Introduction
We published our last report on PPP in Central and Eastern Europe in April 2009. Given the positive response to the issues and topics discussed in that document and its predecessor, we have expanded the scope of the current edition to cover all of the jurisdictions in which CMS operates in Europe. This recognises the increasingly important role that PPP has to play in the development of infrastructure both in markets with a history of PPP projects and those introducing them for the first time.
In the introduction to our April 2009 report we identified that, despite the potential for a large number of deals in the pipeline, the liquidity shortage in the market meant that deals were competing across Europe for funding. Since then additional pressure has been exerted on the pipeline for PPP deals by the requirement for governments to curb spending in order to reduce budget deficits and borrowing. This has resulted in delays to a number of high profile projects and a requirement to restructure a number of projects that have reached close. Throughout this time period the changing financial climate has created a number of challenges for deals in procurement and required some examination of the institutional, financial and legal infrastructure for carrying out deals...
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