and real estate) is also notable. (For a fuller analysis on a geographical basis, cf.
Chapter 3.)
Assuming that debt averages 70% of total project costs, in 2001 on the basis of
these figures some $190 billion of new investments worldwide were financed with
project finance from private-sector lenders.
It should be noted that these statistics do not include direct lending for projects
by export credit agencies and multilateral development banks (cf. Chapter 11)
or other public-sector agencies. In addition, because (a) it is debatable whether
certain structured finance loans should be classified as project finance or not
(cf. §2.4), and (b) the borderline between project finance and financing projects
(cf. Chapter 1) is not always clear, market statistics compiled ...