FINANCING PUBLIC-PRIVATE PARTNERSHIP PROJECTS ON CAPITAL MARKETS. POTENTIAL SOLUTIONS UNDER ROMANIAN LAW

Abstract

Abstract
Considering the alternative solutions to public procurement offered by the public-private partnership structures, this study analyzes the main choices for financing such projects, as the access to financial resources tends to be a significant challenge in the current economic context generated by the financial crisis. Starting from the legal texts in the special Romanian law recently enacted to regulate institutional public-private partnerships, the study pleads for the recognition of potential implication of public funds in the financing structure of PPP projects, including here structural funds and other forms of public support available at European level. Further, such public support, at least by public guarantees, should be addressed to both bank debt and bonds financing. The potential success of a bond issuance by project companies would largely depend on public guarantees. Keywords: public-private partnership, public funds, capital markets, bonds, public guarantees, state aid