A guidebook on public-private partnership in infrastructure



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ESCAP-2011-MN-Guidebook-on-PPP-infrastructure

Table 3. Risk matrix 
Category 
of risk 
 
Description and 
likely effect 
 
Mitigation measures 
Allocation 
Develop-
mental risk 
Insufficient 
preparatory tasks 
and project planning 
leading to delays in 
procurement and 
financial close 
− Good feasibility study (that includes 
comprehensive analysis of risks, 
possible effects and how to address 
them as well as de-risking to the 
extent possible) 
− Institutional due diligence 
− Competent transaction advisor 
Government/ 
implementing 
agency 
Sponsor 
risk 
Financial strength 
(ability to participate 
with equity, can 
arrange third party 
equity, financially 
solvent and financial 
requirement does not 
exceed capacity, can 
provide limited 
recourse, if needed) 
− Credit references and rating 
− Minimum level of equity stake 
− Bank guarantee and undertaking 
− Bid bond from banker(s) 
− Track 
record 
− Financial statement analysis 
− Ensure adequacy of finance under 
loan facilities 
− Use of non-financial evaluation 
criteria and due diligence on private 
parties 
Government/ 
implementing 
agency 
Cost 
overrun risk 
During the design 
and/or construction 
phase, the actual 
project costs exceed 
the estimated cost 
− Fixed price and fixed time EPC 
contract 
− Review by lender’s engineer 
Contingency provisions; standby 
debt facilities/additional equity 
commitments (commitments are 
needed upfront) 
− Equity stake of EPC contractor 
SPV/PP (can pass 
on to EPC 
contractor) 

16.
In project finance, structured finance broadly means debt structured to fit the cash flow. 




A Guidebook on Public-Private Partnership in Infrastructure 
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