIs.