Return of the state? An appraisal of policies to enhance access to credit for infrastructure-based PPPs

The global financial crisis had a major impact on the cost and availability of finance for infrastructure-based public–private partnerships (PPPs). In response, policy-makers have introduced models of ‘credit-enhancement’ that aim to reduce the risk faced by private investors and attract additional capital into the market. Other policies involve hybrid structures in which public capital substitutes for private finance. The emergence of capital...