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PPPs and the Project Finance Market
November 11, 2014Online

This webinar will discuss the current state of project finance markets globally in the context of public-private partnership projects, specifically in Asia, Europe and Africa, focusing on market characteristics and project structure. It will also discuss whether governments can change market dynamics substantially through policy initiatives, including key reasons why project finance has not taken off to any significant extent in large PPP markets (for example in India) where there is still significant recourse to the corporate sponsor. In addition, it will briefly look at the potential presented by emerging PPP markets in Africa.

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Gavin Munro

Gavin Munro is the Head of Infrastructure Finance for Asia Pacific at Societe Generale Corporate & Investment banking (SG CIB). Based in Hong Kong, he focuses on transport infrastructure and Public Private Partnership (PPP) transactions in the Asia Pacific region. 

Before relocating to Hong Kong in 2010, Gavin led the Infrastructure Project Finance team in the bank’s London office, where he was involved in advising on a broad range of infrastructure projects and other limited recourse financings. His credentials spread across various transactions in different markets including the United Kingdom, Ireland, Germany, the Netherlands, Greece, Hungary, Cyprus and South Africa. This included advising the Hochtief Airport Consortium on their acquisition of Budapest Airport and the the Bouygues, Bombardier and Murray & Roberts led Bombela Consortium on their bid for the Gauteng Rapid Rail Link project in South Africa. 

Prior to his transfer to London in 1999, Gavin was Head of Project Finance in Johannesburg, where he advised on a broad range of transportation and infrastructure projects, including advising the Dragados led consortium in their successful bid for the N4 West Platinum Toll Highway in South Africa. 

He worked in merchant banks and acquired substantial experience in private equity and corporate reconstructions before joining Hambros bank, which was taken over by Societe Generale Corporate & Investment Banking in 1998. He was previously the head of the project finance team at First National Corporate Bank, now part of Rand Merchant Bank, where he was engaged in industrial, mining and infrastructure projects. 

Gavin graduated from the University of the Witwatersrand in South Africa with degrees in Commerce, Laws and Accounting. He is also qualified as both a Chartered Accountant and an Advocate.

Shyamala Shukla

Shyamala Shukla is a Senior Consultant in Infrastructure Finance at the PPP Group of the World Bank. She has worked at the World Bank for over six years as a Consultant and as an Advisor to Executive Director. She has over two decades of experience in infrastructure financing, policy and regulation, with specific expertise in public-private arrangements, innovative financing, government support instruments, project design, development, structuring and implementation. 

She was closely involved with the development and implementation of infrastructure and PPP policies as well as a large portfolio of infrastructure PPP projects in India at national and sub-national levels of government in various positions for several years, including as Director (Infrastructure) in the Union Ministry of Finance in Government of India. She has also worked on policy and projects in Kenya, Nigeria, Ghana, Indonesia, Vietnam, Bangladesh, Bhutan, Sri Lanka and other countries, and is currently engaged in the development of a framework for the establishment of a Project Finance Facility in Kenya. Among financial institutions, apart from the World Bank, she has worked with the Asian Development Bank, the Islamic Development Bank and the Reserve Bank of India. 

Shyamala has an MPA from Harvard University, Cambridge, Massachusetts and an MS in Finance from Johns Hopkins University in the United States.

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