A.1 HM Treasury issued an Application Note1 in August 2009 to help Authorities address the impact of financial market dislocation on the procurement of PPP projects. Since TIFU was created in March 2009, approximately 50 projects have reached financial close with TIFU only being required to lend on one project in April 2009. This is evidence of a partial recovery in the financial markets.
A.2 The Application Note expired on 31st August 2010. However, some of its principles remain relevant and have been restated herein. This annex has broad applicability to PPP projects where private finance is being proposed although is written specifically with the PFI in mind.
A.3 This Annex is organised based on the procurement phases traditionally associated with the Competitive Dialogue process.
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1 http://www.hm-treasury.gov.uk/d/market_dislocation_280809.pdf