employee
The article draws attention to the key obstacle to scaling the infrastructure for processing secondary material resources in the form of high investment risks and a shortage of long-term financing. A financial model is proposed that combines two institutions: long-term contracts with a guaranteed buyer to eliminate market risk and infrastructure bonds to attract capital from institutional investors. The article analyzes the mechanisms of their synergetic interaction. Long-term contracts with a guaranteed buyer increase the credit rating of the bonds, while infrastructure bonds transform conditional future government obligations into real investments. A step-by-step sequence of creating a project company, structuring a transaction, issuing securities and servicing debt through guaranteed revenue is considered. The advantages for all stakeholders and the conditions of implementation in the context of building a cyclical economy are revealed.
cyclical economy, contracts, guaranteed buyer, infrastructure bonds
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