The first Public-Private Partnership in the U.S. with availability payments has been inked. What is noteworthy is the lack of participation by any domestic institutions.

The $1.8-billion project—which involves improvements to Interstate 595 in Florida—brings together the U.S. Dept. of Transportation, Spanish infrastructure firm ACS Dragados, and Banco Santander, Sabadell, Banco Popular Espanol, BBVA. Caja Madrid, Calxnova, La Caixa, Societe General, Caylon, Dexia, WestLB, and the National Bank of Australia.

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