Cuttaree, V.Humphreys, M.Muzira, S.Strand, J-P.2014-03-282014-03-282009-06https://hdl.handle.net/10986/17462This report was commissioned to draw lessons from the experiences with public private partnerships (PPPs) in the transport sector in Europe and Central Asia (ECA) countries. The report will review experiences to date with private participation in the transport sector with a primary focus on experiences in the ECA countries and Europe. To carefully prepare and select the most desirable PPP projects during the most severe economic downturn since the Second World War, availability of regional best practices would be helpful. This report will provide guidance for successful PPP implementation and will hopefully encourage public authorities to critically evaluate their project designs. The lessons from this study apply regardless of the financial crisis. While the dire economic environment will considerably impact the current PPP pipeline, the fundamental success factors for these projects will remain the same. During times of economic turmoil, evaluating past investment projects can provide lessons for stimulating the next period of economic growth. The report discusses the impact of the financial crisis separately in annex B.en-USCC BY 3.0 IGOACCOUNTINGAIRPORTSALTERNATIVE ROUTESANNUAL PAYMENTSASSET MANAGEMENTBALANCE SHEETBASIC COSTBEST PRACTICESBIDBORROWINGBUDGET DEFICITBUSINESS CYCLECALCULATIONSCAPACITY BUILDINGCAPITAL FLOWSCAPITAL INVESTMENTSCAPITAL MARKETSCARSCASH FLOWCHECKSCOLLATERALCOMPETITIVE BIDDINGCONGESTIONCONTINGENT LIABILITIESCONTRACT LAWCONTRACT RENEGOTIATIONCONTRACT RENEGOTIATIONSCONTRIBUTIONCONTRIBUTIONSCOST OF CAPITALCREDIT ENHANCEMENTCREDIT RATINGCREDIT RATINGSDEBTDEBT FINANCINGDEBT REPAYMENTDEBT SERVICEDEBT SERVICINGDEBT-SERVICEDEMAND FOR TRANSPORTDEPRECIATIONDEVELOPING COUNTRIESDEVELOPMENT BANKDIVERSIFICATIONDOUBLE TAXATIONDRIVERSDRIVINGECONOMIC ACTIVITYECONOMIC DEVELOPMENTECONOMICSEIBEMERGING MARKETSENFORCEMENT OF CONTRACTEXPENDITUREEXPENDITURESFINANCIAL ANALYSISFINANCIAL CRISESFINANCIAL CRISISFINANCIAL DISTRESSFINANCIAL INSTITUTIONSFINANCIAL RESOURCESFINANCIAL SUPPORTFINANCIAL TROUBLEFISCAL CONSTRAINTSFISCAL DISCIPLINEFISCAL POSITIONSFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN EXCHANGE RISKFOREIGN INVESTMENTFREE ROADSGLOBAL BUSINESSGOVERNMENT BUDGETGOVERNMENT FINANCINGGOVERNMENT POLICYGOVERNMENT SUPPORTGROSS DOMESTIC PRODUCTHIGHWAYHIGHWAY NETWORKHIGHWAYSHOLDINGINCOMEINFLATIONINFLATION RATEINFORMATION ASYMMETRYINFRASTRUCTURE INVESTMENTINFRASTRUCTURE INVESTMENTSINFRASTRUCTURE PROJECTSINSTITUTIONAL CAPACITYINSTRUMENTINTEREST RATEINTERNAL RATE OF RETURNINTERNATIONAL AIRPORTINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL FINANCIAL INSTITUTIONINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL TRADEINTERNATIONAL TRADE LAWINVESTINGINVESTMENT ACTIVITYINVESTMENT BANKINVESTMENT PROGRAMSINVESTMENT PROJECTSLANESLAWSLEGAL ENVIRONMENTLEGAL FRAMEWORKLEGAL PROTECTIONSLEGISLATIONLEGISLATIVE FRAMEWORKLENDERSLEVYLIABILITYLLCLOCAL GOVERNMENTSMACROECONOMIC CONDITIONSMAJOR ASSETMARKET ECONOMYMATURE CAPITAL MARKETSMATURITIESMATURITYMINISTRIES OF FINANCEMONETARY FUNDMOTORWAYSMUNICIPALITIESNATIONAL ECONOMIESPASSENGER TRANSPORTPERFORMANCE RISKPOLITICAL UNCERTAINTYPOOR CREDITPOOR CREDIT RATINGPOTENTIAL INVESTORSPOVERTY ALLEVIATIONPRESENT VALUEPRIVATE FINANCEPRIVATE FINANCINGPRIVATE FUNDSPRIVATE INVESTMENTPRIVATE INVESTORSPRIVATE PARTIESPRIVATE PARTYPRIVATE SECTOR INVESTMENTPRIVATE TRANSPORTPRODUCTIVITYPROFITABILITYPUBLIC AGENCIESPUBLIC DEBTPUBLIC FINANCEPUBLIC GOODPUBLIC INVESTMENTPUBLIC SERVICE PROVISIONPUBLIC SERVICESQUANTITATIVE ANALYSISRAILROADSRAILWAYRAILWAY SECTORRAILWAYSRAPID DEVELOPMENTRECESSIONRECURRENT EXPENDITUREREGIONAL TRANSPORTREGULATORY FRAMEWORKRENEGOTIATIONRENEGOTIATIONSRETURN ON EQUITYRETURN ON INVESTMENTRETURNSRISK MANAGEMENTRISK MITIGATIONRISK PROFILERISK SHARINGROADROAD INFRASTRUCTUREROAD NETWORKROAD PROJECTSROAD SECTORROAD SYSTEMROAD USEROAD USERSROADSSAFETYSAVINGSSHAREHOLDERSSTAKEHOLDERSSTATE PROPERTYSUBSIDIARYTAXATIONTECHNICAL ASSISTANCETELECOMMUNICATIONSTOLLTOLL COLLECTIONTOLL MOTORWAYTOLL MOTORWAYSTOLL ROADTOLL ROADSTOLLSTOTAL ANNUAL INVESTMENTTOTAL COSTTRAFFICTRAFFIC DEMANDTRAFFIC LEVELSTRAFFIC RISKTRAFFIC VOLUMESTRAMTRANSACTIONTRANSACTION COSTSTRANSITTRANSITION COUNTRIESTRANSPARENCYTRANSPORTTRANSPORT INFRASTRUCTURETRANSPORT INVESTMENTTRANSPORT INVESTMENTSTRANSPORT NETWORKTRANSPORT PROJECTSTRANSPORT SECTORTRANSPORT SYSTEMSTREASURYTREATYVALUABLEVEHICLEVEHICLESWORTH10.1596/17462