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Concession projects: problems of financing and evaluation




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CONCESSION PROJECTS: PROBLEMS OF FINANCING AND EVALUATION


Larysa Hrytsenko, Iryna Bojarko

State Higher Education Institution “Ukrainian Academy of

Banking of the National Bank of Ukraine”, Sumy, Ukraine


An effective economy functioning requires providing of stable and balanced developing of all its parts. The mechanism of its achievements includes the creation of appropriate organizational and economic conditions, which allows combining effectively the processes of business entities self-regulation and macroeconomic regulation.

The important element of these conditions is the economic infrastructure, which is a combination of different functional subsystems guiding, the economic policy is implemented through. It should be noticed that the banking system, unlike other economic infrastructure subsystems that coordinate mainly industrial policy, has special meaning – the monetary regulation of a financial sphere and the real economy sector.

In the modern terms of providing competitiveness of the banking system taking into account the world tendencies of activation of intergovernmental integration processes on the basis of development of transborder cooperation. It opens through cooperation of contiguous territories of the neighbor states in terms of common solving socio-economic development problems. The solving this task means, in particular, introduction of the mutual favorable modes in relation to realization of transborder trade and capital flow, realization of general transregional investment projects in development of regional infrastructure (transport, custom, social and others like that). Naturally, these processes result in strengthening of international bank co-operation and creation of integrated financial market, and, thus, there is an objective necessity of development of financial mechanisms of effective functioning.

The specificity of transborder cooperation stipulates the necessity of systematization of substantial features of investment projects financing, which are enforced by his participants:

high level of government control of investment activity is predefined by international intergovernmental character of transborder relations;

the increased complication of development of investment projects is caused by necessity of the detailed explanation of financial viability and expected efficiency of project of transborder cooperation for his participants on all levels, – state, regional and microeconomic;

necessities of bringing in considerable volume of capital investments in development of existing and creation of new objects of a production, transport, social infrastructure and protracted period of recoupment.

In the course of analysis of the concession projects effectiveness considerable attention should be paid to evaluation of the environmental and social impacts of the project, and the degree of its impact on the environment and social sphere of country, region and city. Thus, complication in search of adequate forms of financing of projects of transborder cooperation is related to the necessity of meeting financial and economic interests of all participants in the best possible way.

World practice produced the mechanisms of state-private partnership. Among the existent models of state-private partnership a concession has most efficiency during realization of projects of transborder cooperation. A concession is the system of relations between the state (a koncedent) and private legal or physical person (a concessionaire) which arises up as a result of grant from the koncedent to concessionaire the rights for the use of public property on the basis of agreement, for a pay and on reverse basis, and also rights on realization of certain types of activity, which are the exceptional monopoly of the state. Transborder projects foresee the conclusion of multilateral concession treaty at participation at least two held on the side of the koncedent.

Depending on the authority of property, investment obligations of parties, principles of distribution of risks given to the private partners, to responsibility for realization of works, financing of projects of transborder cooperation can be carried out with the use of different types of concession agreements – BOT (Build, Operate, Transfer), ROT (Rehabilitate, Operate, Transfer), BTO (Build, Transfer, Operate), BOOT (Build, Own, Operate, Transfer), ВОО (Build, Own, Operate), BOMT (Build, Operate, Maintain, Transfer), DBOOT (Design, Build, Own, Operate, Transfer), DBFO (Design, Build, Finance, Operate), BBO (Buy, Build, Operate).

International practice of realization of concession projects shows that maximally effective control of their realization is possible at bringing in the international banks of development. Their basic task is effective project organization, including bringing in the private financing. The international banks of development have the special status, which includes property and judicial immunity, tax, custom and credit preferences and advantages. They allow to hedge the most of financial and economical risks at financing projects of transborder cooperation. Such risks, caused by differences in legislations and bank regulations in countries-participants, are significant obstacle for effective work in the system of regular banks.

However, in the nowadays economy there is a set of limiting factors that measure banking investment of infrastructure in Ukraine. To our mind they are:

  • the outflow of financial resources from the banking system, due to the rising of uncertainty of depositors, to their reliability in financial crisis conditions

  • lack of banks resources base to match the investment needs mainly because of short-term character

  • high risk level of investments to the infrastructure projects.

So, the banking system take a special place in the national economy structure, because banks as its parts are financial and credit service centres of serving the economic subjects system, by making involvement and investment of temporarily free resources.

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