Risk allocation in concessional agreements: a comparison of developed and developing countries. Case study Germany – Colombia = Distribucion de riesgos en contratos de concesión: una comparacion de países desarrollados y países en vía de desarrollo
Concessional agreements have been to many developing countries the keystone to reach development. Since the middle twentieth century up to now roads, water - wastewater systems, electricity’s generation and distribution have been operated under arrangements that foster the private sector participation. Concessional agreements seem to be an advantageous feature of project finance for a country as a whole and perhaps that is why governments have mostly opted for this option. The foregoing sum up to developing world problems, as lack of own recourses to build, operate or maintain infrastructure and inexperience of public sector in these affairs, have arisen the utilization of concessional agreements. Developing countries use to follow the models pre-established by developed countries embracing either slightly or substantial changes in the schemes. Concessions have not been the exception. The questions then, rise from two sides. From the developed countries view it is appropriate to inquire: Did concessional agreements contributed to third world countries development? Are they still been utilized? If so, what made them work? What failed? On the other hand we should ask ourselves: Have developing countries followed carefully the third world concessional schemes? Have they settled new schemes? What were developing countries’ purposes when establishing concessional agreement schemes as public policies? Have those schemes worked or not? What is the landscape in a developed country such as Germmany and in a developing country such as Colombia? A concessional agreement as a project finance´s feature depends heavily on its preparation. Structuring phase plays a major role to reach success. Project finance is a matter of risk. Implementation of concessional agreements is as well a matter of risk. Parties assume their own project responsibility and therefore they relay in the project risks allocation. Risks allocation is the first mitigation measure. A proper structuration supposes an accurate allocation of risks and a better performance of each party. This research as of an appraisal between the role of infrastructure concessions in developed and developing countries, and has as a purpose to make a comparison between both schemes regarding the management of infrastructure concessions in their structuring phase paying special attention in the risks allocation and mitigation. The foregoing study would focus in Germany and Colombia´s scenarios principally, but using as reference other cases in specific issues, if necessary.
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