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Public-Private Partnerships, Capital Infrastructure Project Investments and Infrastructure Finance
Type: Book
ISBN: 978-1-83909-654-9

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Book part
Publication date: 6 December 2017

Nilesh A. Patil, Boeing Laishram and Ganesh A. Devkar

Indicators-based framework has been developed for the sustainability assessment of infrastructure projects but this framework has limitations in quantifying the…

Abstract

Indicators-based framework has been developed for the sustainability assessment of infrastructure projects but this framework has limitations in quantifying the qualitative parameters. The top-down approach that utilizes principles to assess the sustainability of infrastructure projects has the ability to consider qualitative parameters. The research on the development of principles-based approach is however limited and, in fact, the study on the development of principles to assess the sustainability of public–private partnerships (PPPs) infrastructure projects is in a nascent stage. The purpose of this study is the development of an empirical framework of guiding principles that will facilitate the assessment of PPPs from sustainability perspective. The study has used a grounded theory qualitative approach by using interviews and literature as primary and secondary data sources, respectively, to develop the framework of guiding principles to achieve goals of sustainable infrastructure development through PPPs. The framework comprises 18 guiding principles, which will act as guidelines to facilitate promotion of sustainable practices throughout the life cycle of PPP project so that sustainability goals can be accomplished. The guiding principles could be used as the qualitative parameters for public and private sector to assess the sustainability of PPP infrastructure projects. This chapter presents critical insights on principle-based approach for sustainability assessment of PPP projects, which has not been the focus in the majority of earlier studies.

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The Emerald Handbook of Public–Private Partnerships in Developing and Emerging Economies
Type: Book
ISBN: 978-1-78714-494-1

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Book part
Publication date: 25 August 2014

Ayomi Dita Rarasati, Bambang Trigunarsyah and Eric Too

This chapter discusses the opportunity of Islamic project financing implementation for public infrastructure development in Indonesia.

Abstract

Purpose

This chapter discusses the opportunity of Islamic project financing implementation for public infrastructure development in Indonesia.

Design/Methodology/Approach

This chapter, firstly, reviewed existing literature on Islamic finance to explore the applicability of Islamic financing in infrastructure development. Interviews were conducted as the first stage of Delphi method approach. This was then followed by reviewing Indonesia’s government policies and regulations in infrastructure industry and Islamic financing.

Findings

This chapter enlightens the implementation of Islamic financing on infrastructure project financing in Indonesia. The findings indicate that the government policies and regulations on both infrastructure investment and Islamic financing support the implementation of Islamic project financing, whereas, an improvement is still needed in order to overarch infrastructure business and Islamic financing investment.

Research

Financing framework development for Indonesia infrastructure projects.

Limitations/Implications

The result reported comprises the preliminary study of Islamic project paper written based on published research papers and interviews. Furthermore, the data collected for the study are limited to the case of Indonesian infrastructure projects.

Practical Implication

Islamic financing in Indonesia infrastructure projects development has not been optimally implemented. Therefore, this chapter serves as a catalyst to explore alternative financial scheme such as Islamic financing for infrastructure development.

Originality/Value

This chapter highlights possibilities and obstacles in applying Islamic scheme to infrastructure project financing. This provides a framework to analyse the steps to implement Islamic financing successfully in infrastructure development.

Details

The Developing Role of Islamic Banking and Finance: From Local to Global Perspectives
Type: Book
ISBN: 978-1-78350-817-4

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Article
Publication date: 31 August 2020

Solomon Olusola Babatunde, Damilola Ekundayo, Chika Udeaja and Uthman Olawande Abubakar

Although several studies have been undertaken on sustainability within infrastructure projects, limited attention has paid to the drivers for, and the barriers to, the…

Abstract

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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Article
Publication date: 2 September 2019

Miia Maarit Martinsuo, Lauri Vuorinen and Catherine Killen

Infrastructure projects are expected to deliver value to their stakeholders long after completion. Project value is multi-dimensional and subjective and evolves over the…

Abstract

Purpose

Infrastructure projects are expected to deliver value to their stakeholders long after completion. Project value is multi-dimensional and subjective and evolves over the project lifecycle. How stakeholders frame the expected value is central to the public debate about proposed infrastructure projects and influences the financing decisions; however, this framing is inadequately understood. The purpose of this paper is to develop new knowledge for shaping infrastructure projects by identifying the ways in which stakeholders frame project value at the project front end.

Design/methodology/approach

Three transport infrastructure projects are compared in a qualitative, document-based study. The authors map the dimensions of value at the project front end and identify stakeholders’ approaches to lifecycle-oriented framing of value.

Findings

Financial, social and comparative values are dominant in the project front end. The authors frame value into positive and negative dimensions and identify four themes in the lifecycle-oriented framing of value, including uncertainties, timing of cost and benefit realization, project relations and external sponsorship.

Research limitations/implications

The research is limited through the focus on transport infrastructure projects and project front end only, the selection of cases from a single country and the use of document-based data. The systematic analysis approach has yielded novel analytical frameworks that will be useful for further research.

Practical implications

This study identifies value dimensions that are specific to transport infrastructure projects and proposes a framework to assist stakeholders and project managers to better assess and negotiate value when designing their projects.

Originality/value

Regional and comparative values are revealed as novel aspects of value specific to infrastructure projects. The alternative lifecycle-oriented frames offer a new way to understand and structure the co-creation of value and shape negotiation for investment decisions in the project. A portfolio perspective to investment decision making is proposed.

Details

International Journal of Managing Projects in Business, vol. 12 no. 3
Type: Research Article
ISSN: 1753-8378

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Article
Publication date: 7 November 2016

Thillai Rajan Annamalai and Smitha Hari

Developing countries are increasingly looking to private sector investment for infrastructure development. Successful development of private infrastructure projects

Abstract

Purpose

Developing countries are increasingly looking to private sector investment for infrastructure development. Successful development of private infrastructure projects, however, depends on adequate availability of long-term debt to complement private sector equity. As domestic bond markets in many emerging countries are not very deep, availability of long-term debt funding for infrastructure has been limited. Recently, a new form of financial intermediation has emerged in India with the creation of infrastructure debt funds (IDFs) to create capital pools for long-term debt funding. This paper aims to analyse the effectiveness of IDFs for financing infrastructure projects.

Design/methodology/approach

This paper uses a case study approach. The case studies were written using both secondary and primary information. Secondary information was obtained from various sources such as policy papers, websites and other published sources. Primary information was obtained from interviews with the top management of three IDFs. Information obtained from multiple sources was triangulated for consistency and correctness.

Findings

IDFs have emerged as an effective intermediation mechanism for attracting long-term capital by offering a new investment product with appropriate risk-adjusted returns. For the fund seekers, IDFs are able to provide long-term capital at lower rates and higher flexibility. Unlike commercial banks, IDFs are able to add value to the projects apart from funding by periodic monitoring of the projects.

Practical implications

Creating new forms of financial intermediation can help in reducing the financing gap for infrastructure projects, especially in emerging countries.

Originality/value

IDFs have been analysed from a perspective of financial intermediation. The effectiveness of IDFs in bridging the funding shortfall has been evaluated from multiple perspectives.

Details

Journal of Financial Management of Property and Construction, vol. 21 no. 3
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 4 April 2016

Norman Hutchison, Graham Squires, Alastair Adair, Jim Berry, Daniel Lo, Stanley McGreal and Sam Organ

The purpose of this paper is to consider the merits of using projects bonds to finance infrastructure investment projects and considers the pricing of such bonds and the…

Abstract

Purpose

The purpose of this paper is to consider the merits of using projects bonds to finance infrastructure investment projects and considers the pricing of such bonds and the level of risk premium demanded by the market.

Design/methodology/approach

The research used a mix of qualitative and quantitative methods with desk-based study and interviews. Interviews were held with policy makers, local authority staff, planners, developers, investors, fund managers and academics. Infrastructure bond data were obtained from the Bloomberg database on all project bonds issued in four Asian countries – Malaysia, China, Taiwan and India – over the period 2003-2014.

Findings

The analysis indicates investor appetite for project bonds and suggests that a risk premium of between 150 and 300 basis points over the comparable government bond is appropriate depending on the sector and the degree of government involvement in underwriting the issue.

Practical implications

The paper argues that the introduction of project bonds would be an important innovation, assisting the financing of infrastructure investment at a time when bank lending is likely to remain fragile. The current conditions in the sovereign debt market, where strong demand has forced down yields, has opened up the opportunity to introduce project bonds offering a higher yield to satisfy institutional investment demand for long term fixed income products.

Originality/value

The originality of this paper stems from the analysis of the merits of using projects bonds to finance infrastructure investment projects, the pricing of such bonds and the level of risk premium demanded by the market.

Details

Journal of Property Investment & Finance, vol. 34 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 3 April 2017

Solomon Olusola Babatunde and Srinath Perera

The purpose of this study is to identify and critically assess the barriers to bond financing for public–private partnership (PPP) infrastructure projects in Nigeria using…

Abstract

Purpose

The purpose of this study is to identify and critically assess the barriers to bond financing for public–private partnership (PPP) infrastructure projects in Nigeria using an empirical quantitative analysis. Innovative ways to finance long-term infrastructure projects had been documented. However, there is a dearth of empirical studies on the barriers to bond financing for PPP infrastructure projects.

Design/methodology/approach

A comprehensive literature review was conducted to identify the barriers to bond financing for infrastructure projects, which were employed to design a questionnaire. A questionnaire survey was carried out which targeted financial experts in the Nigerian financial institutions/local banks. Data collected were analysed using descriptive and inferential statistics to include mean score, chi-square (χ2) test and factor analysis (principal component analysis).

Findings

The analysis of the ranking in terms of the mean score values for the 12 identified barriers indicated that all the identified barriers are considered by respondents as critical barriers to bond financing for PPP infrastructure projects in Nigeria. The study, through factor analysis, grouped the 12 identified barriers into 5 principal factors. These include governance and institutional capacity issues, higher issuance cost and risk, difficulties in getting approval for changes, the small size of bond markets and stringent disclosure requirements.

Practical implications

This research is significant by providing the empirical evidence of the barriers to bond financing for PPP infrastructure in emerging markets, especially in Nigeria.

Originality/value

The findings would enable the policymakers to draw some policy recommendations that will positively influence the development of bond markets in Nigeria and emerging markets at large. These study findings are crucial, as not many empirical studies have been conducted in Nigeria.

Details

Journal of Financial Management of Property and Construction, vol. 22 no. 1
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 7 April 2015

Mayank Khandelwal and Vivekanand Khanapuri

This paper aims to identify gaps and critical issues in policy framework for infrastructure debt fund (IDF) to become financially viable in the Indian context. Growth of…

Abstract

Purpose

This paper aims to identify gaps and critical issues in policy framework for infrastructure debt fund (IDF) to become financially viable in the Indian context. Growth of any economy is dependent on successful implementation of infrastructure projects. However, infrastructure development is linked to availability of equity and debt funds to finance these projects. IDF is an instrument which aims at enabling financing of infrastructure.

Design/methodology/approach

The exploratory research adopted is qualitative and based on secondary data related to infrastructure needs, challenges, factors influencing infrastructure financing and options available for infrastructure financing in the Indian context. It investigates the relationship between external factors, internal factors and viability of IDF and provides recommendations to policy makers to roll-out an enabling policy and regulatory environment.

Findings

Findings show that issues such as entry barriers for banks, insufficient tax incentives, restrictions on type of projects to be considered for funding and meeting the expectation of low-cost funds need to be addressed so that IDFs can contribute toward funding requirement of the infrastructure sector.

Research limitations/implications

IDFs have been recently introduced in India and the use of primary and secondary data has been limited. Comparison of IDF guidelines in India with guidelines for similar instruments in developed countries has been left for a later stage.

Originality/value

Value of this study is that it identifies the issues in current guidelines of IDF through the understanding of the policy and regulatory framework that governs IDF. The study also makes recommendations to the government and regulators which would enable IDF to become a viable instrument.

Details

Journal of Financial Management of Property and Construction, vol. 20 no. 1
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 20 November 2017

Solomon Olusola Babatunde and Srinath Perera

Although scientific research community has shown considerable interest in identifying critical success factors (CSFs) for public-private partnership (PPP) projects, yet…

Abstract

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.

Details

Engineering, Construction and Architectural Management, vol. 24 no. 6
Type: Research Article
ISSN: 0969-9988

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