Investors Tell Senate U.S. Needs Infrastructure Bank
(Reuters) – Establishing a U.S. infrastructure bank is key to attracting private capital for public works, a diverse group of witnesses told a Senate panel on Wednesday as lawmakers worried about finding enough funds to cover current transportation costs.
“The bank would provide a project with a base of capital that could then attract … outside private investment,” said Robert Dove, managing director of the Carlyle Group, a private global investment firm.
For many years, state and local governments have discussed using private-public partnerships known as “P3s” to finance transportation. In a common P3 structure, a private company leases and maintains a road for decades. It collects tolls and receives tax credits for the road’s depreciation.
“While many states and local governments are focusing on these matters, top-down leadership is also needed that includes a vision for the country and common P3 principles,” said J. Perry Offutt, managing director at Morgan Stanley & Co, LLC.
Many investors are pension or infrastructure funds that put money into projects around the world. The bank’s support, he said, would reassure investors there is political will to complete a project.
http://www.reuters.com/article/2011/07/20/usa-infrastructure-bank-idUSN1E76J1FH20110720
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