Project Financing Research Articles

School Food Policy through a Project Financing

In recent years, the scientific community has focused more on urban food policies adopted by big cities and less on the local food policies adopted by small municipalities. Furthermore, the empirical evidence on school food policy initiatives is quite fragmented, and the management of the canteen service is not directly addressed by the studies carried out. In this work, the school food policy implemented in a small municipality (Corciano in the province of Perugia, Centre Italy) of about 22,000 inhabitants, through the application of project financing with the participation of local social cooperatives is presented and discussed. This paper aims to reflect on the capability of the alternative food networks developed through the project financing mechanism to identify and implement the uses of the resources concerning the local food policy objectives and the project capacity of the network. The analysis is conducted using a methodological approach based on agricultural economics and anthropology. Results from economic data analysis, collective interviews, and participant observation show that: the financial balance of the project financing is positive but quite precarious and very sensitive to market variations, both regarding the overall demand for canteen meals, and the procurement of raw materials and workforce; the project’s organizational model through a local network not only can combine the environmental, social, and health dimensions of food, but it can also reshape the local concept of community, as well as new opportunities for the circulation of food products.

An evaluation of the cost of human papilloma virus (HPV) vaccine delivery in Zambia

BackgroundHuman papillomavirus (HPV) is a common sexually transmitted infection and the leading cause of cervical cancer. The HPV vaccine is a safe and effective way to prevent HPV infection. In Zambia, the vaccine is given during Child Health Week to girls aged 14 years who are in and out of school in two doses over two years. The focus of this evaluation was to establish the cost to administer a single dose of the vaccine as well as for full immunisation of two doses.MethodsThis work was part of a broader study on assessing HPV programme implementation in Zambia. For HPV costing aspect of the study, with a healthcare provider perspective and reference year of 2020, both top-down and micro-costing approaches were used for financial costing, depending on the cost data source, and economic costs were gathered as secondary data from Expanded Programme for Immunisation Costing and Financing Project (EPIC), except human resource costs which were gathered as primary data using existing Ministry of Health salary scales and reported time spent by different health cadres on activities related to HPV vaccination. Data was collected from eight districts in four provinces, mainly using a structured questionnaire, document reviews and key informant interviews with staff at national, provincial, district and health facility levels. Administrative coverage rates were obtained for each district.ResultsFindings show that schools made up 53.3% of vaccination sites, community outreach sites 30.9% and finally health facilities 15.8%. In terms of coverage for 2020, for the eight districts sampled, schools had the highest coverage at 96.0%. Community outreach sites were at 6.0% of the coverage and health facilities accounted for only 1.0% of the coverage. School based delivery had the lowest economic cost at USD13.2 per dose and USD 28.1 per fully immunised child (FIC). Overall financial costs for school based delivery were US$6.0 per dose and US$12.4 per FIC. Overall economic costs taking all delivery models into account were US$23.0 per dose and US$47.6 per FIC. The main financial cost drivers were microplanning, supplies, service delivery/outreach and vaccine co-financing; while the main economic cost drivers were human resources, building overhead and vehicles. Nurses, environmental health technicians and community-based volunteers spent the most time on HPV related vaccination activities compared to other cadres and represented the greatest human resource costs.ConclusionsThe financial cost of HPV vaccination in Zambia aligns favourably with similar studies conducted in other countries. However, the economic costs appear significantly higher than those observed in most international studies. This discrepancy underscores the substantial strain placed on healthcare resources by the program, a burden that often remains obscured. While the vaccine costs are currently subsidized through the generous support of Gavi, the Vaccine Alliance, it’s crucial to recognize that these expenses pose a considerable threat to long-term sustainability. Consequently, countries such as Zambia must proactively devise strategies to address this challenge.

거시경제지표가 부동산 PF-ABSTB(Project Financing Asset Backed Short Term Bond) 발행 잔액에 미치는 영향 분석

거시경제지표가 부동산 PF-ABSTB(Project Financing Asset Backed Short Term Bond) 발행 잔액에 미치는 영향 분석

Development Aid 2.0: Technology transfer and skill formation

This paper explains the growing importance of knowledge-based societies in driving industrial progress. It highlights the crucial need for technological and skill advancement, particularly among the expanding young populations in developing countries who lack essential work skills. This study scrutinizes the traditional Development Aid (DA) 1.0 model, which focuses mainly on financial aid and infrastructure projects but overlooks the importance of developing a skilled workforce that meets industry needs. Introducing the concept of DA 2.0 through the lens of the Triple Helix Theory, this paper suggests a sustainable approach that integrates government, academia, and industry to promote technology transfer and skill development. Through the policy analysis and case studies, it demonstrates how China leverages its technological expertise and skill advantage to enhance DA in African countries. The study concludes by advocating for DA 2.0 approach that is a government-supported, industry-driven approach to workforce development. By fostering collaboration among these sectors, China and Africa could optimize the impact of DA initiatives in addressing local challenges.

The role of international consulting in improving the international investment activity of the IT business

In wartime, the IT industry increases the provision of IT services not only in the domestic market, but also in foreign sales markets due to the increase in the export of IT products. However, there is a problem regarding the financing of foreign projects, so the purpose of the paper is to determine modern sources of financing IT business investment activities in order to enter the international sales markets of IT products and the use of international consulting as an effective management system for the development of foreign economic activities of domestic business entities in the field of IT. Such methods of scientific research as: systematization, comparison and systematic approach for finding sources of financing of international activities in the IT industry are applied; induction and deduction for the justification of preferential taxation and crediting, as well as the use of international consulting services for conducting export operations in the field of IT technologies. The modern conditions of taxation, crediting and financing of business entities are considered, which include: preferential taxation, credit programs for importers of IT products, inclusion of the IT industry in the "5-7-9" lending program, direct investment, use of crowdinvesting operations and fundraising. It is proposed to introduce a group of "small businesses and entrepreneurs" for IT enterprises and IT entrepreneurs as residents of Diya City and to create conditions for their preferential taxation. Measures have been developed to implement a special program for crediting the export of IT products through the export credit agency with the help of long-term bonds, as well as a special fund for crediting the IT business at the expense of deductions from all types of taxes and fees of Diya City residents. For the effectiveness of the proposed investment decisions, it is suggested to use the services of international consulting for the support of foreign economic activity.

Crowdfunding versus Traditional Banking: Alternative or Complementary Systems for Financing Projects in Portugal?

In an era where crowdfunding in Portugal is garnering increased public attention, exemplified by notable campaigns like the recent funding of the nurses’ strike, we explore its potential as an alternative financial source to traditional banking. Through a comprehensive case study, we delve into pertinent issues, encompassing European legislation, market dynamics, and a survey disseminated to representatives of the four prominent Portuguese crowdfunding platforms. Comprising forty-one questions across four categories, the survey extracts insights on platform details, company/project information, investor perspectives, and the financing process, along with an evaluation of platform advantages/disadvantages vis-à-vis traditional banking. Despite heightened visibility, crowdfunding remains relatively unfamiliar to the broader public, yet it diverges from banking not as a substitute but as a complementary financial mechanism. Emphasizing accessibility, process agility, and reduced bureaucracy, crowdfunding serves as a means of swiftly gaining recognition for a company or project while tapping into a broad audience. Rather than competition, it offers supplementary support, facilitating the identification and validation of investment opportunities and concepts. Moreover, it streamlines subsequent interactions with banks and investors, enhancing confidence in a project’s viability. In essence, crowdfunding emerges not as an alternative but a strategic complement, enriching the financial landscape with its unique attributes.

Blockchain Use Case in Islamic Social Finance

Purpose: This research explains and reviews two innovative solutions based on blockchain that were used for Islamic social finance projects by two separate companies namely Finterra and Blossom Finance. Policy implications are suggested for the future use of blockchain in innovative financial products for the Islamic financial industry. Design/methodology/approach: This is qualitative research conducted through library research and semi-structured interviews with experts and founders of Finterra and Blossom Finance. Data obtained from published literature and the interviews were accordingly examined and interpreted through content analysis and the results are presented in this research. Findings: There is rising interest in Islamic social finance for economic revival post COVID-19 pandemic. Innovation through technology seems to be the future of Islamic social finance. Innovation through blockchain technology would see a renaissance in Islamic social finance, hence the need for relevant stakeholders to understand the technology. However, there is a regulatory gap in terms of proper legal framework to support blockchain related innovations in Islamic social finance and a policy gap to manage Shariah and legal risks involved in Islamic social finance transactions. Originality: This research is original because it explains unique case studies from the source of innovation itself, and analyses the hurdles that were present and offers recommendations for future use of innovative technology in the Islamic financial sector. Keywords: Blockchain technology, Blossom Finance, Finterra, Islamic Social Finance, Regulatory and Policy Issues

THE PRACTICE OF INSURANCE OF INDUSTRIAL ENTERPRISES IN THE MIDDLE VOLGA REGION AT THE END OF THE 19TH - BEGINNING OF THE 20TH CENTURY

Purpose of the study. The article, using materials from archival sources and scientific literature, examines one of the most important components of the development of industrial business in Russia at the end of the 19th - beginning of the 20th centuries, insurance. Conclusion. The purpose of the study is to identify insurance practices of industrial enterprises in the Middle Volga region within the specified chronological framework. As a result of the study, the author comes to the conclusion that under the conditions of accelerating the processes of early industrial modernization, the functioning of industrial business was associated with the need to fulfill a number of formal requirements. One of them was insurance of industrial enterprises, which was associated not only with increasing risks, but also with the need to implement financial and production projects for business development. In particular, the possibility of obtaining bank loans and participating in government contracts was associated with the need to insure industrial enterprises. Using the example of the Simbirsk province, we see that the practice of insurance is quite firmly integrated into the business organization system, allowing it to be financially stabilized and made more stable in terms of countering risks and threats.

Navigating the Implementation of Tax Credits for Natural-Gas-Based Low-Carbon-Intensity Hydrogen Projects

This paper delves into the critical role of tax credits, specifically Sections 45Q and 45V, in the financing and economic feasibility of low-carbon-intensity hydrogen projects, with a focus on natural-gas-based hydrogen production plants integrated with carbon capture and storage (CCS). This study covers the current clean energy landscape, underscoring the importance of low-carbon hydrogen as a key component in the transition to a sustainable energy future, and then explicates the mechanics of the 45Q and 45V tax credits, illustrating their direct impact on enhancing the economic attractiveness of such projects through a detailed net present value (NPV) model analysis. Our analysis reveals that the application of 45Q and 45V tax credits significantly reduces the levelized cost of hydrogen production, with scenarios indicating a reduction in cost ranging from USD 0.41/kg to USD 0.81/kg of hydrogen. Specifically, the 45Q tax credit demonstrates a slightly more advantageous impact on reducing costs compared to the 45V tax credit, underpinning the critical role of these fiscal measures in enhancing project returns and feasibility. Furthermore, this paper addresses the inherent limitations of utilizing tax credits, primarily the challenge posed by the mismatch between the scale of tax credits and the tax liability of the project developers. The concept and role of tax equity investments are discussed in response to this challenge. These findings contribute to the broader dialogue on the financing of sustainable energy projects, providing valuable insights for policymakers, investors, and developers in the hydrogen energy sector. By quantifying the economic benefits of tax credits and elucidating the role of tax equity investments, our research supports informed decision-making and strategic planning in the pursuit of a sustainable energy future.

Оценка и направления повышения инвестиционной привлекательности сельского хозяйства

Abstract. In modern conditions of high sanctions pressure, systemic problems that hinder the effective development of agricultural production have worsened. Increasing the investment attractiveness of agriculture is becoming the main vector and a necessary condition for countering negative exogenous factors and ensuring sustainable agricultural growth. The subject of the study is organizational and economic relations that develop in the process of searching for ways to increase the investment attractiveness of agriculture. The purpose of the study is to evaluate and scientifically substantiate the directions of increasing the investment attractiveness of agriculture. Research objectives: 1) to clarify the essential content of the concept of “investment attractiveness of agriculture”; 2) to assess the investment attractiveness of the industry; 3) to determine the directions of growth of investment attractiveness of agriculture. The main research methods are monographic, statistical, graphical. Results. The article provides an analytical assessment of the investment attractiveness of agriculture in Russia. The individual elements (natural resource, production, innovation, financial, economic and labor) of the investment potential of agriculture are analyzed. The investment risks of the industry are justified. It is concluded that the investment attractiveness of agriculture is quite low, despite the existing potential for its growth due to the possibilities of using significant natural resource potential; a high level of adaptation of the industry to external negative factors of impact; favorable natural and climatic conditions; significant export potential of the industry. The scientific novelty. It consists in developing proposals to increase the investment attractiveness of agriculture based on the transformation of key institutional parameters: improving the regulatory framework for land reform; developing mechanisms for public-private partnership and project financing with a state guarantee, changing the industry structure due to the growth of the industry's technology and the use of innovations, changing the terms of lending to agriculture.

Million dollar baby -A primer on film finance practices in the U.S. movie industry

ABSTRACT This article summarises standard film financing practices for the production and distribution of new content over the past 30 years using a mixed-methods approach. It takes the U.S. movie industry as a case in point to study how excess risk and uncertainty in the financing of new projects are processed and managed by private-sector, entities as well as what market-based solutions have been developed to prevent market failure. The research has wide-ranging implications for other creative industries and their use of intangible assets in creative content finance. In particular, it discusses the prominent role of intellectual property rights in financial transactions in the U.S. audiovisual sector and the ability of the industry to leverage funds through the strategic use of its IP assets. The research findings are based on a series of semi-structured interviews, commissioned expert memoranda, and a dedicated panel of selected industry experts. In addition, using novel data from Uniform Commercial Code filings and official IP registers, we conduct exploratory analysis and provide descriptive evidence on the use of credit and intangible collateral as well as the industry diffusion of such practices. In light of the digital transformation of the industry, this research also documents industry trends and recent changes in U.S. film financing and provides an alternative explanation for the surge in new titles. Finally, we outline generic policy options for improving the financing environment for new films in the United States. The results could help to inform the larger debate on IP-backed finance and the strategic use of intangible assets in content industries.

Renewable natural gas: A case study of Minnesota

Renewable natural gas (RNG) often generates usable energy from waste products, reduces methane emissions, and creates new revenue streams. However, not all RNG projects are financially or technically feasible. We assessed the total RNG potential of currently available local waste feedstocks in the state of Minnesota and analyzed the financial and technical limitations for project development. We found that under ideal production conditions the RNG potential from municipal solid waste, dairy and hog farm manure, and municipal wastewater solids in the state could replace approximately 7.5% of current Minnesota natural gas use. We find that technical and financial factors such as project size, financing, and distance to an existing pipeline further reduce the number of feasible RNG project sites in Minnesota. Virtual pipelines – trucking RNG short distances to pipeline injection stations – improved the modeled profitability of 124 out of 175 projects (71%) by decreasing transmission costs. No projects are financially feasible without state or federal renewable fuel credit programs because direct sale of RNG alone does not cover project costs. Dairy manure projects have the lowest levelized cost of energy, the highest total revenue, and the shortest payback period compared to municipal solid waste landfill and wastewater treatment plant projects of similar size. This difference is because manure anaerobic digestion projects are eligible for larger credits under renewable fuel credit programs than municipal solid waste landfills and wastewater treatment plants, but this credit system limits end-use of the RNG to vehicle fuel. Our contribution helps provide an outline for the magnitude of current natural gas use in Minnesota replaceable via RNG projects.

Scrutinizing the adoption of smart contracts in the MENA Region’s Construction Industry

ABSTRACT The construction industry embodies a paramount role in the economic growth of various nations, including the Middle East and North Africa (MENA) region. Despite its significance, the industry faces construction disputes and payment issues, inducing financial losses and project postponements. Consequently, the construction industry has mutated smart contracts to enhance operational efficiency, which automates contract management tasks and offers perks, including transparency and efficiency. However, the adoption of smart contracts in the MENA construction sector remains limited, and the region lacks thorough research on this topic. This study addresses this gap by examining the level of cognizance and apprehension of smart contracts among construction industry stakeholders in the MENA region. The research employs Structural Equation Modeling (SEM) to analyze the relative importance of implementing smart contracts within different project lifecycle phases and relevant practices and identify the hindrances impacting MENA’s smart contract deployment. A practical implementation of smart contract-based tendering employing the Trakti platform is paraded. The findings unveiled the infancy of smart contract adoption in the MENA construction sector. They revealed the substantial importance of implementing smart contracts in the Project Execution Phase, Project Closure, and Monitoring and Control Phase, attaining relative weights of 23.23%, 21.62%, and 20.50%, respectively.

Energy markets restructure beyond 2022 and its implications on Qatar LNG sales strategy: Business forecasting and trend analysis

The emergence of new suppliers and energy resources has reshaped the energy market in terms of contractual structures and pricing systems. The market shifts were accelerated in response to the latest Russian-Ukraine crisis, impacting natural gas supply chains from financing projects to contracting volumes. The increased demand for liquified natural gas volumes intensified the need to switch from long-term oil-indexed contracts to short-term gas-indexed contracts. Those shifts were anticipated to influence the selling strategies for the expected added 49 MTPA of Qatari LNG, wherein increasing the share of spot selling would be reflected in higher economic performance. This study used forecasted prices to investigate potential Qatari LNG selling strategies. Initially, projections of the most dominant pricing systems used for pricing Qatari LNG (i.e., brent, Henry Hub, Title Transfer Facility, and Japan Korea Marker) were estimated between 2023 and 2040. While Qatar has been relying on long-term oil-indexed contracts, the second step estimated annual LNG revenues under different combinations of selling strategies (i.e., long-term and spot sales). Finally, the influence of varying brent slopes on the estimated revenues was measured. Due to data limitations and non-stationarity, the double exponential smoothing model was selected among the different tested models. Considering current market dynamics, forecasts of the double exponential smoothing model showed an upward price trend until 2040. An annual average increase of 1.24% for the studied pricing systems was reported. Reducing the share of long-term brent-indexed contracts to 70% and dedicating the remaining 30% of volumes to spot sales yielded the highest premiums for revenue estimates. An average annual revenue of $62 bn was reported for the 70/30 strategy, around 6% higher than the 100% brent-indexed contracts strategy. The findings revealed that diversifying the selling approach and introducing spot sales can enhance revenues. From the buyers’ perspective, the outcomes support policymakers in understanding the implications of escalated prices driven by a lack of liquidity investments.

Strategic Evaluation and Economic Impact of Fibre Optic Infrastructure

Metrolink, LDA as the largest telecommunications company in Timor-Leste, is continuously investing to grow its company and serve the growing needs of its customers with a profit-oriented vision. This research aims to find out the viability of the investment plan that will be implemented at Metrolink, LDA. The investment plan is the construction of a project in Silawan-Batu Gade-Liquica-Dili that is to expand the network. With a total investment of USD 3,000,000 coming from equity at an interest rate of 9% in 2023. Capital budgeting is a process in which a company analyses a project and decides which projects will be included in its financial budget. The type of research that is conducted is descriptive research and this research will perform qualitative analysis to analyse the problems that occur. While the data is in the form of quantitative data. Evaluation of investment eligibility on the project This uses capital budgeting techniques which it uses to find out whether or not an investment proposal is eligible. With the payback period analysis tool, net present value. The two analytical tools are also used by Metrolink, LDA to measure whether the project is adequate or not. From the results of the analysis and the plan of the project Silawan-Batu Gade-Liquica-Dili. Obtained a payback period of 2 years 7 months from the target Metrolink, LDA is 5 years, Net Present Value of USD 3.358.050 of the target that is defined Metrolinks, the result is positive. It shows that the financial investment plan project is not worthy to be implemented.

Strengthening nutrition incentive and produce prescription projects: An examination of a capacity building and innovation fund

The Gus Schumacher Nutrition Incentive Program (GusNIP), funded by the U.S. Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA), is a federal program designed to address financial barriers to fruit and vegetable (FV) purchases among consumers with a low income by using financial incentives. To fur­ther strengthen both nutrition incentive (NI) and produce prescription (PPR) GusNIP projects, the GusNIP Nutrition Incentive Training, Technical Assistance, Evalu­ation, and Information Center (NTAE) and its Nutrition Incentive Hub offer Capacity Building and Innovation Fund (CBIF) awards to GusNIP grantees and their partner organizations. The present study applies multiple methods to systematically understand the types of resources requested by CBIF applicants to expand the capacity and impact of their NI and PPR pro­jects by rigorously analyzing the CBIF proposals submitted from 2020 to 2022. Applicants (N = 130) requested funds to build capacity and innova­tion around one or more domains: leadership and staffing (n = 72); communications (n = 67); diver­sity, equity, and inclusion (DEI; n = 57); and tech­nology (n = 42). Three significant qualitative themes emerged around future needs: (1) staffing and technology to streamline applicants’ projects; (2) training, resources, and funding to enhance DEI in their projects; and (3) improved NTAE support, including improvements to the CBIF funding mechanism. Findings from this study can increase awareness about the capacity building and innovation needs of NI and PPR projects for the NTAE, policymakers, and funders to consider when supporting healthy food financial incentive projects.

Assessment of Impact of Inflation on University Management in North-Central, Nigeria

The objectives of this study is to assess the impact of inflation on university management in Nigeria. The population of this study comprised of all academic staff in North-Central, Nigeria. The study adopted a descriptive survey design. The sample for study was made up of three hundred academic staff. The sample was selected from three public universities in North-central, Nigeria. The sample was selected using multi-stage sampling technique. A research instrument was constructed by the researchers and used for the data collection which was title: (Impact of Inflation on University Management Questionnaire). The structured questionnaire used 4 Likert scale: Strongly Agree (SA), Agree (A), Disagree (D) and Strongly Disagree (SD). The reliability of the instruments IIUMQ was established through a test re-test method. The results of the first and second administration of the instrument were analysed using the Pearson Product Moment correlation coefficient, which yielded a reliability index of 0.88. Data collected in the study were analyzed using mean-scores and standard deviation. The findings showed that inflation affected running of the universities in Nigeria via increment in operational cost. The result also indicated that inflation affected projects completion, led to projects abadonment, poor projects financing and poor projects maintenance. The result finally revealed that inflation affected implementation of teaching, research and community service programme in Nigerian universities. Based on the findings, the paper hereby recommended that government should increase the funding of universities in Nigeria. Government should diversify the economy by increasing local production and encourage locally manufacturing of goods.

Role of Government Equity Investment in Capital Structure of Project Finance: Global Evidence from PPP Projects in Developing Countries

Role of Government Equity Investment in Capital Structure of Project Finance: Global Evidence from PPP Projects in Developing Countries

Identifying Critical Success Factors of Public Private Partnership Projects in Türkiye

Public private partnerships (PPPs) have become increasingly common as a result of states' shifting roles in infrastructure services from service providers and operators to policymakers and regulators. PPPs have been established as a prominent technique of public service procurement in both developed and developing countries. PPPs give the parties the opportunity to split the costs and risks of providing a public service or building a public infrastructure. Successful project management is crucial, especially in light of PPP projects' size and complexity. This study investigates the critical success factors (CSFs) of PPP investments in developing countries. In this regard, 23 CSFs were selected based on a thorough literature review, and a questionnaire survey was run to examine the impact of those factors on PPP performance. The information is gathered from 82 different companies in Türkiye that represent both the public and private sectors. The statistical analysis results show that favorable legal framework, detailed and clear project identification, and extensive cost-benefit assessment are the most significant drivers of success. Additionally, factor analysis is used on the data to investigate and identify underlying correlations between the factors, as well as to categorize them into fewer, more focused, and more thorough factors. The results of factor analysis suggest five dimensions; namely project finance, project management, operational factors, procurement, and organizational factors. The study's findings are anticipated to benefit both the public sector in its focus on legal concerns to permit better operation and the contractors in its examination of their capacity to manage big projects more effectively.

Crowdfunding platforms: What factors influence the success of attracting investments

Subject. The article addresses crowdfunding being a method of collective financing of projects by end–users. According to statistics, every year the number of projects that do not collect the declared amount of funding on crowdfunding platforms is growing rapidly. This is due to the lack of proper experience among project initiators, as well as the fragmentation of existing studies. Objectives. The study aims at filling the identified scientific gaps and defining the key factors that influence the success of fundraising through crowdfunding platforms. Methods. We employed general scientific methods of research. The study rests on data collected on Russian crowdfunding platform Planeta.ru. Results. We analyzed 1,452 projects and constructed two types of regression models, i.e. linear and logarithmic. A factor was considered statistically significant, if it was present in one of final regression models. Thus, we revealed the importance of such factors as the amount of declared funds for project implementation, previous experience of project initiator, time duration of fundraising, number of news and comments recorded on project page, number of sponsors and money transfers. We also unveiled the importance of project orientation. Conclusions. The findings may be useful for project initiators when raising funds through crowdfunding platforms.