The spectre of the economic crisis loomed large over Transport project finance in 2012, with the year-on-year uptick seen between 2009 and 2011 completely wiped out. Spain, Portugal, Brazil and Germany, all traditionally strong markets for Transport, declined sharply and the lack of a substantive pipeline across Europe will likely prevent any resurgence in the sector in 2013. Of note was the first debt provision by a pension fund in the Netherlands, a precedent that finally makes real the much touted involvement of such institutions in infrastructure. Opportunities remain for those investors versed in the emerging markets however 2013 looks set to be another tight year in Europe as the continent continues to deal with the vagaries of its financial markets.
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