Before the 1970s, most projects, especially infrastructure projects, were financed by internal cash generation and commercial or governments full recourse funds. 

Since early 1990s, there is a tendency to finance most projects, especially infrastructure projects, through equity / debt finance. Until late 1980s the funding of projects mainly made by arrangements known as corporate finance, in other words lenders would have full recourse to all assets and revenues of the company not just those related to the new project.