Philip Southwell Deutsche Bank's Head of Global Banking for Central and Eastern Europe, Middle East and Africa, told attendees at a panel discussion on raising finance that, in the future, governments will have to provide funding rather than relying on the private sector.
'In order to get project finance for roads or infrastructure projects, governments are going to have to play a much more significant role,' Southwell said.
'The bank market, by its very nature, is a clunky way of financing the economy. The banking and bond market won't see a whole lot liquidity for the next six to nine months - and those companies that can access liquidity are going to be sovereign wealth fund related.'
Sameer Abdi, a Partner with Ernst & Young's Islamic Financial Services Group, agreed: 'You will not see much movement over the next nine months. Then what investment you do see will be related to sovereign funds.'
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Governments will have to 'step in' for project finance
- Middle East: Wednesday, November 26 - 2008 at 13:08
Delegates at the Dubai International Financial Centre Week have heard how, in the near term, governments are going to have to step in and play a 'much more significant role' in financing infrastructure projects.
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Edward Poultney, Editor - EnglishWednesday, November 26 - 2008 at 13:08 UAE local time (GMT+4)
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