The project finance scenario has changed significantly around the world after the 2008 financial crisis and following the subsequent Basel III recommendations. Project finance loans from commercial banks and financial institutions have largely dried up, leaving it mostly to the export credit agencies and the bilateral and multilateral development banks to provide the institutional credit. Unfortunately, those sources are not enough, given the huge needs for construction of new infrastructure and renovation of the old ones across Asia, Africa and Latin America. The need for capital markets, through market listed financial products across asset class, unlocking a large part of domestic and corporate savings, has never been felt as strongly before. This article seeks to analyze the development story of various Asian capital markets and examine financial products, which have succeeded in their short history in receiving investor interest. The article also delves into the challenges to market development, policy imperatives and the issues relating to market liquidity and credit rating, which are the most significant influencers for public market float and investor interest.

Developing Asia’s infrastructure gap results from both inadequate public resources and a lack of effective channels to mobilize private resources toward desired outcomes. The public-private partnership (PPP) mechanism has evolved to fill the infrastructure gap. However, PPP projects are often at risk of becoming distressed, or worst, being terminated because of the long-term nature of contracts and the many different stakeholders involved. This paper applies survival-time hazard analysis to estimate how project-related, macroeconomic, and institutional factors affect the hazard rate of the projects. Empirical results show that government’s provision of guarantees, involvement of multilateral development banks, and existence of a dedicated PPP unit are important for a project’s success. Privately initiated proposals should be regulated and undergo competitive bidding to reduce the hazard rate of the project and the corresponding burden to the government. Economic growth leads to successful project outcomes. Improved legal and institutional environment can ensure PPP success.

This paper argues for a novel approach to financing infrastructure needs in Arab countries. It first describes the context of rising public debt in the region, contrasting it with the vast infrastructure needs. It then discusses the challenges in meeting these needs with traditional financing. The paper then makes the case for maximizing finance for development by using public-private partnerships and presents a few successful examples in Arab countries. Finally, the paper explores the way forward and concludes on the need for strong state capacity and integrity to promote the “maximizing finance for development” approach.

While there has been much discussion about the large infrastructure needs in Asia and the Pacific, less attention has been paid to public expenditure efficiency in infrastructure services delivery. New constructions are not the only solution, especially when governments have limited capital to invest. Globally, new infrastructure projects face delays and cost overruns, leading to an inefficient use of public resources. The root causes include the lack of transparency in project selection, the lack of project preparation, the silo approach by public entities in assessing feasibility studies, and the lack of public sector capacity to fully develop a bankable pipeline of projects. To tackle these issues, governments need a smarter investment approach and to do so, enhancing public service efficiency is very crucial. The paper suggests a “whole life cycle” (WLC) approach as the main strategic solution for the discussed issues and challenges. We expand the definition of WLC to include the entire life cycle of the infrastructure asset from need identification to its disposal. The stages comprise planning, preparation, procurement, design, construction, operation and maintenance, and disposal. This is because we believe any efficient or inefficient decision throughout such a wide life cycle influences the quality of public services. Hence, in this holistic approach, infrastructure life cycle consists of four phases: planning, preparation, procurement, and implementation. Governments could enhance public efficiency and thus improve access to finance throughout the WLC by several solutions. These are (i) preparing infrastructure master plan and pipelines and long-term budgeting during the planning phase; (ii) establishing framework and guidelines and improving governance during preparation phase; (iii) promoting standardization, transparency, open government, and contractual consistency during the procurement phase; and finally (iv) continued role of government and total asset management during the implementation phase. In addition to these phase-specific means, key WLC solutions include proper use of technology, capacity building, and private participation in general and public-private partnership (PPP) in particular.

BiVO₄ was hydrothermally synthesized under different preparing conditions and characterized by XRD, SEM, Raman spectrum and BET specific surface area. The influence of different pH value and annealing temperature and hydrothermal time on the morphologies and structures of the BiVO₄ samples was investigated systematically. It can be found that annealing would eliminate the effects caused by the pH of precursor, heating temperature and heating time, but preparing conditions still influenced the size and specific surface area of samples. Furthermore, the photocatalytic activities of the fabricated BiVO₄ were also evaluated by the degradation of methyl blue in aqueous solution under UV and visible light irradiation.

The cross wire projection welding of wires (Al 5182, = 4 mm) performed using the conventional (i.e. pneumatic) electrode force system was subjected to thorough numerical analysis. Calculations were performed until one of adopted boundary conditions, i.e., maximum welding time, maximum penetration of wires, the occurrence of expulsion or the exceeding of the temperature limit in the contact between the electrode and the welded material was obtained. It was observed that the ring weld was formed within the entire range of welding parameters. The process of welding was subjected to optimisation through the application of a new electromechanical electrode force system and the use of a special hybrid algorithm of electrode force and/or displacement control. Comparative numerical calculations were performed (using SORPAS software) for both electrode force systems. Technological welding tests were performed using inverter welding machines (1 kHz) provided with various electrode force systems. The research also involved the performance of metallographic and strength (peeling) tests as well as measurements of welding process characteristic parameters (welding current and voltage).
The welding process optimisation involving the use of the electromechanical force system and the application of the hybrid algorithm of force control resulted in i) more favourable space distribution of welding power, ii) energy concentration in the central zone of the weld, iii) favourable (desired) melting of the material within the entire weld transcrystallisation zone and iv) obtainment of a full weld nugget.