The key to any successful water related project is a successful financing project. This paper deals with the need to develop cooperation and understanding between administrative managers who must select and implement the necessary financing program and the project personnel who plan design and implement the physical program. The paper also examines the various financing vehicles that are available to the governmental managers in a volatile international money market and the need to mesh project implementation to favorable financing schemes. Several methods of financing are discussed with some references to bond rating criteria. The principal theme is the need for flexibility in all phases of project financing.

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