a) From a financial intermediation stand point, explain why developing countries finance. projects largely through government borrowing from international banking market, and multilateral institutions?

[5 marks]

b) Using examples of public infrastructure projects in Ghana, differentiate between offtake agreement and concession agreement. [5 marks]

c) Explain why project finance is largely for public infrastructure projects but financed by the private sector in the 20th and 21st centuries? [5 marks]

d) Why are pension funds more suitable sources of Project finance? [5 marks]