以创新融资及 PPP 模式来加速道路发展 : 以印度卡纳塔克邦高速公路改善项目为例

1. 以创新融资及PPP模式来加速道路发展: 以印度卡纳塔克邦高速公路改善项目为例 Binyam Reja博士 国家部门协调员 世界银行,中国交通部门 2013年8月19日 Disclaimer: The views expressed in this document are those of the author, and do not necessarily reflect the views and policies of the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADB does not guarantee the accuracy of the data included in this document, and accept no responsibility for any consequence of their use. By making any designation or reference to a particular territory or geographical area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

2. PPP Project Cycle and IFI Role

3. Background on Karnataka • State Government of Karnataka (GOK) successfully completed KSHIP I • US$360 million IBRD Loan • Implemented between 2001-2007 • GOK requests a second IBRD loan for US$1.6 billion, but DEA/Bank endorse/approve only US$350 million • Government Plans US$10 Billion investment to upgrade the CRN (20,000 km) • Financing is Limited– Only US$360 millionannual road budget (for the entire state) • At this rate, it will take more than 28 years to complete the upgrading of the CRN

4. Current financing framework a constraint for accelerating road development • Pay-as-you-go Funding Approach • Road sector expenditure funded from government taxes, revenues and central grant transfers (Consolidated Fund) • Weaknesses in the Pay-as-you-go approach • Volatile, depends on cyclical and unpredictable government revenue stream, Political appropriation • Not suitable to fund large projects, as the available annual revenue is inadequate • Projects have to be curtailed in size to fit into annual budget • Contracting method is generally item-rate-contract, has inefficiencies and does not consider the lifetime cost of road • Long-term contract creates uncertainties as revenues are unpredictable and budget has to be voted every year

5. Current Government Borrowing: Poorly Structured and Unsustainable • Debt Financing is done on Government Balance Sheet • Sovereign international borrowing (WB/ADB/JICA) • State-owned Development Banks (limited) • Government deficit capped at 3% of GDP by Fiscal Responsibility Act • Current borrowing does not link revenue stream to repayment of debt – paid from budget revenues • Commercial banks do not lend to government for a specific projects without a specific revenue stream • Commercial, revenue-backed debt financing limited • Government is always playing catch up on road expenditure – rehabilitation/reconstruction, neglect, rehabilitation/reconstruction

6. The Project Road Financing Reform Approach • Move away from pay-as-you go funding approach based on Consolidated Fund and on-budget borrowing to revenue-backed long-term debt and PPP • Simultaneously solve investment and maintenance problem by combining capital investment and maintenance expenditure into a Design-Build-Finance-Operate-Maintain-Transfer (DBFOMT) Concession • At the same time, improve contract management efficiency by moving away from input-based BoQ contracts to output-based DBFO Concessions • Establish Road Development Financing Facility (Road Fund) to pool user revenues • To be funded initially by tolls on existing and recently improved highways • Followed by vehicle licensing fees, fuel levies, and other related charges • Securitize Road User Revenues to Pledge for PPP Concession Obligations and Debt Services

7. Benefits of Debt Financing and PPP Approach • Complements Current Expenditure, not Replace it • Expands fiscal space, without necessarily harming the government budget • New revenue sources to be raised from users • Can accommodate large, multi-year projects • Improve efficiency of implementation • Encourages new contracting methods • Banks and concessionaires provide additional oversight • Commercialization of the road sector, taking it out the budget • Fast and effective implementation can expedite economic development • Deepens the domestic financial sector

8. Benefits of PPP and Debt Financing Approach: Accelerated Development

9. Options for Leveraging Road Sector Revenue: Financing Strategy for SRN

10. Availability Payment (Annuity) PPP Concession • Design-Build-Finance-Operate-Maintain-Transfer (DBFOMT) Contract • Road Agency engages Concessionaire through Competitive Bidding • Concessionaire borrows from financial institutions against annuity payment • Road Fund revenues pays Concessionaire for constructing the highway available and maintaining agreed performance level

11. Availability Payment Structure GOK Treasury User Charges WB Loan Road Agency Concession Authority Road Fund (Trust and Retention Account) Technical Relationship Equity Investors Concessionaire Lending Institutions Contractors/sub-contractors

12. Key Features of the DBFO Concession • Four Road Corridors – 562 km • Concession Period – 10 years, including 2 years for construction period • Total Project Cost – US$437 million • IBRD – US$140 million • Private Developer – US$250 million • GOK – US$47 million (mostly for land acquisition and R&R support) • IBRD Finances 50% of estimated Construction Cost during construction period • Government pays concessionaire semi-annual payments for the remaining construction costs plus O&M and other costs • Bidding parameter is the lowest annuity payment request • It includes amortized construction cost, O&M, financing cost, and any other costs the concessionaire includes • Amount of upfront grant will be disclosed during bidding • Concessionaire would raise financing based on promised grant and projected semi-annual payment

13. Payment Structure • During Construction Period • 50 % of the Estimated Construction Cost Financed by IBRD paid in two installments • First Installment • 50% percent completion of road length • 50% draw down on equity required for project implementation • Second Installment on Commercial Operation Day • Payment During Operation Phase • Semi-annual payment (annuity payment) • Concessionaire required to meet maintenance and performance criteria • Penalties for not meeting the performance criteria • Tolling is not part of the concession, but the authority may toll the roads separately and the revenues would be pooled together with other tolls and user charges • Independent Engineer monitors compliance with Concession Agreement during construction and operation, and certifies payment (including any penalty/bonus)

14. 创新融资中的各个环节及对中国的意义：开展国际合作创新融资中的各个环节及对中国的意义：开展国际合作

15. 国际金融机构（IFI）的作用：建立PPP项目的法律及政策框架国际金融机构（IFI）的作用：建立PPP项目的法律及政策框架 • 咨询支持及知识交流，实现以下目标： • 有利的立法及监管机制 • 清晰的风险分配安排 • 收费及定价政策 • 政策应注重投资收益，注重保护公众利益，并为私人投资创造有利环境 • 创建一个单位来协调并引导国家/省级/产业等各层面上的PPP项目 • 清晰的争端解决及履约机制（包括监管）

16. 国际金融机构的作用：项目交易支持 • 金融交易及金融咨询师来设计PPP项目及具体交易： • PPP项目应该是行业发展策略中的一部分，而不是孤立的 • PPP项目在进入交易流程之前应首先在行业范围内从经济和金融角度进行筛选，以保证项目自身健康 • PPP项目首先必须是经济上具有可行性的项目 • 决定何种项目应以PPP方式进行，何种项目应以传统方式进行 • 判断何种项目需要政府资金支持，何种项目可产生收益保证其财务可行性 • 形成采购及招标的示范文件 • 印度根据不同行业有不同的特许经营协议示范文件 • 采购的透明度可以增加竞争 • PPP能力发展及技术培训 • PPP项目需要合同设计、交易及执行方面的专门技能 • 从业者的培训及知识交流很有必要

17. 国际金融机构的作用：为PPP交易建立融资及资助机制国际金融机构的作用：为PPP交易建立融资及资助机制 • PPP项目完成依靠项目财务 • 利用SPV（特殊目的平台）公司来实现有限追索权表外融资，但此类融资主要依靠项目的未来收益现金流或政府支付来偿债 • 长期资金渠道对于国家很重要 • 诸多商业银行均有短期贷款，但不适合基础设施融资需要 • 应该发展金融行业来为PPP项目提供长期融资 • 有些情况下，经济上可行的项目未必在财务上具有可行性，此时可以： • 政府可提供额外资金让项目财务上同样可行 • 印度“可行性缺口基金”（VGF）是一个成功的样本 • IFI可以从国家角度对PPP予以资金支持

18. 对中国的启示 • 中国如何提升基础设施建设领域的PPP规模？ • 构建合同框架来管理PPP项目合同 • 中国的公私部门形成的合同常建立在关系上，其履行多依赖于双方关系如何而非合同条款 • 合同方自行解决争端 • PPP项目签订的是长期合同，因此需要详细明确的合同 • 长期合同中未来不可预见，则有可能需要合同的修订及定夺 • 多方冲突可能发生 • 第三方争端解决方案很必要 • 长期资金支持PPP项目很关键 • 需要政府政策清晰、提供资金支持