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Gupta, Pankaj Kumar, and Harender Verma. "Risk perception in PPP infrastructure project financing in India." Journal of Financial Management of Property and Construction 25, no. 3 (June 29, 2020): 347–69. http://dx.doi.org/10.1108/jfmpc-07-2019-0060.
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Purpose The purpose of this paper is to examine the risk perception of project sponsors in financing of public–private partnership (PPP) infrastructure projects in India. Design/methodology/approach The methodology used is survey questionnaire that seeks the perception of risk managers in PPP projects. Rating and relative ranking of risk at various phases of PPP project have been analyzed and supplemented by unstructured interviews. Findings This paper shows that the perception of project sponsors for various levels of project risk categories differ significantly in PPP infrastructure projects. The practices of assessing risk and handling differ among the financing institutions. The ranking of risks shows a disagreement among respondents for relative importance. The project financiers that include major banks and financial institutions funding for the PPP infrastructure projects perceive risks differently, and their disagreement on the relative importance of risks may create a sub-optimality in risk management, and the essence of project sponsorship may be lost. Research limitations/implications This paper examines the perceptions of the various risks involved in PPP infrastructure project financing. The authors emphasize on the infrastructure projects in the transportation and energy sector that are undertaken in the PPPs. This research can further be extended to the other infrastructure sectors such as roads, shipping and communication. Practical implications Experiences reveal that risk perception profoundly influence the implementation of infrastructure projects involving PPPs. To ensure smooth implementation and success of PPP infrastructure projects, the project sponsors must align, synchronize and develop consensus on the various funding and non-funding risks into the project curriculum. Social implications The PPP infrastructure projects carry huge investment and are of strategic importance to the nation and society. In order that the provision of infrastructure which can be most economically and efficiently delivered through PPPs, the risk concordance assumes crucial importance. Originality/value The authors believe that this research may provide new direction to the visible and invisible misbalances in risk postures of project partners, which has been a cause of concern to the government and policymakers in India in the recent times.
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Kudtarkar, Sandeep G. "Resetting PPP in Infrastructure Model in India Post-COVID-19 Pandemic." Indian Economic Journal 68, no. 3 (September 2020): 365–82. http://dx.doi.org/10.1177/0019466220976678.
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This article has set out to understand why a large number of public–private partnership (PPP) projects delayed stalled and terminated in the largest PPP program in India. Based on quantitative and case-study-based qualitative research, this study finds that the incomplete nature of PPP contracts, uncertainty and information asymmetry leads to adverse selection, moral hazard, opportunism and holdup of the PPP projects. The inefficacious and inequitable allocation of risks among stakeholders and lack of contract management skills in project authorities exaggerated the problems, and the final outcome is a large number of failed projects and no participation from private developers in future projects defeating the very purpose of adopting the PPP model to build public infrastructure. This study proposes a 20-point conceptual institutional framework suggesting policy and project-level measures for effective execution of the future PPP program in India and developing countries with similar socioeconomic environment post-COVID-19 pandemic amid recessionary conditions. JEL Codes: E6, H5, N7, O2, R4
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Koul, Puneet, Piyush Verma, and Lalit Arora. "Road infrastructure development under PPP model in India: a credit rating perspective." Built Environment Project and Asset Management 11, no. 2 (February 5, 2021): 266–83. http://dx.doi.org/10.1108/bepam-08-2020-0137.
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PurposeThe study analyzes significant parameters defining the credit worthiness, economic viability and managerial efficiency of special purpose vehicles (SPVs) of infrastructure development firms engaged in the execution of road projects under PPP model in India.Design/methodology/approachThe study is based on a comprehensive review of credit rating reports of major rating agencies. In particular, 18 special purpose vehicles (13 BOT-toll–based and 5 BOT-annuity–based road projects) during the period 2010–2019 were considered to conduct a comparative analysis of their rating progression. Considering both financial as well as nonfinancial parameters, their segregation was done on the basis of strengths, constraints and key rating sensitivities influencing the ratings of SPVs involved in road projects under PPP model.FindingsPromoters' credibility emerged as an important factor affecting PPP credit ratings. Other prominent factors included nature of stretch and regulatory terms and conditions and the project's potential to generate cash flows. Inability of PPP projects to generate the projected levels of toll collections was a major constraint and hampered ratings over time. Growth in traffic was a key sensitive area in a toll-based project. Interestingly, despite the fixed nature of revenues, BOT (annuity) projects were impacted by rating changes.Research limitations/implicationsFewer sample projects (for which the data were available) was a constraint. Future research could consider larger data sets to provide deeper insights. An examination of credit rating parameters using rating reports of projects in other developing nations could provide meaningful implications. The findings of this research however cannot be undermined as the study bridges a gap in existing literature pertaining to the examination of PPP model from a credit rating perspective.Practical implicationsThis study would guide project developers, government agencies and awarding agencies of PPP road projects to anticipate the challenges and take adequate steps to mitigate them.Originality/valueResearch in the area of PPP projects is skewed toward risk assessment with respect to financial parameters. The present study emphasizes the rating framework of SPVs. Comprehensive examination of factors affecting project ratings in the form of projects' strengths, constraints and sensitivities would provide inputs to academics and researchers.
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Mangu, Samhita, Thillai Rajan Annamalai, and Akash Deep. "Comparison of toll and annuity PPPs: a case study of highway projects in India." Built Environment Project and Asset Management 11, no. 1 (February 22, 2021): 103–20. http://dx.doi.org/10.1108/bepam-12-2019-0138.
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PurposeThe use of public–private partnership (PPP) approaches for developing infrastructure has been well recognized. The allocation of risk between public authority and private sector differs among the different types of PPP projects. The objective of the paper is to analyze the factors that influence the type of PPP and the performance of different types of PPP contracts.Design/methodology/approachA unique data set of 202 national highway PPP projects from India, comprising 154 toll and 48 annuity projects formed the basis of the study.FindingsThere are significant differences between toll and annuity PPP projects. The former are longer, are implemented in better developed states but are also characterized by higher cost over-runs. The latter are characterized by higher debt–equity ratio.Practical implicationsMitigating revenue risk can significantly enhance the debt capacity of the projects, thereby reducing the overall cost of capital. To make toll roads attractive for bidders, they have to be developed as longer stretches. Toll projects that are immediately ready for development at the time of award would reduce cost overruns of toll projects and sustain the interest of private developers.Originality/valueComparison of toll and annuity PPP road projects has never been done previously. The unique data set used in this study highlights the differences in characterization and performance for both the project types. The study provides evidence support to “intuition” and enables policymakers to choose the right form of PPP to realize their objectives.
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Swamy, Raghu Rama D. T. V., Piyush Tiwari, and Anil Sawhney. "Assessing determinants of PPP project performance." Property Management 36, no. 1 (February 19, 2018): 67–85. http://dx.doi.org/10.1108/pm-08-2016-0046.
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Purpose The purpose of this paper is to understand the factors that affect the performance of projects being implemented on the public-private partnership (PPP) framework, with specific reference to urban drinking water sector in India. Design/methodology/approach A listing of factors that have a bearing on project performance have been developed based on a review of the literature. Through a survey, seven factors that are relevant to the Indian context were determined. Interviews were then conducted across a cross-section of government agencies, financial institutions, development agencies, private sector entities and consultants to understand the relative importance of these attributes. The analytical hierarchy process was used to develop relative weights of these factors. Findings Ranking and relative weights of the factors in descending order are stakeholder consent and support for water PPP projects (22.1 percent), appropriate project structure (17.4 percent), availability of realistic baseline information (16.2 percent), reasonable water tariffs (13.9 percent), public sector capacity (13.0 percent), well-developed market (9.5 percent) and water sector regulator (7.9 percent). Differences in perceptions amongst various stakeholder groups were also found. Research limitations/implications Water sector has not matured, and with the advent of newer formats of implementation models, there could be significant changes in the sector. As the number of projects available for study is limited, this exercise can be undertaken periodically and updated in relation to experiences in other infrastructure sectors. Practical implications This analysis provides inputs to policymakers and project proponents for structuring more sustainable urban drinking water PPP projects. Originality/value Indian infrastructure PPP market is attracting increased attention from researchers, though not much emphasis is being given to urban drinking water sector. This paper aims to contribute toward filling this research gap.
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Santosh Kumar Delhi, Venkata, Ashwin Mahalingam, and Seshanka Palukuri. "Governance issues in BOT based PPP infrastructure projects in India." Built Environment Project and Asset Management 2, no. 2 (November 16, 2012): 234–49. http://dx.doi.org/10.1108/20441241211280864.
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Kudtarkar, Sandeep Ganpat. "Failure of Operational PPP Projects in India Leading to Private Developer’s Apathy to Participate in Future Projects: A Case Study Based Analysis." Indian Journal of Finance and Banking 4, no. 2 (August 5, 2020): 17–27. http://dx.doi.org/10.46281/ijfb.v4i2.693.
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The goal of this study is to examine the failure of operational public-private partnership (PPP) infrastructure projects in India. The case study based analysis is done of eleven operational PPP projects from infrastructure subsectors like roads, metro rail, seaports, and power projects to investigate various risks faced during the life cycle of projects. The construction risks like land acquisition delay, change in scope, delay in financial closure resulting in time and cost overrun, revenue risk of not getting adequate revenue during operation phase and legal disputes between the authority and the concessionaire are prominent risks observed in these projects. Mitigating these risks through efficient life cycle contract management and appropriate allocation of risk creates adequate risk-adjusted financial returns to the private developers and value for money for the government. The study concludes that failure in contract and risk management in case of the majority of operational projects resulting in disappointing financial returns is the major reason for the private developer's apathy towards participation in a once successful PPP program in India.
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Dawra, Aarti. "A Comparative Analysis on Public Private Partnership Investment in BRICS Nations." Journal of Global Economy 14, no. 4 (January 2, 2019): 279–86. http://dx.doi.org/10.1956/jge.v14i4.518.
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Public Private Partnerships (PPP) have emerged as one of the major approaches for delivering infrastructure projects effectively and efficiently. In recent years it has created various success stories whether it is infrastructure sector, agriculture, education or health care sector in various countries. Various developed countries have implemented numerous projects via PPP in the development of infrastructure. Investors are now keen in investing in the developing nations like India, Brazil, Russia, China and South Africa, which is showing good track record in the last few years with respect to the trade and GDP. This paper has shown how investment and PPP projects are affecting the GDP of BRICS countries and the paper has also shown various infrastructure indicators of these five countries as well. A panel data has been taken for the analysis for last 22 years for BRICS countries and with the help of panel regression models the significant results are shown with the help of Eviews.
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Hossain, Mr Jahid, Ms Manika Mitra, and Dr Shreekant Sharma. "Public-Private Partnerships Framework in India and Bangladesh for Infrastructure Development." Journal of Global Economy 13, no. 2 (June 26, 2017): 121–30. http://dx.doi.org/10.1956/jge.v13i2.459.
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PPP (Public Private Partnership) has provided opportunities for public and private sector for a win-win situation for both the partners. Experience to date in India, and internationally, shows that there is no unique formula for developing a sound PPP framework. However, successful programs are characterized by clear policy and legal frameworks for PPPs, competent and enabled institutions that can appropriately identify, procure and monitor PPPs, and efficient oversight and dispute resolution procedures. In India and Bangladesh it was seen that the private sector leveraged advantages in financing, greater operational efficiency, better marketing practices, lower costs, efficient delivery systems, faster decision making, management flexibility, quality service and better up scaling technologies. Whereas the public sector leveraged upon administrative base, public support, certifications, market base, extensive infrastructure. This article identifies key areas for success in various PPP infrastructure development projects both in India and Bangladesh.
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Rajan, Thillai, and Josephine Gemson. "Financial closure of Bengaluru International Airport Limited." Emerald Emerging Markets Case Studies 1, no. 4 (October 1, 2011): 1–22. http://dx.doi.org/10.1108/20450621111187353.
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Subject area Infrastructure finance. Study level/applicability II MBA/Executive MBA (Project Finance, Infrastructure Finance). Case overview It is generally believed that the economy of India is on the threshold of achieving significant growth in the coming years. The availability of adequate infrastructure facility will play a key role in realizing this growth potential. To accelerate the process of creating infrastructure capacity, the Government of India has opened up many infrastructure sectors for private sector investment. Creation of international standard airport facilities is an important component of such new infrastructure creation. This case study presents the initial development and financing closure of Bengaluru International Airport Limited (BIAL), the first major private sector airport in India. In retrospect, it is generally felt that BIAL was an important milestone in the privatization of airports in India. The blueprint for the greenfield PPP airport in Hyderabad was closely modelled on the BIAL project. The experience gained in the development of BIAL also played a major role in subsequent brownfield PPP airport expansion projects in Mumbai and Delhi. Expected learning outcomes The goal of this case study is to illustrate the complexities that exist in the process of infrastructure development and financing. This following are the expected learning outcomes: The importance of using an appropriate project structure. The prevalence of early returns to project sponsors as compared to lenders. The process of achieving financial closure. Analyzing project risks and returns. Supplementary materials Teaching notes.
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Kaur, Simrit, and Sakshi Malik. "Determinants of public–private partnerships: a state-level empirical analysis of India." Property Management 38, no. 4 (June 11, 2020): 597–611. http://dx.doi.org/10.1108/pm-10-2019-0063.
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PurposeIn view of the significance of public–private partnerships (PPPs) as a tool for bridging infrastructure deficits, it becomes imperative to study its determinants. The objective of this paper is to empirically study the determinants of PPPs in India at a subnational level, in terms of both number and value of PPP projects.Design/methodology/approachThis study investigates the determinants of value and number of Indian PPPs at a subnational level for the period 2008–2017. The determinants are analyzed using two-step system generalized method of moments (GMM) and negative binomial regression. Select correlates examined are market size, fiscal compulsions, institutional quality, financial sector development and physical infrastructure.FindingsThe results indicate that fiscal compulsions, financial sector development and physical infrastructure influence PPPs favorably, whereas low institutional quality impacts PPPs adversely. A pertinent finding of this study is that the past value of PPPs lowers the current year's PPP value.Practical implicationsThe findings are expected to assist subnational governments and policymakers in formulating policies that attract more PPP projects (in terms of both value and number).Originality/valueThis is the first study that analyzes the determinants of infrastructure PPPs at a subnational level in India.
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Agarchand, Nilesh, and Boeing Laishram. "Sustainable infrastructure development challenges through PPP procurement process." International Journal of Managing Projects in Business 10, no. 3 (June 6, 2017): 642–62. http://dx.doi.org/10.1108/ijmpb-10-2016-0078.
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Purpose Infrastructure development through public-private partnership (PPP) route in India has exhibited concerns about not promoting progress toward sustainable development goals, particularly social and environmental perspectives. The purpose of this paper is, therefore, to identify the shortcomings in the Indian PPP procurement process using the key principles of sustainability. Design/methodology/approach Qualitative research inquiry through grounded theory approach by using the literature and interview source was used to identify the challenges encountered in sustainable infrastructure development of PPP projects. These challenges were, first, reviewed from the perspectives of key sustainability principles and then discussed with the key stakeholders through focused interviews. Furthermore, micro-interlocutor analysis was carried to get an insight on the extent of consensus amongst the experts regarding these identified shortfalls. Findings The key shortfalls identified from the study that adversely affect progress toward sustainable development include incomprehensive environmental impact assessment and social impact assessment studies; lack of stakeholder and local participation; high bidding and transaction cost; high user charges; improper risk allocation; lack of transparency and accountability; goal conflicts between public and private sector; and lack of skill and knowledge about sustainability. Practical implications The study findings will help in devising appropriate strategies for enhancing the mechanisms, policies, and governance structure of PPP process in order to overcome these shortfalls and help in accomplishing the goals of sustainability while developing infrastructure even through PPP route. Originality/value The paper presents different insights into PPP from sustainability perspective which has not been the focus of the current studies on PPPs. Sustainability assessment of PPP procurement is an area of research which is in a nascent stage.
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Huk, Iryna-Mariia Mykhailivna, and Iryna Vitaliivna Davydova. "MANAGEMENT OF PUBLIC-PRIVATE PARTNERSHIP IN SPORTS INFRASTRUCTURE: VULNERABILITIES." Lex Sportiva, no. 2 (February 6, 2023): 8–12. http://dx.doi.org/10.32782/lexsportiva/2022.2.2.
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Ukraine’s needs in sports infrastructure and limited fiscal space require effective management of state investments in order to stimulate economic development, provide quality services and stimulate economic activity. The implementation of infrastructure projects for the satisfaction of public services in the process of public-private partnership (hereinafter – PPP) is widespread in the world, because it shifts the emphasis of state dominance in the sphere of creation and distribution of services, increases the efficiency of the use of public funds due to competitive management, risk distribution and responsibility. PPP can serve as an effective solution for the creation (improvement, reconstruction) of sports infrastructure, in the absence of the possibility of financing such objects from the state budget. The main interest of the private sector in the implementation of sports infrastructure projects is mainly the use of such facilities, while the public sector (which often owns such facilities) is mostly concerned with the economics of maintaining the facilities and additional revenues to compensate for budget cuts. Therefore, in conditions of limited state resources, cooperation between the state and private partners can serve as the key to successful improvement of the sports infrastructure. The article examines the problematic issues of public-private partnership management in sports infrastructure, taking into account national and international experience. The positive and negative experience of PPP implementation in the field of sports is analyzed using the examples of Singapore, Great Britain, China, India, Lithuania and others, and ways of improving the management of such projects are summarized. Risks in PPP projects and their main carriers have been clarified, in particular, legal, political, operational, financial, environmental, market and other risks have been identified. Draft laws on improving PPP regulation in Ukraine were studied, and attention was also paid to problematic management issues. It was concluded that in order to create an effective partnership between the public and private sectors, it is important to have a strategic view on public investment priorities, a stable regulatory framework for PPPs, and clear selection criteria and opportunities for effective PPP management.
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Dolla, Tharun, and Boeing Singh Laishram. "Procurement of low carbon municipal solid waste infrastructure in India through public-private partnerships." Built Environment Project and Asset Management 8, no. 5 (November 12, 2018): 449–60. http://dx.doi.org/10.1108/bepam-10-2017-0087.
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Purpose The Low carbon (LC) agenda has captured interest across governments and research communities. But such focus is not addressed so far in the operation of municipal solid waste (MSW) infrastructure in India. The purpose of this paper is to draw focus on the promotion of low carbon infrastructure by improving the procurement process of the public–private partnership (PPP) approach. Design/methodology/approach The current study employed a case study methodology. This paper develops and validates a “five-fold framework,” comprising of selection, financial, operational, standards and targets measures, for integrating LC principles in the procurement of infrastructure projects. Findings The public sector fails to understand the importance of the need to incorporate climate change mitigation strategies due to poor procurement competencies. With respect to the operationalization of the framework, funding of viability gap in operations instead of construction, allowing renegotiation clauses to cater possible future LC technological improvements and incorporating emission reduction targets at the local and national levels were highlighted. Research limitations/implications LC principles presented in this paper are not exhaustive and are verified using a single Indian PPP case. Future research endeavor can focus on the relevancy and operationalization of these principles using a more elaborate set of indicators and extend the study to other sectors and countries. Originality/value This paper seeks to act as guidelines for governments on how to create and improve LC MSW PPP infrastructure projects to facilitate simultaneous achievement of both climate change mitigation and infrastructure delivery goals. The current study could add value to the current emphasis on LC transitions by policymakers, government agencies and regulators.
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Salunke, Prof K. A., S. S. Pulate, S. V. Shinde, A. V. Waghchaure, and Y. S. Shankhpal. "Case Study on National Highway Construction Using Bot." International Journal for Research in Applied Science and Engineering Technology 10, no. 5 (May 31, 2022): 3421–25. http://dx.doi.org/10.22214/ijraset.2022.43161.
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Abstract: The public-private partnership (PPP) models that have been used in procuring the National Highways projects include Build- Operate-Transfer (BOT) (Toll) and BOT (Annuity) models.... This paper focuses on the various approaches that have been used for financing of PPP road projects in India. To assess the risks involved in BOT PROJECT by studying a specific case of Implementation of integrated road development program me (IRDP) in the city on built, operate & transport (BOT) basis. To Study the individualistic approach of the involved parties. BOT has been one of the recent innovations in project finance. The Build-Operate Transfer (BOT) scheme is a limited recourse financing technique. Many have adopted this approach as an alternative to traditional public financing for infrastructure development projects. This study examines the type of SOCIAL risk due to, force shutdown of toll booths due to public riots. This paper mainly representing the risk in BOT due to political & public pressure. A case study of IRDP project implemented in municipal corporation area through BOT is studied in details. Keywords: BOT, Public private partnership, lumpsum, concessionaire's
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Hussain, Afaq. "Reforming the Indian Port Sector." Global Journal of Emerging Market Economies 10, no. 1-3 (January 2018): 73–84. http://dx.doi.org/10.1177/0974910118802661.
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The port sector is a strong driver of economic and regional development and national integration to world markets. In the case of India, the port sector has played a vital role in sustaining growth in the country’s trade and commerce. However, the growth of trade and subsequent maritime traffic has fast outpaced the development of port infrastructure in India. Against the background of government initiatives in this sector, the objective of this article is to contextualize the importance of port sector development, specifically the impact that improvements in infrastructure quality can have on India’s global trade. This article also highlights the challenges that need to be addressed in order to achieve the vision of a reformed and effective Indian port sector, as well as the importance of involving private players in port development in India through public–private partnership (PPP) projects.
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Kandpal, Vinay. "Shaping India's Future by Building Smart Future Sustainable Cities." International Journal of Electronic Government Research 14, no. 4 (October 2018): 27–38. http://dx.doi.org/10.4018/ijegr.2018100103.
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India is confronting a surge in urban population in recent decades. This article is an endeavor to talk about the key issues to build future urban cities and to redeveloping existing infrastructure in existing urban areas. Further, the article discusses the difficulties in financing smart city projects in India. The government of India, under the leadership of PM Mr. Narendra Modi, has propelled a strong eagerness with the Smart City Mission in 2015 which has the sole objective of giving a better quality of life to the citizens of the country. Steps are being initiated by government for the transformation of over 100 cities into smart future cities. The present nature of government silos will represent a noteworthy test in the execution of urban development projects. To motivate and attract the increased private sector participation and investment in infrastructure projects it would be beneficial if the government funding were linked to the effort of developing projects as PPP.
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Patil, Nilesh Agarchand, and Boeing Singh Laishram. "Sustainability of Indian PPP procurement process." Built Environment Project and Asset Management 6, no. 5 (November 7, 2016): 491–507. http://dx.doi.org/10.1108/bepam-09-2015-0043.
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Purpose Though public-private partnership (PPP) programme in India has stabilized significantly with implementation of successful infrastructure projects, still it suffers from shortfalls related to some aspects of sustainable development. One of the ways to overcome these shortfalls is to modify the existing PPP procurement process in order to attain the sustainable development goals. The purpose of this paper is to develop a conceptual framework highlighting the strategies for integrating sustainable development principles in PPP procurement process. Design/methodology/approach Content analysis through literature review has been adopted to identify the shortfalls in PPP process and examine the possible strategies to overcome the shortfalls from best practices in implementation of PPP projects. The preliminary framework of strategies has been conceptualized to integrate sustainable development principles in PPP procurement process. Finally, the feasibility of preliminary framework has been undertaken through focussed interviews with local stakeholders of PPPs. Findings The study indicates opportunities to promote sustainable development in the current PPP procurement process exists through enhancement in critical aspects like stakeholder’s participation, environment impact assessment, value for money analysis, user’s charges, risk allocation policies, transaction and bidding cost, and bid evaluation criteria. Originality/value The paper presents a critical insight on integrating sustainable development principles in PPP procurement process which has not been the focus in the majority of previous research studies.
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B, Baruah, and Kakati M. "Pricing and financing of infrastructure projects; the challenge before the indian policymakers." Journal of Management and Science 1, no. 2 (June 30, 2014): 106–32. http://dx.doi.org/10.26524/jms.2014.12.
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Ever since the economic reforms started two decades ago, India has been trying to lead the developing nations in terms of building their infrastructure. The challenge of government‟s fund constraint has been tried to put behind by allowing flow of funds from private sources with regulatory control in government own hand. However, with the global economic crisis that had knocked heavily at the doors of Indian economy too during last couple of years, it was found that developmental bottlenecks for infrastructure sector has escalated in spite of the best efforts by the government.Arranging of Debt and equity capitals are major financial investment concerns for infrastructure developers today. While studies reveal that issues like land acquisition, utility shifting, discrepancies in DPR, state support agreements, dispute resolutions are still considered to be critical for an infrastructure development projects, more recently the loose ends at the financial structures of many projects are posing as more vulnerable threats. Especially in the period of economic recession, the financial organizations have tightened their hands and as a result project cash flows are affected at halfway round. As the investment retrieval periods are going to be prolonged, the investors are facing uncertainty on their assured return. The commercial banks which had already reached their sectarian limits; still tried to backed promoters with decent track records, with clearances in place and well defined business plans. However, very few projects could achieve financial closure during past two years. The participation rates in recent biddings of PPP projects are also not encouraging, especially in Highway sector. More recently, there have been reports of NHAI favoring for moving back to the old EPC mode. Salient features of few case studies of Indian projects have highlighted that there is no project specific debt equity ratio and it may differ from project to project. Study by the authors also reveals that availability of debt in India is Sector specific and projects are still being supported with generous government grant varying upto 70% in case of Jawaharlal Nehru National Urban Renewal Mission (JnNURM) schemes. However, the principal concern remains for retrieval of at least 20% return on the investment by the private party. A fair bidding, a robust agreement and the well planned pre-constructional activities can be beneficial to all the stack holders of the infrastructure development project. But whatever be the planning, with the complexity of multiple issues involved for choice of funds,one has to keep in mind that investments in infrastructures are non-recourse in nature. At the same time the sharing of responsibilities in a pre-framed manner proves to be successful in many occasions for the participants concerned and reflect a win-win situation for all.
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Chourasia, Avin S., Narendra N. Dalei, and Karunakar Jha. "Critical success factors for development of public-private-partnership airports in India." Journal of Infrastructure, Policy and Development 5, no. 1 (June 15, 2021): 1259. http://dx.doi.org/10.24294/jipd.v5i1.1259.
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Examining the interrelationships between critical success factors (CSFs) is of importance for the successful development of PPP airports. Many studies are available for the identification of CSFs for infrastructure projects, but very limited research have been conducted so far on investigating the interrelationships between the CSFs of PPP airports. The study is based on the institutional theory, which considers the exploration of the relationships between different institutional factors. The results show that Process Characteristics have comparatively more impact on Public Characteristics and, similarly, Cooperative Environment has more impact on Process Characteristics. However, Process Characteristics have a less significant impact on Private Characteristics. The study also revealed that to achieve high-quality services and the protection of public interest under a PPP mechanism, proper government supervision is required. Moreover, customers’ satisfaction and their opinion are also responsible for the achievement of high-quality services and better value for money.
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Mishra, Aswini, Kunapareddy Narendra, and Bibhu Kar. "Growth and infrastructure investment in India: Achievements, challenges, and opportunities." Ekonomski anali 58, no. 196 (2013): 51–70. http://dx.doi.org/10.2298/eka1396051m.
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The paper analyses the recent scenario of infrastructure investment in India, with the recognition that inadequate infrastructure is one of the major constraints on India?s ability to sustain high GDP growth. It conducts an overview of the trends in infrastructure investment from the 10th Five Year Plan onwards, and tries to examine the linkage between infrastructure and economic growth. The results exhibit a very high rate of return and also highlight that, since resource constraints will continue to limit public investment in infrastructure in other areas, Public Private Partnership (PPP) project-based development needs to be encouraged wherever feasible.
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Kumar, Lakshya, Apurva Jindal, and Nagendra R. Velaga. "Financial risk assessment and modelling of PPP based Indian highway infrastructure projects." Transport Policy 62 (February 2018): 2–11. http://dx.doi.org/10.1016/j.tranpol.2017.03.010.
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Singhania, Monica, and Kamal Kumar. "The financial viability of the Yamuna Expressway." Emerald Emerging Markets Case Studies 4, no. 4 (October 1, 2014): 1–9. http://dx.doi.org/10.1108/eemcs-11-2013-0216.
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Subject area The case focuses on issues concerning infrastructure development by Jaypee Infratech Ltd. (JIL) in the context of emerging market of India. This is undertaken by employing the usage of strength weakness opportunity and threat analysis (SWOT) analysis, political, economical, sociological and technological analysis (PEST) analysis and Porter's Five Forces Model and competitor analysis. It also outlines the importance of financing model adopted with respect to Concessionaire Agreement drafted and executed towards making an infrastructure project financially viable so as to reduce the risk associated with infrastructure projects which requires huge investments and long gestation period. Further, it also highlights the importance of how future projects can be undertaken on the basis of public private partnership (PPP) model. Study level/applicability This case can be used as a teaching tool in the following courses: MBA/Post Graduate Program in Management in Management Accounting, Management Control Systems and Strategic Cost Management. It can be used to explain concepts of SWOT analysis and Porter's Five Forces Model analysis. Students are also introduced to the technique of financial analysis. Executive training programs for Middle- and Senior-level employees to explain the Infrastructure Financing and Concessionaire Agreement for infrastructure projects. Under-graduate/Post-graduate programs in Entrepreneurship. Case overview JIL was established as a Special Purpose Vehicle in 2007 to execute the Yamuna Expressway project. Originally the contract was awarded to parent company Jai Prakash Associates Ltd. in 2003. The project entails financing, construction, operation, maintenance and collection of toll for 36 years and then transferring it back to Government of Uttar Pradesh of 165.5 km Yamuna Expressway, and subsequently development of 530-million square feet of area from five parcels of land earmarked along the expressway. The project highlights how a PPP infrastructure project can be made financially viable. Expected learning outcomes SWOT analysis was used to identify the strengths, weaknesses, opportunities and threats to a company. Also, application of Porter's Five Forces Model was done to analyze an industry. Determining quantitative terms like Long-Term Return on equity, Return on Capital Employed, Book Value vs Market value, Net Margins, Income Tax benefits enjoyed under section 80-IA and Minimum Alternative Tax (MAT); determining financial viability of an infrastructure project over its entire life cycle. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes
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Alankar, Sandeep, Hemanshu Ahire, and Atul R. Kolhe. "To Identify The Different Parameter Feasible For Application Of Ppp In Real Estate For Private Construction Firm." Think India 22, no. 2 (October 23, 2019): 394–402. http://dx.doi.org/10.26643/think-india.v22i2.8741.
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In developing India, we faced with the problems of infrastructure and shelter to due to increasing migration rate from rural India to urban India. As per government data more than 2 million low cost houses required for peoples, but for this very huge fund required which is not possible for government, so Public-Private Partnership (PPP) is right approach to address this problem.PPP is very broadly use for infrastructure project but this concept is not use in private housing project. Private Private Partnership have now become a preferred approach for inter firm business relations. As there are good business and accounting reasons to create Private Privat Partnership with a company that has complementary capabilities and resources
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Kolaib, Anmar Ghalib, and Mufeed Almula-Dhanoon. "The impact of enabling environment drivers on participatory investment between the public and private sectors in the energy sector." Tikrit Journal of Administrative and Economic Sciences 18, no. 58, 1 (June 30, 2022): 74–92. http://dx.doi.org/10.25130/tjaes.18.58.1.5.
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The research aims to analyze the impact of the drivers of the enabling environment, represented by the macroeconomic stability index (GDP, inflation, foreign exchange reserves and the ratio of debt reserves to short-term foreign exchange). And the financial market stability index (the volume of credit provided to private sectors, value of shares traded) on public-private partnerships PPP in financing infrastructure in the energy sector for selected countries. The drivers of the enabling environment in general are considered one of the main pillars in the process of partnership between the public and private sectors, and the tangible results of the PPP have a clear impact on the economic construction of countries that seek advancement and development in all directions. on the other hand, there is an urgent need to expand the scope of infrastructure projects, as a result of the widening gap between the demand for infrastructure and the its supply, and then increasing the volume of its financing. This requires the public sector to move towards PPP, which has capabilities and efficiency in implementation and management. The research adopted the ARDL model to perform the regression, using longitudinal data for a group of selected countries (Brazil, Colombia, India, Mexico, Peru, Philippines, China, Bangladesh, Russia, Thailand) for the period (2000-2020). It was found that the effect of GDP and foreign cash reserves was positive, while the effect of inflation, the ratio of the ratio of short-term debt-to-foreign exchange reserves and the credit granted to the private sector ratio was negative, while it was proven that there is no significant effect of the value of traded shares on PPP investment. On the other hand, it was found that the flexibility of participatory investment in relation to changes in the GDP, foreign monetary reserve, the ratio of the ratio of short-term debt-to-foreign exchange reserves, and credit granted to the private sector ratio was low. While it was found that PPP investment is highly flexible to the change in the rate of inflation. Which emphasizes the importance of securing a stable macroeconomic environment for the purpose of stimulating PPP investment in the energy sector.
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Cheng, Zhe, Yongjian Ke, Zhenshan Yang, Jianming Cai, and Huanming Wang. "Diversification or convergence." Engineering, Construction and Architectural Management 27, no. 6 (January 14, 2020): 1315–35. http://dx.doi.org/10.1108/ecam-06-2019-0290.
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PurposeAs an innovation model for infrastructure and public service delivery, public–private partnership (PPP) has been widely adopted around the world. The knowledge spillover effect and policy diffusion mechanism have played an important role in promoting the development of PPP in the context of globalization. A comparative evaluation of the policy and management of PPP in different countries will help to understand the development of PPP, provide decision-making reference for PPP policy embedded with specific national conditions of each country, and also contribute to the global PPP knowledge body.Design/methodology/approachBased on the principle of comparability and representativeness, this study selected three countries, namely, China, India, and the United Kingdom for comparative analysis. This study first introduced the policy process and key institutions of PPP in three countries. Secondly, a comparative analysis of the development characteristics and application of PPP was conducted based on the official database of three countries. Finally, the differences, influencing factors and development trends of international PPP development were analyzed based on the comparative research results, and suggestions for PPP policy and management were put forward.FindingsThe research results indicate the development fluctuation and unbalanced spatial distribution of PPPs are a common phenomenon in the three countries. The UK has a significant impact on the policy and development of PPP in other countries. However, under the combined influence of factors such as economic, urbanization, political regime and social culture, there are significant differences in the PPP institution, application, and project characteristics in various countries. Due to international exchanges and knowledge spillovers, as well as the promotion of intermediaries, the development of PPP worldwide tends to converge.Practical implicationsThrough conducting an international comparison of PPPs based on project data, this study provides a detailed and visualized overview of PPPs and a better understanding of PPP policy and management in different countries. The findings will be of interest to PPP investors, officers, practitioners, policymakers, researchers, and analysts. It enriches the portrait of global PPP market research, helps governments to improve the design of PPP institutions and policies, and provides references for decision-making of international investors when stepping into a new market.Originality/valueThis study is the first attempt to systematically compare and analyze the global PPP difference and development trend based on PPP project databases of different countries. Different from previous PPP comparative research based on perception data, the project data-based comparative analysis in this study is helpful to understand the characteristics, interrelations, and trends of global PPP development and enrich the existing PPP knowledge body. This study also proposes that it is possible to establish a global PPP knowledge community in the context of globalization and global production network.
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Sharma, Swati, and Sanjay Prakash. "Beyond the binary." Ekistics and The New Habitat 80, no. 2 (December 8, 2021): 12–21. http://dx.doi.org/10.53910/26531313-e2020802531.
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Urbanisation is an inevitable part of India’s growth, which places enormous strain on existing infrastructure and settlements. Although the need for urban renewal or urban regeneration (as contrasted with greenfield development) is clear, it seems current policy and institutional frameworks have yet to offer any significant results. Lack of financial resources is one of the most critical challenges being faced by governments at various levels, and despite sufficient financial means and instruments to develop new infrastructure (such as the FDI, PPP, TDR, and so on), funding channels for urban renewal projects remain almost non-existent within an environment of mutual distrust. Through a discussion of three ongoing projects, the need to explore outside of conventional models will be demonstrated. In essence, this article advocates for an intermediary working structure of PPPP (Public-Private Partnership with the fourth P standing for People), which can be situated between a strict / formal approach and an unregulated / informal one, often referred to in the Indian context to as Jugaad. Though jugaad is typically characterized by ‘ad-hoc-ism’ and informality, the outcomes still provide affordable solutions for stakeholders. Jugaad is notable for both its process-driven approach involving people-to-people collaboration, and its circumvention of the need for reform of the prevailing systemic environment. We suggest, therefore, that Jugaad in urbanism be reconceived as going beyond quick-fixes to serve as a possible model for resolving challenges in a participatory manner, without resorting to rule-bound contracting methods. *Jugaad is a term applied to a creative or innovative idea providing a quick, alternative way of solving or fixing a problem.
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Rudžianskaitė–Kvaraciejienė, Rūta, Rasa Apanavičienė, and Adas Gelžinis. "MODELLING THE EFFECTIVENESS OF PPP ROAD INFRASTRUCTURE PROJECTS BY APPLYING RANDOM FORESTS." Journal of Civil Engineering and Management 21, no. 3 (February 26, 2015): 290–99. http://dx.doi.org/10.3846/13923730.2014.971129.
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Transport sector is very important for development of local economies, so it is intensively studied in different countries. Road infrastructure construction projects in many European countries are mainly carried out through various forms of Public–Private Partnership (PPP). Financial evaluation, private partner selection criteria, technical characteristics and very important focus of sustainable development components (environmental, social and economic) of PPP road infrastructure development projects are widely analysed in the scientific literature. Although many research studies were published for PPP road infrastructure projects efficiency assessment from different aspects, there have not been created assessment methodology with all key areas incorporated altogether. The authors provide an integrated PPP road infrastructure projects effectiveness modelling methodology by applying Random Forest technique. The developed methodology is recommended to be applied for PPP road infrastructure projects effectiveness prediction from the private and public sector perspectives.
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Wang, Nannan, Minxun Ma, and Yunfei Liu. "The Whole Lifecycle Management Efficiency of the Public Sector in PPP Infrastructure Projects." Sustainability 12, no. 7 (April 10, 2020): 3049. http://dx.doi.org/10.3390/su12073049.
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The management role of the public sector in public–private partnership PPP infrastructure projects has been extensively expanded to the whole lifecycle rather than in the traditional infrastructure projects. The performance of the public sector in a PPP is the key for the PPP to achieve sustainability; however, there is a lack of research on the whole lifecycle management efficiency of the public sector in a PPP. This research aims to examine the governance role of the public sector in PPP projects, and therefore evaluate their whole lifecycle management efficiency. An evaluation framework is developed through the lens of governmentality to evaluate the performance of the public sector. Multiple case studies on PPP infrastructure projects in China have identified loopholes during the whole lifecycle of a PPP at the local governmental level. On the basis of the findings of case studies, a conceptual model is proposed to demonstrate ways for the public sector to improve efficiency through integrated governance of PPP projects. The research findings benefit both the central government in terms of evaluation and decision making and the local government by improving their efficiency in PPP infrastructure projects for the purpose of achieving sustainability. According to the findings, policy strategies are provided for the central government on how to further regulate the PPP market and address the loopholes, including further standardizing regulations and instruction, providing unified quantitative calculation or measurement tools, training, and education for the public sector to integrate whole lifecycle project management, and quality control of consultancy for the PPP infrastructure projects.
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Babatunde, Solomon Olusola, Damilola Ekundayo, Chika Udeaja, and Uthman Olawande Abubakar. "Stakeholder perceptions of drivers for, and barriers to, the incorporation of sustainability in PPP infrastructure projects in Nigeria." Open House International 45, no. 4 (August 31, 2020): 373–86. http://dx.doi.org/10.1108/ohi-05-2020-0037.
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Purpose Although several studies have been undertaken on sustainability within infrastructure projects, limited attention has paid to the drivers for, and the barriers to, the incorporation of sustainability in public–private partnership (PPP) infrastructure projects through empirical study, particularly in Nigeria. Therefore, this study aims to identify and examine the drivers that promote sustainability in Nigerian PPP infrastructure projects and assess the barriers to the full integration of sustainability practices into current Nigerian PPP infrastructure projects. Design/methodology/approach Primary data were collected using a questionnaire survey. The questionnaire survey was targeted on four different stakeholders’ organizations. They were public sector authorities, concessionaires, consultants and banks already undertaking PPP infrastructure projects in Lagos State, Nigeria. The obtained data were analyzed using frequency, percentage, mean score, standard deviation and the Kruskal–Wallis test. Findings The study identified 17 drivers that promote the incorporation of sustainability in PPP infrastructure projects. The analysis of the total ranking of the drivers in Nigeria revealed the top five ranked drivers to be: consideration of long-term performance; contractual arrangements; incentives for new market penetration; award criteria; and selection criteria, respectively. The study further identified 11 barriers to sustainability integration in PPP infrastructure projects and the top five ranked barriers in Nigeria are as follows: comprehensive sustainability procurement guidelines; no enabling environment; education needs; uncertain economic environment; and a lack of clear government policy, respectively. The results of the Kruskal–Wallis test conducted on both the 17 identified drivers for, and the 11 barriers to, the incorporation of sustainability in Nigerian PPP infrastructure projects revealed that there is no significant statistical difference in both rankings from the perceptions of the aforementioned four different respondents’ groups. Research limitations/implications The study provides empirical insights on the knowledge and awareness of drivers which could lead to a greater uptake in sustainability measures by the stakeholders in Nigerian PPP projects; it also identified barriers to overcome. Originality/value The importance of the incorporation of sustainability in public procurement cannot be over-emphasized. It is anticipated that the study will be of great value to PPP stakeholders involved in sustainability decision-making processes when delivering sustainable PPP projects.
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Xu, LiPing, Ning Liu, ShuXia Zhang, HuangJing Qiu, Li Chen, and Zeyu Wang. "EFFICIENCY AND DETERMINANTS ANALYSIS OF CHINESE INFRASTRUCTURE PPP PROJECTS IN THE CONSTRUCTION AND OPERATION STAGES." International Journal of Strategic Property Management 23, no. 3 (February 18, 2019): 156–70. http://dx.doi.org/10.3846/ijspm.2019.7911.
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Public-private partnerships (PPPs) are used for infrastructure projects, but they usually involve risk because of their complexity. The construction and operation stages are the core of successful infrastructure PPP projects. This study analysed the efficiency and determinants of the construction and operation stages of Chinese infrastructure PPP projects conducted by thirty provinces from 2008–2013. During the five years examined, the efficiency of infrastructure PPP projects in the construction stage exhibited a downward spiral, but showed a gradual upward trend in the operation stage. The results showed that government supervision was one of the most significant positive influences on construction efficiency, while risk allocation had a greater positive impact on efficiency during the operation stage. The evidence in this study is impactful because it provides insights for practitioners regarding key determinants for improving efficiency in the construction and operation stages of infrastructure PPP projects.
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Dmytriieva, Oksana I. "PUBLIC–PRIVATE PARTNERSHIP AS AN EFFECTIVE TOOL FOR STATE REGULATION OF INNOVATIVE DEVELOPMENT OF TRANSPORT INFRASTRUCTURE." Management 30, no. 2 (February 11, 2020): 86–102. http://dx.doi.org/10.30857/2415-3206.2019.2.7.
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Introduction. Effective functioning of transport infrastructure is a basic condition for modernization of the Ukrainian economy and improvement of the quality of life of the population. Currently, there are no effective tools and techniques for comprehensively assessing the effectiveness and priority of project implementation within public-private partnership (PPP) models.The research hypothesis is to find out how public-private partnerships can act as an effective tool for government regulation of innovative development of transport infrastructure.The aim is to conduct a qualitative and quantitative assessment of the efficiency of the implementation of projects in the field of transport infrastructure using PPP models.The methodology of the study is the apparatus of system, economic and statistical analysis, construction of mathematical models, with their subsequent computer implementation.Results: clarified the concept of public-private partnership in the field of transport infrastructure; systematic analysis and classified models of PPP were carried out with identification of their main features; identified the main factors and parameters (financial and economic characteristics of the projects) that determine the effectiveness of PPP in transport infrastructure and proposed algorithm for evaluating the effectiveness of PPP projects; performed research on the ranking of characteristic risks for transport infrastructure projects, performed ranking of characteristic risks; a mathematical model of risk assessment of PPP projects in transport infrastructure has been developed; practical recommendations are given to improve the mechanism for assessing the efficiency and priority of implementation of transport infrastructure development projects based on PPP.Conclusions: it is proved that ranking and implementation of public-private partnership models on the basis of the developed basic principles (payment, competitiveness, equality of all economic agents in access and in the right of PPP contract negotiation) allows to realize the benefits of a comprehensive PPP mechanism for each of its participants. The practical recommendations of the mechanisms for assessing the risks and priorities of PPP projects in the field of transport infrastructure will improve their implementation by further shaping the overall environment of PPP development, enhancing the support and guarantees of the state and developing a unified concept of PPP mechanism development in Ukraine.
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Babatunde, Solomon Olusola, and Srinath Perera. "Analysis of financial close delay in PPP infrastructure projects in developing countries." Benchmarking: An International Journal 24, no. 6 (August 7, 2017): 1690–708. http://dx.doi.org/10.1108/bij-05-2016-0076.
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Purpose The presence of previous awarded public-private partnership (PPP) infrastructure projects that significantly delays reaching financial close constrain the likely success of new PPP projects. However, effort at investigating financial close delays of PPP projects through empirical studies by the research community received scant attention. Thus, the purpose of this paper is to identify and assess the factors causing delays in PPP projects from reaching financial close in developing countries. Design/methodology/approach The study adopted literature review and questionnaire survey. In order to capture a broad perception, a questionnaire survey was adopted, which was administered to three different primary stakeholder categories comprised public sector authorities (i.e. ministries, department, and agencies), concessionaires, and lenders/banks already involved in PPP infrastructure projects implementation in Nigeria. The data obtained were analysed using mean score, Kruskal-Wallis test, and factor analysis. Findings The study revealed the mean score ranking of 39 identified causes of financial close delays in PPP projects, and the mean score values for all the identified 39 causes of financial close delays are very high. The study, through factor analysis, categorised the 39 identified causes of financial close delays into eight principal factors. The factors are: decreased bankability of PPP projects; unstable economic policy; weak financial, technical, and managerial capabilities of the concessionaires; weak public institutions; lack of creditworthiness of both the project sponsors and active partner; unfavourable economy of the host country; weak legal and unfavourable environment; and high contingent liabilities, respectively. Practical implications The identification and evaluation of the factors delaying PPP projects development from reaching financial close in a reasonable time manner would be useful for PPP primary stakeholders to develop strategies to safeguard the present and future PPP projects implementation in developing countries. Originality/value The study findings would be useful for both policymakers considering PPP projects and private investors seeking to finance PPP projects in developing countries. This study is crucial as not many empirical studies have been conducted in developing countries.
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Adamaytis, S. A. "Public-private partnership projects as a tool for infrastructure development in the Russian Far East." Regional nye issledovaniya 76, no. 2 (2022): 67–77. http://dx.doi.org/10.5922/1994-5280-2022-2-6.
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The study examines the geography of public-private partnership (PPP) infrastructure projects in the Russian Far East and the main areas of infrastructure development in which this tool is used. Based on the data of the Rosinfra Platform, regional registers of PPP projects and other open data, the main areas of infrastructure in which projects are being implemented, as well as the volume of investments and major projects, were analyzed; differences in the structure of investments in PPP between the Far Eastern economic region and Russia are noted. It is shown that the share of the Far East in all-Russian investments in PPP projects is higher than its share in the population and economy, however, more than 2/3 of investments are concentrated mainly in three regions - the Republic of Sakha (Yakutia), Khabarovsk Krai and Sakhalin Oblast. Also, three groups of projects have been identified depending on the main purpose of their implementation, including PPP projects aimed at natural resource development, improving transport connectivity (both between the regions of the Far East and with other macro-regions of Russia and countries), and maintaining the standard of living of the population. It is noted that PPP projects are mainly used for the development of infrastructure aimed at achieving the last two goals. PPP mechanisms play the greatest role in the development of the Amur Region and the Republic of Sakha (Yakutia), where they ensure the creation of strategically important bridge crossings.
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Owusu-Manu, De-Graft, David John Edwards, E. K. Kutin-Mensah, Angela Kilby, Erika Parn, and Peter Edward Love. "The impact of socio-political and economic environments on private sector participation in energy infrastructure delivery in Ghana." Journal of Engineering, Design and Technology 15, no. 2 (April 3, 2017): 166–80. http://dx.doi.org/10.1108/jedt-02-2016-0007.
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Purpose Investment in power and electricity generation for replacing aging infrastructure with new represents a major challenge for developing countries. This paper therefore aims to examine infrastructure projects’ characteristics and how socio-political and economic investment environments interplay to influence the degree of private sector participation (PPP) in infrastructure delivery in Ghana. Design/methodology/approach Using World Bank Public-private infrastructure advisory facility (PPIAF) and private participation in infrastructure (PPI) project database data from 1994 to 2013, binary logistic regression was used to: determine the probability of a higher or lower degree of PPP; and examine the significance of factors that are determinants of private investments. Findings The findings reveal that the private sector is more likely to invest in a higher degree of PPP infrastructure projects through greenfield and concession vehicles as opposed to management and leasing contracts. From the extant literature, drivers of PPP included infrastructure project characteristics and the social–economic–political health of the host country. However, the significance, direction and magnitude of these drivers vary. Originality/value This paper identifies investment drivers to PPP advisors and project managers and seeks to engender discussion among government policymakers responsible for promoting and managing PPP projects. Direction for future work seeks to explore competitive routes to infrastructure debt and equity finance options that finance energy projects.
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Sy, Do Tien, Veerasak Likhitruangsilp, Masamitsu Onishi, and Phong Thanh Nguyen. "IMPACTS OF RISK FACTORS ON THE PERFORMANCE OF PUBLIC-PRIVATE PARTNERSHIP TRANSPORTATION PROJECTS IN VIETNAM." ASEAN Engineering Journal 7, no. 2 (December 1, 2017): 30–52. http://dx.doi.org/10.11113/aej.v7.15520.
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The rapidly increasing demand and the inefficacy of financing transportation infrastructure project investments have contributed to various challenges for Vietnam in recent decades. Since the country’s budget is inadequate for investing in all necessary infrastructure projects, the Vietnam government has been inviting other economic sectors, especially the private sector, to participate in infrastructure development. The cooperation between the government agencies and the private entities, called PublicPrivate Partnership (PPP), must encounter various challenges leading to difficulties in attracting private investors. A main reason is that private investors must deal with critical risks concerning PPP investment environment. It is a challenging task for the government to optimally manage such risks to enhance the attractiveness of PPP projects for private investors. This paper examines the critical risk factors that influence the private sector’s investment decisions on PPP transportation projects in Vietnam. Risk factors inherent in typical PPP projects were compiled by comprehensive literature review. To reflect unique characteristics of PPP projects in Vietnam, the compiled risk factors were reviewed by a group of PPP experts from both the public and private sectors in Vietnam through indepth interviews and questionnaire surveys. In addition, ten PPP project case studies in Vietnam were analyzed to derive the risk profile of PPP transportation projects of the nation. These risk factors were quantitatively assessed based on their probabilities and impact levels. We found that the critical risk factors of PPP infrastructure projects in Vietnam are acquisition/compensation problems, approvals and permits, inadequate feasibility studies, finance market issues, subjective evaluation methods, and change in laws and regulations. By performing factor analysis, these critical risk factors were grouped into four categories: (1) bidding process, (2) finance issues, (3) laws and regulations, and (4) project evaluation issues. These critical risk factors represent the obstacles that repel private investors from PPP transportation projects in Vietnam. Thus, the Vietnam government agencies should meticulously address these issues to attract both domestic and foreign private investors in PPP projects.
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Pashkova, E. V., E. V. Morozenskaya, Talla Herve Tambo, and L. N. Kalinichenko. "Possibilities of solving social problems of African countries by means of public-private partnership." RUDN Journal of Sociology 19, no. 2 (December 15, 2019): 244–60. http://dx.doi.org/10.22363/2313-2272-2019-19-2-244-260.
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The article considers the possibilities of the public-private partnership (PPP) in solving social-economic problems of African countries. The authors analyze the features and perspectives of the PPP mechanism in Africa for solving urgent social problems primarily in the sphere of public services. PPP means state-business cooperation in the spheres that are important for the population’s living standards and has large potential for the social development. Some African counties has already recognized the high efficiency of PPP and use this method for solving such problems as lack of social infrastructure and social development, low quality of the public utilities and poverty. The authors argue that the main sphere of implementing the PPP projects in Africa is the sector of information and telecommunication (IT). The majority of PPP infrastructure projects are implemented in the power economy (especially in Morocco and Egypt). Today, the African governments expand the PPP projects to the power networks development and construction, and to the renewable energy sources exploitation. The article provides some recent examples of the PPP projects in different spheres such as the development of social infrastructure in Africa, including education, public health and maintenance of public order. Due to the global trend of the infrastructure services digitalization and extension of information accessibility, African states take steps for the creation of electronic information portals for the PPP-projects (for example, in Nigeria and Ghana - with the World Bank assistance). Moreover, there are all-regional programs introduced to support initiative projects with the electronic platforms.
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Babatunde, Solomon Olusola, and Srinath Perera. "Cross-sectional comparison of public-private partnerships in transport infrastructure development in Nigeria." Engineering, Construction and Architectural Management 24, no. 6 (November 20, 2017): 875–900. http://dx.doi.org/10.1108/ecam-11-2015-0186.
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Purpose Although scientific research community has shown considerable interest in identifying critical success factors (CSFs) for public-private partnership (PPP) projects, yet effort at assessing and compare CSFs within similar PPP infrastructure projects received scant attention. The purpose of this paper is to identify, assess, and compare the CSFs in PPP transport infrastructure projects. Design/methodology/approach The study adopted literature review and three PPP case studies including structured interviews and review of documentary reports in each case study. The outcome of literature review provided a total list of 26 identified success factors, which was used to design a case study protocol using failure mode and effect analysis (FMEA) technique. FMEA was conducted on each 26 identified success factor to assess their criticality in the three PPP case studies. Findings The results of FMEA revealed a total of ten CSFs in the concession of the road; four CSFs in the concession of the airport; and eight CSFs in the concession of the seaport. Also, the cross-case analysis showed the three prevalent CSFs, this includes government involvement by providing guarantees, political support, and project economic viability. Practical implications The study findings including lessons learnt in each case study would positively influence policy development towards PPP transport infrastructure projects and the manner in which partners (i.e. public and private sector) go about the development of PPP transport projects. Originality/value This research would help PPP stakeholders to focus their attention and priorities in managing the identified CSFs in achieving long-term success in PPP transport infrastructure projects implementation.
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Man, Petr, and Magda Jurčíková. "PPP Projects – Sources and Suppliers." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 2 (2015): 577–85. http://dx.doi.org/10.11118/actaun201563020577.
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This article analyses the problems of Public Private Partnerships (PPP) projects as alternative sources of finance for public services and infrastructure. It concerns itself with the attitude and reactions of suppliers towards PPP projects and their ability to ensure finance. The article also summarises the research projects concerning PPP and draws conclusions based on original analysis and research.
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邢, 英楠. "Common Mode Options for Infrastructure PPP Projects." Operations Research and Fuzziology 08, no. 04 (2018): 161–72. http://dx.doi.org/10.12677/orf.2018.84020.
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Narayan, Pragya, and Dr Abhijit Rastogi. "Hybrid Annuity Model in Road Infrastructure Projects." International Journal for Research in Applied Science and Engineering Technology 10, no. 12 (December 31, 2022): 2207–16. http://dx.doi.org/10.22214/ijraset.2022.48444.
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Abstract: Hybrid Annuity Model has grown into popularity as a PPP model for development of highways since its introduction in 2016, after declined interest in PPP to revitalize the sector. The model is considered to have the best of both worlds, as it reduces the financial burden on concessionaire, by investment of 40% of the money during construction by government and return of 60 % of the investment by concessionaire in bi-annuity over a period of 15 year. This study's objective is to provide an evaluation of the hybrid annuity model used in road infrastructure projects by analysing the model's practical issues. Through an elaborate literature study model is understood in detail from the evolution of PPP in road infrastructure, need of new PPP model with evolution of Hybrid Annuity Model in road infrastructure, Changes in MCA documents, Process of Hybrid Annuity Model, Advantages and identified issues in HAM through various authors was understood. The study focuses on 32 case studies to identify the key factor that affects the outcome/performance of the project. Furth more, the identified issued was ranked on the bases of likelihood of their occurrence and severity through Relative importance Index. Identification key factors are a must to make recommendations to make the model more robust by addressing the major issues affecting the performance of the project
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Kim, Taekyoon, Sang Jun Lee, and Manjula Pradeep. "Strengthening Public-Private Partnership in Sri Lanka’s Infrastructure Development Project: The Colombo Port Case." International Studies Review 20, no. 1 (October 19, 2019): 91–120. http://dx.doi.org/10.1163/2667078x-02001010.
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Infrastructure has been a key component to Sri Lanka’s economic and social development especially through Public-Private Partnerships (PPP), but Sri Lanka is currently at a crossroads in term of fostering its PPP framework for infrastructure. This study sets out to examine and delineate the current landscape as well as the future prospects of Sri Lanka’s PPP with the particular reference to the Colombo Port Expansion projects implemented since 1999 as a proxy for Sri Lanka’s outlook of infrastructure PPP. It further contends that a given rule-of-thumb on PPP projects is not feasible in developing countries given their economic and political volatility, but positive changes in government strategies and policies can be suggested for better practices and effectiveness in Sri Lanka’s infrastructure PPP. Rather than simply suggesting a positive-descriptive overview of the Colombo Port case, this study advances the proper management of the PPP unit as a critical juncture for strengthening the future landscape of Sri Lanka’s PPP initiatives.
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Krishtal, V. V., V. V. Asaul, V. A. Koshcheev, and J. G. Petukhova. "Public-private partnership as a mechanism for attracting infrastructure investments: implementation problems and risk reduction." Вестник гражданских инженеров 17, no. 5 (2020): 223–32. http://dx.doi.org/10.23968/1999-5571-2020-17-5-223-232.
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The article discusses the problem of attracting infrastructure investments which is acute for every region of Russia. According to the authors of the article, the state participation is not enough to implement major infrastructure projects. It is necessary to attract significant financial resources and to ensure the implementation of relevant national projects. The article reveals the mechanism for attracting infrastructure investments used throughout the world, namely, the public-private partnership (PPP). The authors analyze the constraints on the implementation of PPP in national projects, the construction of roads. Some mechanisms for reducing PPP risks are offered.
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M, Sathana Priya, and Jesintha P. "Public private partnership in india." Journal of Management and Science 1, no. 1 (June 30, 2011): 57–64. http://dx.doi.org/10.26524/jms.2011.8.
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The article discussed the Public Private Partnership among the domestic and foreign players. The main objective is to assess the Public Private Partnership project in India and relationship between the foreign player and domestic player in PPP. So the paper concludes that the foreign players are investing with domestic player in PPP projects. Malaysian companies are leading investors in public private partnership (PPP) projects in India, with this observation both foreign and domestic players join together and developing good relationship among the world with the help of PPP project.
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A. Khalifa, Nasradeen, Alsnose A. A. Hmeda, Roslan Zainal Abidin, and Abdalrhman Milad. "Measuring the Characteristics among Critical Success Factors of PPP Infrastructure Projects." Jurnal Kejuruteraan 33, no. 3 (August 30, 2021): 559–77. http://dx.doi.org/10.17576/jkukm-2021-33(3)-17.
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Private-Public Partnership (PPP) is an increasingly popular choice for policy-makers in implementing critical public projects. Through the examination of essential factors of success of PPP and establishes an empirical model of PPP in the construction project in Malaysia. The PPP implementation model was hypothesised to investigate the measurements and dimensions of technology, organisational and project characteristics as critical success factors of PPP implementation. A quantitative methodology was employed to validate the measurements, hypothesis testing, and validate a structural model of PPP implementation. A total of 238 respondents were involved in the survey of the hypothesised PPP model. SPSS version 22, as well as Analysis of Moment Variance (AMOS) software, was employed to analyse the data gathered. Path analysis and mediated regression analysis of the structural equation model succeeded in determining the mediating effect of stakeholder and procurement on the relationship among critical success factors and PPP implementation. The overall results show a significant positive interaction of organisational, technical, and project characteristics as essential factors of success on stakeholder and procurement as a mediator on the achievement of PPP implementation. This paper highlights not only the vital success factors for PPP but also offers a fundamental contribution model achieved through the empirical model of critical success factors and PPP implementation in the construction project in Malaysia. This study succeeds in establishing and validating a structural model of the PPP implementation model. The model contributes to the body of knowledge of PPP and benefits to practitioners as primary guidance on construction and business development.
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Ameyaw, Ernest Effah, and Albert P. C. Chan. "Risk ranking and analysis in PPP water supply infrastructure projects." Facilities 33, no. 7/8 (May 5, 2015): 428–53. http://dx.doi.org/10.1108/f-12-2013-0091.
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Purpose – This paper aims to identify and evaluate the most significant risk factors that strongly affect the implementation of public–private partnership (PPP) water supply projects. PPP for water supply infrastructure services has seen continued growth over the past two decades, following public sector’s budgetary constraints and inability to provide infrastructure-based water services efficiently and cost effectively. However, these projects are often subjected to major risks leading to failures. Design/methodology/approach – Following extensive literature review and case study analyses, an international questionnaire survey was conducted with practicing and experienced PPP experts to establish the significant risks in PPP water projects. Both the probability of occurrence and severity of 40 risks were evaluated by the expert panel to determine their significance and impact on water projects procured under the PPP arrangement. Findings – The paper presents a derived risk factor list, ranks the factors and describes the “top-ranked” risk factors as: poor contract design, water pricing and tariff review uncertainty, political interference, public resistance to PPP, construction time and cost overrun, non-payment of bills, lack of PPP experience, financing risk, faulty demand forecasting, high operational costs and conflict between partners. Originality/value – This factor list broadens PPP stakeholders’ view of important project risks, rather than relying on culture-dependent studies – an area that has received less attention in PPP risk management research. The identified risk factors would provide governments and investors a useful tool in implementing constructive water PPPs by facilitating the development of risk mitigation strategies, particularly for developing countries with poor risk management practices.
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Batrukova, N. M. "Taxation in the implementation of public-private partnership projects." Economics and Management 29, no. 3 (April 7, 2023): 345–51. http://dx.doi.org/10.35854/1998-1627-2023-3-345-351.
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Aim. The presented study aims to analyze the peculiarities of taxation in the implementation of projects using the mechanism of public-private partnership (PPP).Tasks. The author considers the forms and principles of PPP; analyzes the specifics of taxation in PPP; determines tax liabilities in the context of project implementation stages.Methods. This study uses general scientific research methods: analysis, synthesis, comparison, and generalization.Results. The essence of PPP is revealed. The author describes the basic principles and specific aspects of the implementation of projects based on PPP. Special tax conditions for the concessionaire and the private partner are analyzed in the context of taxes and tax obligations under the concession agreement and the PPP agreement are grouped to identify the distinctive features of the tax regime under PPP.Conclusions. In light of the trend of implementation of investment projects and infrastructure development facing insufficient investment in projects, PPP can be viewed as an effective tool. Attracting financing for infrastructure projects requires creating favorable conditions for investors, including state guarantees and tax incentives. In this regard, this study examines the peculiarities of taxation of organizations, in particular special project companies, in the implementation of projects using the PPP mechanism.
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Yang, Fan, Jintao Li, Yi Wang, Shengyu Guo, and Heqian Lei. "Spatial Characteristics and Driving Factors of Public–Private Partnership Projects Implemented in China." Buildings 12, no. 6 (June 5, 2022): 768. http://dx.doi.org/10.3390/buildings12060768.
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In recent years, public–private partnership (PPP), as an alternative strategy in the delivery of infrastructure services, has developed rapidly in China. However, the implementation of PPP projects differs significantly between provinces and municipalities. Using the implementation data of national PPP demonstration projects, this study employs spatial autoregression and a spatial Durbin model (SDM) to explore the spatial characteristics and driving factors of PPP projects across China. The results indicate that the PPP project implementation rate in China shows significant spatial clustering, which indicates a spatial spillover effect in the eastern, central, and western regions of the country. The fixed asset investment and infrastructure status exert a significant positive effect on the PPP project implementation rate in a certain region and aid in the implementation of PPP projects in the neighboring regions. Urbanization potentiality, the financial self-sufficiency rate, and regional openness do not have an impact on the local PPP project implementation rate, but they do inhibit the increase in this rate in the adjacent regions. Fiscal capacity, government credibility, and the level of social development do not affect the local PPP project implementation rate, but they do promote the implementation of the PPP projects of these neighboring regions. Local authorities should make additional efforts to build an inter-regional development environment for PPP and promote the implementation of PPP projects.
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Xiong, Wei, Xianbo Zhao, Jing-Feng Yuan, and Sai Luo. "Ex Post Risk Management in Public-Private Partnership Infrastructure Projects." Project Management Journal 48, no. 3 (June 2017): 76–89. http://dx.doi.org/10.1177/875697281704800305.
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Public-private partnerships (PPPs) have been widely used in infrastructure development in the past 30 years. However, a number of PPP projects have suffered serious risk scenarios and ended up with project failures. The change from a short-term contract period of traditional projects (fewer than five years) to a long-term contract period of PPP projects (20–30 years) has raised challenges to the traditional risk management. The high occurrence of renegotiations and early terminations of PPP projects suggest that ex ante risk management is no longer enough and ex post risk management is needed. This study aims to propose an ex post risk management model, under which renegotiations and early terminations are introduced. The application of this model begins with risk impact evaluation, then ex post risk response measures assessment, selection, and enforcement. An illustrative case is provided in the Appendix at the end of the article. The outputs of this study would facilitate governments’ decision making in PPP projects under serious risk scenarios.
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KULICHENKOV, Nikita P. "Financing Russia's transport infrastructure using public-private partnership facilities: Current challenges and prospects." Digest Finance 27, no. 4 (December 28, 2022): 404–22. http://dx.doi.org/10.24891/df.27.4.404.
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Subject. This article examines the main ways and legal forms of implementation of transport infrastructure projects in the Russian Federation, the challenges associated with financing, and the prospects for the development of the public-private partnership (PPP) mechanism when implementing transport projects. Objectives. The article aims to substantiate the effectiveness of the use of PPP mechanisms when implementing transport infrastructure projects in Russia to ensure the long-term development of the country. Methods. For the study, I used analysis and synthesis, deduction and induction, statistical and graphical analyses, and comparison. Results. The article assesses the role of PPP facilities in project financing to encourage the inflow of investments in the field of transport infrastructure and determines the main organizational and legal framework for the implementation of transport projects. Conclusions. The State's participation in project financing through PPP mechanisms when implementing transport infrastructure projects in Russia can help improve the attractiveness of long-term projects with high capital expenditures due to a more efficient and flexible distribution of risks and responsibilities among the key partners, and it also contributes to the achievement of national transport objectives significantly.