Project Finance

  • Douglas Wood
  • James Byrne


The traditional model of international investment is for a parent company to make an equity investment in a wholly-owned (about 50 per cent of all investments) or partially-owned foreign subsidiary, perhaps supplementing this with guarantees so that the subsidiary can have access to local capital markets for additional term and working capital.


Interest Rate Cash Flow Political Risk Project Finance International Development Association 
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  1. 5.
    Fora description of oil industry financial issues, see Norman A. White (ed.) Financing the International Petroleum Industry (London: Graham & Trotman, 1977).Google Scholar
  2. 6.
    For a further guide to investment appraisal, see David B. Hertz, ‘Risk analysis in capital investment’, Harvard Business Review (January–February 1964).Google Scholar
  3. 14.
    For further details see ‘Banking structures and sources of finance in the Middle East’, The Banker Research Unit/Financial Times Ltd (June 1975).Google Scholar

Copyright information

© Douglas Wood and James Byrne 1981

Authors and Affiliations

  • Douglas Wood
    • 1
  • James Byrne
    • 1
  1. 1.International Centre for Banking and FinanceManchester Business SchoolUK

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