LONDON: The global project finance market , which finances energy and infrastructure projects, jumped 54% in 2010 to $228 billion according to research published today by Thomson Reuters and its Project Finance International (PFI) publication. The Indian market, financed mainly by local banks, leapt from $30 billion to $55 bilion. Activity by the multilateral agencies supporting projects in the emerging markets increased from $20.5 billion to $27 billion while the global bond market recovered from its 2009 low by doubling in volume to $20 billion. Such is the growth in the Indian market, the local banks will now need assistance in financing schemes going forward. The Reserve Bank of India (RBI) is looking at reforming guidelines on refinancing infrastructure schemes with international debt, according to a report in today's PFI. International banks and multilateral agencies are now starting to fund Indian projects. Loan volumes in the Americas rose $5 billion to $25.5 billion but both the US and Canada saw big jumps in bond issuance. Loan volumes in the Europe, Middle East & Africa (EMEA) region rose $20 billion to $84 billion and in Asia they rose to $100 billion - aided by India and a big one-off deal in Taiwan. The number of advisory mandates won, which show the pipelines of going forward fell to 411 from 488. There was a big drop EMEA where the problems associated with the private finance initiative (PFI) in the UK came home to roost. UK PFI volumes fell to 2 billion pounds from a peak of 8.2 billion pounds as the new government cut back the PFI. However European PFI volumes rose to 11.2 billion euros - although this market could be impacted by austerity programmes going forward. SBI Capital , Bank of Taiwan and IDBI topped the global loan arranging table while RBS topped the global bond tables. PWC topped the global advisory deals closed table closely followed by RBC and Macquarie. The leading multilateral agencies came from Germany, Japan, China and South Korea.
Source:Economic Times
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