THE MECHANICS OF

PROJECT FINANCE

Contact:www.iff-training.com/pfdl Tel: +44(0)20 7017 7190Email: cs@iff-training.com

Dates:5 December 2018 13 March 2019

POSTGRADUATE CERTIFICATEDELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

COURSE INFORMATIONDELIVERED BY DISTANCE LEARNING OVER 16 WEEKSThis is a very practical course – designed by apractitioner for practitioners in the project finance sector.The modules and case studies included in the course addup to a manual, not a textbook. The aim of the programmeis to provide those who follow it with a project finance‘toolkit’. This approach assumes little or no pre-existingknowledge and experience and builds from the mostbasic level into a set of skills and techniques which willallow you to assess the bankability of projects from a verywide range of sectors. Rich in ‘tips and tricks’ andpractical checklists, it provides beginners in this field acomprehensive mental framework for the analysis ofprojects and the structuring of limited-recourse debt.Students with some previous experience will find that itcodifies what they have already learned and allows themto consolidate their skills and fill in gaps in theirknowledge.

The course takes place over 16 weeks and consists ofeight distance learning units. Every two weeks anadditional unit will be released with the associatedassessment so you can confirm your understandingbefore moving on to the next unit. Each unit iscomplemented by a 10-20 minute video from the coursedirector, Steve Mills, taking you through the componentsof the course with particular emphasis on complex areas.

The six core modules cover the basics of project finance,risk analysis and allocation/mitigation, debt sizing andstructuring and documentation. Students then elect topursue a specialist path – Power /Oil and Gas orInfrastructure/PPPs – and follow a two-moduleprogramme providing a ‘deeper dive’ into the specifics ofproject finance in these sectors.

Studying this programme also offers you the option ofqualifying for a Postgraduate Certificate from therespected Middlesex University. This is the only projectfinance course that offers the chance to achieve thisqualification.

COURSE PROGRAMMECORE UNITS:1. An Introduction to Project Finance2. Qualitative Risk Identification Analysis & Mitigation(part A)

3. Qualitative Risk Identification Analysis & Mitigation(part B)

4. Quantitative Analysis, Debt Sizing & Structuring5. Documenting the Deal6. Project Finance Time-Line & Project Finance Security

CHOOSE BETWEEN TWO ELECTIVE PATHSELECTIVE UNITS – PATH A:1. Infrastructure Project Finance2. PPP/PFI Project Finance

ELECTIVE UNITS – PATH B:1. Oil, Gas & Mining Project Finance2. Conventional & Renewable Power Project Finance

Phone +44 (0)20 7017 7190

Emailcs@iff-training.com

Onlinewww.iff-training.com/dlprojectfinance

Europe, in the Middle East and in theUS for a wide range of banks, projectsponsors and other companies activein limited-recourse finance. Steve’scourses have a strong emphasis onthe underlying mechanics of projectfinance. He aims to distil 30 years ofreal deal experience into clear, easily-understood units with a strongemphasis on the toolkit and itspractical application. Delegatesregularly praise the clarity andthoroughness of his presentationsand, in particular, the value of hismindmaps and checklists.

To see and hear Steve talk about histraining approach, follow the followinglink: www.iff-training.com/VIDPFDL

PREVIEW UNIT ONE FREE OF CHARGE

We are offering you the opportunityto preview unit one completely freeof charge. This unit will be yours towork through and assess. Afterpreviewing unit one, there is noobligation to book the course. If youlike what you see however, we will behappy to help you register.

ABOUT IFF

The International Faculty of Finance isone of the world’s leading specialistfinancial training organisations.Providing participants in the globalfinancial and energy markets withintensive technical trainingprogrammes designed to help themsucceed on the global stage.Established in 1991, we have grownour business internationally and nowdeliver services all over the world.

Our ever-expanding portfolio of twoto five day courses and distancelearning programmes range incomplexity from introductoryprogrammes for new marketentrants, through to the mostcomplex subjects in the industry.

HOW YOU WILL LEARN

Through distance learning you canenjoy the benefits of studying whilstminimising disruption to your existingprofessional commitments. You can setthe pace at which you learn; applyingthe knowledge, skills and expertisegained from the materials to your workstraight away. There’s also the savingsof cost and time by not having to travelto a training location.

You can choose one of two learningroutes: the university-accredited routeand the standard non-accredited route.

Approaching the topics in a modularformat, the course will enable you tograsp the key concepts in a practicalway and thus help you build a firmplatform on which to expand yourknowledge.

The course will take you step-by-stepthrough the different components ofProject Finance. You can study the unitsonline, save them to your computer orprint them out. You can also takeadvantage of the online forum to meetyour fellow participants and shareknowledge, ideas and information atany time.

At the end of each unit there is apractical assessment which will allowyou to benchmark your growth inknowledge and understanding andshow you clearly the tangible benefitsof the investment you are making.

POSTGRADUATE CERTIFICATE

To make your studies more relevantand valuable, the course is accreditedby the Business School at MiddlesexUniversity at a Postgraduate Certificatelevel. For those wishing to receive aPostgraduate Certificate fromMiddlesex University, an additionalmarked assignment of 5000 wordsmust be submitted. This takes the formof a realistic case study which willrequire you to employ in a practicalway all the skills you have learned.

COURSE DIRECTOR – STEVE MILLS

Steve Mills is a careerproject financier whodraws on 30 years oflending and advisoryexperience and 10years of projectfinance teaching.

Until 2007 he was the Head of the Oiland Gas Project Finance team at RBS,London, having worked also for HSBCand Sumitomo Bank, as well as co-founding a project finance boutique firm.Since 2008 Steve has concentrated ontraining in the project finance sector anddeveloped a number of highly-regardedpublic training courses for IFF.

Steve has also developed and deliveredtailored in-house workshops across

Many who work in project financerelated areas receive little or noformal training.’ says Steve, ‘ Theirtraining is overwhelmingly on-the-jobtraining. This can work, but it can bedangerous and the results are oftenpatchy. With this programme we cantake someone from a standing start tobeing a very useful member of atransaction team – whether on thelender or the sponsor side. They willachieve the helicopter view while atthe same time mastering the detail.’

‘

COURSE SYLLABUS

UNIT 1 AN INTRODUCTION TO PROJECTFINANCE

Unit Learning Aims and Objectives� Explain the meaning of the term ‘projectfinance’ and compare and contrast it withother forms of debt capital – especiallycorporate borrowing.

� Set out the reasons why companies choose(or do not choose) to use project financeand explain the contractual structurestypically employed.

� Contrast the risk/reward relationship withthe project enjoyed by the sponsor with thatof the banker and how this affects thelender’s attitude to acceptance of risk.

UNIT CONTENTWhat is ‘Project Finance’ – How Does it DifferFrom Other Forms 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 & ContractualRelationships• Usually (not always) limited-liability ‘SPV’• Multiple contractual relationships:– construction contractor(s)– suppliers– offtakers– operators– insurance providers– public sector – government bodies and

agencies

Disadvantages for Borrowers/Sponsors• Increased complexity (riskidentification/mitigation/allocation)

• Need for third-party due diligence reports• Longer timelines• Higher debt costs – interest margins andfees

• Supervision by and reporting to lender group• Tighter debt covenants and undertakings

Risk/Reward Relationships of the Players –Lenders & Borrowers/Sponsors• Borrower/sponsor seeks to optimise returnthrough NPV/IRR/WACC analysis and widesensitivity analysis on both upside anddownside

• Lender is not exposed to upside – inbusiness of analysing and managing/mitigating/transferring risk

UNIT 2QUALITATIVE RISK IDENTIFICATION, ANALYSIS & MITIGATION (A)

Unit Learning Aims and Objectives� Explain the key qualitative risk factorsanalysed by lenders when evaluating aproject financing – in this unit particularlysponsor risk, country/political risk,completion period issues, and operationand maintenance arrangements.

� Explore how these risk factors are perceivedby bankers, mitigated and allocated to otherparties within or outside the projectstructure (where necessary).

UNIT CONTENTSponsor Risk – A Potential ‘On-Off’ Switch• Competence and track-record• Management skillsets• Equity injection – capacity and timing

Country/Political Risk – Banks are Better atAccepting Commercial Rather than PoliticalRisk• What are the risks?– expropriation, confiscation and

nationalisation risk– other political perils– war, civil war– strike, riot and civil commotion– depreciation and 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 and othersupport mechanisms

~ support from the lender – cost-overrunfacilities

• Operation and 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)

Unit Learning Aims and Objectives� Explain the key qualitative risk factorsanalysed by lenders when evaluating aproject financing – in this unit particularlysupply risk, reserve risk, sales/offtakearrangements, approvals/permits issues,environmental factors and regulatoryconsiderations.

� Explore how these risk factors areperceived, mitigated and allocated to otherparties within or outside the projectstructure (where necessary).

UNIT CONTENTRisks of the Project Itself (Part Two)• Supply risks– split into volume and 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 and

uncertainties– probabilistic vs. deterministic reserve

classification/valuation– applying banking value to reserves

• Sales/offtake risk– split into volume and price– lender again likely to be concerned

about uncovered volume risk– offtake risk mitigation:

~ ‘take-or-pay’ contracts~ tolling contracts~ marketing agreements

• Approvals and permits– usually transferred to sponsor– transfer effected through conditions

precedent• Environmental considerations– of immense and growing importance to

lenders– impact of environmentally and socially-

sensitive projects on lenders– advent of equator principles:

~ genesis and development~ structure and function~ impact on:

project analysis and ratingCredit approval processDocumentation – representationsand warranties, undertakings andevents of default

• Regulatory risk– role of the regulator – ensuring security

of supply and avoiding abuse ofmonopoly

– impact of the regulator/regulatoryregime on:~ project revenue/cashflow~ structure/security

COURSE SYLLABUS

UNIT 4QUANTITATIVE RISK ANALYSIS & DEBT SIZING/STRUCTURING

Unit Learning Aims and Objectives� Examine how an economic model of theproject’s projected cash flow is employed tostructure the drawing and repayment ofdebt.

� Explain the use of ‘Cover Ratios’ to sizedebt, structure the repayment of thefinancing, test the debt-servicing capacityof the project in downside scenarios andprovide ‘command and control’ mechanismsduring the life of the financing.

� Analyse the impact of the debt structure onthe IRR of the sponsor and how the lender’sneed for debt-servicing security is balancedwith the objectives of the sponsor.

UNIT CONTENTThe Borrower/Sponsor Objectives:• Maximise debt• Minimise/delay equity injections• Maximise/accelerate distributions• Avoid ‘cash-traps’

Use of Different Techniques by Borrower toAssess Project Attractiveness – Cashback,Npv, Irr

The Banker’s Objectives – Timely Debt-Servicewith an Adequate ‘Cushion’

Debt Sizing & Sculpting• The cash flow waterfall in more detail• The lender’s model – its structure andfunction – structure of a typical debt unit– interaction with other parts of the model– primacy of the cash flow

• CFADS – the starting point for quantitativeanalysis and debt sculpting

• Lender ratios for debt calibration and stresstesting– debt to equity ratio and drawdown control– ADSCR – definition and use in the

sculpting of mortgage-style repayment • The NPV-based ratios (LLCR/PLCR) andsculpting to maintain loan-to-value

• Control accounts and other ‘Cash Traps’– debt-service reserve account– maintenance reserve account– cash sweeps

• Base case design and sensitivity running– control of input parameters – technical

and economic– calibrating debt and 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 5 DOCUMENTING THE DEAL

Unit Learning Aims and Objectives� Explain the process of documenting a projectfinancing transaction and the components ofthe major documents – with particularreference to the loan agreement itself.

� Analyse the purpose and structure of the keyparts of a project loan agreement – especiallythe control mechanisms incorporated toprotect lenders in periods of weak cash flow orat the point of default.

� Develop an understanding of the way in whichmaterial issues are often resolved.

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

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

• Loan economics – interest and fees• Repayment and /or prepayment

The Key ‘Command & Control’ Mechanisms inProject Finance Agreements• Control accounts and the cash flow ‘Waterfall’– the cash flow waterfall – purpose, typical

priority ranking and variations– types of control account:

~ disbursement account~ revenue/proceeds account~ compensation account~ debt service reserve account~ maintenance reserve accounts

• Availability and the debt: equity balance• Conditions precedent• Reps and warranties• Covenants – in particular:– debt and 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 and control• Cash-traps and ‘IRR-Killers’• Offences against the limited-recourse concept• Pricing – margins and fees

UNIT 6 THE PROJECT FINANCE TIME-LINE &PROJECT FINANCE SECURITY-TAKING

Unit Learning Aims and Objectives� Explain in detail the process ofnegotiating and documenting a limited-recourse financing and the way in whichthe steps (and their duration) can beimpacted by changes to the economy.

� Provide a clear appreciation of thedifferent instruments typically used bylenders to acquire a first-ranking securityinterest in respect of the project vehiclecompany, fixed and current assets,project contracts and other rights.

UNIT CONTENTSteps in the Project Financing Process• Pre-feasibility analysis• Financial feasibility analysis – usingadvisers

• Approaching lenders – underwriting/bestefforts; financing competitions

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

Lender Security-Taking Objectives• Maintaining priority/defeating the ‘paripassu’ principle

• Maintaining value• Limiting dealings• Negotiating strength• Enforcement/disposal

Relative Value of Different Security Types

Security in Challenging Locations

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

EACH DELEGATE TO COMPLETE EITHER ELECTIVE PATH A OR ELECTIVE PATH BELECTIVE PATH A – TWO UNITS TO COMPLETEELECTIVE UNIT 1INFRASTRUCTURE PROJECT FINANCE

Unit Learning Aims and Objectives� Set out in detail the qualitative risk analysis anddebt structuring features peculiar to infrastructureproject finance.

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

� Test understanding through a detailed financingcase study requiring risk analysis and the exerciseof judgement on whether a project is bankable and(if so) optimally structured.

UNIT CONTENTSector Background• History and drivers of infrastructure project finance• Contractual and legal framework• Key project documents – the concession and othergovernment agreements

The Banker’s Risk Analysis/Key Structuring & PricingDrivers • Local legal issues– procurement regime– concession law– insolvency law– experience and capacity– political risk

• Concession risk– awarding authority– tenor– revenue basis– termination– asset ownership– security– penalty regime

• Construction issues in infrastructure transactions• Operation and 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

Unit Learning Aims and Objectives� Set out in detail the qualitative risk analysisand debt structuring features peculiar toPPP/PFI project finance, the drivers for theestablishment of the sector and the keydocuments which underlie PPP/PFI projects– particularly the concession.

� Test understanding through a detailedfinancing case study requiring risk analysisand the exercise of judgement on whether aproject is bankable and (if so) optimallystructured.

UNIT CONTENTSector Background• Drivers for PPP/PFI project finance/origins ofthe sector

• Features of PPPs/contractual and legalframework

• PPP/PFI agreements• The PPP process/public sector involvement• Investor drivers – contractors and financialinvestors

• 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 and 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

ELECTIVE PATH B – TWO UNITS TO COMPLETE

ELECTIVE UNIT 1OIL & GAS/MINING PROJECT FINANCE

Unit Learning Aims and Objectives� 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-sectors such as upstream reserve-based lending,refinery finance, pipelines and storage, LNG andpetrochemicals.

� Test understanding through a detailed financing casestudy requiring risk analysis and the exercise ofjudgement on whether a project is bankable and (ifso) optimally structured

UNIT CONTENTSector BackgroundThe hydrocarbon value chain – upstream to downstream• Petroleum geology and reserves – the ‘Bare Bones’• Mining reserves – the ‘Bare Bones’• Exploration and development licences, concessionsand other agreements

The Banker’s Risk Analysis/Key Structuring & PricingDrivers• Upstream oil and gas lending:– single-field transactions– portfolio lending– junior financing products

• Refinery finance• Pipeline and storage finance• LNG financing:– liquefaction– regasification– tanker Finance

• Petrochemical financing• Financing the extraction and processing of otherminerals

Modelling & Structuring Methodology• Upstream oil debt structuring – single and multiplefields

• Midstream/downstream debt structuring:– refineries– LNG– petrochemicals

• Open cast and 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 & RENEWABLEPOWER PROJECT FINANCE

Unit Learning Aims and Objectives� Set out in detail the qualitative risk analysisand debt structuring features peculiar topower project finance, the impact of thepower sales arrangements on debt capacityand structure and the differences betweenconventional (gas and coal-fired) projectsand those involving renewable energysources.

� Test understanding through a detailedfinancing case study requiring risk analysisand the exercise of judgement on whether aproject is bankable and (if so) optimallystructured.

UNIT CONTENTSector Background• How power markets work• Financing power projects in emergingmarkets

• Developed/regulated markets• ‘Base-Load’, ‘Mid-Merit’ or ‘Peaking’?• CHP/cogeneration projects• Renewable energy and 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 and 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

OPTION OF A POSTGRADUATE CERTIFICATEWITH MIDDLESEX UNIVERSITYWe are giving you the unique opportunity to choosean accredited option for this course and receive apost graduate certificate on completion. This is aMiddlesex University qualification, jointly developedby Middlesex University and IFF, and quality assuredby Middlesex University. However, if accreditationisn’t important to you there is still the opportunity totake the standard non-accredited course.

WHAT DOES THE CERTIFICATE ENTAIL?In addition to studying the eight units and passingeight short self assessment tests after each unit, youwill need to submit a 5000 word assignment at the endof the course which will be assessed. The assignmentwill be a cumulative project that you will work throughand build upon during each stage of the course.

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

ENTRY REQUIREMENTSParticipants wishing to undertake the PostgraduateCertificate are required to have a degree or equivalentqualification (or relevant work experience).

Participants wishing to undertake the course but notreceive the Postgraduate Certificate are not required tohave any formal qualifications.

ABOUT OUR PARTNER MIDDLESEX UNIVERSITY

HistoryMiddlesex University is a large London based universitywith a history in higher education dating from 1878. In1992 it was granted the Royal Charter making it auniversity. The university offers a broad range ofcourses through four academic schools of Arts andEducation; Business; Engineering and InformationSciences; Health and Social Sciences and theirInstitute for Work Based Learning.

Middlesex University has over 34,000 studentsstudying on its courses worldwide, both at its owncampuses and also with partner institutions, making itone of the largest providers of British universityeducation to international students. MiddlesexUniversity has a long history of successfulcollaborations with the corporate sector. It was the firstacademic institution to develop industry specific MBAprogrammes (Shipping and Logistics and Oil and Gas)delivered 100% by distance learning.

INTERNATIONAL REACHMiddlesex University is committed to meeting theneeds and ambitions of a culturally and internationallydiverse range of students by providing challengingacademic programmes. It has a major internationalbusiness school based in London with overseascampuses in Dubai and Mauritius and a global portfolioof partnerships delivering high quality accreditedprogrammes in business and management.

Staff and students come from a wide spectrum ofcultures and backgrounds with a common interest inexecutive education that is world class, modern andapplicable. Middlesex University Business School isproud of its dedicated teachers and its rich range oflearning resources including distance learning andvirtual learning environments.

BENEFITS OF STUDYING FOR APOSTGRADUATE CERTIFICATE WITH US

A MIDDLESEX POSTGRADUATE CERTIFICATE:� Is project based and practical� Offers networking opportunities during and afterthe course

� Provides exceptional teaching staff� Delivers applied learning experiences� Combines academic rigour with individual support

HOW IS THE COURSE ACCREDITED?This programme is validated and awarded byMiddlesex University. After successfully completingyour studies you will receive a postgraduatecertificate from Middlesex University which is dulyaccredited by the British Government by means of aRoyal Charter. Middlesex University certificates arerecognised worldwide.

QUALITYThe Quality Assurance Agency (QAA) visitedMiddlesex in the spring of 2009 and noted in itsreport that its auditors had confidence in theUniversity’s current and likely future management ofits academic standards and of the learningopportunities available to students.

THE UNIVERSITY IS A MAJOR PROVIDER OFBUSINESS AND MANAGEMENT EDUCATION,WITH AN IMPRESSIVE TRACK RECORD OFWORKING IN PARTNERSHIP WITH THE PUBLICAND THE PRIVATE SECTOR, AS WELL ASINTERNATIONAL ORGANISATIONS

FEES

STANDARD PRICE PG CERT. PRICE

UK Individual or UK Company £2,299 + VAT = £2,758.80 £2,599 + VAT = £3,118.80

EU Individual or EU Non-VAT Registered Company £2,299 + VAT = £2,758.80 £2,599 + VAT = £3,118.80

EU VAT Registered Company (VAT no must be quoted when registering) £2,299 (No VAT to pay) £2,599 (No VAT to pay)

Individual or Company outside the EU £2,299 (No VAT to pay) £2,599 (No VAT to pay)

THE MECHANICS OF

PROJECT FINANCEPOSTGRADUATE CERTIFICATEDELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

Dates:

5 December 2018 (FLF4786)13 March 2019 (FLF4747)

Duration:

16 WeeksDates: Contact:

www.iff-training.com/pfdlTel: +44(0)20 7017 7190Email: cs@iff-training.com

Apply online now

Click here to see our full terms and conditions

Watch expert trainer Steve Mills introduce theProject Finance Distance Learning Course

� The Mechanics of Corporate Finance� The Mechanics of International Trade Finance� The Mechanics of Loan Documentation� The Mechanics of Derivatives and Financial Products� The Mechanics of Investment Management� The Mechanics of International Financial Reporting Standards� The Mechanics of Credit Risk Analysis� The Mechanics of Risk Management� The Mechanics of Real Estate� The Mechanics of Global Financial Markets

OTHER COURSES IN THE IFF DISTANCE LEARNING PORTFOLIO:

PACK 1443

5 December 2018 13 March 2019

www.iff-training.comTel: +44(0)20 7017 7190Email: cs@iff-training.com