Introduction
This Glossary of Terms has been produced for readers of Global Auction of Public Assets and related documentation on the infrastructure market, Public Private Partnerships and public investment.
See also the Glossary of Terms in Public Management, which includes many commonly used terms in procurement. Download at: www.european-services-strategy.org.uk/publications/essu-reports-briefings/glos sary- of-terms-in-public-management/
Accession states: New member states joining a union or federation, for example the enlargement of the European Union.
Arbitrage: Earning profit from differences in price when the same security, currency, or commodity is traded on two or more markets. For example, an arbitrageur simultaneously buys one contract of gold in the New York market and sells one contract of gold in the Chicago market, thereby making a profit because at that moment the price on the two markets is different.
Asia-Pacific Economic Cooperation (APEC): A regional economic forum consisting of 21 countries located in Asia and the Pacific Rim.
Asset Monetisation: The long-term leasing of public assets to the private sector for an up-front lump sum. The private sector operator maintains and operates facilities and collects and retains tolls and charges.
Asset-backed security: A security whose payments are linked to a portfolio of assets such as receivables.
Balanced budget: A budget is balanced when current expenditures are equal to income from taxes and charges.
Bilateral debt: Money owed by one country to another country.
Bond: A debt instrument issued by a borrower usually includes regular interest payments plus a final repayment of principal. Bonds are exchanged and traded in financial markets.
Book Value: Net amount at which an asset or liability is carried on the books of account (also referred to as carrying value or amount). It equals the gross nominal amount of any asset or liability minus any allowance or valuation amount.
Bretton Woods: An agreement reached in 1944 at Bretton Woods, New Hampshire that led to the creation of the postwar international economic order. The monetary system was centered on fixed exchange rates, but ended in 1971. The agreement created the World Bank and the IMF. Broker: A broker acts as an intermediary between buyers and sellers of derivatives or securities, effectively channelling orders to the market for execution and charges a commission for this service.
Capital Account: An item in a country’s balance of payments that measures the investment of resources abroad and in the home country by foreigners.
Capital spending: Expenditure of construction or acquisition of new facilities, networks and buildings, plant and equipment – improving and/or extending the physical infrastructure.
Cartel: A group of firms that enter into an agreement to set mutually acceptable prices.
Collateral: Financial or other tangible assets pledged by a borrower to secure an obligation. If the borrower defaults, the collateral is used to full the obligation.
Collateralized Debt Obligation (CDO): A security whose payments are linked to a portfolio of debt. Usually several classes (or tranches) of securities with different returns are created from a debt portfolio. Repayment for these classes differs in the case of borrowers in the portfolio defaulting on their debt. As securities, CDOs have to be differentiated from derivatives (contracts).
Concession: Concession contracts are similar to Design, Build, Operate and Finance arrangements, except that the private sector contractor recovers its costs either through direct user charges or through a mixture of user charging and public subventions. Concession can be awarded for a new facility or the sale and operation of existing public assets.
Credit Derivative: Whereas derivatives' most common underlying assets include stocks, bonds, commodities and currencies, a credit derivative's price is driven by the credit risk of either private investors or governments.
Credit Default Swap (CDS): A financial product designed to transfer between parties fixed-income products' exposure to credit risk. The buyer of a credit swap receives credit protection, whereas the seller guarantees the credit-worthiness of the product. By doing this, the risk of default is transferred from the holder of the fixed-income security to the seller of the swap.
Credit Rating: An assessment of a borrower's (company, organisation, country or individual) ability to repay debt, based on their credit history and current assets and liabilities.
Current Account: This is a summary item in a country’s balance of payments that measures net exports and imports of merchandise and services, investment income and payments, and government transactions.
Default: Failure to meet any obligation or term of a credit agreement, grant, or contract. Often used to refer accounts more than 90 days in arrears.
Deficit: A budget deficit occurs when an entity spends more money than it takes in.
Design, Build, Finance and Operate: DBFO contracts are contractual relationships between the public sector and private sector contractors for the design, construction, operation and financing of public facilities or infrastructure.
Derivative: A financial contract whose value is based on, or “derived” from, a traditional security (such as a stock or bond), an asset (such as a commodity), or a market index. Its value is determined by fluctuations in the underlying asset.
Discount rate: The percentage rate applied to cash flows to enable comparisons to be made between payments occurring at different times. The rate quantifies the extent to which a sum of money is worth more to the Government today than the same amount in a year’s time.
Dividend: The amount of a company's profits that the board of directors decides to distribute to ordinary stockholders. It is normally expressed as a percentage of the nominal value of the ordinary share capital or as an absolute amount per share.
Dividend yield: A given percentage of the company's share price paid to shareholders in the form of dividends. It is the annual dividend market capitalisation within the index divided by the investable market capitalisation of the index.
Earnings per share: Determined by a constituent's earnings divided by the outstanding shares. Based on the latest fiscal year earnings from: minority interests, continuing operations after tax, preferred dividends but before extraordinary items and amortization for goodwill. Earnings can be adjusted for dilution.
Electronic Toll Collection: The use of electronic devices such as transponders, cameras, and photo-recognition technology to identify, classify, and toll vehicles entering and/or leaving a toll highway, bridge, or tunnel without the need for direct human involvement in the process or the handling of cash.
Equity: The capital contributed by the shareholders of a project company. The value of the equity is the value of a company or project after all liabilities have been allowed for. The equity is owned by the shareholders. Also commonly called a stock, as in the stock market.
Exchange controls: The control by governments of dealings in foreign currencies and gold.
Exotic derivative: A nonstandard derivative with e.g. an unusual pay-off structure.
Expropriation: The confiscation of assets and property. Expropriation is one of the political risks associated with foreign investments. It is characterized by confiscation of assets by host country governments.
Facilities Management: Management of services relating to the operation of a building. Typically includes such activities as maintenance, security, catering, and external and internal cleaning.
Financial Close: The point at which all contracts are signed by all parties involved in a project.
Financialisation: The process that attempts to turn the exchange or provision of services or access to goods or intellectual knowledge, into financial transactions. It can also involve the creation of financial instruments or derivatives in the securitisation of loans and mortgages.
Fiscal stimulus: A financial package of measures including increased public spending, tax concessions and other measures intended to increase unused/under-used productive capacity in the economy and reduce unemployment.
Fixed Exchange Rate: A rate of exchange between one currency and another that is fixed and maintained by governments.
Floating Exchange Rate: Movement of a foreign currency exchange rate in response to changes in the market forces of supply and demand. It is also known as a flexible exchange rate. Currencies strengthen or weaken based on a nation’s reserves of hard currency and gold, its international trade balance, its rate of inflation and interest rates, and the general strength of its economy.
Foreign Direct Investment: An investment in a country by foreigners in which real assets are purchased. These include real estate or plant and equipment assets and involve effort to manage and control. FDI flows have three components: equity capital, reinvested earnings, and other capital (intra-company loans as well as trade credits). FDI inflows are capital received, either directly or through other related enterprises, in a foreign affiliate from a direct investor. FDI outflows are capital provided by a direct investor to its affiliate abroad.
Future (or futures contract): A standardized derivatives contract for the delivery or receipt of a specific amount of an underlying, at a set price, on a certain date in the future. Futures are traded in the derivatives market.
Gold Standard: An international monetary system in which the value of national currencies was fixed to gold and national central banks were obliged to give gold in exchange for any of its currency presented to it. This system existed from the 1870s to 1914 and briefly after the First World War.
Greenfield Investment: When a transnational corporation opens a new facility in a foreign country as opposed to entering a market by acquiring an existing facility.
G8 (Group of 8): The ‘club’ of the world’s most powerful countries: Canada, France, Germany, Italy, Japan, Russia, UK, USA.
G20 Group of countries: Is made up of the finance ministers and central bank governors of 19 countries plus the European Union, represented by the rotating Council presidency and the European Central Bank. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom and USA
Heavily Indebted Poor Countries (HIPC): Refer both to the major international debt relief scheme, and to the countries eligible for it, established in 1996 and implemented by the World Bank and IMF.
Hedging: The strategy used to offset investment risk. Investors often hedge against inflation by purchasing assets that will rise in value faster than inflation, such as gold, real estate, or other commodities. For example, Starbucks Coffee Company hedges its supplies of coffee in the futures market to limit the risk of a rise in coffee prices.
Hedge Fund: Hedge funds pool the capital of a small number of high net worth individuals or institutions under the direction of a single manager or small team. A key technique is to use short as well as long positions. This can provide protection against a falling market hence the description ‘hedge fund’.
Individualisation: The provision of services via direct payments and individual budgets allowing service users to purchase services from a range of different providers. Often requires additional personal contribution or top-up.
Infrastructure Fund: Similar to mutual or private equity funds except that the fund invests in infrastructure projects such as funding new projects or the acquisition of public assets through privatisation.
International Finance Reporting Standards (IFRS): Standards for the preparation and presentation of financial statements and accounts. They also cover specific rules for the treatment of assets and liabilities.
Institutional Investor: A financial institution such as a mutual fund, insurance company, or pension fund that purchases securities in large quantities.
Internal Rate of Return (IRR): The IRR is the discount rate at which the present value of the investors’ receipts from a project equals that of their payments, including their initial investment. The IRR percentage return aggregates a series of annual percentages. It does not mean the investors will receive the IRR rate as a constant return each year.
Interest Rate Swap: A financial instrument that can be used to change the basis on which interest is paid on an asset or liability, for instance a floating rate is turned into a fixed rate or vice versa.
Investment Fund: A generic term used to describe mutual funds, private equity fund and infrastructure funds. Inward Investment: Investment by foreign investors or companies into a host economy.
Joint Venture Company (JVC): A company in which public and private bodies both have a stake.
Joint Venture: When two or more organisations and/or companies share the ownership of a direct investment. Keynesian economics: Named for British economist John Maynard Keynes, it is an economic theory that advocates government intervention, or demand-side management of the economy, to achieve full employment and stable prices. Keynesian economics promotes a mixed economy, where both the state and the private sector play an important role.
Leverage: A financial mechanism used to increase available funds usually by issuing debt (typically bonds) or by guaranteeing or otherwise assuming liability for others' debt in an amount greater than cash balances.
LIBOR: London interbank offered rate. The interest rate at which banks will lend to each other.
Life-Cycle Costs: The costs of a project over its entire life: from project inception to the end of a facility's design life.
Liquidity: A measure of the ease of trading given to a security or index. Refers to an investor's ability to sell an investment as a means of payment or easily convert it to cash without risk of loss of nominal value.
Listed infrastructure funds: Funds whose shares are publicly traded on a stock exchange. The fund will have a portfolio of infrastructure assets.
Maastricht Criteria: The criteria, set out in the Treaty of Maastricht, that need to be met by European countries if they wish to become full members of the Economic and Monetary Union. They include: 1) inflation of no more than 1.5 percentage points above the average rate of the three member states with the lowest inflation 2) a national budget deficit close to or below 3 percent of gross national product and 3) public debt not exceeding 60 percent of gross national product.
Marketisation: The process of preparing public services so that they can be packaged and priced into a contract and open to competitive tendering. The process may also include establishing regulations, subsidies and other mechanisms to encourage the development of market conditions.
Megacity: A metropolitan area with a total population in excess of 10 million people.
Megaregion: Networks of metropolitan areas that share ecosystems and topography, draw workers from overlapping labour markets, and are linked by highways, air travel, industrial supply chains, and shared cultural affinities.
Mercosur: A regional free trade agreement among the countries of Brazil, Argentina, Uruguay, and Paraguay that came into effect in January 1995. Bolivia, Chile, Colombia, Ecuador and Peru are associate members.
Mezzanine finance: Mezzanine finance can be unsecured debt, or preference shares. This type of funding offers a higher return than debt due to higher levels of risk. However, returns are less than equity where returns are treated as residual payments. Mezzanine finance tends to be used when bank borrowing limits are reached and the firm cannot or will not issue more equity.
Monoline credit: Monoline insurance companies guarantee the timely repayment of bond principal and interest when an issuer defaults. The economic value of bond insurance to the governmental unit, agency, or company offering bonds is a saving in interest costs reflecting the difference in yield on an insured bond from that on the same bond if uninsured.
Mortgage-backed security (MBS): A security whose payments are linked to a portfolio of debt. As securities, MBSs have to be differentiated from derivatives (contracts).
Most-Favoured-Nation Treatment: The principle of not discriminating between one’s trading partners. MFN is a status accorded by one nation to another in inter- national trade. WTO member countries give MFN status to each other. Exceptions exist for preferential treatment of developing countries, regional free trade areas, and customs unions.
Multilateral Debt Relief Initiative (MDRI): The debt cancellation initiative that came out of the 2005 G8 meetings and is implemented by the World Bank and IMF.
Multilateral debt: National debt owed to international financial institutions, such as the World Bank, or regional institutions, such as the African Development Bank.
Mutual fund: A managed collective investment scheme that pools money from lots of investors and invests it in stocks, bonds and other securities. Profits or losses are usually distributed to investors annually.
Nationalisation: The process of taking private sector companies or assets into public ownership and control, with or without compensation. Renationalization occurs when state-owned assets are privatised and later nationalised again.
Net Asset Value: The Net Asset Value is simply the Book Value of the company's net assets divided by the number of shares issued. The resulting figure is the company's Net Asset Value (NAV) or book value per share – a base-line indicator of what a share would be worth if a company's assets were sold off i.e. in the event of a bankruptcy.
Net Present Value (NPV): The discounted value of a series of future costs, benefits or payments, ie. the value of future cash flows in today’s money. Nominal value: Nominal value is the actual financial value of the debt.
Offshoring: Offshoring is the combination of outsourcing and transfer of services and functions overseas, usually to Asia.
Oligopoly: A type of industry in which there are only a small number of producers and in which there are barriers preventing new firms from entering the industry. Usually, firms in an oligopolistic industry are able to affect prices and often engage in at least tacit collusion.
Operational risk: The risk that deficiencies in information systems or internal controls, human error, or management failure result in unexpected losses.
Options appraisal: The assessment of the effects of options and selection of the option, which is most effective and efficient in meeting the objectives and priorities.
Option (or options contract): A derivatives contract giving the buyer the right to buy (call) or sell (put) a specific quantity of a specific underlying, at a fixed price, on, or up to, a specified date. The seller is obliged to deliver or accept the asset, when the option is exercised.
Outsourcing: Outsourcing is another term for ‘contracting out’. Services or functions (and staff) are transferred or seconded to a private contractor or voluntary organisation for a specific period.
Over the counter (OTC): Bilateral transactions between (two) trading parties that are not conducted on a regulated exchange. In the derivatives market, the over-the-counter segment is by far the largest part of the market.
Paris Club: An informal group of 19 creditor countries that negotiates debt relief with individual debtor countries that approach them over debt crises.
Personalisation: The new term used for the design and funding of services built around the needs of individuals – means putting people at the centre of the design and delivery of services, acting to respect their rights and choices, and providing support to enable people to live their lives the way they wish.
Petrodollars: It refers to the profits made by oil exporting countries when the oil price rose during the 1970s, and their preference for holding these profits in US dollar-denominated assets. A significant portion of these dollars were in turn lent by Western banks to the developing world.
Portfolio Investment: An investment in a country by foreigners in which debt or stock ownership is involved. The result is a claim on resources, but typically no participation in the management of the companies involved.
PPP equity: The shares in the special purpose vehicle (usually financed by 10%-20% equity and the remainder is financed by debt). The equity is initially owned by the main partners in the project, usually the contractor, the main bank or financial institution and the facilities management operator.
Price-Earnings Ratio: Determined by the price of the constituent divided by the earnings per share. This provides a simple way of comparing different shares, usually within a given industry.
Private equity fund: A pooled fund in which companies, pension funds and wealthy individuals invest which is then used to acquire other companies and assets.
Private Finance Initiative (PFI): A policy introduced by the Government in 1992 to harness private sector management and expertise in the delivery of public services, while reducing the impact on public borrowing of providing these services.
Privatisation: The sales of assets or transfer of services and functions from the public to the private sector (companies and families/individuals) or voluntary organisations: see ESSU Research Paper No 1: A Typology of Privatisation and Marketisation – www.european-services-strategy.org.uk/publications/essu-research-reports/essu- research- paper-1/
Public debt: Also referred to a government or national debt, is the sum of money owed at any given time by any branch of the government – central/federal, regional and local/municipal government. It includes both internal and external debt, such as money owed by the government to foreign lenders that invest in government bonds.
Public infrastructure: The networks, buildings and equipment required to sustain and improve the economy and quality of life, and distinct from the corporate infrastructure in companies and industries.
Public investment: Expenditure on fixed or capital assets – tangible or intangible assets – but excludes investment in human capital to provide services and carry out research, which are classified as current or revenue expenditure.
Public Private Partnership: A long-term contractual relationship between a public body and a private contractor or consortia to provide new buildings or networks, operate existing facilities and/or supply services.
Public Sector Comparator: A crude mechanism for identifying public sector costs and risks of a project and comparing them with private sector bids.
Ramp up: To increase or build up an activity or focus on acquiring shares with the intention of pushing up the share price.
Rating Agency: An organisation that assesses and issues opinions regarding the relative credit quality of bond issues. The three major municipal bond rating agencies are Fitch Investors Service, Moody's Investors Service, and Standard and Poor.
Refinancing: The process by which the terms of the finance put in place at the outset of a PFI contract are later changed (to take advantage of reduced risk in the project) through negotiation with the senior lenders, to create refinancing benefits for the shareholders and public sector authority, eg. improved interest rates and repayment terms.
Regulatory capital: The capital that banks must maintain according to certain statutory rules (often based on the BIS’ capital standards). The amount of regulatory capital required depends on the riskiness of the bank’s assets. A bank active in the derivatives market must maintain certain regulatory capital to cover part of the exposure (mostly in the form of counterparty risk) from its open positions.
Refinancing benefits: The benefits to shareholders of increasing and/or bringing forward their returns from the project as a result of changes to the financing structure of the consortium company.
Return on Equity (ROE): The net income divided by averaged common equity. Common equity is averaged over the accounting year. It may be adjusted to include goodwill written-off and is attributed across different share classes, where common stock is comprised of more than one share type. ROE is expressed as a percentage and is not calculated when average common equity is negative.
Returns to shareholders: Payments made by a company or consortium to its shareholders in the form of dividends and interest on subordinated debt.
Revenue Bonds: Instruments of indebtedness issued by the US public sector to finance the construction or maintenance of a transportation facility. Revenue bonds, unlike general obligation bonds, are not backed by the full faith and credit of the government, but are instead dependent on revenues from the roadway they finance.
Risk transfer: The passing of risk under contract from one party to another.
Secondary Market: A market in which an investor purchases a security from another investor rather than the issuer, subsequent to the original issuance in the primary market. In the PFI market this tends to take the form of the sale of equity by investors in the project company in many cases to secondary funds that wish to build a portfolio of PFI assets. There is also a secondary market in debt (the syndicated debt market) usually between banks but also to other types of investors.
Secondment: Public sector staff remain public employees retaining current terms and conditions but are engaged and managed by a public/private joint venture company or by a private contractor.
Security: An investment instrument, which offers evidence of debt or equity usually issued by a corporation, government or other organisation.
Securities: Includes stocks, bonds, and other tradable financial assets.
Securitisation: The original holder of loan assets (the “originator”) transfers them to a special purpose vehicle (“asset backed securitisation”) in order to capture incremental benefits derived from the lower probability of loss associated with a mixed pool of loan assets rather than an individual loan. Alternatively the originator may transfer only the economic risk and not the assets themselves (“synthetic securitisation”). This is typically done through a financial instrument, such as a credit default swap, and funding relating to the portfolio’s risk is raised without using the originator’s balance sheet.
Senior debt: The major funding component (typically 90% of the funds required for construction, etc.) provided by banks or bonds. Debt that, in the event of bankruptcy, must be repaid before subordinated debt receives any repayment. Senior debt lenders take security over the borrowers assets such that they have the highest-ranking claim over the assets of the project company compared to all other lenders and investors.
Shadow Tolling: Shadow tolls are per vehicle amounts paid to a facility operator by a third party such as a sponsoring governmental entity. Shadow tolls are not paid by facility users. Shadow toll amounts paid to a facility operator vary by contract and are typically based upon the type of vehicle and distance travelled.
Sovereign Wealth Fund: A Sovereign Wealth Fund (SWF) is a state-owned investment fund composed of financial assets such as stocks, bonds, real estate, or other financial instruments funded by foreign exchange assets. These assets can include: balance of payments surpluses, official foreign currency operations, the proceeds of privatisations, fiscal surpluses, and/or receipts resulting from commodity exports.
Special Purpose Company (SPC) or Vehicle (SPV): A company especially established to carry out the contract, owned by its shareholders, the providers of equity finance for the scheme.
Speculation: The purchase or sale of stocks, bonds, commodities, real estate, currencies, derivatives or any other financial instruments to profit from fluctuations in their prices as opposed to buying them for use or for income derived from their dividends or interest.
State guarantees: Government provided minimum revenue or exchange rate conditions which financially protect PPP companies if road/passenger traffic fails to meet certain levels. May also afford some protection from large fluctuations in exchange rates when projects are financed by foreign investors.
Strategic Service-delivery Partnerships: SSPs are long-term, multi-service, multi-million pound contracts involving the secondment or transfer of between 100 – 1000 staff to a private contractor. Usually include ICT, human resources, financial, property management and other corporate services.
Subordinated debt: Debt over which senior debt takes priority. In the event of bankruptcy, subordinated debt lenders receive payment only after senior debt is repaid in full. A form of mezzanine finance is a term used to describe debt that is unsecured or has a lesser priority than other debt claims on the same asset. If the party that issued the debt defaults on repayments, people holding subordinated debt get paid after the holders of the senior debt. A subordinated debt carries more risk than a normal debt, and earns a higher expected rate of return than senior debt due to the greater inherent risk.
Subprime Loan: A type of loan offered to individuals who do not qualify for a lender's best-available (or “prime”) rate. They often do not qualify because of poor credit history. Subprime loans tend to have higher interest rates than traditional loans.
Swap (contract): A derivatives contract under which the two counterparties agree to exchange cash flows at future dates as stipulated in the contract.
Syndication: Syndication is the private placement of debt (or equity) securities to third parties. By employing debt syndication, several banks, investment firms, or other companies share the profits and diversify the risk of making a large loan. For ADB, syndications are used to transfer some or all of the risk associated with its loans and guarantees to its cofinancing partners, and include fronting (CFS), non-funded risk participations, and sell-down arrangements.
Synthetic Collateralised Debt Obligation: A CDO that invests in credit default swaps or other non- cash assets.
Systemic risk: The risk that the failure of one market participant has adverse effects on other participants, destabilizing the market as a whole.
Toll Credits: Toll credits are earned when a State, a toll authority, or a private entity funds a capital highway investment with toll revenues from existing facilities. States may increase the use of available eligible Federal funding on a project, up to the normal State/local matching amount, and debit the sum of the toll credits that have been earned by that same amount.
Tolling: The process of collecting revenue whereby road users are charged a fee per roadway use. Tolls may be collected on a flat-fee basis, time basis, or distance basis and may vary by type of vehicle.
Transaction costs: The costs incurred in the process of planning, contracting and procuring goods and services including the cost of advertising contracts, engaging consultants, officer time in preparing contract documentation, client costs of managing and monitoring the contract.
TUPE (Transfer of Undertakings (Protection of Employment) Regulations 2006, UK): Regulations that provide employment rights to employees and trade union representatives when their employer changes as a result of a transfer of an undertaking. They implement the European Community Acquired Rights Directive (77/187/EEC, as amended by Directive 98/50 EC and consolidated in 2001/23/EC).
TUPE Plus: Agreements that build on TUPE rights, guaranteeing that there is no deterioration in pay and conditions during the life of a contract and improve trade union bargaining rights for all staff, including new starters.
Turnkey: A generic term for a variety of public/private partnership arrangements whereby a public sector entity awards a contract to one or more private firms to undertake the development, construction, and/or operation of an infrastructure project for a predetermined period of time before turning the project back over to the public entity. Turnkeys may take various forms, including design-build-transfer and build-operate-transfer.
Underwriting: In banking, underwriting encompasses detailed credit analysis preceding the granting of a loan, based on credit information furnished by the borrower. Underwriting also can refer to buying corporate bonds, commercial paper, or government securities by a dealer bank for its own account, or for resale to other investors.
Unitary charge: The single payment, usually monthly, due from the Authority to the consortium in respect of the provision and operation of the asset.
Unlisted infrastructure funds: Funds which are normally only open to institutional investors. Funds invest in new and/or existing infrastructure assets.
Value for Money (VFM): The optimum combination of whole life costs and quality to meet the user’s requirements. However, frequently used to assess only the financial implications of projects rather than their economic, social and environmental impact.
Sources
National Audit Office; Financial Times; Federal Highway Authority; PPP Journal; FTSE; Why Investment Matters – Kavaljit Singh; The Global Derivatives Market – Deutsche Borse Group; Unfinished Business – Jubilee Debt Campaign; Bloomberg.