Advances in Infrastructure Finance

Raghu Dharmapuri Tirumala

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 Advances in
Infrastructure Finance
Raghu Dharmapuri Tirumala
Piyush Tiwari
Advances in Infrastructure Finance
Raghu Dharmapuri Tirumala · Piyush Tiwari

Advances
in Infrastructure
Finance
Raghu Dharmapuri Tirumala Piyush Tiwari
Architecture, Building and Planning Melbourne School of Design
University of Melbourne University of Melbourne
Melbourne, VIC, Australia Melbourne, VIC, Australia

ISBN 978-981-99-0439-6 ISBN 978-981-99-0440-2 (eBook)

https://doi.org/10.1007/978-981-99-0440-2

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To Our Families
 Acknowledgments

This book was possible due to the support and sincere contributions of
many people to whom we are gratefully indebted. We have immensely
benefitted from many conversations with friends and industry colleagues
who shaped the thought of assimilating the developments in the infras-
tructure financing sector.
A special mention is due to Saravanan Santhanam, whose thoughts on
how the market for infrastructure financing evolved gave us a toehold to
begin from. Our deep thanks go to Kruti Mihir Upadhyay, Dr. V. Sathya-
narayana, and Smitha Budhhavarapu for their unfailing support in the
documentation of this book. Kruti did a great job of helping with a lot
of data gathering and production aspects of the book. Dr. Sathyanarayana
patiently reviewed the drafts written and provided his input for improve-
ment. Smitha has, as ever, been a pillar of support through her ideas and
encouragement, and ensuring that we kept going on the book.
All the financial instrument innovations highlighted in this book
involved multiple rounds of discussions with a cross-section of stake-
holders and obtaining their inputs through informal discussions. The
people who stand out in our mind as having made especially substan-
tial contributions are Shivamurthy Y. M., Abhijit Bhaumik, Anouj Mehta,
Ravi Peri, Hidayathullah Baig, Shashwat Tewary, Tarun Bansal, Komal
Seshagiri, Rodrigo Martinez, A. S. Harinath, Martin Unzueta, Shubha-
gato Dasgupta, Karthik Iyer, Anjula Negi, G. Narayanan, Jagan Shah,
Ravikant Joshi, and Praveen Sanjeevi. We extend our sincere thanks to all

vii
viii ACKNOWLEDGMENTS

the experts for their interest and time in supporting this book. A special
thanks to Ganga Charan Gopisetty for sharing his thoughts on broader
financial markets that helped to improve the book in material ways.
We would like to acknowledge the support of the editorial and
publishing team at Palgrave Publishers. They had remained steadfastly
supportive of the idea of this book for their patience during our lengthy
writing process.
The funding support of the Faculty of Architecture, Building and Plan-
ning, the University of Melbourne, for the outreach of this research is
gratefully acknowledged.
Without our families standing by our side, we are sure we could not
have accomplished this feat. Our utmost thanks and sincere gratitude to
them for their continuing support and affirmation of our work, balancing
our research with everything else.
The views expressed in this book are entirely our own. Any errors or
omissions are our responsibility.

Raghu Dharmapuri Tirumala

Piyush Tiwari
 About This Book

The financing of infrastructure has moved beyond traditional government

funding, multilateral assistance, and project finance to a diverse set of
innovative approaches, increasing participation from private, institutional,
commercial, and philanthropic investors.
The book looks at advances in financing infrastructure projects and
related topics, synthesizes the developments to date, and generates new
understandings and concepts. The book is an attempt at a comprehen-
sive treatment of different elements of infrastructure financing and will
be of interest to academic institutions, higher degree research scholars,
industry stakeholders, including public and private sector financial insti-
tutions, consulting firms and policy research institutions in the finance,
development economics, public policy, business management, and project
management domains to name a few.

ix
 Contents

1 Introduction 1
2 Project Finance Transformation 17
3 Multilaterals Leading the Innovation Path 47
4 Exponential Growth of Sustainable Debt: Green Bonds
Surge 79
5 Diverse Applications: Thematic Bonds Catching Up 107
6 The Appeal of Land-Based Financing Instruments 135
7 Growing of Age in Risk Mitigation: Funded
and Unfunded Participation 159
8 Unlocking Value Through Asset Recycling 187
9 Private Market Infrastructure Funds 209

Index 241

xi
 About the Authors

Dr. Raghu Dharmapuri Tirumala is a Senior Lecturer in the Faculty

of Architecture, Building and Planning at the University of Melbourne.
Previously, as the Professor and Director at RICS School of Built Envi-
ronment (Noida, India), he had set up the School of Infrastructure
and designed the M.B.A. program in Infrastructure Management. Prior
to that, he was the CEO of Infrastructure Development Corporation
(Karnataka) Limited, a joint venture of the Government of Karnataka,
IDFC, and HDFC at Bangalore, India. His research covers the areas of
innovative finance, public, private partnerships (PPPs) in infrastructure,
project, and property finance.

Dr. Piyush Tiwari is a Professor of Property at the University of

Melbourne, Australia. Before his current position, he was Director, Policy
at Infrastructure Development Finance Company (IDFC), India. He was
responsible for formulating policies for private financing of urban infras-
tructure in close cooperation with national and state governments. He
was also editor of India Infrastructure Report 2011 on Water. Earlier, he
was Senior Lecturer (Property) and Program Leader, MSc (International
Real Estate Markets), at the Business School, University of Aberdeen,
UK. In addition, he has held positions at the largest mortgage company,

xiii
xiv ABOUT THE AUTHORS

HDFC, India, and the University of Tsukuba, Japan. His research inter-
ests include infrastructure policy, housing economics and mortgages,
commercial real estate investment, and financing infrastructure in devel-
oping countries.
 Abbreviations

ACGF ASEAN Catalytic Green Finance Facility

ACT Australian Capital Territory
ADB Asian Development Bank
AFC Africa Finance Corporation
AFD Agence Française de Développement (The French Development
Agency)
AfDB African Development Bank
AIF ASEAN Infrastructure Fund
AIFM Alternative Investment Fund Managers
AIFMD Alternative Investment Fund Managers Directive
AIIB Asian Infrastructure Investment Bank
APEC Asia-Pacific Economic Cooperation
AR Asset Recycling
ARI Asset Recycling Initiative
ASEAN Association of South East Asian Nations
ATI|ACA African Trade Insurance Agency
AUM Assets Under Management
BADEA Arab Bank for Economic Development in Africa
BANOBRAS The National Bank of Public Works and Services—Banco
Nacional de Obras y Servicios Publicos, S.N.C.
BMGF Bill and Melinda Gates Foundation
BMRCL Bangalore Metro Rail Corporation Limited
BNDES Brazilian Development Bank
BOO Build-Own-Operate
BOOT Build Own Operate Transfer
BOT Build-Operate-Transfer

xv
xvi ABBREVIATIONS

bps Basis Points

BRI Belt and Road Initiative
BRICS Brazil, Russia, India, China, and South Africa
BROT Build-Rehabilitate-Operate-Transfer
CAR Contractors All Risk
CBD Central Business District
CBI Climate Bonds Initiative
CCS Cross-Currency Swap
CDC CDC Group plc (UK)
CDM Clean Development Mechanism
CDO Collateralized Debt Obligation
CDS Credit Default Swap
CEFC Clean Energy Finance Corporation
CERs Certified Emission Reductions
CFADS Cash Flow Available for Debt Service
CGIF Credit Guarantee and Investment Facility
CIB The Canada Infrastructure Bank
CLO Collateralized Loan Obligations
CPE Contractors’ Plant and Equipment
CPPIB Canada Pension Plan Investment Board
DBFOM Design-Build-Finance-Operate-Maintain
DBJ Development Bank of Japan
DBOT Design-Build-Operate-Transfer
DBS Development Bank of Seychelles
DCF Discounted Cash Flow
DEG German Development Finance Institution
DFI Development Finance Institutions
DIAL Delhi International Airport Limited
DIBs Development impact bonds
DMCs Developing Member Countries
DSCR Debt Service Coverage Ratio
EBID ECOWAS Bank for Investment and Development
EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization
ECA Export Credit Agencies
EIB European Investment Bank
EMDEs Emerging Markets and Developing Economies
ESG Environmental, Social and Governance
EU European Union
EUGBS EU Green Bonds Standard
FAR Floor Area Ratio
FDI Foreign Direct Investment
FMO Dutch Development Bank
 ABBREVIATIONS xvii

FONADIN Mexico’s National Instructure Fund (Fondo Nacional de

Infraestructura)
FSB Financial Stability Board
GBP Green Bond Principles
GBS Green Bond Standard
GCC Gulf Cooperation Council
GCF Green Climate Fund
GDP Gross Domestic Product
GEF Global Environment Facility
GFC Global Financial Crisis
GGGI Global Green Growth Institute
GP General Partner
GSIA Global Strategic Investment Alliance
GSS Bonds Green, Social and Sustainability (GSS) Bonds
GSSS Bonds Green, Social, Sustainability, and Sustainability Linked (GSSS)
GTFP Global Trade Finance Program
HUDCO Housing and Urban Development Corporation
ICMA International Capita Market Association
IDA International Development Association
IDB Inter-American Development Bank
IDF Infrastructure Debt Fund
IEA International Energy Agency
IFC International Finance Corporation
IFI International Financial Institutions
IIFCL India Infrastructure Finance Company Limited
IIGF Indonesia Infrastructure Guarantee Fund
ILO International Labour Organization
IMF The International Monetary Fund
INDC Intended Nationally Determined Contributions
InvIT Infrastructure Investment Trust
IPP Independent Power Producer
IRR Internal Rate of Return
IRS Interest Rate Swap
IsDB Islamic Development Bank
JBIC Japan Bank for International Cooperation
JICA Japanese International Cooperation Agency
KfW German Development Bank
KODIT Korea Credit Guarantee Fund
KPI Key Performance Indicators
LC Letter of Credit
LDCs Least Developed Countries
LEAP Leading Asia’s Private Sector Infrastructure Fund
LIBOR London Interbank Offered Rate
xviii ABBREVIATIONS

LP Limited Partners
MDB Multilateral Development Bank
MDGs Millennium Development Goals
MIGA Multilateral Investment Guarantee Agency
MLA Mandated Lead Arranger
MRO Maintenance, Repair and Overhaul
MSCI Morgan Stanley Capital International
NAIF Northern Australia Infrastructure Facility
NBFC Non-Banking Finance Companies
NDB New Development Bank
NDCs Nationally Determined Contributions
NGOs Non-Governmental Organizations
NIIF National Infrastructure Investment Fund
NSW New South Wales
O&M Operations and Maintenance
ODA Official Development Assistance
OECD Organisation for Economic Co-operation and Development
OPEC Fund OPEC Fund for International Development
OTC Over The Counter
PBoC People’s Bank of China
PE Private Equity
PF Project Finance
PFI Private Finance Initiative
PIDG Private Infrastructure Development Group
PL Public Liability
PPA Power Purchase Agreement
PPI Private Participation in Infrastructure
PPPs Public Private Partnerships
PRC People’s Republic of China
PRG Partial Risk Guarantee
PRI Political Risk Insurance
R+P model Rail Plus Property Co-Development (R+P) Model
RBP Results-Based Payment Agreement
RDBs Regional Development Banks
REITs Real Estate Investment Trusts
RFR Risk Free Rate
RICS Royal Institution of Chartered Surveyors
ROMT Renovate-Operate-Maintain-Transfer
SBP Social Bonds Principles
SBTs Science-Based Targets
SDG Sustainable Development Goals
SEBI Securities and Exchange Board of India
SEZs Special Economic Zones
 ABBREVIATIONS xix

SFDR Sustainable Finance Disclosure Regulation

SIBs Social Impact Bonds
SIDS Small Island Developing States
SLB Sustainability-Linked Bonds
SLLs Sustainability-Linked Loans
SOFR Secured Overnight Financing Rate
SPT Sustainability Performance Targets
SPV Special Purpose Vehicle
SRCC Strikes, Riots and Civil Commotion
SWF Sovereign Wealth Funds
TA Technical Assistance
TLFF Tropical Landscapes Finance Facility
TOD Transit Oriented Development
TOT Toll-Operate-Transfer
UN United Nations
UNEP United Nations Environment Programme
UNFCCC United Nations Framework Convention on Climate Change
UNPRI UN Principles for Responsible Investment
VGF Viability Gap Funding
WB World Bank
WBG World Bank Group
WEF World Economic Forum
WWF World Wide Fund for Nature
 List of Figures

Fig. 2.1 Cumulative number of infrastructure projects from 1994

to 2019 (Source Authors based on data from Rao [2020]) 28
Fig. 2.2 Cumulative investments in different sectors (in $million)
(Source Authors based on data from Rao [2020]) 28
Fig. 2.3 Total investments by the private sector ($Billions) (Source
Fakhoury [2022] and World Bank [2021]) 29
Fig. 2.4 Infrastructure investment with private participation (Source
Authors based on data from GI Hub [2020]) 30
Fig. 2.5 Six-month LIBOR rate at year close from 1987 to 2021
(Source Authors based on data from MacroTrends [2022]) 35
Fig. 3.1 Outflows of MDBs from 2010 to 2018 (Source Authors’
calculations based on OECD Stat [2022a]) 58
Fig. 3.2 Concessional and non-concessional finance (Source
Authors’ calculations based on OECD Stat [2022a]) 58
Fig. 3.3 Current investment and projected gaps in infrastructure
(Source Authors based on Miyamoto and Chiofalo [2016];
Note Developing nations only [2015–2030]) 62
Fig. 3.4 Geographical distribution of infrastructure investment
needs (Source Authors based on Miyamoto and Chiofalo
(2016]; Note Developing nations only [2016–2030]) 62
Fig. 3.5 Non-concessional lending from multilateral organizations
(commitments) (Source Authors based on OECD QWIDS
[2022]) 63
Fig. 3.6 Blended finance structure (Source Authors based
on Convergence [2021]) 68

xxi
xxii LIST OF FIGURES

Fig. 3.7 Cumulative growth of blended finance from 2007

to 2020 (Source Authors based on Convergence [2021],
Mutambatsere and Schellekens [2020]) 68
Fig. 4.1 Cumulative green bonds issuance from 2007 to September
2022 (in $billion) (Source Authors compilation
from various annual reports of Climate Bond Initiative) 81
Fig. 4.2 Green bonds issuance process (Source Authors based
on ADB [2021], ICMA [2021]) 86
Fig. 4.3 Exchanges with dedicated green bonds window (Source
Authors based on CBI [2022b], Green Finance Platform
[2021]) 90
Fig. 5.1 SeyCCAT Blue Fund (Source Authors based on [Bolliger &
John, 2020; Pouponneau, 2015; The Commonwealth
Blue Charter, 2020; World Bank, 2017]) 118
Fig. 6.1 Percentage of world population (A) 2016 and (B) 2030
(Source Authors based on data from [United Nations
Department of Economic and Social Affairs Population
Division, 2016]) 138
Fig. 6.2 Types of land-based financing instruments (Source Authors
based on data from [Abiad et al., 2019; Blanco et al.,
2016; Mehta, 2018]) 146
Fig. 7.1 Funded versus unfunded mobilization—a basic schematic
(Source Authors based on Group of MDBs [2021]) 166
Fig. 8.1 Asset recycling program of Australia (Source Authors based
on Varn and Kline [2017]) 191
 List of Tables

Table 2.1 Private sector financing in the infrastructure sector

by instrument type from 2010 to 2020 30
Table 2.2 Project financing deals for 2019 and 2020 31
Table 2.3 Top 10 infrastructure debt funds (as of February, 2022) 33
Table 3.1 Share of lending categories across MDBs 57
Table 3.2 Instruments offered by MDBs 59
Table 3.3 MDB investments by instruments 60
Table 3.4 Investment instruments used by MDBs for years
2015–2020 60
Table 3.5 Investment instruments used by MDBs/DFIs
(2015–2020) 60
Table 3.6 Developing country infrastructure by source of finance
and by sector 63
Table 3.7 Processing times of MDBs 72
Table 4.1 Top five country issuers for 2021 as per bond category 82
Table 4.2 Emerging economies’ green bond issuance for top ten
countries—2020 and 2021 83
Table 4.3 Sector wise use of proceed breakup of green bonds 83
Table 5.1 Sustainable bonds issuance in 2020 and 2021 109
Table 5.2 Market size of various thematic markets for 2020
and 2021 110
Table 5.3 Characteristics of different thematic bonds 111
Table 6.1 Human settlements and population (2016 and 2030) 137
Table 6.2 Sample Indian projects with land-based financing elements 152
Table 8.1 A few prominent asset recycling projects from Australia 192

xxiii
xxiv LIST OF TABLES

Table 9.1 Unlisted capital raised by value and volume 212

Table 9.2 Median current allocation to infrastructure (As a %
of Assets under Management (AUM)) and infrastructure
investors’ mean commitment size by investor type 213
Table 9.3 Largest institutional investors infrastructure sector
for 2019 and 2021 214
Table 9.4 Largest infrastructure funds based on their AUM in Euro
millions 215
Table 9.5 Infrastructure indices 217
Table 9.6 A few funds established by development financial
institutions 218
Table 9.7 InVITs transactions in India 221
Table 9.8 Infrastructure categories 225
 CHAPTER 1

Introduction

We have to find ways to finance infrastructure that gets it done fast and
creates a return.
—Gordon Brown, Chair, World Economic Forum Global Strategic Infras-
tructure Initiative

Innovation must lead infrastructure for a simple but compelling reason:

Innovation produces new types of products and markets, and it is virtually
impossible to know how to run those markets efficiently before they are
created.
—Myron Scholes, Financial Economist and Nobel Laureate

Infrastructure continues to hold the imagination of governments,

financial institutions, the private sector, and the general public for a variety
of reasons and in different contexts. The infrastructure that countries and
cities build today will bring economic and climate benefits in the years to
come (Bhattacharya et al., 2012). The availability of quality infrastructure
is a prerequisite for the economy to achieve a higher growth trajectory
on a sustained basis (Aschauer, 1990). Yet, the challenge of providing
adequate infrastructure services to the world’s population is daunting,
more so with frequent periods of dramatic change and economic turmoil.
Inadequate infrastructure drags the economy down and has a debili-
tating effect on the quality of life. The need for improved infrastructure,
and the ways and means to enable the same, has been the focus of

© The Author(s), under exclusive license to Springer Nature 1

Singapore Pte Ltd. 2023
R. D. Tirumala and P. Tiwari, Advances in Infrastructure Finance,
https://doi.org/10.1007/978-981-99-0440-2_1
2 R. D. TIRUMALA AND P. TIWARI

policymakers at the international, national, and subnational levels. The

scale of investments needed continues to escalate and requires bespoke
resources in accordance with the stages of infrastructure development.
The capacity of government stakeholders to pay for the development,
rehabilitation, and operations and maintenance of the infrastructure is
limited. They need support from other stakeholders such as multilateral
development agencies and private sector as well. It is generally agreed
that more than the traditional sources of infrastructure finance, govern-
ment resources, and loans from multilateral development banks is needed
in quantity or, as increasingly becoming apparent, in the format that is
offered (Mckinsey Global Institute, 2016). A range of advanced or inno-
vative financial instruments, structures, and mechanisms have emerged
that transformed the way infrastructure is being financed. The partici-
pation of various players in financing infrastructure has been widespread
and evolving continuously, sometimes in response to external events and
in other instances in being competitive in the rapidly changing landscape.

1.1 Understanding Infrastructure

“You and I come by road or rail, but economists travel on infrastruc-
ture,” said the British Prime Minister, Mrs. Margaret Thatcher. She was
implying that the understanding of the term “infrastructure” is vague and
is described by the component sectors such as the roads and power plants.
While there is no unanimous consensus on the definition of “infrastruc-
ture,” what most people seem to agree is that infrastructure enables pretty
much everything (The New York Times, 2021) for a good quality of
living (Aschauer, 1990) while supporting economic growth (PwC, 2022).
From the water, sanitation, roads and bridges, to railways, ports, airports,
telecommunication systems, broadband networks, energy, and pipelines,
everything is considered infrastructure—a key driver of growth, employ-
ment opportunities and competitiveness (EBRD, 2022). Infrastructure
is recognized as the backbone for trade, empowers businesses, provides
livelihood opportunities by connecting people to their jobs, and protects
countries from increasingly unpredictable environmental risks (Puentes,
2015).
Countries have their own definitions of the project categories that
qualify as “infrastructure,” which vary widely. Most countries agree on
the core sectors, namely transportation, water, sanitation, waste manage-
ment, schools, health facilities, housing, and other community services
 1 INTRODUCTION 3

like parks, street lighting, libraries, etc. While the definitions in developed
countries, such as the USA, UK, Australia, and Canada, are broader and
include the core sectors, in contrast, the definition adopted by India not
just includes the core sectors but also elaborates on the projects that are
considered as social and commercial infrastructure (viz., logistics facilities,
hotels, SEZs, etc.). China, on the other hand, explicitly mentions infor-
mation, transmission, computing services, and software as infrastructure
sectors (CPNI, 2021; NDRC, 2022; Wong, 2020).
From all the various countries’ definitions of what constitutes infras-
tructure, the common link between infrastructure and quality of life
(Aschauer, 1990) is well established. The striking difference between
developed countries and developing ones is undoubtedly the discernible
infrastructure (Miller, 2021), and perhaps why it is recognized as the
backbone of a healthy economy. As per United Nations estimates in 2018,
there were more than a billion people living in conditions that lacked basic
amenities such as clean water, sanitation,, and lighting. More than 80%
of these people were concentrated in three emerging economies, namely
Southeast Asia, sub-Saharan Africa, and Central and Southern Asia (PwC,
2022).
Population growth, rapid urbanization, and an increasingly warming
world are forces driving the need for new and upgraded infrastructure
on an urgent basis. Today, over 50% of the world’s population resides
in urban areas. As per the United Nations estimates, this is expected to
increase to about 70% by 2050. That translates to more than 6 billion
people from the current 4.3 billion people who will live in urban areas.
By 2030, China alone will have 1 billion people in its cities (Floater et al.,
2017). As per ADB estimates, Asia would require about $1.7 trillion
in investments in infrastructure annually to sustain growth, achieve the
SDGs and effectively respond to risks from climate change. This is twice
the $750 billion requirement that was estimated in 2009. Therefore, the
gap in infrastructure and investments seems to be only widening (PwC,
2022).
Typically, urban infrastructure investments are made for a period of
a few decades, but the corresponding economic and efficiency gains are
experienced over a much longer period. To a large extent, policy deci-
sions can shape urban sprawl, transport systems, and built environments,
locking in the economic, climate, and social costs over the long term. This
is particularly important for cities, megacities, and metropolitan areas in
emerging economies. For instance, the rate at which some of the cities in
4 R. D. TIRUMALA AND P. TIWARI

India are growing needs to build 70–80% of its infrastructure for 2050
(Floater et al., 2017). This includes not just traditional infrastructure
built by public agencies but a combination of public and privately built
assets that contribute to low emissions and that are climate-resilient and
socially inclusive. Strong policy and governance initiatives that enable such
infrastructure investments are extremely important for sustaining inclusive
growth and delivering quality services to residents.

1.2 Importance of Infrastructure Financing

Whenever a new infrastructure project, for example, an airport, an SEZ,
or a new water treatment plant, is developed, the benefit to the economy
is direct by way of job creation during the development phase and, post
that, by way of productivity gains. OECD and IMF have analyzed that for
every dollar of investment that goes into infrastructure projects, such as
transport, water and sanitation, energy, telecommunication, housing, and
social infrastructure, the benefits are multiplied 1.6 times through the
creation of jobs in the short term and efficiency and productivity gains in
the long term (EBRD, 2022). Though the evidence is compelling, and
there is agreement on the need for increased investments in infrastructure
for a healthy economy, the G20 countries have reduced their investments
since the global financial crisis in 2009. The importance of investments in
infrastructure for the long term has not been paid enough attention. For
example, the investments in broadband networks, railway networks, and
the transition to a green economy have not kept pace with the anticipated
needs.
The world at large is experiencing a shortfall in infrastructure invest-
ments (World Economic Forum, 2014). Infrastructure investments (as
a percent of the GDP of the country) of the developed countries have
been declining over the period 1980s to 2008. On the contrary, the
same has been rising in developing countries over the same period
(McKinsey, 2010). Internationally, on average, China spends approxi-
mately 8% of its GDP on infrastructure, while European countries spend
about 5% and the USA only about 2.4% of its GDP (BRINK, 2021).
The deployment of public funds by different tiers of government varies
across countries. For example, federal government funding on infrastruc-
ture in the USA is only about 25%, and the rest is funded at state and
city levels. However, Europe relies mostly on its national government for
infrastructure funding.
 1 INTRODUCTION 5

Several studies and development institutions have estimated the gap in

infrastructure investments for the decades to come. For instance, global
consulting firm McKinsey & Company estimates that an additional $1–2
trillion is required from 2016 to 2030, for meeting the SDG 2030 agenda
(Mckinsey Global Institute, 2016). Another study by GI Hub’s Global
Infrastructure Outlook estimates that more than $97 trillion would be
required by 2040 to provide access to growing populations in urban areas
(GI Hub, 2017). The estimates vary substantially from $3.3 trillion annu-
ally to $6.9 trillion each year (Mirabile et al., 2017). This is reflective
of the differences in the methodologies for the estimations. The differ-
ences arise from the elements that are considered for project costing,
the project components per se, scope of the project, region of imple-
mentation, currency conversion rates, and other factors. Essentially, the
estimations are based on the methodology adopted by respective institu-
tions, and there is no accepted universal formula or approach. That said,
the purpose of using investment numbers in this book is to illustrate the
magnitude of investments required in infrastructure and recognize that
the absolute values could vary significantly.
Closing the infrastructure gap is a top priority on the global develop-
ment agenda and is reflected as such in the G20 investment agenda, the
Addis Ababa Action Agenda on Financing for Development, the 2015
Paris Agreement on climate change, and the UN Sustainable Develop-
ment Goals (EBRD, 2022). Though enormous investments are required,
there is no dearth of capital available if other sources of financing are
carefully leveraged. Traditionally, investments have been coming from
the public sector. The rationale being that public capital increases the
productivity of private capital in a complimentary way. An increase in
private capital increases labor productivity which means higher wages
for workers and lower cost of borrowing (due to lower interest rates).
On the contrary, if public spending increases, borrowing by the federal
government increases crowding out private capital and lowering economic
output (Penn Wharton Budget Model, 2021). However, not all projects
are amenable to private sector participation. Exploring the feasibility and
financial viability of infrastructure projects should be the starting point to
determine the project development and financing structure.
Infrastructure assets fundamentally differ in their characteristics from
other asset classes. The sectors that form part of infrastructure have
6 R. D. TIRUMALA AND P. TIWARI

substantial differences in terms of business models, regulatory frame-

works, policy instruments, market structure, technology, and its devel-
opment, market players, and their characteristics. These also vary by
region and time. The major events that disrupted the world economy,
such as the Asian financial crisis (1997), the dot com bubble (2000), the
global financial crisis (GFC) (2007/2008), and recently, the COVID-19
pandemic 2020 onwards, have incrementally changed the dynamics of the
infrastructure landscape and hence the financing of infrastructure. Under-
standing these unique characteristics is important to address the financing
challenges. Infrastructure projects are usually complex in their structures
and involve multiple participants in a legal arrangement. The contracts
require to be well-drafted, outlining clear responsibilities between parties
and assigning risks to the parties that are best suited to address those risks.
Also, infrastructure investments generate cash flows in the later stages
of the project, making investments in the initial phases risky for private
entities (Ehlers, 2014). Therefore, in many cases, some form of public
support would be required to attract investments from the private sector.
Since the investments are of an enormous magnitude, public sources alone
cannot meet these needs.
The multilateral development banks and international financial insti-
tutions (MDBs/IFIs) play an important role in bridging the financing
gap. Though they cater to a small percentage of the financing needs,
they play a catalytic role in leveraging other sources of capital in inter-
national markets as well as private capital. Other sources of capital are
increasing in popularity, such as infrastructure bonds, commercial banks,
retail investors, institutional investors such as pension funds and insurers,
various infrastructure, and impact bonds.

1.3 Advances and Innovations

Projects are increasing in complexity, and there is no single formula for
financing. Though a deep pool of capital is available, channeling it into
infrastructure projects is a challenge. As far as investors are concerned,
their revenue sources are either public funds or from user charges. To
encourage private financing, clear and realistic revenue streams need to be
established. Traditionally, a combination of debt and equity was required
to finance infrastructure projects. However, the changing complexities of
the project structures and the purposes they have been set up mean that
the financing package needs to be customized. The projects increasingly
 1 INTRODUCTION 7

have a combination of structured loans, project bonds, credit enhance-

ments, and wrap-up guarantees, as can be observed from a few examples
mentioned below.
A11 Belgium motorway was the “first greenfield and first transport”
project to receive benefits of the Project Bond Credit Enhancement initia-
tive of the European Investment Bank (EIB). The cost of this project was
around $731 million and one of the most expensive projects in Belgium’s
infrastructure sector. It was also the first public–private partnership (PPP)
project to get fully financed by a project bond. This project also received
the benefit of a deferred drawdown structure for project bonds; that is,
funds were drawn over the construction phase, thereby reducing the cost
of capital. Credit enhancement from the EIB helped in improving the
credit rating for the project, which in turn led to lower costs of financing
the debt (Dockreay, 2014; EC, 2014; InfraPPP, 2014).
Another example of an innovatively financed project is the one under-
taken by the Department of Streets and Sanitation, city of Chicago. In
a first-of-its-kind transaction, the Skyway Concession Company signed
a concession to lease the project for a period of 99 years for $1.8
billion in 2005. Chicago skyway privatization helped the city authori-
ties to improve the financial condition of the city by deploying the funds
received from privatization transaction. Authorities paid off their existing
debts on Skyway and the city. Also, a long-term reserve creation and
fund allocation (“people, neighborhood, and business investment fund”)
were undertaken. This project is a classic example where government
authorities got benefitted from the privatization transaction by gener-
ating financial resources for other infrastructure projects (Bipartisan Policy
Center, 2016; Dyble, 2013; US Department of Transportation, 2021).
Land-based financing mechanisms such as land value capture, impact
fees, and taxation are increasingly gaining popularity with cities to meet
their infrastructure financing needs. An example of land-based financing
is the development of Indira Gandhi International Airport (IGI Airport),
New Delhi, India. Delhi is the busiest airport in India and IGIA is the
first carbon neutral airport in the Asia Pacific region. It is an important
hub and connects travelers to important business and leisure destina-
tions within the country and outside (Magicbricks, 2018; Mint, 2007;
Pandey et al., 2010). The Delhi airport handled passenger traffic of
69.23 million passengers and cargo of 1041 tons for the year 2018–2019
(DIAL, 2022). The airport was developed by a GMR-led consortium.
Before this attempt, there were no significant efforts done to use the
8 R. D. TIRUMALA AND P. TIWARI

remaining land (post-utilization for aeronautical purposes) around the

airport to provide better amenities to the passengers. It was an inno-
vative way of revenue generation through land value capture methods.
Delhi International Airport Limited (DIAL) was allowed to lease the land
around the airport for non-aeronautical activities such as shopping malls,
hotels, office spaces, and other commercial complexes for developing an
aerotropolis. It is popularly known as Delhi Aerocity (Delhi Aerotropolis
Private Limited).
The financing of infrastructure has moved beyond traditional govern-
ment funding, multilateral assistance, and project finance to a diverse set
of innovative approaches, increasing participation from private, institu-
tional, commercial, and philanthropic investors. The scale of infrastruc-
ture investments is huge, and this investment is expected over different
phases of the project lifecycle. Though each stage is closely related to
the other, the order of investments required is different. Capital invest-
ments are required in the construction stages whereas revenues from user
charges, rentals, advertisements, etc., serve as revenue sources during
the operations and maintenance phases of the project. Increasingly for
PPP projects, funding sources are required both during the construction
and operations phases. The conventional financing structures have been
replaced with a range of innovative financial instruments and mechanisms.
The gaps in debt and equity funding, for example, are being bridged by
the multilateral financial institutions, infrastructure funds, and the institu-
tional investors. Many governments have started playing a more active
role in improving the attractiveness of the projects through a variety
of credit enhancement projects. The approaches to investments in the
projects included both indirect routes (through funds) and direct project-
specific transactions. Private equity funds, pension funds, and insurance
companies have been making direct investments in infrastructure. For
instance, Australian pension funds invest in infrastructure funds. Canadian
pension funds are a popular example of direct infrastructure investing.
The extent of private sector involvement depends on the project viability,
market, and business opportunities.

1.4 Scope of the Book and Chapterization

The developments, when viewed from a financial business perspective,
might appear to be driven by the innovative approaches of a vast array of
stakeholders. However, the infrastructure sector, financing, in particular,
 1 INTRODUCTION 9

is characterized by a web of relationships among the many stakeholders,

including the policymakers, project proponents, financiers, developers,
regulators, service providers, and consultants. The rapid developments in
the practices in each sub-domain, enabling mechanisms created to address
the local needs or in response to global challenges, efficient informa-
tion dissemination, sharing of best practices, and capacity building have
had a major impact on how the financing has progressed. Though there
are several other characteristics of infrastructure projects that are equally
important for a project to be successful, this book is dedicated to the
advances or innovations in financing infrastructure.
This book is focused on presenting the creative changes in financing
infrastructure projects over the last two decades. Each of the chapters
in the book will discuss advances or an innovation theme relating to
the dynamism of project finance and capital markets, the diversification
of multilateral assistance into various concessional and guarantee instru-
ments, the surge of green and other thematic bonds, the role of land value
capture, funded and unfunded risk mitigation options, asset recycling,
and participation of private institutional investors. Each of the topics is
vast in its concepts, application, and coverage and rightfully deserves the
attention in many independent topic-specific research outputs, textbooks,
industry reports and professional databases, and periodic summaries of
developments. While there are books that touch on the related topics,
there is no extant book that addresses all the elements in one place, and
this book attempts to bridge that gap. The book does not hold itself to be
an exhaustive treatise on each of the developments or the trends that took
place over this period, rather attempts to synthesize the developments to
date and generate new understandings and concepts relevant to various
themes. It is intended to give initiation to the readers’ understanding of
the advances in financing infrastructure and kindle their interest in further
exploration. Developments in infrastructure financing are followed by
many financial institutions, private developers, public sector policymakers,
consulting firms, and academic institutions. A researched discussion on
the innovative approaches, challenges, and applications will help the
readers reflect on, compare, and contrast the emerging trends concerning
their practice.
This book contains further eight chapters that serve to sensitize the
reader to the advances and innovations in infrastructure finance.
Chapter 2: Project Finance Transformation discusses the dynamism
of project finance structures in meeting the investment needs of global
Another random document with
no related content on Scribd:
grana.
¿Hay mas beldad que ver la
pradería
estrellada con flores de las
plantas,
que van mostrando el fruto y la
alegría?
Donde, con profundíssimas
gargantas,
las tiernas avecillas estudiosas
están de señalar cuales y
cuántas.
Allí veréis pastoras más
hermosas
(no con maestra mano
ataviadas),
que las damas en Cortes
populosas.
Allí veréis las fuentes no
tocadas
distilando, no agua al viso
humano,
mas el cristal de piedras
variadas.
Allí veréis el prado abierto y
llano,
donde los pastorcillos su
centella
descubren al Amor, furioso,
insano.
Este, de su pastora se
querella;
aquél de sí, por que miró la
suya;
el otro, más grossero, se loa
della.
No hay quien por defeto se
lo arguya,
ni quien de rico ponga
sobrecejo,
ni quien á los menores dexe y
huya.
En el prado se oye el
rabelejo,
la zampoña resuena en la
floresta,
en la majada juegan chueca ó
rejo.
Pues qué ¿venido el día de
la fiesta,
hay gusto igual que ver á los
pastores
haciendo á las pastoras su
requesta?
Uno presenta el ramo de las
flores,
y cuando llega, el rostro
demudado,
otro dice suavíssimos amores.
Uno llora, y se muestra
desamado;
otro ríe, y se muestra bien
querido;
otro calla, y se muestra
descuidado.
El uno baila, el otro está
tendido;
el uno lucha, el otro corre y
salta,
el otro motejado va corrido.
En esta dulce vida, ¿qué
nos falta?
y más á mí que trato los
pastores,
y cazo el bosque hondo y la
sierra alta,
Con arco, perchas, redes y
ventores,
ni basta al ave el vuelo
presuroso,
ni se me van los ciervos
corredores.
Este sabuesso era un
perezoso,
y ya es mejor que todos: halo
hecho
que, como mal usado, era
medroso.
Tiene buen espinazo y muy
buen pecho
y mejor boca: ¡oh pan bien
empleado!
toma, Melampo, y éntrete en
provecho.
Quiérome ya sentar, que
estoy cansado;
¡oh seco tronco, que otro
tiempo fuiste
fresno umbroso, de Ninfas
visitado!
Aquí verás el galardón que
hubiste,
pues te faltó la tierra, el agua,
el cielo,
después que este lugar
ennobleciste.
Assí passan los hombres en
el suelo;
después que han dado al
mundo hermosura,
viene la muerte con escuro
velo.
Ya me acuerdo de ver una
figura
que estaba en tu cogollo
dibujada,
de la que un tiempo me causó
tristura.
Estaba un día sola aquí
sentada;
¡cuán descuidado iba yo de
ella,
cuando la vi, no menos
descuidada!
Puse los ojos y la vida en
ella,
y queriendo decirla mis
dolores,
huyó de mí, como yo ahora
della.
Por cierto grande mal son
los amores,
pues al que en ellos es más
venturoso,
no le faltan sospechas y
temores.
Igual es vivir hombre en su
reposo.
¿Quién es aquel pastor tan
fatigado?
Debe de ser Florelo ó
Vulneroso.
La barba y el cabello
rebuxado,
la frente baxa, la color torcida.
¡Qué claras señas trae de
enamorado!
¿Es por ventura Fanio?
¡Qué perdida
tengo la vista! Fanio me
parece.
¡Oh Fanio, buena sea tu
venida!

FANIO
Amado Delio, el cielo que
te ofrece
tanta paz y sossiego, no se
canse,
que solo es bien aquel que
permanece.

DELIO
Aquesse mismo, Fanio mío,
amanse
el cuidado cruel que te
atormenta,
de suerte que tu corazón
descanse.
He desseado que me
diesses cuenta,
pues que la debes dar de tus
pesares
á quien contigo, como tú, lo
sienta.
Y quiero, Fanio, por lo que
tratares
perder la fe y el crédito
contigo,
cuando en poder ajeno lo
hallares.
Sabe que al que me ofrezco
por amigo,
la hacienda pospuesta y aun
la vida,
hasta el altar me hallará
consigo.

FANIO
Delio, tu voluntad no
merecida
no es menester mostrarla con
palabras,
pues en obras está tan
conocida.
Pero después que tus orejas
abras,
más lastimosas á escuchar mi
duelo
en un lenguaje de pastor de
cabras,
Ni á ti podrá servirte de
recelo,
pues ya tienes sobradas
prevenciones,
ni á mí de altivo en tanto
desconsuelo.
Y no son de manera mis
passiones
que se puedan contar tan de
camino,
que aunque sobra razón,
faltan razones.

DELIO
Conmigo te han sobrado de
contino,
entendiendo que la hay para
encubrirme
lo que por más que calles
adivino.
Y aunque me ves en porfiar
tan firme,
sabe que poco más que yo
barrunto
de tu importancia puedes
descubrirme.
Y pues me ves en todo tan á
punto
para mostrarme amigo
verdadero,
no me dilates lo que te
pregunto.
Cuéntame tus passiones,
compañero,
cata que un fuego fácil
encubierto
suele romper por el templado
acero.

FANIO
Oh, caro amigo mío, y cuán
más cierto
será hacer mis llagas muy
mayores,
queriéndote contar mi
desconcierto.
Porque siendo mis daños
por amores,
tú pretendes saber, contra
derecho,
más que la que ha causado
mis dolores.
Salga el nombre de Liria de
mí pecho
y toque á tus orejas con mi
daño,
ya que no puede ser por mí
provecho.
No me quexo de engaño ó
desengaño,
de ingratitud, de celos ni de
olvido,
quéxome de otro mal nuevo y
extraño.
Quéxome del Amor, que me
ha herido;
abrióme el corazón, cerró la
boca,
ató la lengua, desató el
sentido.
Y cuanto más la rabia al
alma toca,
la paciencia y firmeza van
creciendo
y la virtud de espíritu se
apoca.
De tal manera, que me veo
muriendo,
sin osarlo decir á quien podría
sola dar el remedio que
pretendo.

DELIO
Amigo Fanio, aquessa tu
porfía
tiene de desvarío una gran
parte,
aunque perdones mi
descortesía.
 Díme, ¿por qué razón debes
guardarte
de descubrir tu llaga á quien la
hace?
¿ó cómo sin saberla ha de
curarte?

FANIO
Porque de Liria más me
satisface
que me mate su amor que su
ira y saña,
y en esta duda el buen callar
me aplace.

DELIO
No tengo á Liria yo por tan
extraña,
ni entiendo que hay mujer que
el ser querida
le pudiesse causar ira tamaña.
Cierto desdeño ó cierta
despedida,
cuál que torcer de rostro ó
cuál que enfado,
y cada cosa de éstas muy
fingida.
Aquesto yo lo creo, Fanio
amado;
empero el ser amada, no hay
ninguna
que no lo tenga por dichoso
hado.
Y si, como me cuentas, te
importuna
aquesse mal y tienes aparejo,
no calles más pesar de tu
fortuna.
Tú no te acuerdas del
proverbio viejo:
que no oye Dios al que se
hace mudo,
ni da ventura al que no ha
consejo.

FANIO
Pues dame tú la industria,
que soy rudo,
grossero y corto, y en un
mismo grado
mi razonar y mi remedio dudo.
Bien que llevando Liria su
ganado
por mi dehesa, junto con el
mío,
me preguntó si soy
enamorado.
Y el otro día estando junto al
río
llorando solo, en medio de la
siesta,
Liria llevaba al monte su
cabrío.
Y díxome: Pastor, ¿qué cosa
es ésta?
y yo turbado, sin osar miralla,
volvíle en un suspiro la
respuesta.
Mas ya estoy resumido de
buscalla,
y decirle por cifra lo que
siento,
al menos matárame el
enojalla.
De cualquier suerte acaba
mi tormento,
con muerte, si la enojo, ó con
la vida,
si mi amor y mi fe le dan
contento.
Veremos esta empresa
concluída,
venceré mi temor con mi
deseo,
la vitoria, ó ganada ó bien
perdida.
¿Oyes cantar? D. Si oyo. F.
A lo que creo,
Liria es aquélla. D. Eslo, F. Al
valle viene.
¡Ay, que te busco y tiemblo si
te veo!
Ascóndete de mí, que no
conviene,
si tengo de hablarle, que te
vea.

DELIO
Ascóndeme, pastor; Amor
ordene
que tu mal sienta y tus
cuidados crea.

LIRIA
El pecho generoso,
que tiene por incierto
serle possible, al más
enamorado
ser pagado, y quejoso
vivir estando muerto,
y verse en medio de la llama
helado;
cuán bienaventurado
le llamará el extraño,
y en cuánta desventura
juzgará al que procura
hacerse con sus manos este
daño,
y por su devaneo
á la razón esclava del Deseo.
Memoria clara y pura,
voluntad concertada,
consiente al alma el corazón
exento;
no viene su dulzura
con acíbar mezclada,
ni en medio del placer ama el
tormento
sano el entendimiento,
que deja el Amor luego
más que la nieve frío,
pero el franco albedrío
y el acuerdo enemigo, á
sangre y fuego;
y en tan dañosa guerra,
sin fe, sin ley, sin luz de cielo ó
tierra.
Promessas mentirosas,
mercedes mal libradas
son tu tesoro, Amor, aunque
no quieras;
las veras, peligrosas;
las burlas, muy pesadas;
huyan de mí tus burlas y tus
veras,
que sanes ó que hieras,
que des gloria ó tormento,
seas cruel ó humano,
eres al fin tirano,
y el mal es mal y el bien sin
fundamento;
no sepa á mi morada
yugo tan duro, carga tan
pesada.
Corran vientos suaves,
suene la fuente pura,
píntese el campo de diversas
flores,
canten las diestras aves,
nazca nueva verdura,
que estos son mis dulcíssimos
amores;
mis cuidados mayores
el ganadillo manso,
sin varios pensamientos
ó vanos cumplimientos
que me turben las horas del
descanso,
ni me place ni duele
que ajeno corazón se abrase ó
hiele.

FANIO
Por essa culpa, Fanio, ¿qué
merece
Liria? L. Lo que padece;
pues, penando,
quiere morir callando. F. Gran
engaño
recibes en mi daño. ¿Tú no
sientes
que las flechas ardientes
amorosas
vienen siempre forzosas? Si
de grado
tomara yo el cuidado, bien
hicieras
si me reprendieras y culparas.

LIRIA
Déxame, que á las claras te
condenas:
pudo Amor darte penas y
matarte,
y no debes quexarte, pues que
pudo;
de ti, que has sido mudo y
vergonzoso,
debes estar quexoso. ¿De qué
suerte
remediará tu suerte y pena
grave
quien no la ve ni sabe? F. ¡Ay,
Liria mía!
que yo bien lo diría, pero temo
que el fuego en que me
quemo se acreciente.

LIRIA
Pues, ¿tan poquito siente de
piadosa
quien tu pena furiosa
ensoberbece?
 FANIO
Mas antes me parece, y aun
lo creo,
que tan divino arreo no es
posible
en condición terrible estar
fundado;
pero considerado aunque esto
sea,
no es justo que yo vea mi
bajeza,
y aquella gentileza soberana,
y que sufra de gana mis
dolores
sin pretender favores. L.
Grande parte
ha de ser humillarte, á lo que
creo,
para que tu deseo se mitigue,
porque Amor más persigue al
más hinchado,
que está muy confiado que
merece,
que al otro que padece, y de
contino
se cuenta por indino; pero
cierto,
tú no guardas concierto en lo
que haces:
¿no se sabe que paces las
dehessas,
con mil ovejas gruessas
abundosas
y mil cabras golosas y cien
vacas?
¿No se sabe que aplacas los
estíos
y refrenas los fríos con tu
apero,
y tienes un vaquero y diez
zagales?
Todos estos parrales muy
podados,
que tienes olvidados, ¿no son
tuyos?
Pues estos huertos, ¿cuyos te
parecen?
Todo el fruto te ofrecen; pues
si digo
del cielo, ¿cuán amigo se te
muestra,
tecuánto la maestra alma
Natura
y dió de hermosura, fuerza y
maña?
¿Hay ave ó alimaña que no
matas?
¿Hay pastor que no abatas en
el prado?
¿Hate alguno dejado en la
carrera?
Pues en la lucha fiero ó en el
canto,
¿hay quién con otro tanto se
te iguale?
Pues esso todo vale en los
amores,
porque de los dolores no se
sabe
si es su accidente grave ó si
es liviano.
Todo lo tienes llano. F. ¿Qué
aprovecha
tener la casa hecha y
abastada,
si en la ánima cuitada no hay
reposo?

LIRIA
Vivir tú doloroso, ¿qué te
vale,
si aquella de quien sale no lo
entiende?
Tu cortedad defiende tu
remedio.

FANIO
¿Parécete buen medio que lo
diga?

LIRIA
Antes es ya fatiga amonestarte.

FANIO
Pues, ¿tienes de enojarte si lo
digo?

LIRIA
Fanio, ¿hablas conmigo ó
desvarías?
¿Pensabas que tenías y
mirabas
presente á quien amabas? F.
Sí pensaba
y en nada me engañaba. L. No
te entiendo,
aunque bien comprehendo
que el amante
 tiene siempre delante á la que
ama,
y allí le habla y llama en sus
passiones.

FANIO
No glosses mis razones. L. Pues,
¿qué quieres?

FANIO
Hacer lo que quisieres,
aunque quiero
preguntarte primero: ¿si mis
males
y congojas mortales me
vinieran
por ti y de ti nacieran, y el
cuidado
te fuera declarado, ¿te
enojaras?

LIRIA
Si no lo preguntaras, te
prometo
que fueras más discreto. Tú
bien sientes
los rostros diferentes de
natura
en una compostura de
facciones;
pues, en las condiciones, es al
tanto,
aunque no debe tanto ser
piadosa,
á mi ver, la hermosa que la
fea,
que en serlo hermosea su
fiereza.

FANIO
¡Ay, cuánta es tu belleza! L.
Assí que digo,
que no debes conmigo
assegurarte,
pues sé certificarte que en tal
caso,
aquello que yo passo por
contento
puede ser descontento á tu
pastora,
y no imagino agora por qué
vía
con la voluntad mía quiés
regirte.

FANIO
Porque puedo decirte que,
en belleza,
en gracia y gentileza, eres
trassunto,
sin discrepar un punto, á quien
me pena.

LIRIA
¿Es por dicha Silena tu
parienta?
Si es ella, no se sienta entre la
gente,
que eres tan su pariente como
mío;
pueda más tu albedrío que tu
estrella.

FANIO
¡Ay, Liria, que no es ella!
¿Y aún te excusas
y de decir rehusas el sujeto
que en semejante aprieto
mostrarías?

LIRIA
Horas me tomarías si lo
digo,
que como fiel amigo te
tratasse;
y horas que me enojasse, que
aun no siento
mi propio movimiento. F.
Dessa suerte
más me vale la muerte y
encubrillo,
que al tiempo de decillo verla
airada.

LIRIA
Bien puede ser quitada tu
congoxa,
si aquella que te enoja me
mostrasses
y en mis manos fiasses tu
remedio.