国際協力銀行寄附講義

株式会社国際協力銀行と一橋大学は、学術研究の振興・発展と人材育成に寄与するために、 相互の連携協力を推進することを目的とし、寄附講義を開設しました。

2017年度 開講科目

「Project Finance」【英語開講科目】

開講科目 大学院学部共修開講科目 冬学期 *2012年度より開講
講師 客員教授  内藤英雄
非常勤講師 堀口宗尚・須内康史・玉木直季・関根宏樹・豊田康平・丸嶋崇人・太田雅之
授業概要

Project Finance” is a method of financing that is often characterized as a form of non-recourse finance or limited-recourse finance and is widely used for financing large-scale projects around the globe especially in the infrastructure (such as power, water, railways and toll roads) and natural resources (such as oil and gas, mining, petrochemical and refining) sector.  “Project Finance” is a type of financing structure where loans are advanced to finance a project and the repayments for such loans are made, in principle, exclusively from the cash flow generated by such project, with security for such loans being limited to the project’s assets (including certain rights and interests in relation to such project).  In recent times, the public sector (both in developing countries and advanced economies) has paid greater attention to project finance and the use of PPP (Public Private Partnership) or PFI (Private Finance Initiative) schemes in order to procure more efficient, reliable and affordable infrastructure services, with a view to properly managing the financial burden on the government.  We JBIC, as a Japanese governmental financial institution, have been active in the international project finance market, working closely with private banks, Export Credit Agencies (US-EXIM, Korea-EXIM, etc.) and multilateral financial institutions (ADB, IFC, EBRD, etc.), and are regarded as one of the leading public financial institutions in the world. Using JBIC’s plentiful experiences in project finance to good advantage in the Course, students will be provided with not only knowledge of project finance transactions including basic principles and risk-analysis methods, but also case studies based upon actual transactions with practical insights into how those actual transactions are either constructively or harshly negotiated and agreed among so many different parties to the project.

The goal of the Course is to provide a basic understanding of, among other topics, the following:

・Large-scale natural resource and infrastructure projects and the various financing methods that may be used for raising finance for those projects, ・The concept of “Project Finance” and the roles of the various participants in a project finance transaction, ・The calculation methods used to determine debt service coverage ratio (DSCR), debt-to-equity ratio and loan tenor, ・Risk allocation and classification of risks in project finance transactions, ・Credit analysis and rating assessments of project finance transactions as compared to corporate finance,

and

・Recent developments and challenges in project finance.

“Project Finance” is not an academic science, but may be considered a sort of art to be created by all different parties concerned, based on (we hope) the principle of optimal risk sharing among them. With intensive and innovative instruction from JBIC’s instructors who have a lot of actual experience in project finance, students are expected to go beyond textbook knowledge of project finance as a means of financing, but also to develop perspectives on the various types of risks associated with a project and the measures that may be taken to mitigate and/or control such risks with a view to optimizing the risk sharing among all parties to a particular project in order to realize the long-term viability, sustainability and reliability of the project.

Project finance is a financial product that is tailor-made for each project through intensive discussion and negotiation by all parties on a project-by-project basis. Therefore, each and every participant involved in such process is expected to have a variety of competences (including communication skills, patience, open-mindedness, modesty, passion, warm heart and cool head, etc.), in addition to the professional expertise in project finance which will be touched on in the Course. We hope students will not only gain a basic knowledge of project finance but also develop such competences as well through intensive participation in the Course, which we believe will definitely be required in whichever industry you enter into after graduating from university.

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2017年度 講師紹介

客員教授 内藤 英雄 株式会社国際協力銀行 執行役員 インフラ・環境ファイナンス部門長
非常勤講師 堀口 宗尚 前 株式会社国際協力銀行 アジア大洋州地域統括
須内 康史 株式会社国際協力銀行 管理部長
玉木 直季 株式会社国際協力銀行 ドバイ駐在員事務所 首席駐在員
関根 宏樹 株式会社国際協力銀行 審査部 参事役
豊田 康平 株式会社国際協力銀行 電力・新エネルギー第1部 課長
丸嶋 崇人 株式会社国際協力銀行 経営企画部 調査役
太田 雅之 株式会社国際協力銀行 人事室 調査役