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一张表看懂《亚太PPP项目准备基金》启动
日期:2016年03月07日

文|天元律师事务所律师    任    浩
在亚洲基础设施投资银行(“亚投行”)的工作紧锣密鼓步入正轨时,The Asia Pacific Project Preparation Facility(亚太PPP项目准备基金,以下简称“AP3F”)的启动并没有引起大家太多的关注。但不像其名称所示,AP3F只是一个准备基金,个人认为其意义十分重大。亚投行未来的工作及领域不可避免的会与亚行的业务发生竞争,且亚投行很少附加条件的信贷可能会损害亚行及其某些国家的利益。虽然AP3F早在2014年便有动议,作为亚行《PPP Operational Plan,2012-2020》[1]成果的一部分,但并没有启动,直到2016年2月1日随着亚投行的正式开业才开始启动。目前,日本并没有加入亚投行,其作为AP3F最大的捐资方[2],其与中国竞争的目的不言自明。
众所周知,项目前期的Feasible Study花费巨大,同时风险也十分大,通常由业主先做简单的Preliminary Feasible Study(其提供的信息十分有限),然后再进行招标,由各个投标人根据业主提供的Preliminary Feasible Study进行独立判断或者自行承担费用补充详细的Feasible Study,当然由于项目天然所具有的风险性,投标人通常会选择后者。对于投标人,显然风险与收益严重不匹配的,不仅大幅提高了中标价格,同时也影响了投标人的积极性,致使很多项目最后都流产,根本都走不到融资的地步。纵然亚投行双拳可以敌四手,奈何很多项目都走不到过招的地步,有钱没处投啊。所谓亚行的AP3F正是应运而生,在项目构想或可研阶段便介入,到项目最后Finance时,亚行就会有很大的先入优势。亚行此举的目标十分明确,抓住了关键,所以亚行欢迎是假,竞争才是真。
下面我们就具体看看AP3F启动文件的内容:
概要
文件规定
解析
妨碍私人资本投资基础设施的问题
7.Five major problems    currently impede greater private infrastructure investment:
(i) Inadequate deal flow.
(ii) Weak enabling    environment.
(iii) Inappropriate    predetermined approach.
(iv) Poor quality advice.
(v) Complexity of regional    agenda.
  
亚行认为目前主要有五大问题阻碍了私人资本对基础设施的投资热情,分别是:符合标准的项目不足、投资环境不利、不适当的预先决定方式、差的质量建议、地区议程的复杂性。所以亚行的很多贷款都附加了很多条件,美其名曰提高当地政府的透明度,实则成为某些国家外交的指挥棒,透不透明的标准以是否符合某些国家的利益为准。
AP3F针对的对象
12.The fund will provide financial    assistance to DMC[3]    governments and their public sectoragencies
亚行发展中国家成员的政府和其公共部门或机构
AP3F的目标
The fund will provide financial    assistance to DMC governments and their public sector agencies to support the    financial, legal, and technical advisory services required to prepare and    structure transactions. The fund will also offer support for enabling reforms    and capacity building that can be linked to potential or current    transactions, including the following:
(i) upstream sector reform work linked to    potential projects that are being prepared or soon will be, including    advising client countries on enabling reforms (such as legislation and    regulation frameworks, and possible use of guarantees or incentive schemes), appropriate    PPP project selection criteria, staff training, and market and/or stakeholder    awareness;
(ii) due diligence covering technical,    financial, economic, social, legal, regulatory, safeguards, institutional,    governance, transaction structuring, and management matters;
(iii) preparation of information    memoranda and marketing to place each of the transactions with investors—the    latter includes (a) managing road shows; (c) creating and overseeing data    rooms and other channels for dissemination of project information for    investor due diligence; (d) preparing bid documents and draft contracts; (e)    managing the bidding process; and (f) assisting with evaluations, awards, and    negotiations; and
(iv) attracting high-quality sponsors    that rely on limited recourse debt markets by preparing strong project    documentation and robust financial models, and capitalizing on ADB’s strong    knowledge of infrastructure markets in Asia to inform potential investors and    their lenders of opportunities.
AP3F的申请仍然捆绑了不少条件,虽然表述是Support,也意味着以后视情况可以放松,但是仍然保持了很高的要求,包括:(i)督促成员国及部门的改革,建立PPP项目的标准,提供担保、进行员工培训、利益相关者的参与;
(ii)进行技术、财务、经济、社会、法律等的尽职调查;
(iii)与投资者交易的路演、建立并监督资料室[4]、准备招标文件、起草合同、招标过程的管理、协助进行评估及授标及谈判;
(iv)通过设立有限的项目追索来吸引高质量的私人资本,利用亚行丰富的资源促成项目的落地。
可见,亚行对AP3F的申请设置了很高的标准,同时对项目的推进参与的程度非常深,基本上成为业主聘请的咨询公司,前期工作完成后,项目进行融资时亚行的其他贷款或者基金会当然介入,同时高质量的投资要求对中国公司及投资人设置了不小的门槛。参见第15条。
AP3F是马前卒,亚行其他贷款和基金参与?不参与?
15. In keeping with the fund’s primary    objective of providing assistance to government entities in preparing    infrastructure projects that can attract private investment, ADB will not be    committed to financing the capital investment in projects prepared with    assistance from the fund. However, subject to separate credit appraisals and    management approvals, ADB may consider financing projects that have received    assistance from the fund for project preparation. Any conflict of interest    situations will be addressed through separate operational guidelines.
答案是肯定参与。很难相信,满足AP3F基金的项目会被亚行放弃,虽然表述是“不承诺,但是可以通过不同的评估和批准”,亚行可以考虑对接受了基金帮助的项目提供融资,如果发生利益冲突,可以分别通过的操作手册进行协调,各种情形都考虑到了还能只是承诺吗?
AP3F的补偿方式
18. Assistance by the fund for project    preparation activities may be provided on a revolving basis with funds    recovered through reimbursement, subject to the applicable ADB policies and    procedures. Where reimbursement is required, the recipients of the relevant    grant funds (DMC governments or agency) will have ultimate responsibility for    reimbursing the grant amount upon specified events, which may include    successful placement of the PPP transaction. However, the funding for such    reimbursement may be secured through compensation from the successful private    bidder in various forms including a development fee. The final criteria for    the reimbursement approach, including the criteria for dispensing with    reimbursement, will be determined in consultation with fund contributors and    outlined in the fund’s implementation guidelines.
文件规定,在申请基金协助时可以同时约定基金的退还(Reimbursement)方式,发生某些特定事件时,比如PPP交易成功,DWC政府及机构负有无限退还基金的责任,退还可以由成功的私人投资者通过开发费的形式提供担保。可见该基金并不以盈利为目的,只有私人投资者成功投资之后,该基金才被以开发费的形式进行返回。同时根据文件的第32条[5]也能发现,AP3F的运作需要至少1.5亿美元才能保证10个以上项目的运作,所以还会有后续的捐资方出现。
AP3F的管理方
19. ADB’s OPPP will manage the fund in    consultation with the PPP community of practice. OPPP will be the focal point    for fund contributors. An interdepartmental steering committee, comprising operations    departments and chaired by the head of OPPP will……An OPPP designate will act    as the fund manager, overseeing the fund, supporting the steering committee    and working group, and reporting on the fund. The fund manager will    prioritize proposals to be submitted to the steering committee for selection.
亚行的OPPP[6]将是AP3F的管理人。一个由业务部门和OPPP的主管组成的跨部门的委员会负责AP3F的运作。但是,OPPP的主管担任基金的经理,并监督AP3F、支持委员会的运行、报告基金的动态,并且经理的建议对于委员会具有优先权。
AP3F的运作守则
Fund Operations
24. Activities to be supported by the    fund will be identified, designed, processed, approved, and implemented in    accordance with applicable ADB policies, procedures, and guidelines,    including those on procurement, social and environmental safeguards, financial    management, disbursement and reporting, governance, and anticorruption with    consideration of the funds’ specific eligibility of expenditures. In    accordance with ADB practices and guidelines, required arrangements for    accounting, auditing monitoring, and reporting will be in place for the    activities supported by the fund.
明确了AP3F的运作守则需要遵守亚行关于采购、环境安全、社会、金融管理、支出、政府和反腐败等方面的规定,同时还要遵守亚行的惯例和指导。
AP3F重点支持的项目类型
26. The fund will mainly support new    investments……The selection of proposals to be supported by the fund will    prioritize projects in sectors identified by DMCs that contribute to climate    resilience and sustainable development and regional economic integration.
27. The fund will also provide assistance    for proposals that enhance enabling reforms s, as well as government capacity    development……
AP3F将优先考虑包含区域合作、可持续发展和气候变化、促进政府改革营造有利环境的PPP基础设施项目的准备。
综上可见,亚投行所肩负的使命重大,但其面临的环境也很严峻。虽然亚投行很少附加条件的信贷与亚行相比有很大的竞争力,但毕竟作为后来者,国际运作的经验还不是很足,所以吸收世行或亚行的投资经验、关注亚行最新的动态十分必要,不仅可以避免少走不少弯路,还可以使机构的运作更国际化、透明化。相信随着第一批项目的逐渐落地,亚投行的工作会很快步入正轨,“一带一路”的宏伟计划也会顺利推进。
[1]ADB.2012.Public-Private Partnership Operational Plan, 2012-2020.Manila. 文件中提到,亚行主要从四个方面推动PPP项目的发展,分别是倡导、有利投资环境、项目发展和项目融资。
[2]日本政府目前认捐4000万美元,加拿大认捐2000万加元,澳大利亚认捐1000万澳元,亚投行出资1000万美元,预计以后还有后续的认捐方。
[3]   指Developing member country。
[4]一般进行项目投资融资、并购时,业主都会建立一个Data Room,相关各方只负责审查Data Room中的文件。
[5] 32. Contributions to the fund will be made in the form of cash in afreely convertible currency. Contributions will be deposited into a UnitedStates (US) dollar, interest-bearing account (the fund account) to be specifiedby ADB under the fund. For contributions received in currencies other than USdollars, ADB will, upon receipt of the funds, convert them into US dollars andtransfer them to the account. ADB estimates that funding of about $150 millionwill be required to establish and sustain the fund, and support the preparationof a target of at least 10 major infrastructure projects in Asia and thePacific.
[6]OPPP: Office of Public-Private Partnership

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