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Innovative Infrastructure Fund to Ensure the Financial Sustainability of PPP Projects: The Case of Chile
Sustainability ( IF 3.9 ) Pub Date : 2020-11-28 , DOI: 10.3390/su12239965
Patricio Mansilla , José Manuel Vassallo

Recently, the Chilean government created the Chilean Infrastructure Fund (CIF) that will allow taking advantage of the value of existing infrastructure assets. The fund will enable the government to finance new infrastructure projects with the resources obtained from new concessionaires’ payments to the government for the value of retendering existing public-private partnership (PPP) projects. The purpose of this paper is to evaluate the contribution that this new public institution will bring to the financial sustainability of infrastructure in Chile, the opportunities and challenges for its implementation, and its economic value. The research has a qualitative and quantitative approach. Based on the understanding of the new concept of asset recycling, the application of economic foundations, and financial methodologies such as discounted cash flows and real options, the research assessed the institutional and economic value of the new Chilean Infrastructure Fund. The main findings are that the new Chilean Infrastructure Fund will create public value and public wealth since it will foster good governance, streamline the concession system, accelerate the implementation of sustainable PPP projects, and improve planning schemes among others. Other countries could follow this experience, promoting infrastructure funds to improve governance and accelerate the implementation of sustainable PPP projects.

中文翻译:

确保 PPP 项目财务可持续性的创新基础设施基金:智利案例

最近,智利政府设立了智利基础设施基金 (CIF),允许利用现有基础设施资产的价值。该基金将使政府能够利用新特许经营商向政府支付的资源为新的基础设施项目提供资金,以重新招标现有的公私合作(PPP)项目。本文的目的是评估这个新的公共机构将对智利基础设施的财务可持续性做出的贡献、其实施的机遇和挑战,以及它的经济价值。该研究采用定性和定量方法。基于对资产回收新概念的理解,经济基础的应用,以及贴现现金流和实物期权等财务方法,该研究评估了新的智利基础设施基金的制度和经济价值。主要发现是,新的智利基础设施基金将创造公共价值和公共财富,因为它将促进良好治理、简化特许制度、加速可持续 PPP 项目的实施以及改善规划方案等。其他国家可以借鉴这一经验,推动基础设施基金改善治理,加快实施可持续的 PPP 项目。主要发现是,新的智利基础设施基金将创造公共价值和公共财富,因为它将促进良好治理、简化特许制度、加速可持续 PPP 项目的实施以及改进规划方案等。其他国家可以借鉴这一经验,推动基础设施基金改善治理,加快实施可持续的 PPP 项目。主要发现是,新的智利基础设施基金将创造公共价值和公共财富,因为它将促进良好治理、简化特许制度、加速可持续 PPP 项目的实施以及改进规划方案等。其他国家可以借鉴这一经验,推动基础设施基金改善治理,加快实施可持续的 PPP 项目。
更新日期:2020-11-28
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