Private, Public and International Joint Lending

  • Anthony Angelini
  • Maximo Eng
  • Francis A. Lees


In previous chapters we have given considerable attention to the analysis and management of country risk. Standards of measuring country risk have been evaluated and cost of funds equated with country-risk differentials. International banks have been viewed in part as investment trusts the purpose of which is to attain efficient portfolio diversification of their international loans. In this chapter we examine project lending and associated risks. As we shall observe, project lending must stand by itself and be evaluated on the basis of direct riskand-return comparisons. Efforts to consider country risks may confuse the issue where project lending is concerned. Finally, there is a brief examination of co-financing and its role in permitting bank lenders to minimise risk.


Cash Flow Project Finance Bank Lending Head Office International Bank 
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Chapter 5

  1. 1.
    Francis A. Lees, International Banking and Finance (London: Macmillan, 1974) p. 207.Google Scholar
  2. 2.
    Quek Peck Lim, ‘Comecon Debt: A Hectic Year of Borrowing’, Euromoney, Jan 1978, pp. 14–15.Google Scholar
  3. 5.
    R. D. C. McAlpine, ‘The Financing of Capital Projects–A View from London’, The Banker, Dec 1977, pp. 63–5.Google Scholar
  4. 6.
    Theodore V. Fowler, ‘Big Business for the Banks’, The Banker, Dec 1977, pp. 49–51.Google Scholar
  5. 7.
    World Bank project lending is described in detail in Warren C. Baum, ‘The Project Cycle’, Finance and Development, June 1970, pp. 2–13.Google Scholar
  6. 8.
    World Bank, Co-Financing, Review of World Bank Activities (Dec 1976) pp. 6–7.Google Scholar

Copyright information

© Anthony Angelini,Maximo Eng and Francis A. Lees 1979

Authors and Affiliations

  • Anthony Angelini
  • Maximo Eng
  • Francis A. Lees

There are no affiliations available

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