Mr. Andrew McDowell:

The most important thing for an institutional investor and PPPs is to have a continuous steady stable pipeline and not to have a stop-start approach, a bit like the 46A where a big bunch of PPPs arrive at a moment in time and then one does not see one for another three years. Having a steady consistent pipeline is important. PPPs should not be looked at as a short-term stimulus response for the economy. There needs to be a strong political consensus that they are a tool, and only one tool, because they are not appropriate for all forms of public infrastructure. They are only appropriate for some types of public infrastructure, but they should not be viewed as something one does for a few years and then stops. To maintain strong institutional interest there has to be a consistent pipeline because it is quite expensive, including for the EIB, but also for other institutional investors, simply to develop the capacity to analyse and assess the creditworthiness of the projects.