MSc Development Finance

Fees for entry in 2027 have not yet been set. For reference, the fees for the academic year beginning September 2026 were as follows:

• MSc (full-time)
  UK students (per annum): £15,200
  International, including EU, students (per annum): £31,500

The fees quoted above are fully inclusive of tuition, administration and computational costs.

Fees for entry are subject to yearly review. The University reserves the right to increase your tuition fee by up to 7% each year for courses lasting more than one year, including to reflect rising costs associated with delivering our educational and wider student experience. Postgraduate fees information .

Always contact the admissions team if you are unsure which fee applies to your qualification award and method of attendance.

International student CAS deposit

Self-funded international applicants are required to pay a deposit of £2500 towards their tuition fees before a confirmation of acceptance for studies (CAS) is issued. Some applicants will be required to pay a higher deposit. More information on tuition fee deposits .

All students should normally be able to complete their programme of study without incurring additional study costs over and above the tuition fee for that programme. Any unavoidable additional compulsory costs totalling more than 1% of the annual home undergraduate fee per annum, regardless of whether the programme in question is undergraduate or postgraduate taught, will be made clear to you at the point of application. Further information can be found in the University's Policy on additional costs incurred by students on undergraduate and postgraduate taught programmes (PDF document, 91KB).

We know that student finance can be complicated. The links below provide further information to help guide you.

• Learn more about - student finance options for UK students .
• Learn more about - fees and finance for international students .
• Graduates of The University of Manchester and Manchester Metropolitan University can receive a 10% discount on their master's degree tuition fees as part of our Manchester Alumni Loyalty Discount scheme.

The unit aims to develop an understanding of and skill in the analysis and implementation of the different methods and strategies used to finance projects and services, in particular financial sources, financial engineering techniques, financial instruments and their associated risks. It does this within historical and contemporary contexts of project management.

 Circumstances permitting, teaching and assessment will be organized as below with three components:

 1. Coursework assignment to Convenor’s specification

1000 words – individual -25%

2. Workshop group assignment: Cumulative cash flow - 25%

3. Two hour unseen examination - 50%

The unit aims to develop an understanding of and skill in the analysis and implementation of the different methods and strategies used to finance projects and services, in particular financial sources, financial engineering techniques, financial instruments and their associated risks. It does this within historical and contemporary contexts of project management.

Topics:

1. Introduction to financing projects and services  
2. Contractual arrangement of a typical project finance
3. Financing projects: A developing country context  
4. The role of microfinance and other development institutions in financing projects
5. Project financial plan and modelling
6. Project appraisal techniques
7. Project financial markets and instruments
8. Private finance initiative and bundling of projects
9. Risk management in projects and services
10. Financing of green projects

Introduction by convenor in first week of semester. Welcome document and method of study sent to all students.

Delivery of the course unit includes the following:

a. 10 sessions of lecturing by the teaching staff, and the guest lecturers.

b. Case Studies

c. Workshops

- describe how projects and services are financed and how finance is managed in different types of projects

· understand the different types of financial risks associated with investments in projects and services

· describe how projects are procured under the PFI in terms of stand alone projects, joint ventures (PPPs) and services sold and the concept of bundling of projects

· understand the importance of finance in a project and how the financial package determines the commercial viability of a project

- determine sources and financial instruments used in project finance such as long term and short term debt, mezzanine finance such as bonds and swaps, equity and aid

· evaluate different contract strategies utilised to procure projects under public / public-private / private financing routes

· analyse projects procured by project finance in terms of their viability and sustainability and the use of Microfinance

· develop a financial plan for a project linked to the construction, operation, financial package and revenue generation elements of the project

· apply financial engineering techniques to make a project viable based on the project’s cash flows

- Problem solving

- Ability to conceptualise and manage financial planning in a range of project contexts

- Skills in the presentation of the outputs of a financial/risk assessment

Individualised feedback will be to students after submission of each assignment.

Core text:

Merna, T. & Al-Thani, F. F., (2018) Financing Infrastructure Projects, (Second Edition) ISBN 978-0-7277-6336-5, ICE Publishing, London

Yescombe, E.R. (2014). Principles of  Project Finance, (second edition), Elsevier Inc Academic Press, USA.

Additional texts:

Merna, T., Chu, Y., and Al-Thani, F. F., (2010) Project Financing in Construction – A structured guide to assessment, Wiley-Blackwell.

Levitt, R.E. (2019). Public–Private Partnerships for Infrastructure Development: Finance, Stakeholder Alignment, Governance. Edward Elgar Pub.

Clifford, P.D. (2020). Project Finance: Applications and Insights to Emerging Markets Infrastructure. Wiley.

Gatti, S. (2018). Project Finance in Theory and Practice, (3rd Edition), Elsevier Inc Academic Press, USA.

Thompson, S. (2021). Green and Sustainable Finance: Principles and Practice, (first edition), Kogan page.

Merna, A. and Owen, G., (1998) Understanding the Private Finance Initiative, 1st Edition, ISBN 962 360 031 3,

Merna, A. and Njiru, C., (1998), Financing and Managing Projects, 1st Edition, ISBN 962 936 051 9,

Merna, T. and Dubey, R.,  (1998) Financial Engineering in the Procurement of Projects, 1st Edition, ISBN 962 936 052