Public-private partnership — an actual form of implementation of infrastructure projects

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.

Download Full-text

Investigation of the challenges facing public-private partnership projects in Australia

Construction Economics and Building ◽

10.5130/ajceb.v19i1.6629 ◽

2019 ◽

Vol 19 (1) ◽

Author(s):

Godfrey Charles Mwakabole ◽

Argaw Tarekegn Gurmu ◽

Linda Tivendale

Keyword(s):

Success Factors ◽

Risk Measures ◽

Business Case ◽

Project Planning ◽

Public Private Partnership ◽

Light Rail ◽

Infrastructure Projects ◽

Private Partnership ◽

Critical Success ◽

Political Interference

The practice of implementing infrastructure projects through a public-private partnership (PPP) arrangement is widely employed around the world with successful outcomes. However, this practice is not without challenges related to cost, time and quality variations, which the public is forced to bear. This study aims to explore factors influencing the termination of the East West Link project in Melbourne and present time and cost variation challenges facing the Sydney Light Rail project. This paper utilizes literature, investigating the critical success factors (CSF) for PPP infrastructure projects in an international context, and other readily available data sources such as Australian government publications, the case projects’ reports, news articles, and websites as the sources of data. The data gathered from these sources was then analysed to understand the project challenges and to investigate the relationship between CSF and the challenges. Four challenges were identified, including insufficiency of the business case, political interference, non-independence of implementing organizations and insufficient risk profile identification. The findings can assist to cover the loopholes that might cause similar failures in project planning, risk management, and policy and guideline frameworks. However, efforts should be made in improving the existing policies to accommodate political interests as part of risk measures under the national PPP guidelines.

Download Full-text

Relationships among Value-for-Money Drivers of Public–Private Partnership Infrastructure Projects

Journal of Infrastructure Systems ◽

10.1061/(asce)is.1943-555x.0000479 ◽

2019 ◽

Vol 25 (2) ◽

pp. 04019007 ◽

Cited By ~ 5

Author(s):

Caiyun Cui ◽

Jianping Wang ◽

Yong Liu ◽

Vaughan Coffey

Keyword(s):

Public Private Partnership ◽

Infrastructure Projects ◽

Value For Money ◽

Private Partnership

Download Full-text

Life Cycle Critical Success Factors for Public-Private Partnership Infrastructure Projects

Journal of Management in Engineering ◽

10.1061/(asce)me.1943-5479.0000307 ◽

2015 ◽

Vol 31 (5) ◽

pp. 04014073 ◽

Cited By ~ 50

Author(s):

Junxiao Liu ◽

Peter E. D. Love ◽

Jim Smith ◽

Michael Regan ◽

Peter R. Davis

Keyword(s):

Life Cycle ◽

Critical Success Factors ◽

Success Factors ◽

Public Private Partnership ◽

Infrastructure Projects ◽

Private Partnership ◽

Critical Success

Download Full-text

Global Diffusion of P3 Policy: Learning Perspectives for Social Infrastructure

Public Works Management & Policy ◽

10.1177/1087724x20927714 ◽

2020 ◽

Vol 25 (3) ◽

pp. 312-332

Author(s):

Carsten Greve ◽

Graeme A. Hodge

Keyword(s):

Experimental Approach ◽

Public Private Partnership ◽

Public Works ◽

Policy Learning ◽

Infrastructure Projects ◽

Social Infrastructure ◽

Technical Approach ◽

Private Partnership ◽

Space And Time ◽

Global Diffusion

No matter how widely they may be defined, new social infrastructure projects can learn much from previous public–private partnership (P3) policies as well as from current global experience. What can be learned, though, and how? This article adopts a theoretical policy learning perspective and investigates what public works researchers and policymakers might get out of focusing on policy learning in more detail. Three perspectives are presented as follows: the technical approach, the professional/coalitional approach, and the experimental approach. International case illustrations are presented to illustrate P3 policy learning over space and time.

Download Full-text

Identifying the most important public–private partnership risks in Afghanistan’s infrastructure projects

Journal of Financial Management of Property and Construction ◽

10.1108/jfmpc-08-2018-0045 ◽

2019 ◽

Vol 24 (3) ◽

pp. 309-337

Author(s):

Farhad Bayat ◽

Esmatullah Noorzai ◽

Mahmood Golabchi

Keyword(s):

Case Studies ◽

Design Methodology ◽

Public Private Partnership ◽

Implementation Study ◽

Infrastructure Projects ◽

Private Partnership ◽

Content Type ◽

Underdeveloped Countries ◽

International Laws ◽

Shed Light

Purpose The purpose of this paper is to identify the major public–private partnership (PPP) risks in infrastructure projects in Afghanistan and explain the extent to which extent the identified risks can shed light on the PPP implementation study in general. Design/methodology/approach Initially, 78 risks were identified through considering international laws and regulations, criteria for using PPP in developing and underdeveloped countries, and case studies. Later, 23 of the more important risks were determined, ranked and classified into five main groups. Findings Finally, these risks were adapted with some investigations conducted in the PPP field. Although some of the risks identified in this survey are unique to Afghanistan, this research can be used to develop the application of PPP generally. Originality/value PPP is one possible solution to finance infrastructure projects. However, there are a lot of risks, which make this method inefficient in Afghanistan. Therefore, identifying the risks of PPP can play an important role in improving the infrastructures of Afghanistan.

Download Full-text