Distance Learning Project Finance

Here from the trainer himself: http://new.iff-training.com/VIDPFDL

The Mechanics of

PROJECTFINANCEPOST GRADUATE CERTIFICATE

DELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

Commences: 17 October 2012

In partnership with Middlesex University Business school, this cutting edgecourse represents a new paradigm in project finance education. Comprised ofsix core units and two elective units (chosen from two potential elective paths)it offers participants at all levels in the project finance sector an outstandingopportunity to improve both their technical and theoretical skills.

COURSE PROGRAMMECore Units:1. An Introduction to Project Finance 2. Qualitative Risk Identification Analysis & Mitigation (part A)3. Qualitative Risk Identification Analysis & Mitigation (part B)4. Quantitative Analysis, Debt Sizing & Structuring5. Documenting the Deal 6. Project Finance Time-Line & Project Finance Security

Choose between Elective Path A or Elective Path B:Elective Units – Path A:1. Infrastructure Project Finance 2. PPP/PFI Project Finance

Elective Units – Path B:1. Oil, Gas & Mining Project Finance 2. Conventional & Renewable Power Project Finance

SPECIAL OFFER:For a limited time,download Unit Oneof the programmefree before thecourse commences.

For further information: Tel +44 (0)20 7017 7190 • Fax: +44 (0)20 7017 7802 • Email: [email protected] • Web: www.iff-training.com/dlprojectfinance

“A very good course to get a strong knowledge andfoundation in the Project Finance sector. Very useful videos!”

Odysseas Eliopoulos, National Bank of Greece

Mechanics of Project Finance DL (unit)_Layout 1 22/05/2012 16:52 Page 1

Dear Colleague ,

What you have in your hands represents a new era in the world of project financeeducation. You can now choose to study the only academically accredited distancelearning project finance course delivered exclusively online. Operating at anintensive level and taught by one of the world’s most respected project financeeducators, it is now possible to gain a post graduate certificate from MiddlesexUniversity. And, as we know certification is important to some people but isn’t toothers, we now offer two routes to complete the course, the university accreditedroute, or the standard non-accredited route that has been enjoyed by so many ofour delegates in the past.

With the global appetite for project finance set to continue unabated, we set outto create the ultimate learning resource for those in the industry looking to developtheir skills and knowledge and gain a formal qualification. The IFF suite of projectfinance courses is already recognised as being the best project finance training thatmoney can buy and now we have taken that a step further with a brand new coursedelivered exclusively via distance learning. Now you can receive industry leadingtraining at a time, pace and location that suits you.

The course has been structured to enable students to grasp the complexities ofmodern project financing and takes you through everything from the basicconcepts of the topic through to structuring the deal, contracts and the nuances ofthe different sectors such as oil and gas and infrastructure. The revolutionary tool-kit approach allows you to soak up the practical components of the course andabsorb the information at a pace that is right for you.

At the end of each unit there is an assessment that will allow you to benchmarkyour growth in knowledge and understanding and will also show you what atangible ROI distance learning provides. For those wishing to receive a PostGraduate Certificate an additional marked assignment of 2000 words will also needto be submitted.

IFF is excited to open up this new frontier in Project Finance education and ourpartnership with Middlesex University makes this course even more invaluable.Interest in this course has been phenomenal already, and as a special introductoryoffer, we are giving you the opportunity to preview the first unit completely free ofcharge, giving you the chance to experience the quality of the course beforesigning up to the full programme.

I look forward to welcoming you on the course.

Jeff Hearn General ManagerThe International Faculty of Finance

THE ADVANTAGES OFSTUDYING BY DISTANCELEARNING

Until now if you wanted to experienceone of IFF’s world leading project financecourses, you would either have to travelto London to attend one of our publicprogrammes or your organisation wouldsponsor an in-company programme.Now, regardless of your geographicallocation, you can experience the samelevel of quality as our public or in-company course offers but you can studyat home, in the office or even on themove. There’s also the huge savings ofcost and time by not having to travel tothe training location. To make yourstudies even more relevant and valuable,the course in now accredited by theBusiness School at Middlesex Universityat a Post Graduate Certificate level,making it the only academicallyrecognised distance learning course onthe topic of Project Finance in existence.

We all face more pressure in our businesslives. Finding time to attend courses canprove very difficult and well-meaningplans are too often put aside due to lackof time. If you’ve had to put training andpersonal development on the backburner owing to other commitments, thisessential distance learning course isexactly what you’ve been waiting for.

Through distance learning you can enjoythe benefits of studying, whilstminimising disruption to your existingcommitments. You can set the pace atwhich you learn, applying the knowledge,skills and expertise gained from thematerials to your work straight away.

The course is accessed online, giving youthe flexibility and freedom to downloadthe content from anywhere in the world,wherever you have internet access and ata time convenient to you. You can readthe units on-line, save them to yourcomputer or print them out.

At the end of each unit there is an onlinetest for you to check your understandingand get instant feedback on your results.For those who choose to gain the PostGraduate Certificate from MiddlesexUniversity, you will be required tocomplete an additional 2000 wordassignment based on a continuing case-study that runs throughout the durationof the course.

Tel +44 (0)20 7017 7190 • Fax: +44 (0)20 7017 7802 • Email: [email protected] • Web: www.iff-training.com/dlprojectfinance

The Mechanics of

PROJECT FINANCE DELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

“Well worth doing! The first four modules provided anexcellent overview and summary of project finance”

David Swarbrick, Balfour Beatty Capital


COURSE DIRECTOR – Steve MillsSteve Mills is a career project financier with 30 years of lending and advisoryexperience. Until 2007 he was the Head of the oil and gas project financeteam at RBS, London. Earlier in his career he worked for HSBC and SumitomoBank, as well as co-founding a corporate finance boutique firm whichspecialised in advisory work for independent project sponsors.

While still occasionally acting as a consultant, since 2008 Steve hasconcentrated on training in the project finance sector. He has developed and

delivered a number of highly-regarded public training courses for IFF. These courses - designed forbeginners and junior/intermediate team members in banks, sponsor companies, legal firms andother professions active in the project finance field – have consistently received strong praise fortheir comprehensiveness, clarity and practical approach. Steve also teaches a seminar in projectfinance documentation which has been recognised by its participants as filling an important gap intraining in the sector. As well as these public training courses, he has also developed and deliveredtailored in-house workshops across Europe, in the Middle East and in the US for a wide range ofbanks, project sponsors and other companies active in limited-recourse finance.

Steve’s courses have a strong emphasis on the underlying mechanics of project finance. Few banksor project sponsors have the time or resources to train their staff in the basic tools of the sector –qualitative risk analysis, debt structuring and documentation. So training is essentially carried out onlive projects. Though this can be effective, it can also be dangerous and is almost always patchy inits coverage. In his training, therefore, Steve aims to distil 30 years of real deal experience into clear,easily-understood units with a strong emphasis on the toolkit and its practical application. Traineesregularly praise the clarity and thoroughness of his presentations and, in particular, the value of hismindmaps and checklists.

This distance learning course employs exactly the same approach as Steve’s taught courses and is anatural extension of his other training work. It has been specifically designed for professionals whocannot attend taught courses, or who prefer to train in this way, fitting their professionaldevelopment into the other demands of their schedule.

WHAT MAKES THIS COURSE UNIQUE?Aside from its distance learning format, it’s the modular“tool-kit” approach that really makes this course stand out.It will equip you with the perfect synergy betweentheoretical knowledge and detailed practical understandingthat you can implement immediately. The modular natureallows you to grasp all the important concepts beforemoving onto the next section of content. The material willalso prove invaluable after you have completed the course

and will act as an essential reference guide in your future project finance activity. In essence, we’vetaken all the key benefits of our existing courses and combined them to create this unique distancelearning programme.

Additionally, this is the first course of its kind to be accredited by a leading UK University.

HOW IS THE COURSE STUCTURED?The course takes place over sixteen weeks and comprises of six core units, followed by two electivepathways which you need to choose between. Every two weeks the next unit will be released and theassociated assessment must be completed before the end of the course. The beauty of this form oflearning is the investment of time is really up to you. You can simply read each unit, complete theassessment and move on to the next or take more time to fully digest the topic, re-read the units andread around the subject by taking full advantage of the recommended complimentary reading list.

For students wishing to receive the Post Graduate Certificate, you will be required to submit a 2000word assignment based on an on-going case study that runs throughout the duration of the course.This assignment will be independently assessed and if you meet the required pass parameters, you willbe awarded a Post Graduate Certificate in Project Finance by Middlesex University.

NEW VIDEO CONTENTEach unit is now complimented by a 10-20 minute video by the course director, Steve Mills, takingyou through the pertinent components of each unit while also explaining in more detail any areas hefeels you may find tricky to grasp. With the use of graphical illustrations when required, Steve ensuresthat he brings you all into the classroom with him to help reinforce your knowledge and guarantee acomprehensive learning experience.

ABOUT IFF DISTANCE LEARNINGThe International Faculty of Finance is one of the world’s leading specialist financial and trainingorganisations, providing participants in the global financial markets with intensive technical trainingprogrammes designed to help them succeed on the global stage. Established in 1991 we have grownour business internationally and now deliver services in virtually every corner of the globe. Our everexpanding portfolio of two to five day courses and distance learning programmes range incomplexity from introductory programmes for new market entrants through to the most complexsubjects in the industry.


SPECIAL OFFER – PREVIEW UNIT ONEFREE OF CHARGENOW

We are offering you theopportunity to preview Unit Onefree before comitting to thecourse. This unit will be yours towork through and assess. Aftercompleting unit one, should youdecide not to continue with therest of the course, there will beno further obligation.

WHO WILL BENEFIT?The flexibility of learning in yourown time and environmentmeans you can be part of abroad range of people who willbenefit from studying thiscourse. Whether you are new toproject finance or you alreadyhave experience in someaspects of the sector this coursehas a lot to offer. It’s alsodesigned to be of value to thoseworking in related industrieslooking to understand projectfinance better. It will be ofparticular benefit to:

� business development,portfolio management andcredit function staff in lendingbanks

� staff in companies in theenergy, mining, infrastructureand PFI/PPP sectors

� legal professionals withlimited knowledge of limited-recourse finance

� accountants serving theproject finance community asadvisors / auditors

� public sector employees fromoversight / regulatoryorganisations

� insurance brokers andadvisors

� ECA and multilateral agencystaff



The Mechanics of

PROJECT FINANCE DELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

COURSE SYLLABUS

Unit 1An Introduction to Project Finance

Unit Learning Aims and Objectives

• Explain the meaning of the term “project finance” andcompare and contrast it with other forms of debt capital– especially corporate borrowing.

• Set out the reasons why companies choose (or do notchoose) to use project finance and explain thecontractual structures typically employed.

• Contrast the risk/reward relationship with the projectenjoyed by the sponsor with that of the banker and howthis affects the lender’s attitude to acceptance of risk.

• Explore the impact of the credit crisis on project financing– in particular how lenders’ attitudes have changed.

UNIT CONTENT

What is “Project Finance” – How Does it Differ From OtherForms of Lending?

Who uses Project Finance & Why?• “Off-Balance-Sheet” lending• Project finance “Carve-Outs”• Joint ventures/unequal partnerships• Risk sharing• Capital rationing/return maximisation• “No Choice”

Key Characteristics of Project Finance - Corporate Structures& Contractual Relationships• Usually (not always) limited-liability “SPV”• Multiple contractual relationships:

– Construction contractor(s)– Suppliers– Offtakers– Operators– Insurance providers– Public sector – government bodies & agencies

Disadvantages for Borrowers/Sponsors• Increased complexity (risk identification/mitigation/allocation)• Need for third-party due diligence reports• Longer time-lines• Higher debt costs – interest margins & fees• Supervision by & reporting to lender group• Tighter debt covenants and undertakings

Risk/Reward Relationships of the Players – Lenders &Borrowers/Sponsors• Borrower/sponsor seeks to optimise return through NPV/IRR/WACC

analysis and wide sensitivity analysis on both upside & downside• Lender is not exposed to upside – in business of analysing &

managing/mitigating/transferring risk

The Impact of the “Credit Crunch” on Project FinanceMarkets

Unit 2Qualitative Risk Identification, Analysis & Mitigation (A)


• Explain the key qualitative risk factors analysed bylenders when evaluating a project financing – in this unitparticularly sponsor risk, country/political risk,completion period issues and operation & maintenancearrangements.

• Explore how these risk factors are perceived by bankers,mitigated and (where necessary) allocated to otherparties within or outside the project structure.

UNIT CONTENT

Sponsor Risk – A Potential “on-off” Switch• Competence & track-record• Management skill-sets• Equity injection – capacity & timing

Country/Political Risk – Banks are Better at AcceptingCommercial Rather Than Political Risk• What are the risks?

– Expropriation, confiscation & nationalisation risk– Other political perils– War, civil war– Strike, riot & civil commotion– Depreciation & non-convertibility

• Mitigating country / political risk– Political risk insurance– Export credit agencies– Multilateral agencies

Risks of the Project Itself (Part One)• Construction/completion risk

– Risk areas~ Time delay~ Cost overrun~ Technology ~ Risk mitigants/transfers~ Transfer to the contractor – “fixed-price turnkey” contracts~ Transfer to the Sponsor – pre-completion guarantees & other

support mechanisms~ Support from the Lender – cost-overrun facilities

• Operation & Maintenance Risk– Bank preference for robust long-term arrangements– Alternative types of structure– Key “bankability” features of O&M contracts


Unit 3Qualitative Risk Identification, Analysis & Mitigation (B)


• Explain the key qualitative risk factors analysed bylenders when evaluating a project financing – in thisunit particularly supply risk, reserve risk, sales / offtakearrangements, approvals / permits issues,environmental factors and regulatory considerations.

• Explore how these risk factors are perceived, mitigatedand (where necessary) allocated to other parties withinor outside the project structure.

UNIT CONTENT

Risks of the Project Itself (Part Two)• Supply risks

– Split into volume & price– Lender likely to be anxious about uncovered volume risk – Preference for “send-or-pay” type of structure– Price risk analysed through modelling

• Reserve risk – special type of supply risk– Minerals projects have finite store of value– Also real sub-surface risks & uncertainties– Probabilistic vs. deterministic reserve

classification/valuation– Applying banking value to reserves

• Sales/offtake risk– Split into volume & price– Lender again likely to be concerned about uncovered

volume risk– Offtake risk mitigation:

~ “Take-or-Pay” contracts~ Tolling contracts~ Marketing agreements

• Approvals & permits – Usually transferred to sponsor– Transfer effected through conditions precedent

• Environmental considerations– Of immense & growing importance to lenders– Impact of environmentally & socially-sensitive projects

on lenders– Advent of Equator Principles:

~ Genesis & development~ Structure & function~ Impact on:Project analysis & ratingCredit approval processDocumentation – representations & warranties,undertakings and events of default

• Regulatory risk– Role of the regulator – ensuring security of supply &

avoiding abuse of monopoly– Impact of the regulator/regulatory regime on:

~ Project revenue/cashflow~ Structure/security

Unit 4Quantitative Risk Analysis and

Debt Sizing/Structuring


• Examine how an economic model of the project’sprojected cash flow is employed to structure thedrawing and repayment of debt.

• Explain the use of “Cover Ratios” to size debt,structure the repayment of the financing, test thedebt-servicing capacity of the project in downsidescenarios and provide “command and control”mechanisms during the life of the financing.

• Analyse the impact of the debt structure on the IRR ofthe sponsor and how the lender’s need for debt-servicing security is balanced with the objectives of thesponsor.

UNIT CONTENT

The Borrower/Sponsor Objectives:• Maximise debt• Minimise/delay equity injections• Maximise/accelerate distributions• Avoid “cash-traps”

Use of Different Techniques by Borrower to AssessProject Attractiveness – Cashback, NPV, IRR

The Banker’s Objectives – Timely Debt-Service withan Adequate “Cushion”

Debt Sizing & Sculpting• The cash flow waterfall in more detail • The Lender’s model – its structure & function

– Structure of a typical debt unit– Interaction with other parts of the model– Primacy of the cash flow

• CFADS – the starting point for quantitative analysis &debt sculpting

• Lender ratios for debt calibration & stress testing– Debt to equity ratio & drawdown control– ADSCR – definition & use in the sculpting of

mortgage-style repayment • The NPV-based ratios (LLCR/PLCR) & sculpting to

maintain loan-to-value • Control accounts and other “Cash Traps”

– Debt-service reserve account– Maintenance reserve account– Cash sweeps

• Base case design & sensitivity running– Control of input parameters – technical & economic– Calibrating debt & structuring the repayment

methodology/profile– “Testing for Weakness” – bank sensitivity analysis– Dealing with the toughest issues – accept, mitigate

or transfer?• Getting to the optimum debt level – balancing equity

against bank funds



Unit 5Documenting the Deal


• Explain the process of documenting a project financingtransaction and the components of the major documents– with particular reference to the loan agreement itself.

• Analyse the purpose and structure of the key parts of aproject loan agreement – especially the controlmechanisms incorporated to protect lenders in periodsof weak cash flow or at the point of default.

• Develop an understanding of the way in which materialissues are often resolved and how the credit crisis hasimpacted on loan documentation.

UNIT CONTENT

The Documentation Process• The lender/borrower/counsel interface • Different approaches to the term sheet • Drafting for completeness with economy

A Recap on Syndicated Debt Terminology with SpecialReference to Project Finance:• Obligors – borrower & guarantor• Use of and access to the funds – purpose, availability & conditions

precedent• Loan Economics – interest & fees• Repayment &/or prepayment

The Key “Command & Control” Mechanisms in ProjectFinance Agreements• Control accounts & the cash flow “Waterfall”

– The cash flow waterfall – purpose, typical priority ranking &variations

– Types of control account: ~ Disbursement account~ Revenue/proceeds account~ Compensation account~ Debt service reserve account~ Maintenance reserve accounts

• Availability & the debt: equity balance• Conditions precedent• Reps & warranties• Covenants – in particular:

– Debt & security limitations– Reporting requirements– Restrictions on amending project documents– Maintenance of ratios– Distribution lock-ups

• Events of Default – in particular:– Default cover ratios– Default under project documents– Abandonment/cessation of production

Borrower/Sponsor Needs and “Hot-Buttons”• Access to the loan facility• Limits on operating flexibility & control• Cash-traps & “IRR-Killers”• Offences against the limited-recourse concept• Pricing – margins & fees

Unit 6The Project Finance Time-Line &Project Finance Security-Taking


• Explain in detail the process of negotiating anddocumenting a limited-recourse financing and the way inwhich the steps (and their duration) have been impactedby the Credit Crisis.

• Provide a clear appreciation of the different instrumentstypically used by lenders to acquire a first-rankingsecurity interest in respect of the project vehiclecompany, fixed and current assets, project contracts andother rights.

UNIT CONTENT

Steps in the Project Financing Process• Pre-feasibility analysis• Financial feasibility analysis – using advisers• Approaching lenders – underwriting/best efforts; financing

competitions• The Banks’ credit process• Due diligence consultants• The documentation process• Reaching financial close

Lender Security-Taking Objectives• Maintaining priority/defeating the “pari passu” principle• Maintaining value• Limiting dealings• Negotiating strength• Enforcement/disposal

Relative Value of Different Security Types

Security in Challenging Locations

Key Security Instruments:• Guarantees & indemnities• Bank guarantees & performance bonds• Pledges• Mortgages & charges• Assignments• Security over shares• Credit balances • Direct agreements



Elective Unit 1Infrastructure Project Finance


• Set out in detail the qualitative risk analysis and debtstructuring features peculiar to infrastructure projectfinance.

• Provide a clear understanding of the variations infinancing structure and practice seen in key sub-sectorssuch as road, rail, port and airports.

• Test understanding through a detailed financing casestudy requiring risk analysis and the exercise ofjudgement on whether a project is bankable and (if so)optimally structured.

UNIT CONTENT

Sector Background• History of/drivers for infrastructure project finance• Contractual & legal framework• Key project documents – the concession & other government

agreements

The Banker’s Risk Analysis/Key Structuring & Pricing Drivers • Local legal issues

– Procurement regime– Concession law– Insolvency law– Experience & capacity– Political risk

• Concession risk– Awarding authority– Tenor– Revenue basis– Termination– Asset ownership– Security– Penalty regime

• Construction issues in infrastructure transactions• Operation & maintenance• Typical risk allocations

Modelling & Structuring Methodology• Base methodology• Sector variants

– Roads– Rail/light rail– Ports– Airports

The Infrastructure Project Finance “Identikit”• Key lender concerns• Typical maturity profile• Likely gearing/leverage levels• Debt sculpting methodology• Pricing• Security structures

Case Study

Elective Unit 2PPP/PFI Project Finance


• Set out in detail the qualitative risk analysis and debtstructuring features peculiar to PPP/PFI project finance,the drivers for the establishment of the sector and thekey documents which underlie PPP/PFI projects –particularly the concession.


UNIT CONTENT

Sector Background• Drivers for PPP/PFI project finance/origins of the sector• Features of PPPs/contractual and legal framework• PPP/PFI agreements• The PPP process/public sector involvement• Investor drivers – contractors & financial investors• Impact of “credit crunch”

The Banker’s Risk Analysis/Key Structuring & Pricing Drivers• Local legal issues• Concession risk• Demand risk – who takes it?• Construction issues in PPP transactions• Operation & maintenance • Typical risk allocations

Modelling & Structuring Methodology• Base methodology• Sector variants

– Roads– Hospitals– Schools– Prisons– Waste

The PPP Project Finance “Identikit”• Key lender concerns• Typical maturity profile• Likely gearing/leverage levels• Debt sculpting methodology• Pricing• Security structures

Case Study

Each delegate to complete either ELECTIVE PATH A or ELECTIVE PATH B

ELECTIVE PATH A – TWO UNITS TO COMPLETE



Elective Unit 1Oil & Gas/Mining Project Finance


• Explain the particular challenges faced by lendersproviding limited-recourse finance to projects in theextractive industries, especially where the bank is toaccept oil/gas/mineral reserve risk.

• Provide a clear understanding of the variations infinancing structure and practice seen in key sub-sectorssuch as upstream reserve-based lending, refinery finance,pipelines and storage, LNG and petrochemicals.


UNIT CONTENT

Sector Background• The hydrocarbon value chain – upstream to downstream• Petroleum geology & reserves – the “Bare Bones”• Mining reserves – the “Bare Bones”• Exploration & development licences, concessions & other

agreements

The Banker’s Risk Analysis/Key Structuring & Pricing Drivers• Upstream oil & gas lending:

– Single-field transactions– Portfolio lending– Junior financing products

• Refinery finance• Pipeline & storage finance• LNG financing:

– Liquefaction– Regasification– Tanker Finance

• Petrochemical financing• Financing the extraction & processing of other minerals

Modelling & Structuring Methodology• Upstream oil debt structuring – single & multiple fields• Midstream/downstream debt structuring:

– Refineries– LNG– Petrochemicals

• Open cast & underground mining

The Oil & Gas and Mining Project Finance “Identikit”• Key lender concerns• Typical maturity profile• Likely gearing/leverage levels• Debt sculpting methodology• Pricing• Security structures

Case Study

Elective Unit 2Conventional & Renewable Power

Project Finance


• Set out in detail the qualitative risk analysis and debtstructuring features peculiar to power project finance,the impact of the power sales arrangements on debtcapacity and structure and the differences betweenconventional (gas and coal-fired) projects and thoseinvolving renewable energy sources.


UNIT CONTENT

Sector Background• How power markets work• Financing power projects in emerging markets• Developed/regulated markets• “Base-Load”, “Mid-Merit” or “Peaking”?• CHP/cogeneration projects• Renewable energy & energy from waste

The Banker’s Risk Analysis/Structuring & Pricing Drivers• Offtake Regime

– Power purchase agreements– Tolling projects– Merchant power– Green certificates– Feed-in tariffs

• Construction issues in power transactions• Operation & maintenance regime• Typical risk allocations

Modelling & Structuring Methodology• Power purchase agreement transactions• Tolling projects• Merchant power• Renewable power projects• Cogeneration projects

The Power Project Finance “Identikit”• Key lender concerns• Typical maturity profile• Likely gearing/leverage levels• Debt sculpting methodology• Pricing• Security structures

Case Study


Each delegate to complete either ELECTIVE PATH A or ELECTIVE PATH B

ELECTIVE PATH B – TWO UNITS TO COMPLETE


OPTION OF A POST GRADUATE CERTIFICATE WITH MIDDLESEX UNIVERSITY

We are giving you the unique opportunity to choose an accredited option for this course andreceive a post graduate certificate on completion. This is a Middlesex University qualification,jointly developed by Middlesex University and IFF, and quality assured by MiddlesexUniversity. However, if accreditation isn’t important to you there is still the opportunity to takethe standard non-accredited course.

What Does the Certificate Entail?In addition to studying the eight units and passing eight short self assessment tests after eachunit, you will need to submit a 2,000 word assignment at the end of the course which will beassessed. The assignment will be a cumulative project that you will work through and buildupon during each stage of the course.

If you wish to book on the certification course there will be an assessment fee of £300.

Entry RequirementsParticipants wishing to undertake the Post Graduate Certificate are required to have a degreeor equivalent qualification (or relevant work experience).

Participants wishing to undertake the course but not receive the Post Graduate Certificate arenot required to have any formal qualifications.

ABOUT OUR PARTNER MIDDLESEX UNIVERSITY

HistoryMiddlesex University is a large London based university with a history in higher educationdating from 1878. In 1992 it was granted the Royal Charter making it a university. Theuniversity offers a broad range of courses through four academic schools of Arts andEducation; Business; Engineering and Information Sciences; Health and Social Sciences andtheir Institute for Work Based Learning.

Middlesex University has over 34,000 students studying on its courses worldwide, both at itsown campuses and also with partner institutions, making it one of the largest providers ofBritish university education to international students. Middlesex University has a long historyof successful collaborations with the corporate sector. It was the first academic institution todevelop industry specific MBA programmes (Shipping & Logistics and Oil & Gas) delivered100% by distance learning.

International ReachMiddlesex University is committed to meeting the needs and ambitions of a culturally andinternationally diverse range of students by providing challenging academic programmes. Ithas a major international business school based in London with overseas campuses in Dubaiand Mauritius and a global portfolio of partnerships delivering high quality accreditedprogrammes in business and management.

Staff and students come from a wide spectrum of cultures and backgrounds with a commoninterest in executive education that is world class, modern and applicable. MiddlesexUniversity Business School is proud of its dedicated teachers and its rich range of learningresources including distance learning and virtual learning environments.


BENEFITS OFSTUDYING FOR APOST GRADUATECERTIFICATE WITH US

A MIDDLESEX POSTGRADUATECERTIFICATE:� Is project based and practical

� Offers networkingopportunities during and afterthe course

� Provides exceptional teachingstaff

� Delivers applied learningexperiences

� Combines academic rigourwith individual support

HOW IS THE COURSEACCREDITED?This programme is validatedand awarded by Middlesex Uni-versity. After successfully com-pleting your studies you willreceive a post graduate certifi-cate from Middlesex Universitywhich is duly accredited by theBritish Government by means ofa Royal Charter. Middlesex Uni-versity certificates are recog-nised worldwide.

QUALITYThe Quality Assurance Agency(QAA) visited Middlesex in theSpring of 2009 and noted in itsreport that its auditors hadconfidence in the University’scurrent and likely futuremanagement of its academicstandards and of the learningopportunities available tostudents.

The university is a majorprovider of business andmanagement education, withan impressive track record ofworking in partnership with thepublic and the private sector,as well as internationalorganisations


5ways to contact us1 Tel: +44 (0)20 7017 71902 Fax: +44 (0)20 7017 78023 Email: [email protected] Web: www.iff-training.com/

dl/projectfinance5 Mail: Customer Service Manager

International Faculty of Finance

6th Floor, 29 Bressenden Place

London SW1E 5DR

Hold any course at your own site

SAVE up to 40% and improve performance with ourcost-effective tailored in-house courses contact Jeff Hearn on +44 (0)20 7017 7190 for details

APPLIC

ATIO

NFORM

A state of the art modular guide to theworldof modernproject financing

Commences: 17th October 2012 (Course code FLF2366)

DELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

The Mechanics of

PROJECT FINANCE

Click here to PREVIEW Unit 1 FREE

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week programme

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© Copyright IIR Limited 2012. All rights reserved.The course materials are protected by international copyright laws. The course materials areonly for the use of course participants undertaking this course. Unauthorised use, distribution,reproduction or copying of the course materials in any shape or form is strictly forbidden without prior written consent of IIR Limited.

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“Brilliant course for introducing project finance…It was extremely relevant to my job”

Eamon Marais, Gauteng Funding Agency


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Distance Learning Project Finance