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Journal articles on the topic 'Financing roads'
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1
Forkenbrock, David J. "Financing Local Roads." Transportation Research Record: Journal of the Transportation Research Board 1960, no. 1 (2006): 8–14. http://dx.doi.org/10.1177/0361198106196000102.
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Verhoef, Erik T., and Herbert Mohring. "Self-Financing Roads." International Journal of Sustainable Transportation 3, no. 5-6 (2009): 293–311. http://dx.doi.org/10.1080/15568310802259940.
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Bereziński, Stanisław, and Tomasz Rokicki. "FINANCING OF LINEAR ROAD INFRASTRUCTURE IN POLAND." Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing, no. 24(73) (December 14, 2020): 205–13. http://dx.doi.org/10.22630/pefim.2020.24.73.38.
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The main purpose of the paper was to identify and present the situation and changes in the level of expenditure on public roads in Poland, taking into account the division of the country into voivodships. The data concerned the period from 2005 to 2017. Sources of materials were the analysis of available literature in the field of road transport, legal acts, data from the CSO database. The comparative method was used in the paper, dynamics indicators were evaluated, the Gini concentration coefficient was calculated and the degree of concentration was presented using the Lorenz curve. Pearson's linear correlation coefficients were also used. A descriptive, tabular and graphic method were used to present the results. Investment outlays on roads apply to both the construction of new roads and the repair of existing ones. Between 2005-2017, the length of public roads in Poland increased by 11% to 422,000 km. Changes in individual voivodships and in subsequent years varied. The largest increase in road length occurred in Podlaskie and Lublin, while the smallest was in Opole. The largest expenditure on public roads was incurred in 2009-2011, which was related to the preparation for the Euro 2012 football tournament, which took place in Poland and Ukraine. Investment outlays were related to the level of economic development of voivodships and the resources of public roads. The only exception to this rule occurred in 2009-2011, when many road investments were centrally financed by the government.
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Ivarsson, Sven, and Malmberg Christina Calvo. "Private–Public Partnership for Low-Volume Roads: Swedish Private Road Associations." Transportation Research Record: Journal of the Transportation Research Board 1819, no. 1 (2003): 39–45. http://dx.doi.org/10.3141/1819a-07.
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Unit costs for low-volume road construction and maintenance are low compared with those for higher-level roads. The problem is that in many countries this network is vast, and the total cost requirements to ensure minimum access are enormous. This problem is a particular challenge in developing countries where more than two-thirds of the poor reside in rural areas. The option of private ownership and financing of low-volume roads is proposed. It is argued that the Swedish model for low-volume road management and financing is simple and efficient and can easily be adapted to a variety of circumstances in both rich and poor countries. In Sweden, private road associations manage two-thirds of the road network at less than half the cost and with better results than do the government road agencies. This model is based on a well-structured institutional framework for private ownership of low-volume roads that includes a law on private roads and financial and technical incentives. The government provides legal and financial incentives for local property owners to associate and assume responsibility for their roads. The result is a private–public partnership in which government subsidizes road costs with grants from the budget. Increasing efficiency and effectiveness of public expenditures and working in partnership with the private sector are highly relevant goals in both developed and developing countries.
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CHYRKOVA, Yuliia, and Yuliia MAKAROVA. "Toll roads in Ukraine: current realities and international management experience." Economics. Finances. Law, no. 6/1 (June 30, 2021): 17–22. http://dx.doi.org/10.37634/efp.2021.6(1).4.
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The paper is devoted to the analysis of the current situation with toll roads, which are built on the basis of concession agreements in Ukraine, as well as prospects for increasing the number of quality roads with toll roads, which, in turn, attract investors. The paper examines the main conditions for the construction of new roads (reasonable establishment of time parameters of construction, financial support, in particular with the involvement of national and foreign investments, monitoring compliance with quality standards of construction, etc.); features of formation of payment for use of public roads on the terms of concession. It is also traced what are the problematic aspects of the construction of toll roads in Ukraine in modern economic realities. To find ways to solve the identified problems, an analysis of the construction of toll roads on the basis of concessions in some foreign countries. Two systems for payment of toll plots used by leading European countries are analyzed, thus providing themselves with the highest rating indicators on road quality. As a result, the advantages of using European methods of financing road construction were assessed and conclusions were made on the prospects for the implementation of toll plots in Ukraine. Special attention is also paid to the condition of roads and possible ways of financing. In the course of the research it was clear that one of the most effective methods of raising funds is to improve the legal framework for the construction of roads under concession conditions and to improve and enhance the financial attractiveness of toll road projects in Ukraine. Some of the legislation has been significantly improved since 2018, the paper refers to many regulations governing the construction of public roads. The paper shows some excerpts from the legislation on the maximum fee for the use of toll public roads on the basis of concession agreements. It is also indicated which areas on the territory of Ukraine may be paid and some list of vehicles that can move freely on the territory without paying for travel. Also, based on all the data of the paper, a general conclusion is made about the feasibility and effectiveness of the concession for financing.
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Mackie, Peter, and Nigel Smith. "Financing Roads in Great Britain." Research in Transportation Economics 15 (January 2005): 215–29. http://dx.doi.org/10.1016/s0739-8859(05)15017-3.
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Paliichuk, T. V. "The Principle of «Positive Amount» in the Road Sector: Decentralization of Roads." Business Inform 12, no. 515 (2020): 369–77. http://dx.doi.org/10.32983/2222-4459-2020-12-369-377.
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The article is aimed at disclosing the issue of financial support for the construction, reconstruction, repair and maintenance of motor roads in the context of implementation of budget decentralization and decentralization of road management. The article specifies the steps taken towards implementation of decentralization in the sphere of road infrastructure of Ukraine and the introduction of budget decentralization: distribution of functions and powers in the road sphere at the subregional level of management and the updated mechanism of financing the road industry. Both the dynamics of formation and distribution of the State Road Fund and the status of distribution of subvention on the streets and roads of settlements are analyzed. The vision of the main risks of financial support for the maintenance of streets and roads of communal property in settlements in 2021 is disclosed. The directions of improvement of the system of financial support for the construction, reconstruction, repair and maintenance of motor roads are proposed, including in particular: the need to deepen diversification of sources of formation of the State Road Fund; consolidation of the proper guaranteed part of the State Road Fund’s costs for the maintenance of streets and roads of communal property in settlements; balancing the expenditure load and financial support for the implementation of road projects; increasing the level of transparency of decision-making in the distribution of financial resources intended for the construction, reconstruction, major, ongoing repair of motor roads.
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Borovac, Zivota. "Financing of the category I and II state road maintenance in the Republic of Serbia." Facta universitatis - series: Architecture and Civil Engineering 13, no. 1 (2015): 75–86. http://dx.doi.org/10.2298/fuace1501075b.
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Investment in roads, apart from traffic benefits, has significant effect on development due to influence on overall commercial flows. Road maintenance works serve the purposes of built roads which are primarily to ensure safety of traffic flow, transport of population and goods, to connect people and to improve their living and working conditions. Maintenance works are required for protection of roads, as civil engineering structure, against damaging influences, or in other words real value and usability of road shall be kept (protection of previously invested capital). Therefore, roads have to be maintained continuously in order to be achieved undisturbed and safe traffic flow. Current traffic-economic development needs have surpassed available funds in great extent. Financing system of state roads of category I and II has not ensured sufficient and stable funds for the required level of investment.
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Gravier, Michael J., and M. Theodore Farris. "Financing America’s roads: The past is prologue." Journal of Transportation Management 16, no. 1 (2005): 1–14. http://dx.doi.org/10.22237/jotm/1112313720.
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This article provides a historical perspective of American roadway financing. It explores revenue collection and expenditures at the federal, state, and local governmental levels. Accounting practices of the Highway Trust Fund are discussed including the enactment of the Truth in Budgeting Act to shift revenue collection closer to a direct-user tax. Factors affecting roadway tax revenues are identified and the impact of increasing taxes is discussed. Four key considerations which will continue to shape roadway revenue collection are identified.
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Antonów, Dobrosława. "Daniny publiczne związane z użytkowaniem dróg publicznych i ruchem drogowym w ustroju demokratycznym odrodzonej Polski." Studia nad Autorytaryzmem i Totalitaryzmem 41, no. 4 (2020): 183–203. http://dx.doi.org/10.19195/2300-7249.41.4.9.
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Public levies connected with the use of public roads and the road traffic in the democratic system of reborn PolandThe article is devoted to public levies connected with the use of public roads and the road traffic in the democratic system of reborn Poland i.e. after regaining independence. Problems connected with public roads first of all financing of building and maintaining the roads as the elements of politics of democratic Poland in range of its economic restoration in the capitalist economic system after many years of annexation are described in the article. During that period the state collected different charges and other levies from participants of the road traffic and other subjects using public roads in different ways e.g. industrial companies located by the roads, which use the roads in other way than normal users, that means they often transport heavy things by big vehicles. Takings from the levies were allocated for building and maintenance of public roads. The most important kinds of levies are shown and discussed in the article. An assessment of the politics of Poland in the field of road infrastructure during the first years after regaining independence is also conducted in the article.
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Gogolev, V., and M. Barysheva. "International and national practice for estimating cash expenditures of road replacement, repair and maintenance." SHS Web of Conferences 112 (2021): 00041. http://dx.doi.org/10.1051/shsconf/202111200041.
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The paper considers the importance of the uninterrupted functioning of the transport network, which is the most important condition for eliminating the transport inaccessibility of Arctic territories of the regions, thus excluding transport discrimination of the population living in the Arctic zone of the Russian Federation. Besides, the paper provides a brief overview of international road repair and maintenance experience on the example of Norway, analysis of the standard for repair and maintenance of roads in the Russian Federation, proposals on the method of calculating the cash expenditures of replacement, repair and maintenance of roads in the Russian Federation. The Decree of the Government of the Russian Federation No. 658 dated May 30, 2017 approved the standards of financial expenditures and the rules for calculating the size of federal budget allocations for replacement, repair and maintenance of federal roads. However, at the moment, not all regions have updated the regulatory framework on the norms of financial expenditures and the rules for calculating budget allocations for replacement, repair and maintenance of regional and inter-municipal roads. The existing methodology for calculating the cost of repair and maintenance of roads in the Arctic territory of Russia does not fully provide the need to bring the existing roads into normal transport and operational condition for their safe operation. The analysis shows that there is no systematic work to ensure sustainable financing of the road economy in the republic and the road industry is financed at a level much lower than the actual needs.
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Frolov, V. I., and S. V. Balzanay. "Improving the financing method of road construction on the basis of the life cycle contract." Вестник гражданских инженеров 17, no. 1 (2020): 241–46. http://dx.doi.org/10.23968/1999-5571-2020-17-1-241-246.
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The article considers the procedure for financing of the construction of regional roads on the basis of the life cycle contract. Under the existing procedure for financing road construction projects, the main burden at the stage of the implementation is experienced by the private partner, which can lead to the risk of non-fulfillment of obligations under the contract of the road project. To reduce the level of risk, it is proposed to use phased financing of the project by the state partner, especially before the commissioning of the facility.
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PECHONCHYK, Taras I., Valentyna V. KONTSEVA, and Artem A. BEZUGLYI. "Improvement of the Organizational and Economic Mechanism of Financing in the Road Economy." Journal of Advanced Research in Law and Economics 10, no. 4 (2019): 1110. http://dx.doi.org/10.14505//jarle.v10.4(42).12.
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The urgency of the issue studied is preconditioned by the need to improve the state of the road economy by increasing its funding by improving its organizational and economic mechanism. The purpose of the article is to improve the organizational and economic mechanism of financing in the road economy. A leading method of this issue researching is modeling, which allows to consider it as a process of purposeful and complete reorientation of the mechanism of financing the road economy to more advanced methods and models. It has been established that efficient allocation of financial resources in the road economy is ensured through an organizational and economic mechanism, which includes a complex of interdependent organizational and economic elements, as well as special management functions that will form the necessary financial support for road enterprises for improving the transport and operational condition of roads. The study showed that the current regulatory provision of organizational and functional system of road management in Ukraine provides for centralization of road network management. The article presents the organizational and economic mechanism of financing in the road economy of Ukraine. The model is aimed at scientists and researchers whose area of interest is the road industry and its funding system.
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Lingaitiene, Olga. "THE ANALYSIS OF ROAD INFRASTRUCTURE DEVELOPMENT FINANCING IN LITHUANIA." TRANSPORT 21, no. 1 (2006): 56–61. http://dx.doi.org/10.3846/16484142.2006.9638043.
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The article describes major problems associated with the development of the Lithuanian roads, the priority areas and distribution of investments. The analysis performed and the calculations of investments into roads made for the last two years and the current year as well as graphical expression of the dynamics are presented and the conclusions are given.
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Ohlms, Peter B. "Local Government Funding and Financing of Roads in Virginia." Transportation Research Record: Journal of the Transportation Research Board 2450, no. 1 (2014): 91–98. http://dx.doi.org/10.3141/2450-12.
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Poole, Robert W. "Private Toll Roads: Changing the Highway Paradigm." Public Works Management & Policy 3, no. 1 (1998): 3–9. http://dx.doi.org/10.1177/1087724x9800300101.
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Privatization approaches hold great promise for improving the performance of the U.S. highway system. But dramatic results akin to those being achieved overseas via private toll road concessions will depend critically on supportive public policy. Other countries have adopted the private concession model as a matter of national policy, applying it not merely to a few speculative new roads but to major modernization of existing highways and expressways. To realize the potential that the private sector has to offer, we need new highway policies that would create a level financial playing field between the public and private sectors, share start-up risks and costs between the public and private sectors, and remove restrictions (such as the ban on interstate tolls). The transportation community must also educate policy makers and opinion leaders on the case for tolls as both a financing vehicle and a highway management tool.
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Černý, Martin. "Calculation of Internal Debt on Road Network in the Vysočina Region." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 4 (2015): 1235–49. http://dx.doi.org/10.11118/actaun201563041235.
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The aim of this paper is to present the issue of financing the extent and quality of the road network, which is a necessary prerequisite for economic and social development of the Vysočina Region. The paper gives a methodological approach to the calculation of internal debt of the road network in the Vysočina Region, made its own calculation in the alternatives, whereas those alternatives reflect financing by the region through its own resources, as well as an alternative, which includes financing and the involvement of external resources (loans, fund state infrastructure and European sources). The calculation determines the size of internal debt, and therefore the extent of the problem. The definition of internal debt we can express as an annual expenditures which has to follow to the road infrastructure to ensure the sustainable quality of road network. The paper describes a potential process ensuring the increase of efficiency of public financing for the road network. In the contribution there is designed a potencial solution which deal with dividing regional roads into main three categories and in one of the category to introduce the system of road management.
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Rozhkov, Evgeniy V. "Problems of the road industry (on the example of the Perm Region)." Journal «Izvestiya vuzov. Investitsiyi. Stroyitelstvo. Nedvizhimost» 10, no. 3 (2020): 358–69. http://dx.doi.org/10.21285/2227-2917-2020-3-358-369.
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The article aims to identify problems in the road industry of the Perm Region in order to find optimal solutions. The methods of descriptive, inductive and institutional analysis were applied. Regulatory and legal acts, as well as the activities and responsibilities of state bodies in the field of road building and maintenance were studied. The share of citizens who noted an improvement in the state of roads in the Perm Region in 2019 was 21.2%. Nevertheless, more new roads should be built and the existing roads should be maintained according to regulatory requirements. To this end, the quality of asphalt concrete materials and placement operations should be monitored. It is hoped that future regulatory documents will forbid installation of heating pipelines under public roads in cities. In order to make informed decisions in the road industry in the region, the number of mobile laboratories, diagnostic and laser scanning complexes should be increased. Since the financing for the improvement and development of the road network in the Perm Region in 2019 was fulfilled only by 90.37%, it is necessary to strengthen control over the timely payment of completed contracts. The research findings can be used by authorities in the development of regional socio-economic strategies.
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Acerete, Basilio, Jean Shaoul, and Anne Stafford. "Taking its toll: The private financing of roads in Spain." Public Money & Management 29, no. 1 (2009): 19–26. http://dx.doi.org/10.1080/09540960802617327.
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ASMATULAYEV, B. A. "PETROLEUM AND BITUMEN CONTAINING AND INDUSTRIAL ANTHROPOGENIC MATERIALS FOR CONSTRUCTION OF LONG-LASTING ROARDS." Neft i gaz 5, no. 119 (2020): 121–33. http://dx.doi.org/10.37878/2708-0080/2020-5.033.
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This paper raises problem issues of technical conditions of the roads in the Republic in connection with the address of Kassym-Zhomart Tokayev, the President of the country to the people of Kazakhstan.The main problem is poor condition of roads infrastructure resulting in a high level of accidents on dual highways. The second problem is slow rate of roads’ construction and reconstruction according to outdated designing methods and traditional construction technologies for a short operating time of not more than 15-20 years that does not comply with worldwide standards of repair-free service life of roads of 50 years and more. Motorization of the country and freight traffic increases by 25-40% annually, the road load increased 2-3 times resulting in intensive destruction of outdated roads pavements. In connection with this the volume of repairs with respect to costs exceeds more than 50% of total road industry financing. The third problem is a high cost of roads construction. Cost plus technologies are still being widely applied in Kazakhstan. At the same time industrial waste discharge of Kazakhstan’s enterprises accumulated more than 45 billion tons of anthropogenic wastes including petroleum and bitumen containing anthropogenic materials with the application of which innovative resource-saving and power-saving nanotechnologies and nanostructured long-life materials were developed. At the same time, it is possible to reduce the cost of construction and expenses for road maintenance by 2-3 times within 50 years. In addition, to accelerate construction and repairs of 1-2 category roads by 2-3- times, while 3-4 category by 5-6 times. The scientific and technical program headed by national Engineering Academy of the Republic of Kazakhstan for 2021-2023 “To develop and implement efficient technologies of cast-insitu construction of road-transport structures according to world standards with a complex recycling of industrial anthropogenic wastes and recoverable resources” is developed for wide application of nanotechnologies and nanostructured materials in roads construction.
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Manamgoda, Manamgoda Gamage Nimantha, B. A. K. S. Perera, and Colombapatabendige Savindi Ranthika Perera. "Impact of interest rates of bank loans on road construction: the case of Sri Lanka." Journal of Engineering, Design and Technology 16, no. 4 (2018): 518–32. http://dx.doi.org/10.1108/jedt-12-2017-0133.
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Purpose Infrastructure systems play a dominant role in the economic growth of countries. Projects involved with the construction of roads, which is vital for the development of a country, are financed mainly using borrowed funds because of the reliability of debt financing. The cost of borrowing is the interest that has to be paid. In Sri Lanka, there is a high tendency for interest rates of bank loans to fluctuate, and this makes the road projects in the country that are funded with borrowed money to be highly risky. Thus, this paper aims to identify the impact of bank loan interest rates on road construction in Sri Lanka. Design/methodology/approach The study consisted of two questionnaire surveys conducted among financial specialists and road construction experts, followed by a documentary review. The collected data were analysed using Relative Importance Index. The relationship between the interest rates of bank loans and the prices of the resources used in road projects were determined using regression and correlation analyses. Findings The research revealed a strong, linear relationship between interest rate fluctuations and bitumen, aggregate base course, metal and earth price fluctuations. It also identified the pattern of interest rate fluctuations to help practitioners to predict the pattern of input price variations. Originality/value When developing the capital structure of road projects, it is necessary to consider the prices of materials used in the projects when determining the financial risks of debt financing.
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Lin, Kun-Chin. "The Politics of Financing the Highway Boom in China." Asian Survey 58, no. 3 (2018): 511–34. http://dx.doi.org/10.1525/as.2018.58.3.511.
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Fiscal federalism has provided the institutional basis for the rapid highway boom in China for three decades, creating a close linkage between subnational investment and revenue claims on tolled roads. This model of capitalization is financially unsustainable and undermines the standardization of taxation and contracting of public–private partnership projects.
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Bilyk, O., Y. Blynda, and N. Krokhmalna. "PECULIARITIES OF SOCIAL RISK MANAGEMENT IN THE CONDITIONS OF ROAD CONCESSION DEVELOPMENT." Journal of Lviv Polytechnic National University. Series of Economics and Management Issues 4, no. 2 (2020): 115–24. http://dx.doi.org/10.23939/semi2020.02.115.
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The road network is one of the most important branches of the economy, which performs the function of a kind of circulatory system in the complex organism of the country. It not only helps to meet the needs of the economy and the population in transportation, but together with the cities forms a "framework" of the territory, has a significant impact on the dynamism and efficiency of socio-economic development of individual regions and the country as a whole. World experience shows that without a developed transport, automotive network can not create an efficient market economy. Ensuring the development of the road network and improvement their transport and operational condition is a necessary condition for further socio-economic development of the state and society. Unsatisfactory condition of the road network has a negative impact on the social and economic situation of the country, international image and key indicators such as gross domestic product, development of productive forces, state budget revenues, employment, performance of road and other modes of transport and more. The level of financing the road networks for the last 10 years makes 14-34 percent of the minimum necessary need for repair and maintenance of a network of highways defined by scientists. Due to insufficient funding, the pace of implementation of new technologies, machines, mechanisms, modern materials and structures is slow and does not meet current needs. The process of business investment in the road industry in Ukraine in modern conditions is risky due to imperfect legislation, low development of technology, which can be eliminated through the introduction of concession approaches in the development of the industry. The impact of public-private partnership on social risks is considered and ways to minimize them are suggested. Solving the problems of financial support for the repair, reconstruction and maintenance of roads requires the integration of State efforts, regional and local authorities, research and practice of their application, legal framework, as well as financial and material resources in international and Euroregional cooperation . It should be noted that the most problematic in terms of effective provision of transportation by state roads are sections of roads on international transport corridors. On the one hand, the financial and economic capabilities of the state and the region are still insufficient for their reconstruction, and on the other - the postponement of these problems has a negative impact on the national economy and contradicts international trends, prospects for the transport network. The object of the article is the process of applying the concession to improve the financing of costs for repair, reconstruction and maintenance of roads in terms of social risks. The subject of the article is the socio-economic relations between the subjects of the concession and the public. The main purpose of the article is to substantiate the need for the introduction of a road concession, taking into account developed recommendations for social risk management. In accordance with the purpose of the article, the authors set the following goals: - definition and analysis of the conditions of public-private partnership in Ukraine; - identification of the causes and consequences of the development of social risks in terms of road concessions based on the analysis of international experience in the application of tolls on highways; - substantiation of the main directions of social risk management in the conditions of the road concession and formation of the corresponding conclusions. The result of research is the authors' proposed ways to minimize social risks in terms of road concessions.
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Kharchenko, Anna, Oleh Zaviyskyy, Vitalii Tsybulskyi, and Serhii Zavorotnyi. "Development of methods for parameters of long-term contracts optimization for operational road maintenance." Technology audit and production reserves 1, no. 2(57) (2021): 49–53. http://dx.doi.org/10.15587/2706-5448.2021.225532.
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The object of research is the processes of cost, duration and quality management in long-term contracts for the maintenance of roads. The presented work is based on the use of project management theory. The main hypothesis of the study is the application of methods for optimizing the parameters of long-term contracts for the maintenance of roads. Features, advantages and problematic issues concerning the use of long-term contracts based on quality indicators in the road sector are considered. The world and domestic experience of introduction of long-term maintenance of highways is analyzed. The main approaches to optimization of parameters are defined and the mathematical model of management of processes of cost, duration and quality in long-term contracts is developed. Based on the model, two methods of mathematical solution of the optimization problem of the proposed parameters have been developed. A mathematical experiment based on the example of the project of long-term maintenance of roads on the final quality indicators, the results of which showed that the adaptive capacity of projects by the second method is less flexible than the first. But the second method achieved better performance to minimize time parameters with averaging at 5 %. Optimization of parameters of long-term contracts for maintenance of roads has a multiplier effect, which is expressed in reducing administrative costs of the customer, reducing the responsibility of road services, creating conditions for stable financing of road works, satisfaction of road users, building strong partnerships between the customer and the contract. The results of calculations have practical value and can serve as a tool for making sound management decisions to determine the basic parameters of long-term contracts for the maintenance of roads based on quality.
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Yan, Xue, Heap-Yih Chong, Zhaohan Sheng, and Xiangyu Wang. "Financing Decision Model for Toll Roads: Balancing Economic and Public Attributes." Journal of Management in Engineering 33, no. 4 (2017): 04017010. http://dx.doi.org/10.1061/(asce)me.1943-5479.0000523.
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Heggie, Ian G. "Commercializing management and financing of roads in developing and transition countries." Transport Reviews 23, no. 2 (2003): 139–60. http://dx.doi.org/10.1080/01441640309894.
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Regan, Michael, Jim Smith, and Peter E. D. Love. "Financing of public private partnerships: Transactional evidence from Australian toll roads." Case Studies on Transport Policy 5, no. 2 (2017): 267–78. http://dx.doi.org/10.1016/j.cstp.2017.01.003.
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Chotia, Varun, and N. V. M. Rao. "Infrastructure financing and economic growth in India: an empirical investigation." Journal of Financial Management of Property and Construction 23, no. 3 (2018): 258–73. http://dx.doi.org/10.1108/jfmpc-12-2016-0056.
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Purpose This paper aims to suggest the preferred mode of financing for major sub-sectors of infrastructure: roads, seaports, telecommunication and energy by examining which mode of infrastructure financing – public, private or public–private partnership (PPP) – has the maximum positive impact on the overall GDP of India. The same exercise was carried out for the overall infrastructure sector by integrating data from all the four sub-sectors. Design/methodology/approach The structural vector autoregressive approach was used with the period of analysis taken from 1995 to 2014. The stationary properties of the variables were checked by the Phillips–Perron unit root. Findings The PPP mode of financing was found to make the maximum positive impact on the GDP of India. Considering the four sub-sectors individually, it was concluded that the private mode of financing in roads, energy and telecom sectors has the maximum positive impact on the GDP, while the PPP gives optimal benefit to the seaports sector. Practical implications Results will aid the Indian Government and policymakers to efficiently design and develop their economic policies accordingly. Originality/value The study is novel in a sense that it helps to address the lack of research into the area of infrastructure financing in India.
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Villalba-Romero, Felix, and Champika Liyanage. "Implications of the use of different payment models." International Journal of Managing Projects in Business 9, no. 1 (2016): 11–32. http://dx.doi.org/10.1108/ijmpb-09-2015-0095.
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Purpose – The purpose of this paper is to illustrate the payment models and financing structures used for road Infrastructure projects under public private partnerships (PPPs) in the UK. Comparison of funding and financial structures in the selected case studies exposes the risks and values of the models of payment utilised. This research also aims to identify relationships with payment certainty and financing debt restructuring. Design/methodology/approach – The paper compares several case studies representing the evolution of private finance initiative road infrastructure in the UK context. Templates were completed using semi- structured interviews during data collection; and a qualitative content analysis approach was employed for case study analysis. Findings – Lessons learned from using different payment methods show the benefit and limitations of adopting different forms of PPP in road development. Refinancing of projects presents substantial risks to the viability of a project, and benefits gained by the private sector. Further, refinancing brings no significant benefits to the public sector as well. Practical implications – Performance of selected case studies highlights emerging issues that need to be considered when adopting a PPP procurement route in roads projects. Financial markets have supported these projects under different risk profiles and payment models. They also have the potential to play a greater part in capitalising long-term investment in road projects and increase private sector participation in infrastructure development, generating more competition and innovation. Originality/value – This paper provides case study comparison and practical implications of recent PPP developments in road provision in the UK and the evolution of public policy in the subject.
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Tsimoshynska, O., M. Koval, H. Kryshtal, L. Filipishyna, W. E. Arsawan, and V. Koval. "Investing in road construction infrastructure projects under public-private partnership in the form of concession." Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu, no. 2 (2021): 184–92. http://dx.doi.org/10.33271/nvngu/2021-2/184.
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Purpose. To substantiate an approach to road development investment management in Ukraine in compliance with the principle of syncretism and the use of Quality Function Deployment methodology, to improve the methodological approach to calculating the concession fee for brown-field and green-field road concession projects. Methodology. The study used a set of general and special methods of cognition: the Quality Function Deployment (QFD) method, the environmental approach, multimodal analysis, Decoupling Index, Decoupling Factor, logical generalization, quantitative and qualitative comparison, scientific abstraction and systematization. Findings. According to the results of research on interrelation of cost of an investment project and volumes of works by their types, an economic-mathematical model of estimation of need for investments in projects for construction, reconstruction, repair and maintenance of public motor roads is offered. The proposed model, unlike the existing ones, is based on lateral understanding of the clarity of delineation of capital needs by type of road construction, which will provide taking management decisions on investment projects with model and information tools that will help obtain the most realistic assessment of need for capital needed to improve the transport operation condition of motor roads in Ukraine. Originality. The organizational-economic mechanism of management of investment activity of road economy and the estimation of efficiency of co-financing investment projects under programs on construction, reconstruction, repair and maintenance of motor roads is advanced. The diagnostics of efficiency of investment of construction of public motor roads under public-private partnership in the form of concession is improved. Practical value. The results of the study can be used in the activities of road industry of Ukraine for the development and implementation of investment projects under motor road development programs.
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Nagrebelna, Liydmila, Olga Belenchuk, and Oleksii Petrashenko. "EFFECTIVE APPROACH TO DETECTING ROADS FOR PRIORITY PLANNING FOR ROAD SAFETY MEASURES." Avtoshliakhovyk Ukrayiny, no. 4 (260) ’ 2019 (December 28, 2019): 52–57. http://dx.doi.org/10.33868/0365-8392-2019-4-260-52-57.
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The basic approaches for identifying dangerous road sections for prioritizing road safety measures are outlined. The effectiveness of the result depends on how well the areas where the road safety measures need to be implemented are identified. Suggestions for identifying dangerous places on the roads according to the statistics of traffic accidents using the methods of probability theory are given. On the basis of the analysis of statistics on roads with different number of adventures, limit values of the admissible number of adventures on sections of roads of different length are established. It is proved that it is necessary to create a comprehensive approach to solving a complex problem – improving road safety. Оne of the important approaches for the definition of dangerous road sections according to the data of road accidents, which is proposed by the authors, is the method of detection of sections (places) of concentration of road accidents (black spots). The purpose of this article is to: introduce an approach in road safety management to reduce the number of road accidents and the severity of their consequences on Ukraine’s highways by first implementing measures to improve road conditions and improve road organization. The effectiveness of the result in reducing the number of traffic accidents depends on the areas so clearly identified that, in the first place, it is necessary to implement measures to improve road safety. That is why this approach was introduced in traffic safety management. The purposeful financing of measures, aimed primarily at eliminating such sites, will help to reduce the number of road accidents and the severity of their consequences. Keywords: road safety, methods of analysis, dangerous road sections, place of concentration of road accidents, black spots, road accident.
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ESTEBAN RÍOS, Javier. "Algunas reflexiones sobre las distintas alternativas existentes para financiar el mantenimiento y conservación de las carreteras españolas." Revista Vasca de Administración Pública / Herri-Arduralaritzarako Euskal Aldizkaria, no. 120 (August 30, 2021): 103–36. http://dx.doi.org/10.47623/ivap-rvap.120.2021.03.
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LABURPENA: Zenbait finantzaketa-eredu daude Espainiako errepideak mantentzeko eta zaintzeko, eta horiek oinarrituta daude bideen erabiltzaileentzat doakoak izatean edo azpiegitura horiek erabiltzearen truke ordaintzean. Zer aukera hautatzen dugun, finantzaketa-sistema orok funtsezko ezaugarri berak bete behar ditu, nahitaezkoa baita irizpide egonkorrak, aurresangarriak eta proportzionalak betetzea. Ildo horretatik, dauden finantzaketa-formula guztiak aztertzen ditu lan honek, eta ahalegintzen da bakoitzaren zailtasunak eta bertuteak agerian uzten; egiaztatutako arazoak arintzeko tresna juridikoak eskaintzen ditu, halaber. Bereziki, errepideak aurrekontu orokorren kontura finantzatzea edo tasak (bideen erabileraren iraupenaren arabera) edo bidesariak (erabiltzaileek ibilitako zatia) erabiltzea aztertuko da. ABSTRACT: There are different financing models for the maintenance of Spanish roads, which are based either on gratuity for road users or on payment for the use of such infrastructures. Regardless of the alternative chosen, the essential characteristic which any financing system must meet are identical, requiring submission to stable, predictable and proportional criteria. In this sense, the paper addresses the different financing formula, trying to highlight their difficulties and virtues, as well as offering legal tools in order to mitigate any problems that may arise. In particular, the work will analyse the financing of roads from general budgets, the implementation of user charges - linked to the duration of road use - or the use of tolls - which are levied on the distance travelled by road users. RESUMEN: Existen distintos modelos de financiación para el mantenimiento y conservación de las carreteras españolas, que se sustentan bien en la gratuidad para los usuarios de las vías o bien en el pago por el uso de dichas infraestructuras. Con independencia de la alternativa escogida, las características esenciales con las que ha de cumplir todo sistema de financiación son idénticas, exigiéndose el sometimiento a criterios estables, predecibles y proporcionales. En este sentido, el presente trabajo aborda las distintas fórmulas de financiación posibles, tratando de poner de manifiesto las dificultades y virtudes de las mismas, así como ofreciendo herramientas jurídicas para mitigar los problemas que pudieran constatarse. En particular, se analizará la financiación de carreteras con cargo a presupuestos generales o el recurso a tasas –vinculadas a la duración del uso de las vías– o a peajes –que gravan la distancia recorrida por los usuarios.
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Hough, Jill, and Ayman Smadi. "Innovative Financing Methods for Local Roads in Midwest and Mountain-Plains States." Transportation Research Record: Journal of the Transportation Research Board 1652, no. 1 (1999): 7–12. http://dx.doi.org/10.3141/1652-02.
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Akbiyikli, Rifat, Seyyit Umit Dikmen, and David Eaton. "Private Finance Initiative (PFI) for Road Projects in UK: Current Practice with a Case Study." PROMET - Traffic&Transportation 23, no. 3 (2011): 215–23. http://dx.doi.org/10.7307/ptt.v23i3.125.
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The long-term sustainable provision of new and high quality maintained road stock is vitally important, especially in times of economic constraint such as Europe is currently experiencing. The Private Finance Initiative (PFI) is one method of financing such large-scale, capital intensive projects. An important aspect of this form of financing projects is that the risks are borne not only by the sponsors but are shared by different types of investors such as equity holders, debt providers, and quasi-equity investors. Consequently, a comprehensive and heuristic risk management process is essential for the success of the project. The proposition made within this paper is that the PFI mechanism provides a Value-for-Money and effective mechanism to achieve this. The structure of this PFI finance and investment on a particular road project therefore enables all project stakeholders to take a long-term perspective. This long-term perspective is reflected in the mechanism of a case study of UK – Class A trunk roads which are examined in detail. This paper presents a novel solution to a modern dilemma.
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Andersson, Roland, and Bo Söderberg. "Financing roads and railways with decentralized real estate taxes: the case of Sweden." Annals of Regional Science 48, no. 3 (2009): 839–53. http://dx.doi.org/10.1007/s00168-009-0348-x.
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Nuwagaba, Innocent, and Thekiso Molokwane. "A Qualitative Analysis of Public Private Partnership (PPP) Project Contracts in the Roads Sector. A Contextual Elucidation of Uganda National Roads Authority (UNRA)." International Journal of Business Administration 11, no. 5 (2020): 44. http://dx.doi.org/10.5430/ijba.v11n5p44.
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Public Private Partnership Projects continue to gain momentum across the world. Governments in developing countries now find PPP projects as an alternative to conventional financing and providing public infrastructure. Guided by the principal agency theory, this study examines different types of PPP Project contracts in the roads sector with specific focus on the Uganda National Roads Authority (UNRA). Contracting out of projects in the roads sector has led to increased costs of road construction in Uganda. The main objectives of this study are to examine the relevance of the principal-agency theory to the adoption of PPP project contracts by UNRA and establish the types of PPP Project contracts suitable for adoption by UNRA. Data was collected through literature survey and interviews. Study findings revealed that Principal-Agency theory is relevant to adoption of PPP project contracts and that UNRA intends to use mainly management PPP contract. It is concluded that principal-agent relationship is very crucial if the execution of PPP Project contracts is to be a success and that there is a very high chance that UNRA is planning to also adopt the use of Build, Own and Transfer (BOT) PPP Project contract in the roads sector. The study recommends that UNRA should ensure a cordial relationship with private parties and not rely solely on management PPP contracts. The organisation should explore other PPP project contracts such as Private Finance Initiative, Leasing, Design Build, Build Operate and Transfer, and then Design Build and Finance. The choice of contracts should always be based on affordability and value for money.
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Nicholson, Michael Robert. "Why buy new, when used will do?" Emerald Emerging Markets Case Studies 9, no. 3 (2019): 1–10. http://dx.doi.org/10.1108/eemcs-01-2019-0014.
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Learning outcomes Students are exposed to debt and equity financing; analysis of company affairs using selected financial statement information; use of ratios in financial analysis; the impact of adequate financing on company performance; and trade-offs companies must make in their day-to-day operations. Case overview/synopsis Jetcon Corporation’s business model involved the importation of pre-owned cars from Japan for re-sale in Jamaica. It was a fiercely competitive business as there were over 100 companies involved in this sector. There was also a vibrant new-car sector. Jetcon focused on importing mid to low price Japanese pre-owned models, which were already common on Jamaican roads, and which would be affordable to the larger segment of buyers. Like most small businesses, it experienced difficulty raising financing in the amounts and cost that is required and this contributed to its decision to raise equity capital through an initial public offer. It was the first used-car dealer to list on the Jamaica Stock Exchange. Complexity academic level This case is suitable for final-year undergraduate students in finance. By that time they should already have been exposed to debt, equity and stock markets. It helps students to explore some of the issues involved in financing a company’s operations. 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. Subject code CSS 3: Entrepreneurship.
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Fayard, Alain, and Franck Bousquet. "Pragmatic Approach to Finance Infrastructure: Analysis of French Experience with Highway Concessions." Transportation Research Record: Journal of the Transportation Research Board 1649, no. 1 (1998): 9–16. http://dx.doi.org/10.3141/1649-02.
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Governments around the world are showing increasing interest in concessions or build-operate-transfer mechanisms in the highway sector. One or two decades ago, economic theory held that private funding was the most promising method for financing infrastructure development. Unfortunately, a significant number of privately financed projects are showing signs of difficulties (e.g., the Franco-British Channel Tunnel, the Dulles Greenway in Virginia, the second stage Bangkok Expressway in Thailand, the Guanzhour-Shenzen Highway in China, the delayed Birmingham Northern Relief Road in the United Kingdom, and the M1 and M3 Highways in Hungary). Emphasis has always been put on the financial aspect, leaving out the organizational one. A new basis for infrastructure finance is presented, analyzing the mistakes and successes of French experience in highway concession for more than 40 years. This experience is of interest since France has experimented with both toll and nontoll financing as well as with publicly and privately owned toll roads in building its system of highways. The main steps of the construction of the French highway network through concessions are traced and the lessons learned from this experience indicated, focusing on key elements, the advantages and drawbacks of a concession system, and the exact nature of the state’s role in concessioning. This information can serve as potential recommendations for other countries opting for concession systems.
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Ryckewaert, Michael. "Building a Hybrid Highway System." Transfers 2, no. 1 (2012): 59–86. http://dx.doi.org/10.3167/trans.2012.020106.
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This paper investigates the conception and construction of the Belgian highway network since 1945. It focuses on the formative decades of the 1950s and 1960s, when the network was designed and an important financing mechanism established (the 1955 Road Fund). A distinguishing characteristic in the construction of the network is the use of highways as a vector of urbanization for economic development purposes. Combining long-distance traffic with local access to adjoining services, these highways fulfill a twofold role defined at the conception of the network in 1951. Incorporating ring roads, expressways, regional highways, and a high density of exits into a transnational system, the Belgian network is a "hybrid" highway system.
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Mironova, Svetlana M. "FEATURES OF THE IMPLEMENTATION OF THE FINANCIAL AND LEGAL STATUS OF MUNICIPALITIES, INCLUDED IN URBAN AGGLOMERATIONS." Law Enforcement Review 4, no. 1 (2020): 85–95. http://dx.doi.org/10.24147/2542-1514.2020.4(1).85-95.
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The subject of research is financial legal issues of the development of urban agglomera-tions.
The purpose of the article is to confirm or refute hypothesis that the primary financial support for urban agglomerations is carried out at the federal level, based on federal pro-grams for the development of the road network. Hence, municipalities that are part of urban agglomerations receive federal inter-budget transfers aimed at the development of roads and road infrastructure as the most critical link for the development of agglomera-tions.
The methodology The methodological basis of the research is formal-logical analysis of federal, regional, and municipal legal acts, methods of statistical analysis, generalization and synthesis are also used.
The main results and scope of their application. Urbanization of territories, urban popula-tion growth leads to the development of urban agglomerations. This phenomenon has been known for a long time, in foreign countries urban agglomerations are successfully developing. The formation of urban agglomerations is called one of the possible forms of regulation of intergovernmental relations. The Russian model for the development of ag-glomerations so far follows the path of allocating inter-budget transfers from the federal budget.
Agglomeration development is possible only with the interaction of all municipalities in-cluded in its composition, and the coordination of their actions, coordination of the regu-latory framework of municipalities, including those aimed at optimizing budget expendi-tures. In this regard, the regulatory legal acts of the municipalities included in the agglomeration must reflect requirements for inter-municipal cooperation, including the financing of agglomeration development projects.
Because the primary financing of the road sector is carried out through road funds, it is concluded that there is a need for effective financial control over the spending of road funds, including using new information technologies. Shortcomings of introducing a pub-licly accessible information-analytical system for monitoring the formation and use of road funds are noted, and suggestions are made for improving the information system to implement the principle of openness (accessibility) of data on budget spending.
Conclusions. The tendency of the territorial association of municipalities in the agglomer-ation, on the one hand, is due to the requirements of the time and follows the experience of many foreign countries. On the other hand, in the absence of sufficient regulatory regu-lation of agglomeration processes, most of the financial support for the development of agglomerations is carried out from the federal center. Road funds act are the source of financing the development of urban agglomerations, since the development of the transport system of urban agglomerations should be called one of the priority projects at the federal level, which is carried out at the expense of the federal budget. The conclusion is drawn on the need for effective financial control over the expenditure of funds of road funds, including the use of new information technologies.
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Kamiński, Tomasz, Michał Niezgoda, Paula Razin, Andrzej Świderski, and Przemysław Filipek. "Implementation of urban ITS systems." WUT Journal of Transportation Engineering 122 (September 1, 2018): 29–38. http://dx.doi.org/10.5604/01.3001.0014.4500.
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The article describes the most important effects associated with the implementation of the ITS system in the city. Also described is the most important system components common to most of these systems in the world. Selection of each components requires a defined requirements and expectations of the customer, creation of the project team, to provide project financing and active cooperation with the contractor from the planning stage, the stage of fine-tuning, after implementation the system into operation. Article provides access to discussions on the effective implementation of ITS in cities. This article was written in connection with Innovation Development Road (RID) program organized and funded by the National Research and Development Centre and the General Directorate for National Roads and Highways (contract No. DZP/RID -I -41/7/NCBR/2016).
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Holovko, Serhii. "A NEW APPROACH TO REPAIR OF NON-RIGID ROAD PAVEMENT TRANSITIONAL TYPE." Avtoshliakhovyk Ukrayiny 264, no. 4 (2020): 47–51. http://dx.doi.org/10.33868/0365-8392-2020-4-264-47-51.
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Earlier, due to insufficient financing of the road industry, funds were allocated on a leftover basis for the repair of local roads, over time the condition of these roads has deteriorated significantly. So, given the ramified network of local roads, the issue of restoring the condition of local roads is a very urgent problem. Conducted exploratory studies of the application of stabilization technology to restore the condition of local roads show that this technology is progressive, since it allows reusing existing materials while ensuring the required strength of the pavement. However, design engineers rarely use this technology, probably due to insufficient research on this approach. The task is to investigate the possibility of using stabilization technology with the use of crushed stone layers of different composition and their maximum reuse, when repairing transitional pavements. Analysis shows that there are many cases where transitional structures have significant heterogeneity and low strength. This is formed due to a weak crushed stone base and waterlogging of the subgrade soils. Over time, soil particles penetrate into the crushed stone layer and weaken the contacts between the crushed stones, as a result of which rut, pits and subsidence form on the road, which significantly complicates the movement of vehicles. Studies of the composition of existing bases show that if in a dispersed system the amount of crushed stone grains is more than 50% by volume, then a contact frame is formed in the material. Intergranular voids are filled with soil or fine aggregate, processing with such a small amount of a mineral binder (cement or lime) allows it to be significantly strengthened, as well as to create bonds between the soil and crushed stone. Modern self-propelled soil mixing machines (recycler-stabilizer) allow in one pass to perform milling (loosening) and mixing of materials of existing transitional pavement to a depth of 40 cm. Taking into account the dependence of the distribution of normal stress in a two-layer half-space, it can be seen that stabilization of the foundation to a depth of 40 cm will allow the subgrade soil to work without exceeding the permissible shear deformations. The construction of the experimental site in Berezivka, Odessa region, confirmed the assumptions about the effectiveness of the proposed solution to restore the strength of transitional pavement. Keywords: non-rigid pavement of transition type, modulus of elasticity, stabilization, rubble, soil, cold recycling.
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Turnbull, Shann. "Democratizing the wealth of cities: self-financing urban development." Environment and Urbanization 29, no. 1 (2017): 237–50. http://dx.doi.org/10.1177/0956247816685985.
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In conventional urban developments, land and property owners benefit from the uplift in land values that arises from the costly public investments by different levels of government in roads, water, sewerage, transport, education, hospitals and other services, as well as from private investments in production, trade, office, retail, entertainment, sporting and residential facilities. This paper describes the many benefits that come from cooperative land banks that make the development of new urban sites with infrastructure and services self-financing (reducing the need for public investment). They also lower the costs of housing and commercial investments by removing the cost of land. This is achieved by separating the ownership of land (now owned by the cooperative) from the ownership of buildings, and by making the rights of ownership conditional upon use (i.e. use it or lose it). Owners of dwellings get a “dynamic lease” that reflects the value of their investment and in addition obtain shares in the cooperative that capture the value of all sites and community assets. Cooperative land banks can also contribute to financing urban renewal initiatives, although, as the paper describes, this may need supportive legislation.
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Tarasov, P. I., M. L. Khazin, A. P. Tarasov, and P. L. Mariev. "Automotive Equipment for Construction of Transport Corridors." Mining Industry (Gornay Promishlennost), no. 6/2020 (December 29, 2020): 132–36. http://dx.doi.org/10.30686/1609-9192-2020-6-132-136.
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Research objective: analysis of potential application of automotive equipment in construction of transport corridors and development of transport infrastructure in the Arctic and Northern Territories of Russia. Research methodology: analysis of existing open-pit and road construction equipment that enables the construction of transport corridors in the Arctic and Northern Territories of Russia in conditions of weak soils and lack of proper roads. Research results: For the construction of transport corridors in the Arctic and Northern Territories of Russia, it is proposed to develop new types of vehicles based on BelAZ automotive equipment for soils with low carrying capacity. In order to manufacture and introduce new types of vehicles, especially tracked transport vehicles, trackless trolley trucks, cars and road trains, the authors suggest leasing of patents and arranging meetings with possible patent holders to discuss ways of financing and marketing new types of equipment. Conclusions: the proposed new types of vehicles will make it possible to build transport corridors in the Arctic and Northern Territories of Russia.
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Paliichuk, T. V. "Excise Tax on Fuel as a Source of Local Self-Government Budgets in the Context of Budget Decentralization." Business Inform 4, no. 519 (2021): 216–28. http://dx.doi.org/10.32983/2222-4459-2021-4-216-228.
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The article is aimed at disclosing the role and significance of the excise tax on fuel in filling local self-government budgets in the context of the implementation of budget decentralization, also disclosing the main aspects of excise tax reform, changes in its distribution between budgets and finding ways to ensure the stimulating impact of excise taxation on the socio-economic development of territorial communities (hromadas). The article describes the steps taken to strengthen the financial capacity of local self-government (changes in the sources of filling the hromadas’ budgets) by introducing budget decentralization, steps to implement decentralization in the sphere of road infrastructure of Ukraine (distribution of functions and powers in the road sector at the subregional level of management and introduction of an updated mechanism for financing the road industry). The significance and role of excise tax on fuel in the formation of budgets of territorial communities in the context of implementation of budget decentralization and decentralization in the road sector are analyzed and disclosed. The main aspects of excise tax reform, changes in its distribution between budgets during 2014-2020 in the context of the implementation of decentralization are presented. A number of substantiated arguments are given regarding the need to preserve the crediting of the excise tax on fuel to the local self-government budgets. The issue of the need to improve the distribution of subventions to roads in order to achieve fairness and eliminate the asymmetry of the financial capacity of territorial communities to develop road infrastructure and ensure the stimulating impact of excise taxation on the socio-economic development of all territorial communities is actualized.
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Abu Bakar (Yobe State University, Damaturu), Adam, and Ibrahim Muhammad Baba (Yobe State University, Damaturu). "Sukuk and Nation Building: An Overview of the Development and Impact of Sukuk Financing in Nigeria." IKONOMIKA 5, no. 1 (2020): 71–84. http://dx.doi.org/10.24042/febi.v5i2.6842.
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AbstractAccording to Islamic Financial Service Board (IFSB), Sukuk are certificates that represent the holders’ proportionate ownership in an undivided part of underlying asset where the holder assumes all right and obligations to such asset. The emergence of Sukuk in Islamic capital markets is a significant development that provides alternative funding avenue for corporate entities, government and financial institutions. Despite the tremendous growth of Sukuk finance globally, the phenomenon is relatively new in Nigeria, though the regulator, Securities and Exchange Commission (SEC) has issued guidelines for the operation and placing of Sukuk in the country, apart from Osun State Government that has listed its Sukuk and the recent FGN Sukuk issuance, evidence shows that, none within the corporate and financial bodies had listed any Sukuk in Nigeria. It is against this backdrop that this paper aims at assessing the role of Sukuk financing in nation building with special reference to the recent Sukuk issuance by the Federal Government for the rehabilitation of Federal roads across the six geo-political zones of the Country. The researchers adopted analytical and descriptive approaches in this study. The main findings of the paper have shown that despite the novelty of Sukuk finance to Nigerian context, it has incalculable impact on nation building. It also revealed that Ṣukūk have many economic benefits and potentialities to Nigerian economy in terms of economic growth, financial inclusion, diversification, Liquidity Control and infrastructural financing, among others.
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Murray, Edward. "Public Private Partnership in Transportation: The Case of the Washington State." Vikalpa: The Journal for Decision Makers 32, no. 2 (2007): 53–60. http://dx.doi.org/10.1177/0256090920070205.
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While the world has changed dramatically in the last five decades or so, transportation has not been able to keep pace with the overall development. However, in order to ensure prosperity of a country or a state, it is imperative that the ability to move people and products must improve. This paper examines the status of transportation infrastructure and its funding in the State of Washington, USA and suggests some new approaches towards public-private partnership (PPP) in the area. In the process, the success and some of the challenges of PPP are also discussed. In the US, traditionally, people were not charged direct tax such as a toll for using the roads, the primary mode of financing transportation being gas tax. The new sources of revenue collection being developed include: Specific roadway pricing Mileage-based user fees Real-time variable rate roadway pricing. Traditionally, in the US, the public sector shouldered the main responsibility for managing transportation�acquire right-of-way (ROW), design, finance, operate, own, and maintain while the private sector was only allowed to build roads following all the regulation and permits introduced by the government. The reformed PPP model awards ‘design-build’ contracts on a competitive ‘best-value’ basis instead of the conventional ‘low-bid’ basis and thus turn over the design build responsibility to the private sector leaving with the government the financing and maintenance of the roads. The idea is to give road to everybody while allowing the private sector to earn some profit and the public sector to save some money. However, PPP could face a problem if: the traffic and revenue estimates are wrong traffic and revenue risks are taken by private sector but at a huge price construction costs are underestimated the people do not accept the proposition the PPP legislation is not favourable. For any infrastructure project such as transportation to succeed, what is most critical is a set of factors including feasibility, essentiality, reliable revenue forecasts, collateral, credibility, political stability, and transparency. Above all, the government has the responsibility to all its citizens while the private sector is accountable to its stockholders and business partners. What is therefore important is to see how the two parties meet their obligations while building a suitable transportation infrastructure.
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Newman, Peter, Sebastian Davies-Slate, Daniel Conley, Karlson Hargroves, and Mike Mouritz. "From TOD to TAC: Why and How Transport and Urban Policy Needs to Shift to Regenerating Main Road Corridors with New Transit Systems." Urban Science 5, no. 3 (2021): 52. http://dx.doi.org/10.3390/urbansci5030052.
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The need for transit oriented development (TOD) around railway stations has been well accepted and continues to be needed in cities looking to regenerate both transit and urban development. Large parts of suburban areas remain without quality transit down main roads that are usually filled with traffic resulting in reduced urban value. The need to regenerate both the mobility and land development along such roads will likely be the next big agenda in transport and urban policy. This paper learns from century-old experiences in public–private approaches to railway-based urban development from around the world, along with innovative insights from the novel integration of historical perspectives, entrepreneurship theory and urban planning to create the notion of a “Transit Activated Corridor” (TAC). TACs prioritize fast transit and a string of station precincts along urban main roads. The core policy processes for a TAC are outlined with some early case studies. Five design principles for delivering a TAC are presented in this paper, three principles from entrepreneurship theory and two from urban planning. The potential for new mid-tier transit like trackless trams to enable TACs is used to illustrate how these design processes can be an effective approach for designing, financing and delivering a “Transit Activated Corridor”.
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Razumovskaya, E. A., and B. A. Gainutdinov. "Legal Aspects of Financial Interaction between the State and Corporate Finance in the Form of State-Private Partnership." Pravo: istoriya i sovremennost', no. 4(13) (2020): 116–24. http://dx.doi.org/10.17277/pravo.2020.04.pp.116-124.
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The modern state performs a lot more functions than in historical retrospective. In addition to the totality of social functions aimed at ensuring social guarantees in society and social justice, a large pool of new financial functions has been formed that are designed to ensure transparency of mechanisms for investing in objects of particular importance. This category includes transport infrastructure, the construction and modernization of which are aimed at ensuring sustainable rates of economic growth and domestic economic security. The basis of the mechanism of financial interaction between the state and corporate entities is the regulatory framework, including a number of documents, from decrees of the President of the Russian Federation V.V. Putin, expended in Federal Law No. 115-FL dated July 21, 2005 “On Concession Agreements in the Russian Federation” to the National Program “Safe and High-Quality Roads” and the Federal Projects “Road Safety” and “System-wide Measures for the Development of the Road Economy”. All these documents from the conditions under which participation in project financing or concession agreements is possible, which are used as part of a public-private partnership in the construction and modernization of transport infrastructure facilities. Of particular importance is the regulatory framework for the regions, forming on its basis regional documents regulating relations between the state and private corporate investors. In the article, the authors attempted to review the experience of the Ural Federal District in the direction of developing public-private partnerships in the field of construction and modernization of transport infrastructure facilities. The place of legal aspects in the formation of the investment status of individual subjects of the Ural Federal District is shown.
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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 (2020): 347–69. http://dx.doi.org/10.1108/jfmpc-07-2019-0060.
Full textAbstract:
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.