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Shifting Title And Risk: Islamic Project Finance With Western Partners, Alan J. Alexander

Michigan Journal of International Law

Project finance exemplifies modern globalized business transactions in that a single project can bring together numerous participants from across the world, and in that sense it is a truly international undertaking. A general definition of project finance is "the financing of an economic unit in which the lenders look initially to the cash flows from operation of that economic unit for repayment of the project loan and to those cash flows and other assets comprising the economic unit as collateral for the loan." The "economic unit" is often referred to as a Special Project Vehicle (SPV). Project finance is commonly …