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The nature of credit risk in project finance(信用风险在项目融资的性质)
Marco Sorge
+41 61 280 8514
Marco.Sorge@bis.org
The nature of credit risk in project finance1
In project finance, credit risk tends to be relatively high at project inception and to
diminish over the life of the project. Hence, longer-maturity loans would be cheaper than
shorter-term credits.
JEL classification: F34, G12, G28, G32.
For decades, project finance has been the preferred form of financing for large-
scale infrastructure projects worldwide. Several studies have emphasised its
critical importance, especially for emerging economies, focusing on the link
between infrastructure investment and economic growth. Over the last few
years, however, episodes of financial turmoil in emerging markets, the difficulties
encountered by the telecommunications and energy sectors and the financial
2
failure of several high-profile projects have led many to rethink the risks
involved in project financing.
The question whether longer maturities are a source of risk per se is crucial
to understanding the distinctive nature of credit risk in project finance. Large-
scale capital-intensive projects usually require substantial investments up front
and only generate revenues to cover their costs in the long term. Therefore,
matching the time profile of debt service and project revenue cash flows implies
that on average project finance loans have
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