O contrato de Project Finance

Currently, Angola portrays a notorious economic growth and due to recent innovative legislations, it has become the major investment attracting pole, especially in Sub-Saharan Africa, having, thus, an extraordinary potentiality for a rapid and sustainable development, likely to place her in outstanding positions in the world economic ranking. Yet, such economic growth entails demanding levels of intensive investment in infrastructure, what has been reported of the Angolan Government to be unable to respond to, save if recurring to very high index of external debt, poisoning, in this way, the future budgeting of the country. Due to these infrastructure investment shortages, the cost of production remains highly onerous and the cost of life extremely unaffordable. On this account, the current study disserts about the contract of Project Finance; an alternative finance resource given as a viable solution for the private financing of infrastructure, aiming to demonstrate that such contractual figure, likewise the experience of several emerging economies and others, is a contract bid framework to take into account in today’s world. It refers to a financing technique – through which the Government may satisfy a common need (for example, the construction of a public domain or public servicing), without having to pay neither offer any collateral – based on a complex legal-financial engineering, arranged throughout a coalition of typical and atypical agreements, whereby it is mandatory to look back at the basic concepts of corporate law. More than just a simple financial study, the dissertation at stake analyses the nature and legal framework of Project Finance, which is a legally atypical and innominate contract, concluding that there is a relevant need for regulating and devoting a special legal regime in the Angolan jurisdiction for this promising legal form in the contemporary corporate finance world.

Does ownership structure matter? Three essays in finance

Management

Gestão de museus : o caso do Museu Nacional de Arqueologia

O presente trabalho pretende caraterizar o regime atual de governação do MNA descrevendo-o do ponto de vista dos recursos financeiros, recursos humanos, marketing e planeamento, tendo em conta a sua dependência da Direção Geral de Património Cultural, complementarmente pretende apresentar algumas propostas de melhoria. Desde a sua criação o Museu Nacional de Arqueologia, tem por objetivo representar a parte material da vida do homem português desde a pré-história. Hoje, constitui a instituição de referência da Arqueologia Portuguesa, ligado a outros museus, universidades e centros de investigação por todo o mundo. Num momento em que num número crescente de países, os museus e instituições culturais têm de procurar fontes alternativas de financiamento, por força do desinvestimento por parte dos Estados, e a reduzir os gastos, incluindo restrições às contratações de recursos humanos, coloca-se um grande desafio àqueles que gerem estas instituições. Por um lado, valências como lojas com artigos ligados ao museu e a concessão de espaços de restauração nas suas instalações, a organização de eventos temáticos lúdico-pedagógicos, acompanhados de uma estratégia de comunicação segmentada, contribuem para a diversificação e o aumento de públicos. Por outro lado, atividades de fundraising devem passar a ser uma prática comum nestas entidades. Tudo isto, tendo sempre presente que se trata de uma entidade cultural com uma função de produção de conhecimento e cultura, não devendo o Estado alhear-se desta função. O Museu Nacional de Arqueologia, é tutelado pela Direção Geral do Património Cultural o que impõe constrangimentos ao nível da gestão. Embora seja possível, pela direção do MNA, tomar decisões relativas à área financeira, a perceção do seu impacto não é imediata. No que respeita aos recursos humanos, estamos perante um quadro qualificado, capaz de dar resposta às exigências do funcionamento do museu, mas que pela média etária e pelas dificuldades de contratação, coloca em risco o futuro. O marketing e o planeamento são as áreas em análise que apresentam menos constrangimentos, pela dependência da tutela. Os processos de marketing são concretizados pelos diferentes departamentos, com uma abordagem tradicional, ou seja unilateral, verificando-se pouca interação com os seus públicos. O plano de atividades é bastante completo e é uma boa ferramenta de gestão no que respeita ao planeamento, assim como o planeamento de carácter estratégico permite ao museu seguir uma linha de continuidade.

On project finance and the first road concession in Portugal

In broad sense, Project Financing1 as a mean of financing large scale infrastructural projects worldwide has had a steady growth in popularity for the last 20 years. This growth has been relatively unscathed from most economic cycles. However in the wake of the 2007 systemic Financial Crisis, Project Financing was also in trouble. The liquidity freeze and credit crunch that ensued affected all parties involved. Traditional Lenders, of this type of financial instrument, locked-in long-term contractual obligations, were severely hit with scarcity of funding compounded by rapidly increasing cost of funding. All the while, Banks were “rescued” by the concerted actions of Central Banks and other Multi-Lateral Agencies around the world but at the same time “stressed” by upcoming regulatory effort (Basel Committee). This impact resulted in specific changes to this type of long-term financing. Changes such as Commercial Banks’ increased risk aversion; pricing increase and maturities decrease of credit facilities; enforcement of Market Disruption Event clauses; partial responsibility for project risk by Multilateral Agencies; and adoption of utility-like availability payments in other industrial sectors such as transportation and even social infrastructure. To the extent possible, this report is then divided in three parts. First, it begins with a more instructional part, touching academic literature (theory) and giving the Banks perspective (practice), but mostly as an overview of Project Finance for awareness’ sake. The renowned Harvard Business School professor – Benjamin Esty, states2 that Project Finance is a “relatively unexplored territory for both empirical and theoretical research” which means that academic research efforts are lagging the practice of Project Finance. Second, the report presents a practical case regarding the first Road Concession in Portugal in 1998 ending with the lessons learned 10 years after Financial Close. Lastly, the report concludes with the analysis of the current trends and changes to the industry post Financial Crisis of the late 2000’s. To achieve this I’ll reference relevant papers, books on the subject, online articles and my own experience in the Project Finance Department at a major Portuguese Investment Bank. Regarding the latter, with the signing of a confidentiality agreement, I’m duly omitting sensitive and proprietary bank information.

Improving Millennium Bank's personal finance manager

Double Degree

Changes in institutional governance and management of higher education in Laos: National University of Laos

PhD thesis in Educational Sciences (specialization in Politics of Education).

An alternative educational indicator for classifying secondary schools in Portugal

The purpose of this paper aims at carrying out a study in the area of Statistics for classifying Portuguese Secondary Schools (both mainland and islands: “Azores” and “Madeira”), taking into account the results achieved by their students in both national examinations and internal assessment. The main according consists of identifying groups of schools with different performance levels by considering the sub-national public and private education systems’ as well as their respective geographic location. For this, we developed an alternative educational indicator for the so-called Secondary Education indicator rankings released since 2001 by the Portuguese media.

Impact of an educational hands-on project on the antimicrobial, antitumor and anti-inflammatory properties of plants on Portuguese students' awareness, knowledge, and competences

Promoting environmental and health education is crucial to allow students to make conscious decisions based on scientific criteria. The study is based on the outcomes of an Educational Project implemented with Portuguese students and consisted of several activities, exploring pre-existent Scientific Gardens at the School, aiming to investigate the antibacterial, antitumor and anti-inflammatory properties of plant extracts, with posterior incorporation in soaps and creams. A logo and a webpage were also created. The effectiveness of the project was assessed via the application of a questionnaire (pre- and post-test) and observations of the participants in terms of engagement and interaction with all individuals involved in the project. This project increased the knowledge about autochthonous plants and the potential medical properties of the corresponding plant extracts and increased the awareness about the correct design of scientific experiments and the importance of the use of experimental models of disease. The students regarded their experiences as exciting and valuable and believed that the project helped to improve their understanding and increase their interest in these subjects and in science in general. This study emphasizes the importance of raising students’ awareness on the valorization of autochthonous plants and exploitation of their medicinal properties.

The Portuguese programme one laptop per child: political, educational and social impact

In 2008, the XVII Portuguese Constitutional Government launched the ‘e.escolinha’ programme, within the Technological Plan for Education, which set out the distribution of a computer, called ‘Magalhães’, designed for chil-dren attending the 1st cycle of basic education. Suspended in 2011 by the XIX Government, this programme has allowed, however, almost 500 000 children to have access to a personal computer. It was expected that this political measure would “revolutionise” the national education system by bringing changes to the pedagogical practices of teachers and the learning processes of children and by achieving educational success, in general. Based on documental analysis and on a set of interviews with key decision-makers in conceiving, implementing and monitoring this governmental initiative, the fi rst part of this chapter presents and analyses the ‘e.escolinha’ initiative and the policies be-hind that governmental programme, seeking to disassemble those objectives and provide some insights into the relationship between discourses, rhetoric, and reality. After that, the chapter focuses on children’s uses and practices with the ‘Magalhães’ laptop, at school and at home. Based on the results of questionnaires fi lled in by approximately 1500 children from 32 First Cycle public schools of the municipality of Braga (north of Portugal) and also from questionnaires applied to their parents and teachers, this chapter intends to analyse the real impact of this initiative for children, family and school. It also seeks to discuss the contribution of this educational policy to children’s digital literacy and also to their own and their families’ social and digital inclusion. To understand if it represented an added value to teachers’ pedagogical practice is another of its aims. The fi ndings point out a major focus on technology and access rather than on uses and competences or even on social, educational and cultural change. In fact, a major conclusion is the existence of a strong gap between the policy and the practices, typical of a top-down policy design. This study is an integrant part of a research project titled “Navigating with ‘Magalhães’: Study on the Impact of Digital Media in Schoolchildren” conducted at the University of Minho, Portugal, financed by the Portuguese Foundation for Science and Technology [PTDC/CCI-COM/101381/2008] and co-funded by the European Regional Development Fund [COMPETE: FCOMP-01-0124-FEDER-009056].

Reliability of the information about the history of diagnosis and treatment of hypertension. Differences in regard to sex, age, and educational level. The pró-saúde study

OBJECTIVE: To assess the intraobserver reliability of the information about the history of diagnosis and treatment of hypertension. METHODS: A multidimensional health questionnaire, which was filled out by the interviewees, was applied twice with an interval of 2 weeks, in July '99, to 192 employees of the University of the State of Rio de Janeiro (UERJ), stratified by sex, age, and educational level. The intraobserver reliability of the answers provided was estimated by the kappa statistic and by the coefficient of intraclass correlation (CICC). RESULTS: The general kappa (k) statistic was 0.75 (95% CI=0.73-0.77). Reliability was higher among females (k=0.88, 95% CI=0.85-0.91) than among males (k=0.62, 95% CI=0.59-0.65).The reliability was higher among individuals 40 years of age or older (k=0.79; 95% CI=0.73-0.84) than those from 18 to 39 years (k=0.52; 95% CI=0.45-0.57). Finally, the kappa statistic was higher among individuals with a university educational level (k=0.86; 95% CI=0.81-0.91) than among those with high school educational level (k=0.61; 95% CI=0.53-0.70) or those with middle school educational level (k=0.68; 95% CI=0.64-0.72). The coefficient of intraclass correlation estimated by the intraobserver agreement in regard to age at the time of the diagnosis of hypertension was 0.74. A perfect agreement between the 2 answers (k=1.00) was observed for 22 interviewees who reported prior prescription of antihypertensive medication. CONCLUSION: In the population studied, estimates of the reliability of the history of medical diagnosis of hypertension and its treatment ranged from substantial to almost perfect reliability.

Educating for sociability and learning for citizenship: developing communicational skills and mediation in educational contexts

This text concerns a program about the Promotion of Social and Communicational Skills and Mediation (PSCSM) developed with children aged between 10 and 13 years in a non-formal educational institution. The program of intervention had, as its purpose, the promotion of social and communicational competencies and mediation, thus enabling the children involved to have a healthy and responsible sociability in the different contexts in which they find themselves: family, school, peer group, amongst others. It was developed over 13 sessions with objectives and activities intentionally planned with the view of promoting competencies of communication, co-operation, responsibility, a critical spirit, solidarity, autonomy, respect, integration, inclusion and the recognition of rights and duties. This work was carried out with an action-research methodology that resorted to various techniques and instruments to gather and record information. The results obtained showed the impact and benefits of the program and they also revealed the necessity of educational institutions investing in the promotion of an ethical literacy and the empowerment of the children and young people for healthy sociability and active citizenship.

Enfermedad de Chagas: epidemiología de vectores y estrategias educativas para la vigilancia entomológica en áreas de riesgo del norte de la provincia de Córdoba. Chagas disease: epidemiology of vectors and educational strategies for entomological surveillance in risk areas of northern province of Cordoba.

La Enfermedad de Chagas es considerada en términos sociales y económicos, una de las enfermedades parasíticas más importantes de América Latina. La transmisión vectorial de esta enfermedad ha sido interrumpida en gran parte de América Latina sin embargo, el control vectorial no ha podido lograr la sostenibilidad y la efectividad necesarias para interrumpir la transmisión vectorial en la región del Gran Chaco de Argentina, Bolivia y Paraguay. La permanencia de poblaciones residuales de triatominos en estructuras peridomiciliarias permite una rápida recuperación del vector, sugiriéndose que estas poblaciones serían la principal fuente de reinfestación de la vivienda humana. Este escenario plantea por lo tanto la necesidad de estudiar con más profundidad las poblaciones de triatominos presentes en los peridomicilios para comprender su dispersión, capacidad de domiciliación y así entender el posible peligro que pueden presentar para el hombre como especies vectoras de la enfermedad de Chagas. Dentro de la provincia de Córdoba existen áreas que por la presencia histórica de triatomineos, la notificación reciente de casos de Chagas vectorial y el registro de especies silvestres invadiendo los domicilios merecen un estudio más profundo. Es por ello que se propone realizar un relevamiento de las especies de triatomineos que habitan los domicilios y peridomicilios en estas zonas, calcular los índices de infección con Trypanosoma cruzi que presentan, caracterizar su perfil alimentario, los factores de riesgo que favorecen su refugio, su capacidad dispersiva y diferenciar fenotípicamente entre las poblaciones peridomésticas para comprender mejor el posible peligro que pueden presentar para el hombre como especies vectoras de la enfermedad de Chagas. Además, y de manera complementaria, se aplicarán estrategias educativas en el ámbito escolar que sirvan para la vigilancia entomológica y acciones preventivas de la Enfermedad de Chagas. La determinación del perfil alimentario pautará la potencialidad de cada vector, siendo esta información fundamental para el análisis de situaciones epidemiológicas de riesgo. La capacidad dispersiva y la diferenciación fenotípica de las poblaciones permitirán conocer el posible movimiento y flujo de triatominos desde y hacia la vivienda humana. La determinación de los factores que favorecen el refugio de triatominos permitirá conocer el nivel de riesgo en que se encuentra cada domicilio. Además, considerando la importancia de las poblaciones peridomésticas en los procesos de reinfestación, se analizará la capacidad dispersiva que presentan los triatominos a través de su estado nutricional y, mediante la morfometría clásica y geométrica, se analizará como se estructura la diversidad fenotípica en los domicilios y peridomicilios. La aplicación de estrategias educativas en el ámbito escolar favorecerá el conocimiento en general de esta enfermedad, la vigilancia entomólogica y las acciones preventivas por parte de los niños en edad escolar. Chagas disease is considered socially and economically, one of the most important parasitic diseases in Latin America. Vector transmission of this disease has been interrupted in much of Latin America, however, vector control has failed to achieve sustainability and effectiveness necessary to interrupt the vector transmission in the Gran Chaco region of Argentina, Bolivia and Paraguay. The permanence of residual populations of triatomine in the peridomiciliary structures enables fast recovery of the vector, suggesting that these populations would be the main source of reinfestation of human dwellings. Within the province of Córdoba, there are areas that the historical presence of triatomines, the recent notification of cases of Chagas vector and recording of wild species invading the homes deserve further study. That is why, there will be a survey of Triatominae species that inhabit the domiciles and peridomiciles in these areas, rates of infection with Trypanosoma cruzi, their host feeding preferences, the risk factors that favor its shelter, their dispersive capacity and phenotypic differentiation between peridomestic populations, to better understand the potential danger they may present to the man and vector species of Chagas disease. In addition, complementary, educational strategies in schools were implemented that serve for entomological surveillance and preventive actions of Chagas disease. The determination of the potential food profile patterns of each vector is essential for epidemiological analysis of risk situations. Dispersive capacity and phenotypic differentiation of populations may allow understanding the movement and flow of triatomines and from human habitation.

Changes of overweight and obesity in the adult Swiss population according to educational level, from 1992 to 2007.

In many high income developed countries, obesity is inversely associated with educational level. In some countries, a widening gap of obesity between educational groups has been reported. The aim of this study was to assess trends in body mass index (BMI) and in prevalence of overweight and obesity and their association with educational level in the adult Swiss population. Four cross-sectional National health interview surveys conducted in 1992/93 (n = 14,521), 1997 (n = 12,474), 2002 (n = 18,908) and 2007 (n = 17,879) using representative samples of the Swiss population (age range 18-102 years). BMI was derived from self-reported data. Overweight was defined as BMI > or = 25 and <30 kg/m(2), and obesity as BMI > or = 30 kg/m(2). Mean (+/- standard deviation) BMI increased from 24.7 +/- 3.6 in 1992/3 to 25.4 +/- 3.6 kg/m2 in 2007 in men and 22.8 +/- 3.8 to 23.7 +/- 4.3 kg/m(2) in women. Between 1992/3 and 2007, the prevalence of overweight + obesity increased from 40.4% to 49.5% in men and from 22.3% to 31.3% in women, while the prevalence of obesity increased from 6.3% to 9.4% in men and from 4.9% to 8.5% in women. The rate of increase in the prevalence of obesity was greater between 1992/3 and 2002 (men: +0.26%/year; women: +0.31%/year) than between 2002 and 2007 (men: +0.10%/year; women: +0.10%/year). A sizable fraction (approximately 25%) of the increasing mean BMI was due to increasing age of the participants over time. The increase was larger in low than high education strata of the population. BMI was strongly associated with low educational level among women and this gradient remained fairly constant over time. A weaker similar gradient by educational level was apparent in men, but it tended to increase over time. In Switzerland, overweight and obesity increased between 1992 and 2007 and was associated with low education status in both men and women. A trend towards a stabilization of mean BMI levels was noted in most age categories since 2002. The increase in the prevalence of obesity was larger in low education strata of the population. These findings suggest that obesity preventive measures should be targeted according to educational level in Switzerland.

The United Nations Educational, Scientific and Cultural Organisation: Pawn or Global Player?,

This contribution aims at exploring the significance of the new generation of UNESCO conventions for the recognition of higher education qualifications. It discusses three possible scenarios and links them to the empirical findings of a study that compares the enabling conditions of the first generation of recognition conventions established in the 1970s and 1980s with the ones establishing the second generation today. Taking an interdisciplinary approach, the paper argues that the changes illustrate a more general shift in the architecture of the global order and highlights a new role of UNESCO.

Infrastructure Finance and Industrial Takeoff in England

That financial matters did not constrain industrial takeoff in the UK is generally accepted in the historical literature; in contrast, contemporary empirical analyses have found evidence that financial development can be a causal determinant of economic growth. We look to reconcile these findings by concentrating on a particular aspect of industrialising UK where inefficiencies in finance could have had bite: The finance of physical infrastructures. We document the historical record and develop the importance of spatial disaggregation and spillovers in both technological and financial development. We develop a simple model that captures the nature of infrastructure finance within a theory of endogenous growth where financial costs are endogenous. We argue that the conception of the finance-growth nexus as a largely static, aggregative phenomenon misses out a good deal of complexity and we relate that complexity to a number of implications for regulation of both financial systems and the emergence of infrastructures