T his study providesa n overviewo f the issuesa nd challengesr elated to private toUrlo ad developmentb y considering
the experienceo f eight privatelyf inancedt oll road projects.T he projectss electedr epresent a range of physical
and market characteristicsc, ountrya nd concessione nvironmentsp, ublic-privater isk-sharinga rrangements,
and financial structures.
After reviewing the history of toll roads, the study examines the public policy and financing approaches used to
developp rivatet oll road concessionsa nd to mobilizec apitalf or theirc onstructiona nd operation.I t analyzesk ey aspects
of private toll road developmentf or each of the eight projects selected,i ncludingp roject economicsc, ountry and concessione
nvironment,r isk sharingb etweent he publica nd privates ectors,a nd financings tructuresa nd sources.T he study
also discusses the main public policy issues in toll road development and briefly assesses the future outlook for the private
toll road industry.
The findings suggest that:
• The economicso f toll roadp rojectsv aryw idelyd ependingo n theirf unction,p hysicacl haracteristicsa,n d trafficp rofile.
* The public sector generallyi s responsiblef or right-of-waya cquisitiona nd politicalr isk and in some cases shares
traffic and revenue risk,w hilet he private sectorg enerallyb ears primaryr esponsibilityfo r remainingp roject risks.
X Project economics and the country and concession environment are key factors that influence the level of government
support required for a toll road to attract financing.
* Funding for privatet oll roads is primarilyi n the form of commerciabl ank loans and sponsore quity-few facilities
have been able to access public capital markets.
* Large toll road financings in countries with undeveloped capital markets have relied on foreign capital, while
the experienceo f eight privatelyf inancedt oll road projects.T he projectss electedr epresent a range of physical
and market characteristicsc, ountrya nd concessione nvironmentsp, ublic-privater isk-sharinga rrangements,
and financial structures.
After reviewing the history of toll roads, the study examines the public policy and financing approaches used to
developp rivatet oll road concessionsa nd to mobilizec apitalf or theirc onstructiona nd operation.I t analyzesk ey aspects
of private toll road developmentf or each of the eight projects selected,i ncludingp roject economicsc, ountry and concessione
nvironment,r isk sharingb etweent he publica nd privates ectors,a nd financings tructuresa nd sources.T he study
also discusses the main public policy issues in toll road development and briefly assesses the future outlook for the private
toll road industry.
The findings suggest that:
• The economicso f toll roadp rojectsv aryw idelyd ependingo n theirf unction,p hysicacl haracteristicsa,n d trafficp rofile.
* The public sector generallyi s responsiblef or right-of-waya cquisitiona nd politicalr isk and in some cases shares
traffic and revenue risk,w hilet he private sectorg enerallyb ears primaryr esponsibilityfo r remainingp roject risks.
X Project economics and the country and concession environment are key factors that influence the level of government
support required for a toll road to attract financing.
* Funding for privatet oll roads is primarilyi n the form of commerciabl ank loans and sponsore quity-few facilities
have been able to access public capital markets.
* Large toll road financings in countries with undeveloped capital markets have relied on foreign capital, while
smallerf inancingsa nd financingsi n countriesw ith highlyd evelopedc apitalm arkets generallyu se local capital.
* Variousm echanismsa re availablet o governmentst o support toll road development,a nd the value of each mechanism
shouldb e weigheda gainstt he exposurei t createsb efore committingt o a particulara rrangement.
* Designingt he bidding processf or a toll road concessionin volvest radeoffsb etweent ransparencya nd competitiveness
versusf lexibilitya nd private sectori nnovation.
The studyc oncludest hat whilep rivatet oll road developmenti s likelyt o experiencem odest growthi n the near future,
publicr esistancet o tolling,t he time and cost of implementingc oncessionsa, nd other factorsw illp robablyl imit industry
* Variousm echanismsa re availablet o governmentst o support toll road development,a nd the value of each mechanism
shouldb e weigheda gainstt he exposurei t createsb efore committingt o a particulara rrangement.
* Designingt he bidding processf or a toll road concessionin volvest radeoffsb etweent ransparencya nd competitiveness
versusf lexibilitya nd private sectori nnovation.
The studyc oncludest hat whilep rivatet oll road developmenti s likelyt o experiencem odest growthi n the near future,
publicr esistancet o tolling,t he time and cost of implementingc oncessionsa, nd other factorsw illp robablyl imit industry
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