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项目融资是为一个特定项目所安排的融资,贷款人在最初考虑安排贷款时,以该项目的现金流量和收益作为偿还贷款的资金来源,以该项目资产抵押作为贷款的安全保障。如果项目的经济强度不足以保障贷款安全,则贷款人可能需求借款人以直接担保、间接担保或其他形式给予项目附加的信用支持。对于大型的项目,项目融资这种方式将发挥重要的作用。本文将通过欧洲隧道工程这样一个案例来说明大型交通项目融资中的风险
Project financing is financing for a specific project. When the lender first considers arranging for a loan, the project uses the cash flow and revenue of the project as the source of repayment of the loan, and uses the asset mortgage of the project as the guarantee for the loan. If the project is not economically viable enough to secure the loan, the lender may require the borrower to give the project additional credit support, either directly, indirectly or otherwise. For large projects, project financing will play an important role in this way. This article will illustrate the risk of financing large transport projects through a case study of the European Tunneling Project