On a chilly October day in 2015, 24-year-old Rami Anis boarded a rubber boat in the Aegean Sea in Turkey. His destination was Europe and his goal was a better life away from war and hardship.
Looking at the people around him on the boat, he was horrified. They were children, men, and women. The fact that they might not make it never escaped his mind, even though he is a professional swimmer.
“Because with the sea, you can’t joke,” said the Syrian refugee.
But on Aug. 11, Rami will not be worried about swimming in the sea. He, instead, will be swimming at the Olympics. He made it safely to Belgium after days of heart-wrenching journey, from Istanbul to Izmir to Greece before setting off a trek through Macedonia, Serbia, Croatia, Hungary, Austria, Germany and eventually Belgium.
Rami will be competing at the 2016 Olympic Games in Rio de Janeiro as a member of the Refugee Olympic Team — the first of its kind — and march with the Olympic flag immediately before host nation Brazil at the opening ceremony.
It is important to distinguish between projects that exceed expectations — and therefore generate greater than expected financial returns to both parties, yet require additional, unanticipated capital investments — and struggling projects where there is an urge by the developer to reduce ongoing investment and maintenance.
“Successful PPPs are all alike…”
To paraphrase Tolstoy, successful PPPs are all alike, but every unsuccessful PPP is unsuccessful in its own way.
Successful projects are easier to manage owing to positive cash flows, and could additionally incorporate an obligation by the developer to increase its investment according to certain capacity-related triggers on the basis of floor and ceiling for project returns. This could also be supplemented by sponsor commitments to co-investment or to extend the concession terms based on minimum returns, as well as a sponsor sinking fund to ensure independence from the uncertain and tedious public budgeting process. Very often, concession agreements focus on what to do when things go wrong, but not how to continue to meet demand when things go well, especially toward the end of the concession term.
“A resounding success. We have had open, honest, and frank discussions, making this year’s session most fruitful.” So were the words of the President of the World Bank/IMF Group Board of Governors. I picked up a rumor that the Prime Minister will be addressing the plenary session this morning and made my way to the grand hall. It seems I am early but just in time for the closing remarks.
While I’ve yet to meet an actual youth delegation, there are still a number of young people here. Interns, assistants, conference support, information desks, coffee, photocopying, mic running, IT support, and of course depending on your definition of “youth,” active members of NGOs.
My first day at the Annual Meetings, and it’s a good thing I’m here early. Security is tight and traffic is backed up. Still, delegates can be seen happily chatting away as they wait to pass through the metal detector, the press is photographing the lines, and meetings are being planned for lunch. A thermal camera screens us as we are cleared through.
It’s not like I was expecting apathy, but in any case it’s not what I got at all. The World Bank meetings are well-known, and opinions are pointed. Perhaps it’s because of a recent shoe-throwing incident aimed at IMF Chief Dominique Strauss-Khan at a pre-meeting university seminar. Perhaps it’s because of the protests organized around the city (activists can be seen handing out flyers and the police running drills). Or perhaps it’s simply a collection of pointed opinions on all things political, economic, or cultural.
Today the day starts early. The morning is dreary, gray sky, a sprinkling of rain…but that’s more than likely to change as the day continues. I’ve just arrived in Istanbul, not the capital, but Turkey’s commercial, financial, and transportation hub nonetheless. The airport has welcome signs to the IMF-World Bank meetings for all the international delegates expected this week. I smile as the passport officer greets me. I’ve been living abroad for nearly a year, and it’s always nice to visit.
The 2009 Annual Meetings kick off in a few short days in Istanbul, Turkey. A dynamic emerging-market economy strategically located between Europe and Asia, Turkey joined the World Bank in 1947 is the World Bank's largest borrower in the Europe and Central Asia Region.
The Annual Meetings will be held in the newly-built Istanbul Congress Centre, a state-of-the-art conference facility that opened two weeks ago. The Meetings will be the first major event to be hosted at the new facility.
You might be noticing a few changes over here on the World Bank Meetings Center over the next few days — the elements around the main blog post area are slowly changing in preparation for the Annual Meetings.
The Annual Meetings are being held in Istanbul in early October, and over the next few weeks, we'll be bringing you updates about the run-up to the Meetings, as well as updates from Istanbul and the Meetings themselves.