Project Finance in Italian Hospital Projects

This paper presents a study on the risk factors that can influence the share of public financing in the total investment in project finance (PF) healthcare initiatives in Italy. Based on the risks associated with public funding, a linear regression is completed in order to yield practical implications. The results show that the size of the investment, the financial solidity of the concessionaire, the duration of the concession period, the number of services granted to the private party, and the level of borrowing of the public authority have a significant relationship with the public share. The proposed methodology could be useful in the determination of the public apportion in the capital structure of PF hospital initiatives.