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A report that recommends a reform of the way, financial liabilities arising from private finance projects (PFPs) are treated in public accounts. It also deals with the growth in the secondary market for PFPs where investors sell on their stake in a project, in many cases once the construction period of that project has been completed.
This topical and timely book presents and innovative approach to dealing with the complexities of cost planning in PFI. PFI/PPP projects have a significantly different costing environment from conventionally procured projects, requiring cost analysts to use their expertise and innovative thinking to develop whole-life cost solutions that deliver value for money to the client, thus improving public building assets performance. Abdelhalim Boussabaine provides a thorough grounding in the theory of PFI, from its early evolution through to examples of current projects. In particular, the rationale for private financing of public services, arguments for and against PFI and 'value for money' mechanisms are discussed. The book presents an innovative framework for whole-life value and calls for changes in the way whole life cycle value is perceived, created and exchanged. Cost Planning of PFI and PPP Building Projects provides the reader with existing knowledge as well as present innovative thinking for future development and management of PFI/PPP cost planning processes. Given the importance and novelty of this book, academics, professionals, undergraduate and postgraduate students will find this book valuable.
This book provides a theoretical basis for understanding the phenomenon of renegotiations in Public Private Partnerships (PPPs). It analyzes the case of transport projects, and provides empirical evidence from a variety of real-world projects. What drives renegotiations? Why are some projects more likely to be renegotiated than others? What are the outcomes? How can we improve the performance of renegotiation processes? These questions form the core of discussion in this book. PPPs are a procurement model for the delivery of infrastructure and public services that have experienced significant growth over the last three decades, particularly in terms of the development of transportation projects. The empirical evidence suggests that most PPP projects are inevitably renegotiated, i.e., the original contract needs to be adapted to new and unforeseen circumstances. The impacts of these changes on the welfare of the respective stakeholders are frequently asymmetric. Most academic research and professional guidelines are focused on PPP contract design and preparation of the procurement process, and very little has been published on the management and, mainly, the process of renegotiating that will – in all likelihood – occur. This book fills this gap in the academic discussion. Several country-based analyses and case studies from Europe and the Americas provide the reader with practical applications of the theory.
This book examines some of the key policy, financial and managerialaspects of public-private partnerships within the context of theglobal spread of this form of procurement. The chapters investigate political and institutional issuessurrounding PPPs, together with the financial and managerialstrategies employed by the private sector. Adopting across-disciplinary perspective, the book highlights the oftenpolitically sensitive nature of these projects and identifies aneed for the private sector to investigate a broad set ofparameters which relate to the particular political economy ofindividual partnerships. Policy, Finance & Management for Public-Private Partnershipscovers a range of specific issues, including: partnerships indeveloping countries; innovation in partnership-based procurement;government and business interaction; institutional andorganisational approaches to facilitating partnership; project andcorporate financing; risk and value management; market analysis,modelling and forecasting; capital structure decisions andmanagement; investment theory and practice; pricing and costevaluation; statutory regulations and their financial implications;option pricing; financial monitoring; syndicate funding; new rolesfor the financial and insurance sectors; institutional andmultilateral funding; payment mechanisms; concession perioddetermination; risk analysis and management; whole life valuemethodology; cost comparators and best value; team building, teamwork and skill development. Contributions from Australia, Europe, the Far East, South Africaand the United States together present the current thinking andstate-of-the-art approaches to public-private partnerships.
This book examines Public–Private Partnerships (PPP), and tracks the movement from early technical optimism to the reality of PPP as a phenomenon in the political economy. Today's economic turbulence sees many PPP assumptions changed: what contracts can achieve, who bears the real risks, where governments get advice and who invests. As the gap between infrastructure needs and available financing widens, governments and businesses both must seek new ways to make contemporary PPP approaches work.
A distinctive new account of why markets focus on short-term goals, while government needs to concentrate on society's long-term interests.
Urban transport systems worldwide are faced by a multitude of challenges. Among the most visible of these are the traffic gridlocks experienced on city roads and highways all over the world. The prescribed solution to transport problems in most cities has thus been to build more infrastructures for cars, with a limited number of cities improving public transport systems in a sustainable manner. However, a number of challenges faced by urban transport systems – such as greenhouse gas emissions, noise and air pollution and road traffic accidents – do not necessarily get solved by the construction of new infrastructure. Planning and Design for Sustainable Urban Mobility argues that the development of sustainable urban transport systems requires a conceptual leap. The purpose of ‘transportation’ and ‘mobility’ is to gain access to destinations, activities, services and goods. Thus, access is the ultimate objective of transportation. As a result, urban planning and design should focus on how to bring people and places together, by creating cities that focus on accessibility, rather than simply increasing the length of urban transport infrastructure or increasing the movement of people or goods. Urban form and the functionality of the city are therefore a major focus of this report, which highlights the importance of integrated land-use and transport planning. This new report of the United Nations Human Settlements Programme (UN-Habitat), the world’s leading authority on urban issues, provides some thought-provoking insights and policy recommendations on how to plan and design sustainable urban mobility systems. The Global Report on Human Settlements is the most authoritative and up-to-date global assessment of human settlements conditions and trends. Preceding issues of the report have addressed such topics as Cities in a Globalizing World, The Challenge of Slums, Financing Urban Shelter, Enhancing Urban Safety and Security, Planning Sustainable Cities and Cities and Climate Change.
This book assesses the long-term future viability of current business models in electricity, water, rail, and urban public transport and presents policy recommendations.
'Privately Financed Roads in Britain: A Policy Assessment' critically examines the role of private finance in the construction, operation, maintenance and management of modern highways. The focus is on the UK's Private Finance Initiative (PFI) yet many of the lessons learned retain a currency in the context of international public-private partnerships. Separate chapters cover: Public Policy Objectives; Key Project-Level Risks (construction and traffic); Value for Money and Public Sector Comparators; The Financial Architecture of Private Sector Road Operating Companies; Strengths and Weaknesses of the Privately-Financed Roads Model; Alternative Debt/Equity Structuring; and Containing Private Financing Costs.