Project Finance: Country Q&A Tool

Search the Country Q&A in the Project Finance Global Guide by question and jurisdiction.
Step 1: Check the boxes to select the questions and the jurisdictions for comparison.
Step 2: Click the "submit" button.
Step 3: Scroll down to view answers and check law stated dates for each jurisdiction.

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Market overview

1. What types of projects make use of project financing in your jurisdiction? What have been the most significant project finance deals in the past 12 months?

Regulatory framework

2. What regulatory framework governs project finance in your jurisdiction?

Regulatory considerations

3. Are government approvals required before financing a project? Are fees typically paid for such approval?
4. Is there any requirement to file or register project documents with a regulatory authority or other government body?
5. Do any specific laws exist in relation to state ownership or state repatriation of assets?

Structuring the financing

Main parties

6. Who are the main parties in a project finance transaction?

Types of financing

7. How are projects financed? What sources of funding are typically available?
8. What are the advantages and disadvantages of using project financing to structure a construction or infrastructure project?

Corporate vehicles

9. What corporate vehicles are typically used for financing projects? What are the considerations behind choosing these vehicles?


10. What are the typical documents in a project finance transaction?


11. What forms of security are available to protect investments? How are they created and perfected?
12. What mechanisms are available to protect security interests against competing interests?
13. How is priority established?
14. Can an agent or trustee hold security on behalf of a group of lenders?
15. How can security interests be enforced? What steps can a lender take to enforce security?
16. Can a lender foreclose or appropriate against an asset?
17. How does the start of bankruptcy/insolvency proceedings affect a lender's ability to enforce its security?

Contractual protections

18. What other forms of contractual protections are available to lenders to protect their investment?


19. What insurance arrangements are typical for projects in your jurisdiction? How do lenders protect their interests as regards project insurance?
20. Are lenders named as co-insured or joint insured?
21. Are non-vitiation provisions common?
22. How are insurance proceeds treated and applied?
23. Are there any restrictions on insurance over projects provided by foreign companies?
24. Is reinsurance a feature of project financing in your jurisdiction? Are there any other aspects of project insurance that are particular to the jurisdiction?

Project risks

25. What risks are typical in your jurisdiction and how are these mitigated or allocated?

Public Private Partnerships (PPPs)/Private Finance Initiatives (PFIs)

26. Has your jurisdiction enacted any specific legislation for enabling the use of PPPs or similar funding models such as PFIs?
27. Are there any limitations on the use of PPP or PFI transactions?
28. How are projects involving PPPs or PFIs typically financed? How does this differ to other projects?
29. Can security be given to lenders by a concessionaire over interests in PPP or PFI projects? Does this require consents?

Social, ethical and environmental issues

30. What social and ethical issues are relevant to project financing in your jurisdiction?
31. What environmental risks might be encountered? How is potential environmental liability assessed and how is liability allocated?

Natural resources and minerals

32. Who has title to minerals or other natural resources? Can foreign companies acquire rights to such assets?
33. What royalties and/or taxes are payable on the extraction of minerals or other natural resources? How is the charge calculated?
34. Are there restrictions, fees or taxes on the export of minerals or natural resources?

Foreign investment

35. Are there any incentives to encourage foreign investment in projects?
36. Are there investment treaties that protect foreign investment in projects?
37. What fees or taxes are payable on foreign investment in a local project company? Are payments of principal, interest or premiums on loans or debt securities held by parties in other jurisdictions subject to fees or taxes?
38. Can project companies establish and maintain foreign currency accounts, both locally and in other jurisdictions?
39. Are there any restrictions on the payment of dividend/repayment of shareholders' loans to a foreign parent?
40. Are there restrictions on the importation of equipment from abroad for use in a project?

Choice of law and jurisdiction

41. Will local courts recognise a choice of foreign law or jurisdiction in a project contract or financing agreement? Are there any mandatory rules that apply despite a choice of foreign law or jurisdiction?
42. Are waivers of immunity enforceable?
43. Will the courts recognise a foreign arbitral award or court judgment?


44. Are there any recent or proposed legal developments affecting project finance?
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