Thesis (MDF)--University of Stellenbosch, 2010. / This study is an evaluation of the feasibility of utilising project finance in a Public Private Partnership model (as one of a number of possible private public partnership models) in order to deliver social housing in the South African market by evaluating the social housing regulatory environment against the commercial requirements for implementing project finance based PPP‘s, and indentifying gaps that are acting as stumbling blocks to the mobilisation of private sector resources in this sector. The study also looked at the social housing policy and the various private public partnership procurement models currently in use in the United Kingdom, with a view to highlight best practise and lessons which could be applied within the local environment. The broader South African procurement policy environment caters for the private sector delivery of infrastructure, with a number of deals having been delivered since the late 1990‘s. The Social Housing Policy does make provision for the Minister to make pronouncement on procurement models to be used, and does foresee some form of partnership between the public and private sector in delivering affordable housing (this is also supported by policies such the Inclusionary Housing Policy). The current policy environment however does not go far enough in addressing commercial requirements, such as guarantees for rental payments, and performance monitoring instruments, such as housing inspectorates, to facilitate the implementation of housing PPP‘s. 138 pages.

Thesis (MDF (Development Finance))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Infrastructure has been hailed as a fundamental link between markets and other development sectors of the economy. For over a long time the delivery of infrastructure in Africa has been the domain of the public sector. However, because of the continued budgetary constraints, most governments are seeking the support of the private sector in the delivery of infrastructure. Recent studies have, however, revealed that private participation in infrastructure delivery is very low in Africa. The research noted that certain obstacles at macro level of the economy are responsible for the low private participation in infrastructure delivery. It is, therefore, important that we assess the methodologies that have been used to attract private sector participation in infrastructure delivery in Africa. One method that is gaining popularity in the developing world is the use of project finance. The research study sought to achieve two objectives. The first was to discover whether governance played a significant role in attracting foreign lenders to use project finance in the delivery of infrastructure in Africa. The second objective was to find out, given that governance does matter, which of the governance indicators were important and what their relationship was with loan syndication. The study adopted a quantitative approach using six governance indicators as independent variables. The governance indicators are compiled by a team at the World Bank and these governance indicators are available on the World Bank database. Loan tranches were used as observations for the dependent variable with the data for the tranches originating from loans that were advanced under project finance across Africa covering the period between 1996 and 2006. The multiple regression model also incorporated certain control variables the data for which were collected from various sources. Findings from the research study revealed that governance does matter and is positively related to loan syndication in project finance structures. It was revealed that all six governance indicators exerted a positive influence on loan syndication. The results also revealed that political instability and violence, and control of corruption were statistically insignificant. In addition it was found that rule of law exerted the most positive influence on the composition of loan syndication in project finance structures. / AFRIKAANSE OPSOMMING: Infrastruktuur is al aangeprys as ‘n fundamentele skakel tussen markte en ander ontwikkelingsektore in die ekonomie. Die voorsiening van infrastruktuur in Afrika figureer lank reeds in die openbare sektor, maar as gevolg van die volgehoue begrotingsbeperkinge soek die meeste owerhede die steun van die privaatsektor wat betref die voorsiening van infrastruktuur. Onlangse studies het egter bevind dat private deelname in die aflewering van infrastuktuur in Afrika baie laag is. Die navorsing het aan die lig gebring dat daar sekere struikelblokke op die makrovlak van die ekonomie is wat verantwoordelik is vir die geringe privaat deelname in die voorsiening van infrastruktuur. Derhalwe is dit belangrik om die metodologieë wat gebruik is om privaatsektordeelname ten opsigte van infrastruktuurvoorsiening in Afrika te beoordeel. Een metode wat gewild raak in die Derde Wêreld, is die gebruik van projekfinansiering. Hierdie navorsingstudie probeer om twee doelwitte te bereik. Die eerste doelwit is om uit te vind of staatsbestuur ‘n betekenisvolle rol speel om buitelandse kredietverskaffers te lok om projekfinansiering vir infrastruktuuraflewering in Afrika te gebruik. Die tweede doelwit is om, gegewe staatsbestuur se belangrikheid, te bepaal watter van die staatsbestuuraanwysers belangrik is en wat hul verband met leningsindikasie is. Die studie het ‘n kwantitatiewe benadering gevolg en het ses staatsbestuuraanwysers gebruik as onafhanklike veranderlikes. Die staatsbestuuraanwyser is deur ‘n span van die Wêreldbank opgestel en die staatsbestuuraanwyswers is beskikbaar op die Wêreldbank se databasis. Leningdeel is gebruik as waarnemings vir die afhanklike veranderlike, en die data vir die leningdeel is afkomstig van lenings wat toegestaan is onder projekfinansiering dwarsoor Afrika vir die periode 1996 tot 2006. Die meervoudigeregressiemodel het ook sekere kontroleveranderlikes behels, en die data daarvoor is vanuit verskeie bronne ingewin. Die navorsingstudiebevindinge het aan die lig gebring dat staatsbestuur ter sake is en positief aansluit by die leningsindikasie in projekfinansieringstrukture. Dit het aan die lig gekom dat al ses staatsregeringsaanwysers ‘n positiewe invloed op leningsindikasie uitoefen. Die bevindinge het ook daarop gedui dat politieke onstabiliteit en geweld, en korrupsiebeheer statisties onbeduidend is. Daar is ook bevind dat die oppergesag van die reg die mees positiewe invloed op die samestelling van leningsindikasie in projekfinansieringstruksture uitoefen.

Thesis (MDF)--University of Stellenbosch, 2010. / For many years, people have migrated to other parts of their countries or across national borders. The reasons for the phenomenon of migration are many. People tend to migrate from poorer regions or countries to those that are comparatively better than their places of origin. Migration affects both host and destination countries in many ways. While there is evidence to support positive effects from migrations, mostly in developed countries, there is ongoing debate in most developing countries as to the effect of this phenomenon of migration. Immigrants are often associated with negative effects in destination countries. The purpose of this research is to determine the contribution of skilled professional immigrants to the South African economy. This report will narrow its focus to a case study of the contribution of skilled professionals in the health and higher education sectors but will also take a cursory look at the broad effects of other immigrant categories in South Africa. This research report focused on selected sectors of the South African economy since 1994 and found enough evidence to conclude that immigrants contribute positively to the South African economy. This is contrary to commonly held assumptions that foreign immigrants negatively affect the South African economy. However, this research only focused on the higher education and health sectors. A broader understanding of the effects of immigrants on the South Africa economy therefore requires further investigation.

Thesis (MDF (Development Finance))--University of Stellenbosch, 2007. / AFRIKAANSE OPSOMMING: Meer en meer mense werk buite hul land van herkoms as ooit tevore, en die geld wat hulle stuur na hul tuislande kan bestempel word as ‘n belangrike ekonomiese krag. Hierdie geld kan ’n belangrike rol speel in die ekonomie wat die geld ontvang. Die geld wat reiswerkers tuis stuur word remise of geldsending genoem en oortref reeds Offisiële Ontwikkelingshulp en oortref selfs Buitelandse Investering in sommige lande. Hierdie navorsingsverslag fokus op Zimbabwe, ’n land waarvan die ekonomie volgens sommiges reeds lank gelede moes ineengestort het. Die studie ondersoek tot watter mate geldsending die Zimbabwe ekonomie beskerm teen ineenstorting. Die verslag gebruik ’n opname onder verskeie rolspelers om te wys hoe geldsending die Zimbabwe ekonomie beskerm teen internasionale uitsluiting en sanksies. Zimbabweërs wat die ekonomiese swaarkry vrygespring het in hul land van herkoms stuur voortdurend geld na vriende en familie. Remise word deels gebruik as investering in kleinsake, terwyl deel van die buitelandse valuta investeer word in komoditeite wat die land moeilik deur offisiële kanale sou kon bekom. Die studie het bevind dat geldsending in 2005 en 2006 ongeveeer 25.5% en 25 persent respektiewelik tot die Bruto Nasioanle Produk van Zimbabwe bygedra het. Die studie het verder ’n paar interresante bevindinge gemaak. Een van hierdie is die ongedokumenteerde verskynsel van defleksie van geldsending na meer stabiele ekonomieë of geldeenhede. Sulke remise word dan in die land gehou waar dit gegenereer is, of dit word gestuur in ’n stabiele geldeenheid, of dit word selfs in die vorm van produkte soos kos gestuur. / ENGLISH ABSTRACT: More and more people are working outside their countries of citizenship than before. These people are now a major economic force to their countries of origin as they are sending a lot of money to relatives back home. This income plays a key role in receiving economies. The money migrants send home is referred to as remittances and the amount transferred globally has eclipsed official development assistance (ODA) and in some economies it is well ahead of Foreign Direct Investment (FDI). This research focuses on Zimbabwe, a country whose economy has long been anticipated to collapse but has so far evaded that implosion. It explores to which extent remittances are cushioning Zimbabwe’s economy from collapse. This report uses a survey of a number of role players to show how remittances have cushioned that economy from the effects of international isolation and sanctions. Zimbabweans who “escaped” the economic hardships in their country of origin have been consistently sending money home to their friends and relations. Money received has partly been invested in small businesses and part of the forex has been used to procure commodities that the country has struggled to acquire through official channels. The study found that the amount of remittances sent for 2005 and 2006 has respectively contributed approximately 25.5 and 25 percent to the GDP of Zimbabwe. The study further made a number of interesting findings. One of these seems to be the undocumented phenomenon of the deflection of remittances to more stable economies or currencies. Such remittances would be kept in the country where it is generated, or it would be sent back in a stable country, or could even be in the form of products such as food.

Thesis (MDF (Development Finance))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: The main aim of this study, firstly, is to evaluate the financial performance of the Development Bank of Namibia (DBN) over the period of 2003 to 2007. Secondly, the study aims to compare financial performance of the Development Bank of Namibia with the Development Bank of Southern Africa during the same period. In recent years, there has been a number of criticisms raised against the Development Bank of Namibia. These have been noted by the political appointment of the top management in the bank who has no experience in monitoring of the funds and development projects (World Bank, 2003). In addition, the bank has been criticized for poor performance, in terms of very low returns due to poor procurement performance and weak performance of project management units (African Development Bank, 2005). The bank has also been seen undermining people's human rights through funded projects which were only given to those people who are politically connected or comrades (The Namibian, 2002). Two financial statements of the Development Bank of Namibia, namely the Income Statement and Balance Sheet of the period of 2003 to 2007, are used to evaluate the financial performance of the bank. Trend analysis, monitoring and evaluation reports, financial ratios and statistical tools are employed to conduct this study. Trend analysis, financial ratios and statistical tools indicated that there was no evidence to infer that the Development Bank of Namibia did perform poorly during 2003 to 2007. However, monitoring and evaluation reports indicated that there was inefficiency in terms of bank operations.

Thesis (MDF (Development Finance))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: Infrastructure and related services are crucial for facilitating economic activities, creating employment opportunities and generating economic growth. The African continent has a huge infrastructure gap estimated by the World Bank at US$75 billion per annum. However, the current levels of public sector resources and foreign capital inflows in Africa are insufficient to fund this infrastructure gap. Africa, therefore, needs to explore new sources of funding to finance its infrastructure backlog. It is then natural that Africa should encourage the private sector to invest in the infrastructure sector. According to the Organisation for Economic Cooperation and Development (OECD), the worldwide funded pensions market is about US$24.6 trillion of which US$16.2 trillion is held by pension funds (Inderst, 2009). Infrastructure investments provide important benefits including long-term and inflation-hedged cash revenues which are compatible with pension fund interests. Pension funds around the world have been already investing in infrastructure assets, for example in Latin America, Australia, Canada and the United States of America (US) amongst others. However, such experiences of pension fund participation in infrastructure financing in Africa are very rare. Anecdotal evidence suggests that African pension funds currently manage assets of about US$300 billion. If a small portion of the pension fund assets could be invested in infrastructure projects in Africa, the continent’s infrastructure gap could be partly addressed. The New Partnership for Africa’s Development (NEPAD), a programme of the African Union, seeks to address the infrastructure gap and mobilise the necessary resources domestically and from outside the continent. NEPAD, together with the African Development Bank (AfDB) and the regional economic communities, has developed an Infrastructure Plan for Africa. This study explores the possibility of utilising some of the Africa pension fund assets for infrastructure investments especially in the NEPAD infrastructure projects. The global trends in pension fund investments in infrastructure are reviewed to propose a model for infrastructure investments by African pension funds and some recommendations are put forward on how to increase such investments. AFRIKAANSE OPSOMMING: Infrastruktuur en verwante dienste is krities vir die fasilitering van ekonomiese aktiwiteite, die skep van werksgeleenthede en om ekonomiese groei te genereer. Die Afrika-kontinent het ’n groot infrastruktuur-gaping wat deur die Wêreldbank op US$75 biljoen per jaar beraam word. Die huidige vlakke van openbare-sektor hulpbronne en buitelandse kapitaalinvloei is egter onvoldoende om hierdie infrastruktuur-gaping te befonds. Afrika moet daarom nuwe bronne vir befondsing ondersoek om sy infrastruktuur agterstand te befonds. Dit is dan natuurlik dat Afrika die privaatsektor sal aanmoedig om in die infrastruktuur-sektor te belê. Volgens die Organisasie vir Ekonomiese Samewerking en Ontwikkeling (OECD), is die wêreldwye pensioenmark omtrent US$24.6 triljoen waarvan US$16.2 triljoen deur pensioenfondse gehou word (Inderst, 2009). Infrastruktuur-beleggings bied belangrike voordele insluitend langtermyn- en inflasie-verskanste kontantinkomstes wat versoenbaar is met pensioenfonds belange. Pensioenfondse regoor die wêreld het alreeds begin om in infrastruktuurbates te belê, byvoorbeeld in Latyns-Amerika, Australië, Kanada en in die Verenigde State van Amerika. Sulke gevalle van pensioenfonds deelname aan infrastruktuur-finansiering in Afrika is egter seldsaam. Daar word gespekuleer dat Afrika se pensioenfondse tans bates bestuur van ongeveer US$300 biljoen. As ’n klein gedeelte van die pensioenfondsbates in infrastruktuur-projekte in Afrika belê kon word, sou die kontinent se infrastruktuur-gaping gedeeltelik aangespreek word. Die nuwe vennootskap vir Afrika se ontwikkeling (New Partnership for Africa’s Development, NEPAD), ‘n program van die Afrika Unie, streef daarna om die infrastruktuur gaping aan te spreek en die nodige hulpbronne binnelands en van buite die kontinent te mobiliseer. NEPAD, tesame met die Afrika Ontwikkelingsbank (AfDB) en die streek se ekonomiese gemeenskappe, het ’n infrastruktuur-plan vir Afrika ontwikkel. Hierdie studie ondersoek die moontlikheid om ’n gedeelte van Afrika se pensioenfondsbates vir infrastruktuur-beleggings aan te wend, veral in die NEPAD infrastruktuur-projekte. Die wêreldwye neigings in pensioenfondsbeleggings in infrastruktuur word ondersoek om ’n model voor te stel vir infrastruktuur-beleggings deur Afrika pensioenfondse en ’n paar aanbevelings word gemaak om sodanige beleggings te verhoog.

Thesis (MDF (Development Finance))--University of Stellenbosch, 2007. / ENGLISH ABSTRACT: It is a fact that development aid represents the single most important source of external finance for most developing countries. This study sought to answer an important question relating to whether aid has a positive impact on economic growth or not. There is much literature on the subject and the views are quite diverse. Using the World Development Indicators (WDI) data, a cross-section regression analysis was performed over a period of 16 years and existing literature on the subject was re-examined. Of importance, this study tries to understand what the determinants or triggers of economic growth are, especially in developing economies. The results show that, although no significant relationship could be found between economic growth and development aid, there is strong evidence that there is a significant positive relationship between economic growth and the important triggers of economic growth used in the study, namely exports and investments. These are important components for the growth of any economy. The implicit conclusion is that since these two components are being impacted positively by aid, it follows then that the link between economic growth and aid can be considered to be a positive one. These findings go against the critics of development aid who maintain that aid that is being pumped into developing economies, especially the African continent, is actually just going into a big black hole and could be used more effectively somewhere else. This study proves that this is not the case and donor countries need to intensify their efforts of providing aid to poor countries because they need it and it is actually making a difference. AFRIKAANSE OPSOMMING: Dit is ‘n algemeen aanvaarde feit dat ontwikkelingsteun die enkel belangrikste bron van eksterne finansiering is vir die meeste ontwikkelende lande. Hierdie studie poog om antwoorde te vind vir die belangrike vraag of steun ‘n positiewe impak op ekonomiese groei het of nie. Daar is volop literatuur oor die onderwerp beskikbaar en die opvattings is uiters uiteenlopend. Deur die World Development Indicators data te gebruik, is ‘n deursnit regressie analise gedoen oor ‘n periode van 16 jaar en bestaande literatuur oor die onderwerp is weer ondersoek. Die belangrikste oogmerk van die studie is om te probeer verstaan wat die bepalers of snellers van ekonomiese groei is, veral in ontwikkelende ekonomië. Die uitslae toon dat, alhoewel daar geen beduidende verhouding gevind kon word tussen ekonomiese groei en ontwikkelingsteun nie, daar wel sterk bewyse is vir ‘n beduidende positiewe verhouding tussen ekonomiese groei en die belangrike snellers van ekonomiese groei soos gebruik in die studie, naamlik uitvoere en beleggings. Hierdie is belangrike komponente vir die groei van enige ekonomie. Die implisiete afleiding is dus dat, aangesien hierdie twee komponente positief beïnvloed word deur ontwikkelingsteun, dit volg dat die skakel tussen ekonomiese groei en steun ook as ‘n positiewe een beskou kan word. Hierdie bevindings is lynreg in teenstelling met die kritici van ontwikkelingsteun wat handhaaf dat steun wat aan ontwikkelende lande, veral in Afrika, gegee word, eintlik net in ‘n groot swart gat verdwyn en meer effektief elders aangewend kan word. Hierdie studie bewys dat dit nie die geval is nie en dat skenker lande eerder hulle pogings om steun aan arm lande te bied moet verskerp omdat hulle dit nodig het en omdat dit regtig ‘n verskil maak.

Thesis (MDF (Development Finance))-- University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Black Economic Empowerment (“BEE”) is an imperative economic tool that the South African government established to achieve its transformational objectives which are meant to grow the economy, decrease inequalities and create more job and business opportunities for the South African majority of the population. The objectives of transformation strategy seek to redress economic imbalances created by the previous apartheid regime. The approach is widely shared by the majority of South Africans. Since its inception, BEE as an implemented policy has created vast opportunities for previously disadvantaged individuals. Some positive spin offs that have been realised in an effort to address economic and social imbalances are discussed in the paper. The paper seeks to demonstrate the progress made in South Africa so far with regard to implementation of BEE initiatives. It further highlights some pitfalls as per the previous experience with BEE and in addition to that, covers some of the developments and benefits to date. Chapter 3 and 4 focuses on funding of BEE investments with reference to specific case studies of some of the landmark BEE deals concluded in the past. The evolution of BEE funding structures is also analysed with specific reference to some lessons learnt from the origins of BEE in South Africa. In chapter 5, BEE in South Africa is compared to transformation policies implemented by another country. Malaysia shares some similarities and challenges in the implementation of transformation policy, hence a comparison is drawn between the two countries. Finally chapter 6 concludes by providing an overview of the findings in analysing BEE strategies with specific reference to funding and the evolution of funding structures in facilitating BEE.

Thesis (MDF (Development Finance))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Historically, passenger railway service has played a vital role in the socio-economic activities in Zambia. Its capacity to transport a great mass of people at a low cost has had a profound appeal, especially amongst the low-income segment of society, in this country. This research report sought to examine the concessioning process for Railway Systems of Zambia Limited in relation to international best practice, to examine the extent of passenger train delays in relation to acceptable international standards and to recommend policy and remedial measures. A review of relevant literature on public-private partnerships in infrastructure projects including passenger railway concessioning and passenger train punctuality, in relation to international standards was undertaken. The research covered the period 2002 to 2007, with an average sample size of 11% (144 passenger train trips out of 1 344). Data from timetables and train logbooks, relating to arriving and departing trains, enabled the computation of the extent of delays or punctuality of trains. While international best practice requires passenger trains to operate at between 90% and 95% punctuality rate within 10 to 15 minutes of the timetable, Railway Systems of Zambia’s passenger trains, for the period 2004 to 2007, recorded between 92% and 100% delay rates for trains expected to arrive within 10 and 15 minutes of the timetable. The maximum delay for the arrival of a train in 2005 was 1 422 minutes (23 hours 42 minutes). Therefore, this research report recommends the formulation of a policy framework, a legal and regulatory framework and the establishment of an institutional arrangement that will be responsible for public-private partnerships projects in Zambia. In addition, increased investment in the railway infrastructure by the concessionaire is recommended in order for trains to increase speed and therefore improve their punctuality. / AFRIKAANSE OPSOMMING: Histories het spoorweg passasiersdienste nog altyd ‘n deurslaggewende rol in die sosio-ekonomiese aktiwiteite van Zambië gespeel. Die kapasiteit om groot massas mense teen ‘n lae koste te vervoer, was baie aanloklik in hierdie land, veral vir die lae-inkomstegroep van die gemeenskap. Hierdie navorsingsverslag poog om die konsessioneringsproses van die Spoorwegsisteem van Zambië Beperk, in verhouding tot internasionale toppraktyke, te ondersoek; om die omvang van passasierstreinvertragings in verhouding tot internasionaal aanvaarbare standaarde te ondersoek en ook om beleid en herstellende veranderings aan die hand te doen. ‘n Verslag van toepaslike letterkunde oor publiek-private vennootskappe in infrastruktuurprojekte, wat spoorweg passassiers konsessionering en stiptelikheid van passasierstreine vergelyk met internasionale standaarde, is onderneem. Die navorsing dek die periode van 2002 tot 2007, met ‘n gemiddelde steekproef grootte van 11% (144 passasiers treinritte uit ‘n total van 1 344). Data van treinroosters en treinjoernale, wat verband hou met die aankoms en vertrek van treine, het die berekening van die omvang van vertragings of stiptelikheid van die treine moontlik gemaak. Terwyl internasionale toppraktyke vereis dat passasierstreine binne ‘n 90% en 95% stiptelikheidskoers van 10 tot 15 minute, volgens die reisrooster, moet funksioneer, het die passasierstreine van Zambië vir die periode van 2004 tot 2007, ‘n vertragingskoers van tussen 92% en 100% vir treine wat binne 10 tot 15 minute van die reisrooster se tye moes aankom, aangeteken. Die maksimum vertraging op die aankomstyd van ‘n trein was in 2005 teen 1 422 minutes (23 hours 42 minutes). Derhalwe beveel hierdie navorsingsverslag aan dat ‘n beleidsraamwerk en ‘n wets- en reguleringsraamwerk geformuleer moet word, asook die instelling van ‘n genootskapsooreenkoms, wat verantwoordelik sal wees vir die publiek-private vennootskapprojekte in Zambië. Ter aanvulling word ‘n verhoogde belegging, deur die konsessionaris, in die spoorweg infrastruktuur aanbeveel sodat treine vinniger kan ry en dus meer stiptelik sal wees.

Thesis (MDF (Development Finance))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: The traditional form of delivering infrastructure and services by government is fraught with problems. These include cost overruns, time overruns and neglect of maintenance resulting in dilapidated and aged infrastructure. Public-private partnerships (PPPs) are emerging as an alternative form of delivering infrastructure, not necessarily as a solution, but as a procurement option. PPPs have not been without problems either and one of them is deal flow. In this research deal flow is referred to as a rate at which PPP projects move in the pipeline from initiation to conclusion of the contract. Initiation means registration of the project by a sponsoring institution with the National Treasury of the Republic of South Africa and conclusion of the contract means financial close. Financial close is the last stage of the project when financial institutions are ready to disburse borrowed funds. It follows immediately after contractual close, i.e. the stage when parties to the agreement (government department and private sector) signed the contract. The main objective of the research was to identify factors that lead to a slow deal flow. As discussed in the research this movement takes place at a rate of two deals per annum in South Africa presently. This is not good if compared with countries such as the United Kingdom which closes deals at a pace of around 50 per annum. However it is recognised that South Africa is a developing country and is not at the same level of development as other European countries. This comparison is therefore done for benchmarking purposes. The other objective of the research was to find out where the occurrences of the blockages are in the project life cycle with the aim of removing or mitigating their impact. Finding answers to some of these questions will not only help the National Treasury but the whole country in delivering infrastructure. The motivation for this is that infrastructure development contributes to economic development, economic growth and poverty reduction and the creation of a better South Africa for us all. The main findings of the research are that a great amount of time is spent during the inception phase, that is from registration of the project to Treasury Approval 1 for the feasibility study. Contrary to literature which suggests that more time is always spent in negotiations, that does not seem to be a problem in South Africa. Therefore an aggressive push at inception phase is necessary. Lack of clear government objectives and commitment is a problem. Poorly defined sector policies and poor risk management are problems too. There is a lack of mechanisms to attract long-term finance at affordable rates. This research has proved that other phases in the cycle, i.e. Treasury Approvals 2A to Treasury Approval 3, are not a problem. In other words, the phase of inviting, evaluating, appointing and negotiating with bidders is not a problem and therefore a slow deal flow problem can be solved if initiatives are taken right from conceptualisation to feasibility. / AFRIKAANSE OPSOMMING: Die tradisionele manier waarop die regering infrastruktuur voorsien is deurspek van probleme. Dit sluit in oorspandering, oorskryding van spertye en gebrek aan onderhoud wat lei tot bouvallige en verouderde infrastruktuur. Publieke-private vennootskappe (public-private partnerships (PPPs)) kom na vore as 'n alternatiewe manier om infrastruktuur te skep, nie noodwendig as 'n oplossing nie, maar as 'n opsie vir verkryging. PPPs is ook nie sonder probleme nie en een van die probleme wat in hierdie navorsingstudie aangespreek word is die vloei van transaksies. In hierdie navorsing dui die vloei van transaksies (deal flow) op die tempo waarteen PPP projekte in die pyplyn beweeg vanaf die aanvang tot die sluiting van die kontrak. Aanvang beteken registrasie van die projek deur 'n borg institusie by die Nasionale Tesourie van die Republiek van Suid-Afrika en kontraksluiting beteken finansiële sluiting. Finansiële sluiting is die laaste stadium van die projek wanneer finansiële instellings gereed is om geleende geld uit te betaal. Dit volg direk op kontraksluiting, i.e. die stadium wanneer die partye tot die ooreenkoms (regeringsdepartement en privaatsektor) die kontrak onderteken het. Die stadige tempo waarteen transaksies vloei is die onderwerp van hierdie navorsing. Die hoof-doelwit van die navorsing was om faktore te identifiseer wat lei tot 'n stadige vloei van transaksies. Soos in die navorsing bespreek, vind hierdie beweging tans plaas teen 'n tempo van twee transaksies per jaar. Dit is nie goed nie, vergeleke met lande soos die Verenigde Koninkryk waar transaksies gesluit word teen 'n tempo van 50 per jaar. Daar word egter erken dat Suid-Afrika 'n ontwikkelende land is en nie op dieselfde vlak van ontwikkeling is as die ander Europese lande nie. Hierdie vergelyking word dus bloot gedoen met die doel op die vestiging van 'n maatstaf vir toekomstige verwysing. Die ander doelwit was om uit te vind waar die blokkasies in die projek se lewensiklus is met die oog daarop om dit te verwyder of die impak daarvan te verminder. Antwoorde op sommige van hierdie vrae sal nie alleen die Nasionale Tesourie help nie, maar die hele land help om infrastruktuur te skep. Die motivering hiervoor is dat die ontwikkeling van infrastruktuur bydra tot ekonomiese ontwikkeling, ekonomiese groei en die verlaging van armoede en die skep van 'n beter Suid-Afrika vir ons almal. Die hoofbevindings van hierdie navorsing is dat daar 'n groot hoeveelheid tyd spandeer word gedurende die aanvangsfase, naamlik vanaf registrasie van die projek tot by Tesourie Goedkeuring 1 vir die lewensvatbaarheidstudie. In teenstelling met die literatuur wat beweer dat meer tyd altyd spandeer word aan onderhandelings, is dit nie die probleem in Suid-Afrika nie. 'n Aggressiewe dryfkrag met die aanvangsfase is dus nodig. 'n Gebrek aan duidelike regeringsdoelwitte en -toewyding is ook 'n probleem. Swak gedefinieerde sektorbeleide en swak risikobestuur is verdere probleme. Daar is 'n gebrek aan meganismes om langtermyn-finansiering teen bekostigbare tariewe te lok. Hierdie navorsing het getoon dat ander fases in die siklus, naamlik Tesourie Goedkeuring 2A tot Tesourie Goedkeuring 3, nie problematies is nie. Met ander woorde, die fase van nooi, evalueer, aanstel en onderhandel met aanbieders is nie 'n probleem nie en die stadige transaksievloei-probleem kan dus opgelos word as inisiatief geneem word reg aan die begin van konsepsualisering tot en met die fase van lewensvatbaarheid.