scholarly journals The Risks of Investments in Transport Infrastructure Projects

10.14311/308 ◽  
2002 ◽  
Vol 42 (1) ◽  
Author(s):  
O. Pokorná ◽  
D. Mocková
Keyword(s):  
Investment Decisions ◽  
Transport Infrastructure ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
The Public ◽  
Depth Analysis ◽  
Project Risks ◽  
Private Entity ◽  
Financial Impacts ◽  
The Given

Investment decisions should not be taken without an in-depth analysis of the risks. This is an important stage in project preparation and should be performed simultaneously with the planning of the financial operations. Infrastructure development requires that project risks and responsibilities be assigned to the public or private entity that is best able to manage them. The risks and their financial impacts are usually not quantified equally by all parties. Each party views the given risks according to the guarantees provided. These guarantees are related to the form of participation in the project.

scholarly journals The Planning and Appraisal of Mega Transport Infrastructure Projects Delivered by Public–Private Partnerships: The Case for the Use of Policy-Led Multi-Criteria Analysis

2019 ◽  
Vol 11 (1) ◽  
pp. 1992-2008
Author(s):  
John Ward ◽  
Harry T Dimitriou ◽  
Brian G Field ◽  
Marco Dean
Keyword(s):  
Public Interest ◽  
National Development ◽  
Transport Infrastructure ◽  
Public Private Partnerships ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
The Public ◽  
Project Appraisal ◽  
Multi Criteria Analysis ◽  
Development Literature

Abstract Mega transport infrastructure projects are frequently perceived as critical to the “success” of major metropolitan, regional and national development because of their potential to affect significant socioeconomic and territorial changes. However, the mega infrastructure development literature tends to focus upon the frequent failures of such projects because of their inability to meet their original expectations. A major cause for such perceived underperformance has been attributed to the inadequacies of ex-ante project appraisal methodologies. In particular, their excessively narrow focus has prompted growing calls for broader and more transparent project appraisal frameworks. These calls coincide with a period where public private partnerships (PPPs) are growing in importance globally as the favoured procurement route for governments looking to undertake new mega transport infrastructure developments. Some see the practicalities of PPPs as placing them at odds with aspirations for more inclusive and open project appraisal with adequate consideration of the public interest. It is the authors’ contention that if introduced with broader and more systematically presented sustainability concerns, PPPs can remain compatible with such ambitions. Towards this end, this paper presents the rudimentaries of a policy-led multi-criteria analysis (PLMCA) approach to project appraisal as a means by which PLMCA can contribute to more holistic PPP procurement practices. The authors contend in the latter part of the paper that PLMCA addresses many of the limitations associated with the application of narrower decision-making and project appraisal approaches currently supporting PPPs and other more conventional procurement practices.

Mitigating Legal Risks in Nigeria's Project Finance Market

2017 ◽  
Vol 25 (3) ◽  
pp. 442-455
Author(s):  
Olufemi Soyeju
Keyword(s):  
Debt Financing ◽  
Project Finance ◽  
Infrastructure Development ◽  
Public Infrastructure ◽  
The Public ◽  
Fund Development ◽  
Legal Risks ◽  
Project Risks ◽  
Infrastructure Project

Project finance is a subset of financial techniques used traditionally in raising long-term debt financing for projects particularly in the energy and mining sectors of the economy. However, over the years, it has proved helpful in raising the required funds to drive public infrastructure projects through the public private partnership framework. By its nature, project finance is either non-recourse, or of limited recourse, to the project sponsors and hence identifying the various risks and determining who should bear these risks is the overarching essence of project finance technique. These uncertainty and risks may have significant impact on outturn costs or benefits of a particular infrastructure project. Generally, typical project finance transaction is fraught with many project risks which sometimes overlap. However, among these inherent risks there are some that are legal in nature and hence they are referred to as legal risks. So, this article seeks to interrogate the related legal risks in project finance as a financing technique to fund development of infrastructure and in particular, the procurement of critical public infrastructure assets in Nigeria and the various ways by which these risks can be mitigated to drive infrastructure development in the country.

Locating the public interest in mega infrastructure planning: The case of Sydney’s WestConnex

Urban Studies ◽  
2020 ◽  
pp. 004209802092783
Author(s):  
Glen Searle ◽  
Crystal Legacy
Keyword(s):  
Public Interest ◽  
Environmental Sustainability ◽  
Global Financial Crisis ◽  
Transport Infrastructure ◽  
Infrastructure Projects ◽  
Liberal Democracies ◽  
The Public ◽  
New Public ◽  
Infrastructure Project ◽  
The Global Financial Crisis

In Western liberal democracies the planning of mega transport infrastructure projects is guided by public interest claims typically expressed through legislation and political mandates. But with the infrastructure boom being observed in many cities since the Global Financial Crisis, and the need to address unprecedented levels of urbanisation, the level of politicisation directed at infrastructure projects draws attention to how the public interest is treated in the planning and management of complex mega transport infrastructure projects in diverse local contexts. Looking to Sydney, an advanced neoliberal city building the largest transport infrastructure project in Australian history, we examine how public interest is asserted in a way that reinforces legitimacy of the process and consensus for the project. Under these conditions, planners fail or are unwilling to raise additional or new public interest issues. The vagaries of public interest mean that in being open to interpretation the public interest can be easily captured by the interests of capital and of ruling politicians. This raises important questions for urban studies about the role governments and, in particular, public-sector planners can play in advocating for actually existing public interest issues such as environmental sustainability without it amounting to just rhetoric with no follow through.

scholarly journals The impact of transport infrastructure projects on sustainable development within a major logistics gateway in North West England

2016 ◽  
Vol 7 (1) ◽  
pp. 28-40 ◽  
Author(s):  
Dimitrios Paraskevadakis ◽  
Alan Bury ◽  
Jin Wang ◽  
Jun Ren ◽  
Stephen Bonsall ◽  
...  
Keyword(s):  
Sustainable Development ◽  
Negative Impact ◽  
Transport Infrastructure ◽  
Quality Data ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
The Sustainable Development ◽  
North West ◽  
The North ◽  
The Impact

Abstract In the North West of England the issue of a perceived infrastructure gap is of increasing concern. Investment needs to be made to improve the transport infrastructure of the region if it is to be expected to promote the development of its own regional logistics gateway. Funding tools have been set up to address the challenges arising from the imbalance in infrastructure development that exists between regions in the north of the United Kingdom and those in the south. For regions with well developed economies the outlook is promising as the availability of modern transport infrastructure looks set to improve. However, some sources believe that the development of new transport infrastructure will have a negative impact upon sustainable development. It is expected that this will occur in a range of both direct and indirect ways. As a result, it is critical that planning for the creation of new intermodal transport infrastructure, or the upgrading of that which already exists, takes into account the impact that these developments will have on the sustainable development of the host region. A scenario based development methodology is proposed in this paper. It was developed to provide a way to identify potential scenarios that may arise within a given region as a result of transport infrastructure projects. To create significant scenarios the methodology is dependent on the availability of a sufficient quantity of quality data. For this paper that data was collected through a focus group composed of stakeholders from the region in question. This was further supported by the performance of an impact survey using the same group of stakeholders.

Attractiveness of Transportation Infrastructure Projects to Private-Sector Financing: Assessing the Hierarchical Analysis, Risk Scenario Method

2000 ◽  
Vol 1732 (1) ◽  
pp. 12-21 ◽  
Author(s):  
Dimitrios Tsamboulas ◽  
Konstanzinos Panou ◽  
Constantionos Abacoumkin
Keyword(s):  
Public Sector ◽  
Private Sector ◽  
Transportation Infrastructure ◽  
Transport Infrastructure ◽  
Risk Allocation ◽  
Infrastructure Projects ◽  
The Public ◽  
Conflicting Objectives ◽  
Infrastructure Project ◽  
Private Financing

A method to identify the attractiveness for private financing of a transport infrastructure project is presented. The objective of the method is to assist the public sector in identifying the attractiveness of a transportation infrastructure project for private financing, highlighting the factors that tend to reduce such attractiveness and providing the means to examine the viability of alternative risk-allocation scenarios related to risks undertaken by the state or private sector. The method allows for the simulation of the private sector’s attitude toward risk, employing practices of risk assessment in investments. Its innovation lies in how the whole process is structured so that participants understand beforehand whether an agreement can be concluded and which factors involved are critical. A key property of the method is the ease by which priorities of different risk components are synthesized into a hierarchical form through pairwise comparisons. This method, although targeted primarily for the public sector, could assist both private and public stakeholders investing in transport infrastructure projects (termed private-public partnerships) to reach an agreement. Basically, it is an interactive process characterized by the conflicting objectives and judgments of both public and private sectors.

scholarly journals THE MAIN PRINCIPLES OF MODELLING THE INTERACTION BETWEEN TRANSPORT INFRASTRUCTURE DEVELOPMENT AND ECONOMY

Transport ◽  
2005 ◽  
Vol 20 (3) ◽  
pp. 117-122 ◽  
Author(s):  
Algirdas Jurkauskas ◽  
Diana Micevičiene ◽  
Jurgita Prunskiene
Keyword(s):  
Economic Growth ◽  
Economic Theory ◽  
Work Stress ◽  
Transport Infrastructure ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
Ecological Problems ◽  
Additional Production ◽  
The Relationship ◽  
Main Shortcoming

The practical need of measuring the interaction between transport infrastructure development and economic growth is determined by the neccesity to justify huge invetsments in infrastructure projects. As it was established the actualify of the topic analysed is proved by many authors working in the field. However, the main shortcoming in the presented work (stress only on the relationship transport infrastructure ‐ economy expressed in the terms of additional production of GDP) is the existence of the playback between the interdependent items. Considering the practice to be cardinally inadequate in the terms of economic theory and modern attitude to ecological problems,the authors of the article present the main principles of quantitive evaluation of the aforementioned realationship taking into account overlaping links of the categories analysed.

scholarly journals Improving the public administration of investment projects under the public-private partnership (on the example of airport infrastructure development of the Russian Federation)

2021 ◽  
Vol 12 (2) ◽  
pp. 132-139
Author(s):  
Oleg A. Nemchinov
Keyword(s):  
Urban Areas ◽  
Public Private Partnership ◽  
Transport Infrastructure ◽  
Public Private Partnerships ◽  
Infrastructure Development ◽  
Private Partnership ◽  
Investment Projects ◽  
The Public ◽  
Goods And Services ◽  
Provision Of Services

In the modern economy, very often there is the problem of lack of state funding in major infrastructure projects. In this regard, partnership between the public and private sectors of the economy is becoming a more effective way of solving problems related to the modernization of transport infrastructure, construction and provision of services, the development of urban areas. Especially of public-private partnership mechanism true for regional economies, where thanks to it there is a more dynamic development of local capital markets, goods and services. The study analyzed the conceptual apparatus, essence and forms of public-private partnership, identified the features and risks in the implementation of PPP projects, assessed the results of global and domestic experience in the use of public-private partnerships, developed recommendations for improving the procedures for implementing public-private partnerships in the field of development of the infrastructure of the Russian airport enterprises.

On Trends in Infrastructure Development Using the Public-Private Partnership Mechanism in the G20 Countries

2021 ◽  
Vol 26 (11) ◽  
pp. 1271-1277
Author(s):  
A. A. Shiyan
Keyword(s):  
Comparative Analysis ◽  
Russian Federation ◽  
Public Private Partnership ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
Russian Market ◽  
Private Partnership ◽  
The Public ◽  
Project Model ◽  
The Russian Federation

Aim. The presented study aims to examine project initiatives and proposals for improving funding mechanisms for infrastructure projects based on public-private partnership in the Russian Federation.Tasks. The authors consider approaches and project initiatives of the G20 countries pertaining to the implementation of public-private partnership projects in the context of the adaptation of infrastructure projects to the Russian market (for the purpose of improving the quality and efficiency of the implementation of infrastructure projects in the Russian market).Methods. The methodological basis of this study includes works of Russian and foreign researchers in the field of public-private partnership and project financing. The authors use methods of scientific research (expert and comparative analysis, grouping and generalization) selected in accordance with the goals and objectives of the study as well as information publicly available on the official websites of the ROSINFRA platform and the Ministry of Economic Development of the Russian Federation.Results. Comparative analysis of foreign and national practices in the public-private partnership market makes it possible to identify a number of potential initiatives, including a new approach to the examination of infrastructure projects and proposals for attracting additional investment resources to the public-private partnership market. Adaptation of foreign competencies to the Russian public private partnership market will drive the transformation of the current PPP project model in Russia.Conclusions. Analysis of methods used by the G20 to assess and implement infrastructure projects based on public-private partnership makes it possible to formulate potential initiatives and proposals for improving approaches to the implementation of infrastructure projects based on public-private partnership in the Russian market and to determine the development vector for the national infrastructure project model.

scholarly journals Transport infrastructure development financing problems and main investment trends in 2020

2020 ◽  
Vol 6 (1) ◽  
pp. 129-145
Author(s):  
Natalya A. Zhuravleva ◽  
Tomas Kliestik
Keyword(s):  
Economic Development ◽  
Large Scale ◽  
Transport Infrastructure ◽  
Infrastructure Development ◽  
Project Financing ◽  
Infrastructure Projects ◽  
Investment Volume ◽  
Infrastructure Project ◽  
Changes Of State

Background: The realisation of large-scale plans of Russian infrastructure development, transport in particular, requires a corresponding methodological guidance for both planning of realisation of these tasks and development of the proper financing instrumentarium. Aim: The analysis of reasons for incompliance of programme tasks with their financing conditions; formalisation of investment trends in todays economy and description of their capability to adapt to Russian projects. Methods: The method of rising from concrete to abstract and vice versa has allowed identification of important regularities of investment trends and their connection with the quality of projects; the systems principle has confirmed dependence of successful realisation of infrastructure projects on reliability of economic development forecasts and adequacy of projects financing and management. Results: The analysis of ongoing changes of state priorities and programmes, outlined in a large number of documents regulating development of transport infrastructure in Russia, has allowed identification of influence of most significant regularities, which determine effectiveness of these solutions. All available transport infrastructure project financing sources have been systemised, considering investment volume and their status in the market. The statement that it is exactly the loan-based financing sources, concession in the first instance, that can be the most efficient in infrastructure projects realisation, has been confirmed.

scholarly journals Models of Financing and Available Financial Resources for Transport Infrastructure Projects

10.14311/290 ◽  
2001 ◽  
Vol 41 (6) ◽  
Author(s):  
O. Pokorná ◽  
D. Mocková
Keyword(s):  
Typical Feature ◽  
Public Domain ◽  
Transport Infrastructure ◽  
Financial Resources ◽  
Project Financing ◽  
Infrastructure Projects ◽  
The Public ◽  
Long Time ◽  
Infrastructure Project ◽  
Selection Of

A typical feature of transport infrastructure projects is that they are expensive and take a long time to construct. Transport infrastructure financing has traditionally lain in the public domain. A tightening of many countries' budgets in recent times has led to an exploration of alternative resources for financing transport infrastructures. A variety of models and methods can be used in transport infrastructure project financing. The selection of the appropriate model should be done taking into account not only financial resources but also the distribution of construction and operating risks and the contractual relations between the stakeholders.

Sign in / Sign up

Export Citation Format

Share Document