Infrastructure Finance in Developing Countries by State and Multilateral Development Banks

Infrastructure concession is an alternative widely used by governments to increase investment. In the case of the road sector, the main characteristics of the concessions are: long-term projects, high investments in the early years of the contract and high risks. A viability analysis must be carried out for each concession and consider the characteristics of the project. When the infrastructure is located in a developing country, political and market growth uncertainties should be add in the concession project analysis, as well as economic instability, because they present greater risks. This paper is an analysis of state bank participation in road infrastructure finance in developing countries. For this purpose, we studied road infrastructure financing and its associated risks, and also the features of developing countries. Furthermore, we considered the issue of state banks and multilateral development banks that perform an important role by offering better credit lines than the private banks, in terms of cost, interest and grace period. Based on this study, we analyzed the Brazilian Development Bank - BNDES – and their credit supply to road infrastructure concessions. The results show that BNDES is the main financing agent for long-term investment in the sector, offering loans with low interest rates in Brazilian currency. From this research we argue that a single state bank should not alone support the increasing demand for finance in Brazil. Therefore, we conclude that there is a need to expand the supply of credit in Brazil, by strengthening private banks in the long-term lending market.

A study of four listed micro finance institutions

Compared to the size of the microfinance market, the number of Microfinance Institutions that are professionally ran like commercial banks is still scarce, and even more scarce are the MFI listed in public stock exchanges. This document focuses on four listed MFIs and reviews its business model and funding sources. The document also analyses the market price evolution of the listed shares and investigates whether investors are assigning a premium to the MFIs compared with its respective market indices. Keywords: Microfinance institutions, Micro-credits, Financial Institutions, Equity; Stock Exchange.

High speed railroad bridges. Conception, bases of design, typological possibilities and construction methods

Diseño conceptual de puentes de alta velocidad ferroviarios. Railroad bridges, in general, and those for high speed railways, in particular, demand very special conditions. The traffic loads are much higher than for road bridges. Loads due to braking and acceleration determine, due to their magnitude, the structural layout. Because of the speed of the vehicles there are specific dynamic effects which need to be considered. In order to ensure passenger comfort, compatible with speeds of up to 350 km/h, it is necessary to meet very demanding conditions with respect to stiffness, displacements and dynamic behavior. In this paper these conditions are briefly described and different typological possibilities to satisfy them are presented as well as the main construction methods applicable to this kind of bridges.

Effects of traffic loads on reinforced concrete railroad culverts

In the context of the present conference paper culverts are defined as an opening or conduit passing through an embankment usually for the purpose of conveying water or providing safe pedestrian and animal crossings under rail infrastructure. The clear opening of culverts may reach values of up to 12m however, values around 3m are encountered much more frequently. Depending on the topography, the number of culverts is about 10 times that of bridges. In spite of this, their dynamic behavior has received far less attention than that of bridges. The fundamental frequency of culverts is considerably higher than that of bridges even in the case of short span bridges. As the operational speed of modern high-speed passenger rail systems rises, higher frequencies are excited and thus more energy is encountered in frequency bands where the fundamental frequency of box culverts is located. Many research efforts have been spent on the subject of ballast instability due to bridge resonance, since it was first observed when high-speed trains were introduced to the Paris/Lyon rail line. To prevent this phenomenon from occurring, design codes establish a limit value for the vertical deck acceleration. Obviously one needs some sort of numerical model in order to estimate this acceleration level and at that point things get quite complicated. Not only acceleration but also displacement values are of interest e.g. to estimate the impact factor. According to design manuals the structural design should consider the depth of cover, trench width and condition, bedding type, backfill material, and compaction. The same applies to the numerical model however, the question is: What type of model is appropriate for this job? A 3D model including the embankment and an important part of the soil underneath the culvert is computationally very expensive and hard to justify taking into account the associated costs. Consequently, there is a clear need for simplified models and design rules in order to achieve reasonable costs. This paper will describe the results obtained from a 2D finite element model which has been calibrated by means of a 3D model and experimental data obtained at culverts that belong to the high-speed railway line that links the two towns of Segovia and Valladolid in Spain