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Full Article from http://www.icevirtuallibrary.com/content/journals ; In sub-Saharan Africa, road is the dominant mode of transportation. As such, government and developmental agencies in the region usually invest in road projects significantly. However, the delivery of road projects that are supposed to act as the catalyst for socioeconomic development is fast becoming an uphill task in Malawi. A number of problems have been reported in the media. This development led to a preliminary diagnostic study that was aimed at examining the barriers that are hindering the successful execution of road projects in Malawi in 2012. The investigation that was conducted among engineers who are employed by the agency responsible for road projects in Malawi and civil engineering contractors used a self-administered questionnaire for data collection. Salient findings suggest that delayed payment by clients severely marginalises contractor performance and delivered projects are seldom defect free. Considering Malawi's heavy dependence on roads as a means of transportation, it is crucial that these barriers be addressed without delay.

Being one of the most intrigued topics of financial researchers, rural roads have gained a crucial role in terms of economic promotion of various developing countries lately. Azerbaijan is one of the countries giving preponderance to road infrastructure development and rehabilitation due to accelerated traffic growth rate along with boost of regional and international terrestrial economic and trade relations. To survive as a winning competitor in an economically and commercially severe rivalry, the governmental agencies of Azerbaijan give priority to high-quality projects targeting rapid development of road infrastructure. Current thesis study aims to appraise one of those projects, implemented with the financial support of World Bank and Azerbaijani government, Azerbaijan Rural Investment Project, to find out the level of efficiency and socio-economic vitality of the project's first phase. Embracing roughly half of the total project budget, rehabilitation of rural roads covered totally 2033 km length, which is almost two-third of the total interior roads of the country. The roads also triggered improved social and commercial integration amongst diverse economic zones of the country. The fact makes the road projects of AzRIP-1attractive to be reviewed and studied in terms of their importance and feasibility. To conduct the appraisal, this data and information were obtained from the project owners and primarily the beneficiaries of the project, efforts to review the projects from three different angles classified as Scenario 1, Scenario 2 and Scenario 3. Assuming the whole project funding realized by the government and banking institution (35.6% and 64.4% respectively), Scenario 1 coincides with the original project, actually implemented within the project regions. Reviewed with the first scenario the project outcomes consequently revealed to have a negative financial NPV of 23.4 million USD. However, the economic analysis results and externalities were positive, with NPV comprising 155 and 180 million USD, respectively. In other words, as per Scenario 1, not predicting a toll, the road projects were financially infeasible, while economically beneficial and feasible for the country and the related economic zones. Scenario 2 proposes governmental funds solely for covering project expenses and no loans or any other debts from financial institutions. Similarly to the previous scenario this one also excludes application of tolling system. The results of the analysis suggested negative financial NPV of 7.7 million USD; and positive economic NPV of 155 million USD. Compared with the figures of the first Scenario, decrease in negative financial NPV is three-fold, while the economic NPV remains the same. The results bear out the projects' contribution to socio-economic welfare which indicates that the project has reached its goal. Unlike the first two scenarios the last scenario assumes a toll system on the rehabilitated roads, in line with the similar financial budget arrangements (64.4% bank investment and the remaining part is governmental funding). Scenario 3 outcomes made apparent that both NPVs are positive; 0.055 million USD and 110.7 million USD respectively. The analysis also came to conclusion that particularly direct project beneficiaries would have abundance of advantages from this project outweighing the benefits of the other stakeholders i.e. owners. With an eye on financial benefit, the last Scenario suggests introduction of Special Purpose Vehicles (SPV) would on one hand inspire private sector involvement in the project and also possibility of implementation extended public projects' implementation without much governmental financial commitments. ÖZ:Mali araştırmacıların büyük ilgisine neden olan kırsal kesimlerdeki yollar son zamanlarda gelişmekte olan çeşitli ülkelerin ekonomik kalkınmasında önemli rol üstlenmektedirler. Süratle artan trafik yoğunluğunun yanı sıra bölgesel ve uluslararası kara ekonomik ve ticari ilişkilerinin yükselmesi nedeniyle Azerbaycan da yol altyapısının iyileştirilmesine ve rehabilitasyonuna büyük önem veren ülkeler arasındadır. İktisadi ve ticari bakımdan şiddetli rekabet ortamında kazanan bir rakip olarak hayatta varoluşunu sürdürebilmek adına Azerbaycan'daki hükümet kurumları yol altyapısını hızlıca kalkındırmayı hedefleyen yüksek kaliteli projelere öncelik vermekteler. İşbu tez çalışması o projelerden birisini - Dünya Bankası ve Azerbaycan hükümetinin mali katkısıyla gerçekleştirilmiş olan Azerbaycan Kırsal Sermaye Projesini (AzKSP-AzRIP) değerlendirmeği, projenin ilk aşamasının verimliliğini ve sosyal – ekonomik yaşama gücünü gözden geçirmeği hedeflemektedir. Toplam proje bütçesinin yaklaşık yarısını kapsayan kırsal yolların iyileştirilmesi projesi genel uzunluğu itibariyle tüm ülkede iç yolların üçte ikisini tutan 2033 kilometredir. Bu yollar aynı zamanda ülkenin çeşitli sosyal ve ticari bütünleşmesindeki gelişme sürecini tetiklemiş bulunmaktadır. Bu gerçek AzRIP-1'in yol projelerini önem ve fizibilite bakımından incelenmek için çekici kılmaktadır. Değerlendirmeyi gerçekleştirmek amacıyla bu çalışmanın müellifi proje yetkililerinden ve projenin direk faydalanıcılarından topladığı veri ve bilgilere dayanarak, projeyi Senaryo 1, Senaryo 2 ve Senaryo 3 diye sınıflandırılan üç farklı açıdan incelemeye gayret etmiştir. Projenin tamamen hükümet ve banka müessesesi tarafından (sırasıyla ,6'lık ve ,4'lük kısımlarını) finanse edildiğini farz eden Senaryo 1 proje bölgelerinden gerçekte yürütülmüş orijinal proje durumuyla örtüşmektedir. Senaryo 1 ile incelendiğinde projenin neticelerinin 23,4 milyon Amerikan dolarlına tekabül eden negatif finansal Net Bugünkü Değer'inin (NBD) olduğu görüldü. Ancak yapılan iktisadi analizlerin ve dışsallıkların sonuçları sırasıyla 155 ve 180 milyon Amerikan dolarına tekabül eden NBD değerlerini sundu. Başka deyişle, geçiş ücreti uygulamalarını öngörmeyen Senaryo 1'e göre yapılmış yol projeleri finansal fizibilite açısından uygun olmamakla birlikte, ekonomik açıdan gayet faydalı ve ülke ve ilgili ekonomik bölgelerin kalkınması için uygulanabilir olarak değerlendirilmiştir. Senaryo 2 proje masraflarının yalnızca hükümet kaynaklarıyla karşılanması teklifinde bulunurken hiçbir mali müessesenin borç yahut kredisini öngörmemektedir. Önceki senaryoya benzer şekilde, bu senaryo da yol ücretlendirme uygulama sistemini öngörmemektedir. Analiz sonuçlarında7,7 milyon dolara tekabül eden negatif finansal NBD ve 155 milyon dolara eşdeğer pozitif ekonomik NBD rakamları ortaya çıktı. İlk senaryo ile karşılaştırıldığında negatif finansal NBD rakamlarında üç kat düşüş görülürken, ekonomik NBD aynı sonuçları göstermektedir. Analiz sonuçları projenin sosyal-ekonomik refaha katkı sağladığını ve böylelikle de projenin asıl amacına ulaştığını ortaya koymaktadır. İlk iki senaryodan farklı olarak iyileştirilmiş yollarda geçiş ücreti sistemini ileri süren son senaryo, aynı zamanda önceki iki senaryoyla benzer finansal bütçe düzenlemelerini öngörmektedir (,4 banka sermayesi ve geri kalan kısmı da hükümet finansmanı). Senaryo 3 sonuçları her iki NBD rakamlarının pozitif, sırasıyla 0,055 milyon dolar ve 110.7 milyon dolar olduğunu ortaya koydu. Bu analiz özellikle proje direk faydalanıcılarının, proje paydaşlarının, sahiplerinin de bu projeden kazanabilecekleri sayısız avantajların mevcudiyetini ortaya koydu. Finansal yarar açısından baktığımızda son senaryonun teklif ettiği Özel Amaçlı Araçların kullanımı bir yandan özel sektörün projeye katılımını canlandırabilir, diğer bir yandan da daha fazla sayıda toplumsal projelerin hükümetin üzerine yükümlülük koymadan gerçekleştirebilir. ; Master of Science in Banking and Finance. Thesis (M.S.)--Eastern Mediterranean University, Faculty of Business and Economics, Dept. of Banking and Finance, 2015. Supervisor: Assoc. Prof. Dr. Mustafa Besim.

This study investigates the extent to which the construction of national toll roads in the Jakarta–Bandung region in Indonesia induces the development of local road projects nearby. In doing so, we disentangle the direct and indirect supply effects by considering the year of construction and urban development, respectively. We formulate four binary logit models to examine the direct and indirect relationships between toll road construction and local road projects. The dataset comprises 94 road projects planned or carried out between 2004 and 2016. We conduct interviews with local officials in the Jakarta–Bandung area to obtain data on the projects' decision-making processes. Our modelling results show that existing and planned toll roads induce the development of local road projects both directly and indirectly. Local road projects tend to be developed in anticipation of the opening of a toll road. The changes in residential area and population around the toll roads also induce local road construction.

This investigation aimed to reveal a mechanism of how different road projects' settings respond to macro-economic crisis. Qualitative and quantitative analyses were performed over a sample of 31 European road projects, in various funding arrangements and life cycle phases, all extracted from the Horizon 2020 BENEFIT project cases database. The project setting is described through a specific combination of project features and/or values of developed indicators. The analysis was applied to identify factors that contributed to projects' performance regarding the resilience to the global financial crisis of 2007-2008. By doing this, it became possible to determine potential liabilities of projects that are already in their implementation or use phases. The analysis showed there are equally strong contributors to a project's success within country-specific, as well as project-specific features. In order to boost resilience toward sudden and unpredicted disruptions, several factors have emerged, such as long term planning, investing in top priority projects (preferably medium size investments), with realistic traffic projections and experienced and responsible concessionaires, but also having in place strong regulatory bodies and government support. The identified mechanism of enhancing the resilience to crisis caused by a specific project setting can be beneficial to multiple stakeholders.

Good road infrastructure is cardinal in the promotion of viable economic activities. This is even more so for the agriculture sector which relies on the road network for transportation of agricultural inputs such as seed and fertilizer and produce to the markets. With the high incidence of poverty (78%) in rural areas, agriculture essentially holds the greatest potential to significantly reduce poverty. Good road infrastructure and network promotes efficiency and increased performance of the agriculture sector which in turn leads to increased production and income generation by the farmers. This also leads to increased food security not only for the household in rural areas but the nation at large. Improved agriculture performance and efficiency also helps in diversifying the economy from reliance on copper and cushions the economy from external shocks arising from the collapse of metal prices on the world market. Equally important is the fact that agriculture driven economic growth is more sustainable and equitable. To address the road infrastructure challenges faced by the agriculture sector on the Copperbelt province, the Government of the republic of Zambia contracted a loan amounting to US$ 14 million from the Arab Bank for Economic Development in Africa (BADEA) and the Opec Fund for International Development (OFID) for the rehabilitation of forty feeder roads on the Copperbelt. BADEA provided US$8 million while OFID provided US$6 million. The project was to be co-funded by the Government of the Republic of Zambia (GRZ) which would contribute US$1 million. At the time of signing, the project was supposed to be executed by the Road Development Agency (RDA) within a period of three years. ; Good road infrastructure is cardinal in the promotion of viable economic activities. This is even more so for the agriculture sector which relies on the road network for transportation of agricultural inputs such as seed and fertilizer and produce to the markets. With the high incidence of poverty (78%) in rural areas, agriculture essentially holds the greatest potential to significantly reduce poverty. Good road infrastructure and network promotes efficiency and increased performance of the agriculture sector which in turn leads to increased production and income generation by the farmers. This also leads to increased food security not only for the household in rural areas but the nation at large

Private Finance Initiative (PFI) projects are designed to fund long-term infrastructure projects and public services. A typical PFI road scheme involves the public sector client (Granting Authority), the private sector partner–Special Purpose Vehicle (SPV), the financial lenders, the road constructor and its supply chain, technical advisers (legal, financial, technical) and the operation and maintenance (O&M) company. The O&M period is the longest phase of a PFI road project and shall be carried out in accordance with the requirement of the Project Agreement (PA); in accordance with all statutory requirements and Environmental Statements; in accordance with the road project's Quality Plan; and in accordance with Good Industry Practice in order to satisfy the Granting Authority Requirements. The concession period of the study project is 30 years. It is the most important phase because during this time both the service details and payment is created. The payment of the unitary fee is conditional on the SPV meeting certain 'performance' and 'availability' requirements set out in the PFI contract. The fee can be reduced if these standards are not met. This practice of 'deductive payments' and 'non-performance' is one of the main justifications for PFI which is described by the UK government as transferring O&M risks to the private sector in a PFI road project. This paper reports the operational performance assessment for a PFI road project in Scotland–UK detailing physical and functional performance as the critical O&M criteria. The paper also discusses the findings in the case study which are based on a longitudinal Customer Satisfaction Survey conducted between 2005–2009 years. Also, this study has proposed a conceptual framework for the O&M management practice in PFI road projects in the UK, based upon a single empirical case study and the four years longitudinal study. First Published Online: 03 Apr 2013

Private Finance Initiative (PFI) projects are designed to fund long-term infrastructure projects and public services. A typical PFI road scheme involves the public sector client (Granting Authority), the private sector partner–Special Purpose Vehicle (SPV), the financial lenders, the road constructor and its supply chain, technical advisers (legal, financial, technical) and the operation and maintenance (O&M) company. The O&M period is the longest phase of a PFI road project and shall be carried out in accordance with the requirement of the Project Agreement (PA); in accordance with all statutory requirements and Environmental Statements; in accordance with the road project's Quality Plan; and in accordance with Good Industry Practice in order to satisfy the Granting Authority Requirements. The concession period of the study project is 30 years. It is the most important phase because during this time both the service details and payment is created. The payment of the unitary fee is conditional on the SPV meeting certain 'performance' and 'availability' requirements set out in the PFI contract. The fee can be reduced if these standards are not met. This practice of 'deductive payments' and 'non-performance' is one of the main justifications for PFI which is described by the UK government as transferring O&M risks to the private sector in a PFI road project. This paper reports the operational performance assessment for a PFI road project in Scotland–UK detailing physical and functional performance as the critical O&M criteria. The paper also discusses the findings in the case study which are based on a longitudinal Customer Satisfaction Survey conducted between 2005–2009 years. Also, this study has proposed a conceptual framework for the O&M management practice in PFI road projects in the UK, based upon a single empirical case study and the four years longitudinal study. First Published Online: 03 Apr 2013