he trend towardg reater privatep articipationi n infrastructured evelopmenti s firmlye stablishedi n many developingc
ountries,a nd the benefits of the initialw aveo f privatizationsa nd new investmenta re becominga pparent.
Them ove to privatei nfrastructurel, aunchedi n the mid-1980sb, eganp rimarilyi n the powers ector,e specially
power generationf acilitiesu ndertaken as build-own-operate( BOO) or build-operate-transfer( BOT) projects. More
recentlyi,n vestorsh ave become activei n other typeso f infrastructurea s governmentsp romote private involvementi n
water, transport, and other sectors.
Althoughm uch has been written about the evolutiono f privatei nvolvemenitn the generation,t ransmission,a nd distribution
of electric power in developing countries, much less has been written about how other private infrastructure
projectsa re financeda nd aboutt he risk-sharingis suest hat are criticalf or these investmentsI. ndeed, for private toll roads
the universeo f successfullyfi nancedp rojects has until recentlyb een somewhatl imited, makingt his study timelyi n its
review.
This study examines the global experience with private toll roads and reviews eight projects, six in developing countries
and two in industrialc ountries.L ike most private infrastructurep rojects,t oll roads require a partnershipb etween
the public and private sectors,m aking the allocationo f responsibilitiecs riticalf or the successo f the project. The study
examinesc ommone lementsi n toll road financingsa nd highlightsk ey public-privateri sk-sharingi ssues relatingt o the
large amountso f privatef inancingr equiredf or these investments.T hesef indingsh ave implicationsf or both policymakers
consideringp rivatet oll road programsa nd privatei nvestorss eekingt o financea project.
Ram Chopra Nina Shapiro
Director Manager
Cofinancinga nd ProjectF inance Department ProjectF inance and Guarantees Group
vii
ountries,a nd the benefits of the initialw aveo f privatizationsa nd new investmenta re becominga pparent.
Them ove to privatei nfrastructurel, aunchedi n the mid-1980sb, eganp rimarilyi n the powers ector,e specially
power generationf acilitiesu ndertaken as build-own-operate( BOO) or build-operate-transfer( BOT) projects. More
recentlyi,n vestorsh ave become activei n other typeso f infrastructurea s governmentsp romote private involvementi n
water, transport, and other sectors.
Althoughm uch has been written about the evolutiono f privatei nvolvemenitn the generation,t ransmission,a nd distribution
of electric power in developing countries, much less has been written about how other private infrastructure
projectsa re financeda nd aboutt he risk-sharingis suest hat are criticalf or these investmentsI. ndeed, for private toll roads
the universeo f successfullyfi nancedp rojects has until recentlyb een somewhatl imited, makingt his study timelyi n its
review.
This study examines the global experience with private toll roads and reviews eight projects, six in developing countries
and two in industrialc ountries.L ike most private infrastructurep rojects,t oll roads require a partnershipb etween
the public and private sectors,m aking the allocationo f responsibilitiecs riticalf or the successo f the project. The study
examinesc ommone lementsi n toll road financingsa nd highlightsk ey public-privateri sk-sharingi ssues relatingt o the
large amountso f privatef inancingr equiredf or these investments.T hesef indingsh ave implicationsf or both policymakers
consideringp rivatet oll road programsa nd privatei nvestorss eekingt o financea project.
Ram Chopra Nina Shapiro
Director Manager
Cofinancinga nd ProjectF inance Department ProjectF inance and Guarantees Group
vii
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