%0 Journal Article %A Henry Posner III %T Rail Freight Project Finance %B An Investor's View %D 1999 %R 10.3905/jsf.1999.320208 %J The Journal of Structured Finance %P 15-22 %V 5 %N 2 %X Since the early 1990s, privatization has swept the global railway market. The experience of Railroad Development Corporation, a U.S.-based railway investment and management company focused on developing countries, suggests that marketing has a greater impact than cost control on the success of a railway project. A case study on the restoration of an abandoned railroad in Guatemala illustrates how Railroad Development Corporation found local partners, identified freight customers, leased the right of way for non-railroad businesses, arranged financing, and reconstructed the railroad. Lessons learned on assessing the transportation market and valuing the business would be helpful for other emerging-market railroad projects. %U https://jsf.pm-research.com/content/iijstrfin/5/2/15.full.pdf