IJ's glossary contains terms for which IJ has a particular interpretation (for example, "mothballed"), or terms that have varying definitions in the market (for example, "financial close"). Terms that are generally accepted in the market (for example, "DBFOM") shall not be included in this glossary.

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The stage at which a formal expression has been made of a transaction or other activity.

Commercial Close

The stage at which project or transaction documentation has been signed and the transaction effectively concluded but where one or more conditions precedent are outstanding. At this stage, borrowers are contractually incapable of initial drawdown.

Also called Dry Close. 

Company Type & Company Role

IJ’s data products distinguish between a company’s core function, which it describes as Company Type, and the given company’s activity, which IJ describes as Company Role.

For example, a bank shall be recorded as a “Commercial Bank” in IJ’s taxonomy, but may be found as an “MLA”, “Bond Arranger” or “Financial Adviser” (to name a few examples) within a transaction.

Development Bank

IJ considers any non-commercial policy lender that has a mandate in only one jurisdiction and that has a single national government on its board as a Development Bank.

IJ Includes Development Banks in its Development Finance Institution grouping of lenders, along with Multilaterals and ECAs.

Development Finance Institution

The umbrella term used by IJ to group three types of institutions: Development Banks, Multilaterals and ECAs. IJ’s data products do not designate any entity as a DFI but do assign one of the three constituent DFI entity types to relevant institutions. 

Financial Close

The stage at which all financing documentation has been signed, all conditions precedent have been satisfied or waived and initial drawdown is contractually possible. IJ does not consider the signing of financing documentation alone as financial close.

In transactions that involve no debt financing, IJ considers the signing of project or transaction documentation as a proxy for financial close.

Infrastructure Finance

The term used by IJ to group any type of financing of or investment in infrastructure. “Infrastructure Finance” is the sum of and is not distinct from what IJ describes as Project Finance, Corporate Finance and Non-Commercial Finance.


IJ considers any non-commercial policy lender that has a mandate across more than one jurisdiction and more than one national government on its board as a Multilateral.

IJ includes Multilateral entities in its Development Finance Institution grouping of lenders, along with Development Banks and ECAs.

Non-Commercial Finance

The term employed by IJ to describe transactions that involve neither equity from the private sector nor debt from commercial lenders. IJ reserves this designation for transactions where the counterparties providing equity are predominantly state-owned and where debt (if any) is provided entirely by Development Finance Institutions.

Previously called “Public Finance”.

Project Finance

IJ considers Project Finance as the peculiar form of finance that is fundamentally defined by recourse only to the transaction SPV and the repayment of debt through the internal cashflows of that transaction.

IJ’s definition of Project Finance conforms to industry standards, usually including all of the following attributes:

State Lender

A lender that is more than 50% owned by the state or state-owned entities. However, it is important to note that IJ considers any such entity acting outside of its home jurisdiction as a commercial lender in such instances. 

State-Owned Entity

Any entity that is more than 50% owned by the state or other state-owned entities.


The stage before any formal announcement of a transaction or activity.

Transaction Stages

IJ uses the following five broad stages to describe the status of a transaction at any given time. These stages are designed to allow users to quickly isolate transactions using broad bandings; IJ provides more granular milestones under its Events & Date for users seeking greater precision (please see “Events & Date” definition.


A designation for transactions or projects or funds that have ceased material and meaningful progress, in a methodology pioneered by IJ.

A transaction or project of fund shall be designated “Mothballed” if, at a minimum, was at some stage formally announced or was understood by IJ to be in action but for a period of nine months failed to produce any material and meaningful progress.

IJ’s Financial Data Analysts investigate each individual transaction and make efforts to contact counterparties on any given transaction before considering applying this designation.

PPP (and variations)

As IJ’s data products cover all jurisdictions globally, IJ’s definition of PPP is deliberately broad. IJ usually requires that a PPP contains the following attributes:

IJ applies the “PPP” designation not only to primary, greenfield financings but also to refinancing, acquisitions or securitisations of PPP assets.

Claims by project sponsors (or other counterparties) that a given project is a “PPP” is not taken by IJ as sufficient to qualify for this designation. IJ will routinely withhold a PPP designation for some projects that it does not feel meets the above attributes.

IJ applies the "PPP" designation to variations on the model, including but not limited to P3, PSP, PFP, PFI and NPD.


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