INTERNATIONAL PROJECT FINANCE AND SECURITY FOR LENDERS

This article first traces the history of the legal and financial developments which led to the technique of project financing. It then discusses the present day crisis of confidence affecting international lending involving developing countries and the growing role of project finance in development.
The author analyses the structure of the main forms of project finance according to the types of recourse available, and examines commonly used risk assessment criteria. Production payments and project security are also described.
Cet article retrace d'abord l'évolution juridique et financière qui a conduit à la technique de financement de projets. ***Il discute ensuite de la crise de confiance actuelle qui affecte le système international de crédit aux pays en développement et le rôle croissant du financement de projets.
L'auteur analyse la structure des formes principals de financement de projets d'après les types de recours disponibles et examine les critères d'évaluation de risques couramment utilisés. Il discute également des paiements sur la production et de la stabilité des projets.
Este artículo traza primero la historia del desarrollo legal y financiero que cindujo a la técnica del financiamiento de proyectos. Luego analiza la crisis de confianza que afecta hoy día a los préstamos internacionales a los países en desarrollo y el rol creciente del financiamiento de proyectos en el desarrollo económico.
El autor analiza la estructura de las principales formas de financiamiento de acuerdo a los tipos de recursos disponibles y examina los criterios de evaluación del riesgo comunmente usados. Se describen también el pago de producción y la seguridad de proyecto.     

Transgenics and Vertebrate Cloning as Tools for Species Conservation

Abstract:  It has been suggested that transgenics and vertebrate cloning have a role to play in conservation. Now is the time to evaluate their risks and benefits, before these technologies are widely implemented in our field. Direct risks of transgenics include escape and introgression of transgenes into wild populations; weedy invasion by transgenic organisms; toxicity or pathogenicity of engineered organisms and their products; and human error in the field testing and tracking of transgenic organisms. Indirect risks include environmental effects of increased herbicide use; the danger that engineered organisms may aid the development of bioweapons; the likelihood that gene patenting will lead to the privatization of natural resources; and the diversion of support from less glamorous forms of conservation. Formal risk assessments are commonly used to evaluate transgenic procedures, but our incomplete understanding of both ecosystem processes and the action of transgenes renders most of these assessments scientifically and socially unjustified. Nevertheless, a few, low-risk applications of transgenics may be possible: for example, "super-sterile" ornamental cultivars. Vertebrate cloning poses little risk to the environment, but it can consume scarce conservation resources, and its chances of success in preserving species seem poor. To date, the conservation benefits of transgenics and vertebrate cloning remain entirely theoretical, but many of the risks are known and documented. Conservation biologists should devote their research and energies to the established methods of conservation, none of which require transgenics or vertebrate cloning.     

Improving the Efficiency and Cost-effectiveness of Food Aid Grain Delivery

Grain food aid averages 13 million tonnes per year. Donors have a duty to deliver food aid grain in an adequate and acceptable condition at least cost. This paper reviews commodity procurement, packaging, inspection, shipping and storage with regard to overall quality assurance and cost-effectiveness. Experience at ports of loading and discharge and in food aid delivery programmes indicates that sufficient attention is rarely paid to quality assurance and loss minimisation. Grain procurement specifications that are normally appropriate for safe handling and storage in temperate climates, particularly moisture content, are commonly inappropriate for tropical climates. The technology for safe delivery of food aid grain is well established but not always implemented. Procurement of food aid grain in developing countries has increased recently, creating a need to improve operational and management aspects of tendering and quality assurance procedures. Such purchases entail potential cost savings but are associated with lengthening delivery lead times for non-urgent consignments. Although woven polypropylene sacks are cheaper to buy than jute ones, the losses associated with handling and storage problems indicate that jute sacks are preferable for food aid delivery.     

Absence of Blood Parasites in Indigenous and Introduced Birds from the Cook Islands, South Pacific

Abstract: We found no protozoan parasites in 79 blood smears of birds from the Cook Islands, South Pacific. Our sample consisted of 55 smears from nine indigenous species of land and aquatic birds, and 24 smears from one introduced land bird The absence or scarcity of avian hematozoa in the Cook Islands is probably due to a very low prevalence of infection among introduced and naturally colonizing species of birds, rather than a scarcity of insect vectors. On one hand, the apparent absence or extreme scarcity of avian hematozoa, particularly the malaria-causing Plasmodium spp., is fortunate from a conservation standpoint, considering the devastating impact that Plasmodium from human-introduced mosquitoes and birds has had on the indigenous avifauna of Hawaii during the past century. On the other hand, our results suggest that the indigenous birds of the Cook Islands, much like those of Hawaii, would have little natural resistance to avian malaria should it be introduced. Thus precautions should be taken to prohibit the introduction of potentially infected nonnative birds or mosquitoes in the Cook Islands and elsewhere in Polynesia     

Incorporating Evolutionary Measures into Conservation Prioritization

Abstract:  Conservation prioritization is dominated by the threat status of candidate species. However, species differ markedly in the shared genetic information they embody, and this information is not taken into account if species are prioritized by threat status alone. We developed a system of prioritization that incorporates both threat status and genetic information and applied it to 9546 species of birds worldwide. We devised a simple measure of a species' genetic value that takes into account the shape of the entire taxonomic tree of birds. This measure approximates the evolutionary history that each species embodies and sums to the phylogenetic diversity of the entire taxonomic tree. We then combined this genetic value with each species' probability of extinction to create a species-specific measure of expected loss of genetic information. The application of our methods to the world's avifauna showed that ranking species by expected loss of genetic information may help preserve bird evolutionary history by upgrading those threatened species with fewer close relatives. We recommend developing a mechanism to incorporate a species' genetic value into the prioritization framework.     

The Determinants of Mining Company Response to Environmental Approvals Regulation: A Report of Australian Research

Companies react in different ways to environmental regulation. A prevailing view in the literature suggests that external factors, particularly stakeholder groups, exert the most influence on the environmental responses of firms. This paper reports on research that examines the influence of a range of possible determinants, both internal and external, on the way Australian mining companies respond to environmental approvals regulation. External pressures included stakeholder pressure, jurisdictional culture and market characteristics, and internal pressures included organizational culture, organizational learning, the influence of individuals within firms and company size. The study found that the internal pressures of organizational culture, organiza tional learning and the influence of individuals exert the greatest influence on mining company response to environmental approvals regulation. These results suggest that existing explanations of corporate environmental behaviour, which emphasize external factors, should be complemented by a focus on the internal dynamics of firms.     

Changes in Avian and Plant Communities of Aspen Woodlands over 12 Years after Livestock Removal in the Northwestern Great Basin

Abstract: Riparian and quaking aspen (Populus tremuloides) woodlands are centers of avian abundance and diversity in the western United States, but they have been affected adversely by land use practices, particularly livestock grazing. In 1990, cattle were removed from a 112,500‐ha national wildlife refuge in southeastern Oregon. Thereafter, we monitored changes in vegetation and bird abundance in years 1–3 (phase 1) and 10–12 (phase 2) in 17 riparian and 9 snow‐pocket aspen plots. On each 1.5‐ha plot, we sampled vegetation in 6 transects. Three times during each breeding season, observers recorded all birds 50 m to each side of the plot's 150‐m centerline for 25 minutes. We analyzed data with multivariate analysis of variance and paired t tests with p values adjusted for multiple comparisons. In both periods, riparian and snow‐pocket aspen produced extensive regeneration of new shoots ( stems/ha and 7079 stems/ha, respectively). By phase 2, a 64% increase in medium‐diameter trees in riparian stands indicated successful recruitment into the overstory, but this pattern was not seen in snow‐pocket stands, where the density of trees was over 2 times greater. By phase 2 in riparian and snow‐pocket stands, native forb cover had increased by 68% and 57%, respectively, mesic shrub cover had increased by 29% and 58%, and sagebrush cover had decreased by 24% and 31%. Total avian abundance increased by 33% and 39% in riparian and snow‐pocket aspen, respectively, ground or understory nesters increased by 133% and 67% and overstory nesters increased by 34% and 33%. Similarly, ground or understory foragers increased by 25% and 32%, aerial foragers by 55% and 57%, and overstory foragers by 66% and 43%. We interpreted the substantial regeneration of aspen shoots, increased densities of riparian forbs and shrubs, and increased avian abundances as a multitrophic‐level response to the total removal of livestock and as substantial movement toward recovery of biological integrity.     

Characteristics of Important Stopover Locations for Migrating Birds: Remote Sensing with Radar in the Great Lakes Basin

Abstract:  A preliminary stage in developing comprehensive conservation plans involves identifying areas used by the organisms of interest. The areas used by migratory land birds during temporal breaks in migration (stopover periods) have received relatively little research and conservation attention. Methodologies for identifying stopover sites across large geographic areas have been, until recently, unavailable. Advances in weather-radar technology now allow for evaluation of bird migration patterns at large spatial scales. We analyzed radar data (WSR-88D) recorded during spring migration in 2000 and 2001 at 6 sites in the Great Lakes basin (U.S.A.). Our goal was to link areas of high migrant activity with the land-cover types and landscape contexts corresponding to those areas. To characterize the landscapes surrounding stopover locations, we integrated radar and land-cover data within a geographic information system. We compared landscape metrics within 5 km of areas that consistently hosted large numbers of migrants with landscapes surrounding randomly selected areas that were used by relatively few birds during migration. Concentration areas were characterized by 1.2 times more forest cover and 9.3 times more water cover than areas with little migrant activity. We detected a strong negative relationship between activity of migratory birds and agricultural land uses. Examination of individual migration events confirmed the importance of fragments of forested habitat in highly altered landscapes and highlighted large concentrations of birds departing from near-shore terrestrial areas in the Great Lakes basin. We conclude that conservation efforts can be more effectively targeted through intensive analysis of radar imagery.