Perspectives of Infrastructure Project Finance: Intercultural Investment, Connectivity and Trust

Project fnance of infrastructure (e.g. exploitation and transportation of natural resources, high speed railways, internet) forms a basis for the peaceful development and the prosperity of nations as well as the transnational community. What is needed are dependable networks in a world in transition, where digitalisation and new powers demand joint action. Particularly in the Eurasian region, from Lisbon to Vladivostok, felds with future prospects are opening up for Russia, Germany and the European union. We can develop them through investment and cooperation, by building up trust through common rules and sustainable substance. Here, a concept for this is presented for “Intercultural Project Finance”: An order of law and business (order of assets; German: Vermoegensordnung), in which state and private actors build up the necessary trust and are able to co-operate and proft transnationally for the good of the common prosperity of all peoples. A key element of a suitable system for the investment of capital (transnational investor protection law) is a sustainable valuation law; this has to be developed and etablished by legal comparison. In the following, relevant aspects for theory and practice which are basic for the actors of infrastructure project fnance will be shown, as well as the new initiative of the European union regarding “Connectivity”.

1. Kennedy P. The rise and fall of the great powers: Economic change and military conflict from 1500 to 2000. New York, NY: Vintage Books; 1987. 678 p.

2. Le Goff J. L’Europe est-elle née au Moyen Age? Paris: Editions du Seuil; 2003. 344 p.

3. Esty B. C. Why study large projects? An introduction to research on project finance. European Financial Management. 2004;10(2):213–224. DOI: 10.1111/j.1354–7798.2004.00247.x

4. Mueller J. International project fnance: Review and implications for international fnance and international business. Management Review Quarterly. 2017;67(2):97–133. DOI: 10.1007/s11301–017–0125–3

5. Luttermann C. Unternehmen, Kapital und Genußrechte: Eine Studie über Grundlagen der Unternehmensfnanzierung und zum internationalen Kapitalmarktrecht. Tübingen: J.C.B. Mohr/Siebeck; 1998. 595 p.

6. Bingham T. The rule of law. London: Penguin Books; 2011. 213 p.

7. Aristotle The politics. London: Penguin Classics; 1981. 508 p.

8. Xi J. China regieren. Beijing: Verlag fuer fremdsprachige Literatur; 2014. 576 p.

9. Marshall D., ed. The international rule of law movement: A crisis of legitimacy and the way forward. Cambridge, MA: Harvard Law School; 2014. 308 p.

10. Luttermann C., Hummel D. Interkulturelle Projektfnanzierung: Vertrauenskonzept, eurasische Perspektiven und Rechtspraxis. Recht der Internationalen Wirtschaft (RIW). 2018;64(1–2):30–37.

11. Luttermann C. German and Russian Direct Investment under the Rule of International Law. Zeitschrift für Internationales Wirtschaftsrecht (IWRZ). 2015;1(1):90–95.

12. Luttermann C. Banking on trust as individual responsibility: Corporate fnance, speculation and global capital markets. In: Du Plessis J.J., Grossfeld B., Luttermann C. et al. German corporate governance in international and European context. 3rd ed. Heidelberg, New York: Springer-Verlag; 2017:431–475.

13. Berle A.A. Studies in the law of corporation fnance. Chicago: Callahan and Co.; 1928. 199 p.

14. Luttermann C. Corporate law and the Vermoegensordnung (order of assets). European Business Law Review (EBRL). 2015;26(1):31–48.

15. Luttermann C. Über Idee und Methodik eines internationalen Investitionsschutzes (Vermögensordnung) durch Privatrecht und Völkerrecht. Zeitschrift für Europarecht, Internationales Privatrecht und Rechtsvergleichung (ZfRV). 2015:56(6):274–282.

16. Confucius. The Analects (Lun yü — 206 BC-220 AD). London: Penguin Classics; 1979. 256 p.

17. Dostoevsky F.M. The Idiot. Russkii vestnik. 1868–1869. (In Russ.).

18. Brandeis L.D. Other people’s money and how the bankers use it. New York, NY: F.A. Stokes Co. Publ.; 1913. 223 p.

19. Graham B. The intelligent investor: A book of practical counsel. New York, NY: HarperCollinsPublishers; 2003. 623 p.

20. Luttermann C. Legal requirements for the proper appraisal of companies: A substantive civil-procedural concept. In: Du Plessis J.J., Grossfeld B., Luttermann C. et al. German corporate governance in international and European context. 3rd ed. Heidelberg, New York: Springer-Verlag; 2017:401–430.

21. Luttermann C. Juristische Anforderungen an eine ordnungsgemaesse Unternehmensbewertung und an ein Bewertungsgutachten. In: Petersen K., Zwirner C. Handbuch Unternehmensbewertung. 2nd ed. Köln: Bundesanzeiger Verlag; 2017:609–637.

22. Korsgaard C.M. The dependence of value on humanity. In: Raz J. The practice of value. Oxford: Clarendon Press; 2003:63–85. (The Berkeley Tanner Lectures Series).

23. Smith A. An inquiry into the nature and causes of the wealth of nations. 1st ed. London: W. Strahan and T. Cadell; 1776.

24. Stiglitz J. E. Freefall: America, free markets, and the sinking of the world economy. New York, NY: W.W. Norton & Co.; 2010. 443 p.

25. Kuznetsov V. I., Tuzmukhamedov B. R. International law: A Russian introduction. The Hague: Eleven International Publ.; 2009. 720 p.

26. Erasmus (of Rotterdam) Querela pacis. Basel: J. Froben; 1517. 70 p.