arranged more quickly. In their opinion, the CBK financing also demonstrates that the inter-
national bank lending market is receptive to projects that make commercial sense where polit-
ical and other important risks are allocated to the parties best suited to bear them.
(^1) This case study is based on articles in the financial press, as well as interviews with David Gore, Director, Project
Finance and Advisory, Société Générale Asia; and Ken Hawkes, Senior Associate, Milbank, Tweed, Hadley &
McCloy LLP.
(^2) Gore, David, ‘Private Political Risk Insurance Comes of Age on CBK’, Project Finance International4 April 2001,
p. 53.
CBK, THE PHILIPPINES