scholarly journals MUNICIPAL INFRASTRUCTURE PROJECT IN THE DEVELOPMENT OF INFRASTRUCTURE IN KAZAKHSTAN

2021 ◽  
Vol 80 (1) ◽  
pp. 108-112
Author(s):  
I.Y. Khan ◽  
◽  
A.B. Abylkasym ◽  
A.J. Kurmantayeva ◽  
A.R. Shalbayeva ◽  
...  

The study focuses on the financing of infrastructure projects using municipal bonds. Originality of the research. The article considers a set of measures designed to activate the process of attracting investment in infrastructure at the municipal level using bonds. The parameters of securities issues of concessionaires were studied, and the experience of managing municipalities with securities as an element of debt policy was analyzed. Research result. The results of the research can be useful both in developing the financial policy of the state management of spatial development at the national and regional levels, and in conducting further research on the activation of the investment process in Kazakhstan at the municipal level.

2014 ◽  
Vol 219 ◽  
pp. 93-108
Author(s):  
MINH DƯƠNG THỊ BÌNH ◽  
HẰNG VŨ THỊ MINH ◽  
Luật Diệp Gia ◽  
Linh Nguyễn Thị Mỹ ◽  
Tú Phùng Thị Cẩm ◽  
...  

The paper analyzes factors affecting decisions on investment in HCMC municipal bonds for infrastructure projects. Results of EFA and regression analysis show that decisions on investment in HCMC municipal bonds depend on five factors with adjusted R2 equaling 72,1%: (1) government’s policies; (2) bonds and issuers; (3) infrastructure projects and socioeconomic conditions; (4) economicfactors; and (5) impacts of relevant markets. This serves as a basis for policy recommendations that aim at enhancing the mobilizing power of municipal bonds for infrastructure project in particular and socioeconomic development in HCMC in general.


2020 ◽  
Vol 29 (5) ◽  
pp. 74-88
Author(s):  
Aleksandr Larichev ◽  
Emil Markwart

Local government as a political, legal and social institution finds itself in a very difficult period of development in Russia. The long-established tendency of its subordination to the state has intensified today in connection with the newly adopted constitutional amendments. At the same time, it seems obvious that further “embedding” of local government into the state management vertical, in the absence of any positive effect in terms of solving socio-economic and infrastructural problems, will inevitably lead to other hard to reverse, negative results both for local government institutions and the system of public authority as a whole. The normal functioning of local government requires, however, not only the presence of its sufficient institutional and functional autonomy from the state, but also an adequate territorial and social base for its implementation. To ensure the formation of viable territorial collectives, especially in urban areas, it seems appropriate to promote the development of self-government based on local groups at the intra-municipal level. Such local groups can independently manage issues of local importance on a small scale (landscaping, social volunteering, and neighborly mutual assistance), and provide, within the boundaries of a local territory, due civil control over the maintenance by municipal authorities of more complex and large-scale local issues (repair and development of infrastructure, removal of solid household waste and more). At the same time, the development of local communities can by no means be a self-sufficient and substitutional mechanism, whose introduction would end the need for democracy in the full scope of municipal structures overall. In this regard, the experience of local communities’ development in Germany, a state with legal traditions similar to Russian ones, with a centuries-old history of the development of territorial communities and a difficult path to building democracy and forming civil society, seems to be very interesting. Here, the progressive development of local forms of democracy and the participation of residents in local issue management are combined with stable mechanisms of municipal government, and the interaction of municipalities with the state does not torpedo the existing citizen forms of self-government. At the same time, the experience of Germany shows that the decentralization of public issue management which involves the local population can only be effective in a situation where, in addition to maintaining a full-fledged self-government mechanism at the general municipal level, relevant local communities are endowed with real competence and resources to influence local issue decision-making. The role of formalized local communities in urban areas, as the German experience shows, can not only facilitate the decentralization of solving public problems, but can also help in timely elimination of triggers for mobilizing citywide supercollectives with negative agendas. This experience seems useful and applicable in the Russian context.


2020 ◽  
Author(s):  
Oksana Vodolazska ◽  
◽  
Hanna Herman ◽  

Public debt management and servicing is one of the top priorities for the country’s financial policy, and an important condition for the stability of its financial system. Due to the need of solving the problem of the state debt of Ukraine growth and the cost of servicing it, it is urgent to increase the efficiency of methods for managing it. Ineffective management of Ukraine’s government borrowings, which is mainly used to cover the budget deficit, leads to a decrease in the state’s economic security level and an increase in the burden on the budgetary sphere and an aggravation of the debt situation. The maintenance and management of public debt is inextricably linked with the pursuit of a balanced debt policy and minimization of the risks inherent in public debt. The economic and social development of the country, its stability during the period of economic crises and the post-crisis speed of recovery of the national economic system depend on the efficiency and effectiveness of this management. After experiencing a deep economic crisis in 2014–2015, economic growth began to recover in 2016, and the total public debt in relation to GDP also tends to decrease. This was caused by various factors: the deficit of the state budget and balance of payments, heavy dependence on energy imports, ineffective use of attracted loans and the lack of proper debt management. This article analyzes the existing features of the formation of an effective public debt management system in the context of improving the efficiency of Ukrainian debt policy. The proposed measures of an effective management strategy will contribute to the rational use of borrowings and create the necessary conditions for optimizing the debt burden. The main goals of state debt management in Ukraine were analyzed, as well as the world practice of analyzing public expenditure and financial accountability was considered. The existing problems in the state debt management of Ukraine are identified, practical recommendations are provided for future development of the most effective scenario for solving Ukrainian debt problems. The forecast of public debt was calculated on the basis of a linear regression equation model, and the macroeconomic factors that have the biggest impact on the growth rate of public debt were determined.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Ajmal Nikjow ◽  
Li Liang ◽  
Qi Xijing ◽  
Harshad Sonar

Purpose The historic Belt and Road Initiative (BRI) is an economic reform policy proposed by the Chinese Government that focuses on connectivity, improved collaboration and more robust economic relations. This paper aims to identify risks involved in BRI infrastructure project and establish a hierarchical relationship among them. Design/methodology/approach The methodology includes two phases, namely, identification of significant risks involved in the BRI project using systematic literature review and to develop a hierarchical relationship between the risks using interpretive structural modeling followed by the MICMAC analysis. Findings This work has identified the 11 risks of BRI infrastructure projects through academic literature. Based on the analysis, economic risk (R3), environmental risk (R1) and political risk (R2) are placed at level six in the ISM model and can significantly influence BRI infrastructure projects. These risks have high driving power, which exaggerates other risks. Research limitations/implications This study would help Engineering Procurements and Construction contractors in strategic decision-making select risk mitigation strategies and make robust and efficient infrastructure projects. However, additional factors may be considered, which are essential for the BRI infrastructure project. Originality/value This research’s novelty lies in the advancement of expertise in project risk assessment. This study contributes by identifying the most significant risks involved in the BRI project. The integrated ISM-MICMAC approach provides a macro picture of BRI project risks to formulate better strategies for its success.


2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Anna Wojewnik-Filipkowska ◽  
Anna Dziadkiewicz ◽  
Wioleta Dryl ◽  
Tomasz Dryl ◽  
Robert Bęben

Purpose Public involvement is essential in the creation of effective local strategies for the development of a sustainable built environment, yet there has been little research on stakeholder motivation and engagement in the creation of infrastructure-project value, in the entire life cycle of a given project, while different markets show that overlooking stakeholders can negatively affect the success of an infrastructure project. The purpose of this paper is to fill the theory-practice gap that has been discerned, and thus study how early public involvement determines the success of an infrastructure project, which is identified with its value creation (effectiveness, sustainability and utility). Design/methodology/approach This research entails a combination of methods. A case study analysis allowed observation of the role the stakeholders play and of how the relationships, perspectives, expectations and risks, along with other soft issues, continue to affect projects. The case study required comprehensive examination of project documentation and conduction of interviews. To collect data, focused group interviews and semi-structured interviews were used, supported with direct questionnaire surveys. Findings The study provides evidence that early public engagement can contribute to infrastructure-project value (effectiveness, sustainability and utility). Practically speaking, the stakeholder analysis performed allowed proposal of a general stakeholder analysis framework for infrastructure projects. It can be implemented at each investment phase of the project life cycle, since stakeholders and their motivation may develop and/or change over time, which necessitates development of proper managerial strategies. The findings highlight the opportunities and the challenges faced by stakeholder management. Research limitations/implications The limitation of this study derives from the fact that the sample size was small, which was necessary for an in-depth qualitative research and application of the case study method. The observations were made on a selected case study, within a limited period of time, thus the context of the analysis as well as the stakeholder perception was subject to possible change. The research limitations concern the provisional nature of the information obtained, the cross-sectional nature of the analysis itself, and, finally, the inability to predict all future events. Ultimately, stakeholder mapping was performed for the operational phase of the investment exclusively, while the analysis was limited to identification and classification of the stakeholders, including their relationship with the project. Practical implications The research conclusions provide useful input for future research on development of effective strategies for management of the shareholders that are related to a given infrastructure project, in order to achieve project success. Simultaneously, from a property perspective, the research has contributed to a better understanding of the importance of infrastructure, on the part of real estate stakeholders. Social implications Application of the approach proposed in the study may contribute to early development and implementation of appropriate trust-building processes. The building of relationships between stakeholders enables checks and balances, promotes short- and long-term project benefits, and increases the value of a project. Originality/value The novelty of the research consists in the connection, as part of infrastructure projects, of the theory of consumption values and the concept of an investment cycle with the framework of stakeholder analysis.


Urban Studies ◽  
2020 ◽  
pp. 004209802092783
Author(s):  
Glen Searle ◽  
Crystal Legacy

In Western liberal democracies the planning of mega transport infrastructure projects is guided by public interest claims typically expressed through legislation and political mandates. But with the infrastructure boom being observed in many cities since the Global Financial Crisis, and the need to address unprecedented levels of urbanisation, the level of politicisation directed at infrastructure projects draws attention to how the public interest is treated in the planning and management of complex mega transport infrastructure projects in diverse local contexts. Looking to Sydney, an advanced neoliberal city building the largest transport infrastructure project in Australian history, we examine how public interest is asserted in a way that reinforces legitimacy of the process and consensus for the project. Under these conditions, planners fail or are unwilling to raise additional or new public interest issues. The vagaries of public interest mean that in being open to interpretation the public interest can be easily captured by the interests of capital and of ruling politicians. This raises important questions for urban studies about the role governments and, in particular, public-sector planners can play in advocating for actually existing public interest issues such as environmental sustainability without it amounting to just rhetoric with no follow through.


2019 ◽  
Vol 7 (2) ◽  
pp. 55-64
Author(s):  
Д. Резников ◽  
D. Reznikov

In this paper have been considered principles for assessment of uncertainties and caused by them risks and chances connected with implementation of an infrastructure project, and formation of risks-chances bilateral matrixes allowing describe the dualistic nature of design uncertainties.


Author(s):  
Dimitrios Tsamboulas ◽  
Konstanzinos Panou ◽  
Constantionos Abacoumkin

A method to identify the attractiveness for private financing of a transport infrastructure project is presented. The objective of the method is to assist the public sector in identifying the attractiveness of a transportation infrastructure project for private financing, highlighting the factors that tend to reduce such attractiveness and providing the means to examine the viability of alternative risk-allocation scenarios related to risks undertaken by the state or private sector. The method allows for the simulation of the private sector’s attitude toward risk, employing practices of risk assessment in investments. Its innovation lies in how the whole process is structured so that participants understand beforehand whether an agreement can be concluded and which factors involved are critical. A key property of the method is the ease by which priorities of different risk components are synthesized into a hierarchical form through pairwise comparisons. This method, although targeted primarily for the public sector, could assist both private and public stakeholders investing in transport infrastructure projects (termed private-public partnerships) to reach an agreement. Basically, it is an interactive process characterized by the conflicting objectives and judgments of both public and private sectors.


Author(s):  
L. S. Plekhanova ◽  
A E. Shpilevaya

 The paper analyzes structural alternatives in the implementation of infrastructure projects on the example of main gas pipelines. Particular attention is paid to the impact of various forms of procurement procedures on the course and result of the implementation of the infrastructure project as a whole. It is shown that the choice of procurement method can influence the structure of incentives and risks of the parties involved, as well as indirectly impact on the establishment of the market price setting, the level of product quality in the industry, and the complex cost of project implementation. Noting the extreme importance of the issues of ensuring the quality of the products used, the authors review the available structural alternatives for organizing quality control, show the possible mechanisms of the influence of the downtime of enterprises on reducing the level of industry competencies.


2021 ◽  
Vol 27 (3) ◽  
pp. 175-187
Author(s):  
Ruixue Zhang ◽  
Xiaolong Xue ◽  
Yuanxin Zhang

As infrastructure projects get larger and more complex, innovation, which is highly dependent on collaboration and interactions among stakeholders, is critical to meet the challenges. Nevertheless, the existing literature is lacking in terms of studies into the spread of cooperative behaviors in infrastructure project innovations, on which project success is highly contingent. Hence, based on network science theories, this study aims to shed light on the cascade processes of cooperative behaviors in the evolution of collaborative innovations within infrastructure project networks and the impact of various network structures on the cascade effect. The results indicate that the number of initial innovation adopters is positively correlated with the role that the initial adopters play and the cascade effect of collaborative innovation on infrastructure projects. It is also shown that the cascade effect of collaborative innovations is contingent on project network structures. Furthermore, the results also suggest that network connection is positively correlated with cascade speed, scale, and time to reach a stable state. This study is the first to explore the cascade effect of stakeholders’ interactions vis-a-vis collaborative innovation in infrastructure projects. The findings could assist policy-makers and project managers in taking appropriate measures to encourage innovation in infrastructure projects.


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