Implementing Key Features of PPPs:

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1 Implementing Key Features of PPPs: Case Studies From Turkey Mehmet UZUNKAYA Planning Expert State Planning Organization

2 OUTLINE I. RATIONALE: WHY PPPs? II. WHAT ARE PPPs? III. THE EXISTING LEGAL FRAMEWORK FOR PPPs IN TURKEY IV. PROJECTS IMPLEMENTED WITHIN THE EXISTING LEGAL FRAMEWORK V. MAIN PROBLEMS FACED VI. FOR SOLUTION... VII. INTENDED OUTCOMES

3 RATIONALE: WHY PPPs? Increasing Infrastructure Demand Constraints on Public Budgets Increased consideration of alternative project management and financing methods in both national and local level. Need for Rapid Realization of Infrastructure Investments The Potential of Private Sector for Financing Support Inefficiency in the Existing Systems Public-Private Partnerships Potential for Utilizing Private Sector Expertise and Dynamism

4 % RATIONALE: WHY PPPs? GDP Shares of Investments in Turkey ( ) Total Investments Private Investments Public Investments Cental Govt. Budget Investments (*) Includes investments on the municipal level

5 RATIONALE: WHY PPPs? 2010 Public Investments in Turkey (Beginning of Year) Thousand TL Total Project Cost 2009 Cumulative Expenditure 2010 Budget Remaining Financing Need Remaining Time for Completion (Years) AGRICULTURE MINING INDUSTRIAL PROD ENERGY TRANSPORT COMMUNICATION TOURISM HOUSING EDUCATION HEALTH OTHER TOTAL

6 WHAT ARE PPPs? A GENERAL DEFINITION Public-Private Partnertships (PPPs): Risk-sharing contractual agreements between public and private sector on the realization of a public-mission project through the dominant use of private sector resources which is extended beyond the construction to operation and management stages that constitutes the basis for the private partner to cover its costs by either user charges or government s partly or fully purchasing of the services Whichever definition is used, however, both in terms of PPPs as a general and in terms of contract types (such as BOT, BOO, BOOT, etc), boundaries of public and private responsibilities in a PPPs arrangement are basically determined by the specific contract clauses signed between public and private partners.

7 WHAT ARE PPPs? R R Investor (Equity) Financing Contract Public Authority (Government) Implementation Contract (PPP) Public Administration Purchasing Agreement R Guarantee Agreement Guarantee Agreement R Treasury Special Purpose Vehicle (Project Company) Financing Contract Recourse/Non-Recourse/ Limited Recourse Bank or International Finance Organization (Debt) R Construction Contract Management Contract Input Supply Contract Contractor R Operator R Supplier R

8 WHAT ARE PPPs? POTENTIAL BENEFITS OF PPPs Involvement of a new source of finance, helping expand coverage: particularly attractive for governments having fiscal constraints Utilization of private sector expertise, efficiency and innovative approach in construction, operation and management: Factors that would potentially provide better risk mitigation and drive down the costs of service provision as compared to public provision.

9 WHAT ARE PPPs? POTENTIAL RISKS IN PPPs Risks from Private Sector Perspective Commercial Risks Macroeconomic Risks Political Risks Commercial Viability Completion Risks Operation Risks Environmental Risks Operation Risks Revenue Risks Input Supply Risks Force Majeure Risks Contract Mismatch Sponsor Support Inflation risk Interest rate risk Exchange rate risk Investment risks Currency convertibility and transfer Expropriation of the project by the state Political violence (war and civil disturbances) Change of law risk Quasi-political risk Source: Yescombe, E. R., (2002).

10 WHAT ARE PPPs? POTENTIAL RISKS IN PPPs Risks from Public Sector Perspective Information, expertise and incentive asymmetry Subjective project selection Biased optimism

11 METHODS COVERED BY THE EXISTING LEGAL FRAMEWORK Build-Operate-Transfer (Law No: 3996, 3465, 3096) Build-Operate (Law No: 4283) Build-Lease-Transfer (Law No: 5396) Transfer of Operating Rights (Law No: 4046, 5335, 3465, 3096) Long Term Lease (Law No: 5335, 4046) Shadow Toll (Law No: 3996)

12 SECTORS COVERED BY THE EXISTING LEGAL BASE POWER Electricity Production, Transmission, Distribution and Trading Dams TRANSPORTATION Motorways, Bridges, Tunnels, Carparks, Motorway Roadside Facilities Railways Seaports and airports for civil use AGRİCULTURE Irrigation WATER AND SEWAGE Water for Drinking and other use Waste Treatment Sewage HEALTH Hospitals TOURISM Marinas GENERAL ADMINISTRATION Border Gates MINING Mining and Enterprises ENVIRONMENT Investments to Prevent Environmental Pollution PRODUCTION Factories, and etc. COMMUNICATION

13 SECTORAL APPLICATIONS POWER BOT Projects (22) Marmara Ereğlisi-Trakya Natural Gas Combined Marmara Ereğlisi-Unimar Natural Gas Gebze-Dilovası Natural Gas Esenyurt Natural Gas Birecik Dam ve HEP Plant Berdan HEP Plant Çal HEP Plant Çamlıca HEP Plant Aksu-Çayköy HEP Plant Fethiye HEP Plant Tohma-Medik HEP Plant Girlevik II-Mercan HEP Plant Gaziler HEP Plant Gönen HEP Plant Kısık HEP Plant Hasanlar HEP Plant Suçatı HEP Plant Dinar II HEP Plant Ahiköy I-II HEP Plant Sütçüler HEP Plant Bozcaada Wind Power Çeşme-Alaçatı Wind Power

14 SECTORAL APPLICATIONS POWER BO Projects (5) Gebze Natural Gas Combined-Cycle Electricity Plant Adapazarı Natural Gas Combined-Cycle Electricity Plant İzmir Natural Gas Combined-Cycle Electricity Plant Ankara Natural Gas Combined-Cycle Electricity Plant İskenderun Thermic Plant TOR Projects (2) Çayırhan Thermic Plant Hazar I-II HEP Plant

15 TRANPORTATION SECTORAL APPLICATIONS AIR TRANSPORT Antalya Airport I. ve II. International Flights Terminal (BOT) Atatürk Airport International Flights Terminal Building (BOT) Milas-Bodrum Airport Terminal Building (BOT) Dalaman Airport International Flights Terminal Building (BOT) İzmir Adnan Menderes Airport International Flights Terminal Building (BOT) Ankara Esenboğa Airport Domestic and International Flights Terminal Buildings (BOT) Sabiha Gökçen Airport International Flights Terminal Building (BOT) Atatürk Airport Domestic and International Flights Terminal Buildings (Long Term Lease) Antalya Airport Domestic and International Flights Terminal Buildings (Long Term Lease) Zonguldak Çaycuma Airport (Long Term Lease) Antalya Gazipaşa Airport (Long Term Lease) ROAD TRANSPORT Göcek Tunnel (BOT) Roadside Facilities on Motorways (BOT) Gebze-Orhangazi-İzmir Motorway (İzmit Bay Crossing Included) (BOT)

16 TRANSPORTATION SECTORAL APPLICATIONS MARITIME TRANSPORT Çanakkale Kepez Port Superstructure Facilites (BOT) Güllük Ship Wharf (BOT) Bodrum Passenger Wharf (BOT) Trabzon Port (TOR) URBAN TRANSPORT İstanbul Strait Road Tunnel Crossing (BOT)

17 SECTORAL APPLICATIONS TOURISM Antalya Marina (BOT) Didim Marina (BOT) Dalaman Marina and Seabus Approaching Facility (BOT) Fethiye Marina (BOT) Muğla Marina (BOT) Bodrum Turgut Reis Marina (BOT) Kaş Marina (BOT) Alanya Marina (BOT) Mersin Marina (BOT) Sığacık Marina (BOT) Çeşme Marina (BOT) Gazipaşa Marina (BOT) Yalova Marina (BOT)

18 SECTORAL APPLICATIONS GENERAL ADMINISTRATION Edirne İpsala Border Gate (BOT) Iğdır Gürbulak Border Gate (BOT) Dereköy Border Gate (BOT) Hatay Cilvegözü Border Gate (BOT) Artvin Sarp Border Gate (BOT) Şırnak Habur Border Gate (BOT) Edirne Kapıkule Border Gate (BOT) Edirne Hamzabeyli Border Gate (BOT) MINING A-Kafa Ore Extraction Facility (BOT)

19 SECTORAL APPLICATIONS MUNICIPAL SERVICES İzmit Urban and Industrial Water Supply Project (BOT) Pre-qualification for 22 projects under the law No Municipalities utilize private finance in drinking water, sewerage, solid waste, transport and other (parking, fairs, etc) under the Law of Municipalities (No.5393)

20 In summary; SECTORAL APPLICATIONS Models: Mainly BOT, BO, Long-term Lease and Transfer of Operating Rights Sectors: Mainly energy, transport, (especially air transport), marinas, border gates Projects: Mainly of the central administrative bodies Arrangements in the municipal level are relatively limited and/or of small scale.

21 MAIN PROBLEMS FACED The piecemeal nature of the existing legislation Lack of model diversity Lack of quality and timely preperation of documents, due to the lack of institutional capacity, that would asses the technical, economic and financial feasibility of projects and their socio-economic costs, benefits and risks, which would effectively assist decision makers in their decisions Lack of ownership by the public sector of PPP projects due to the fact that PPPs are generally financed and operated by the private sector In some cases, the over-optimism that PPPs are panacea Lack of experience of public officials in PPP arrangements, which include more complex processes as compared to conventional procurement methods. (Information and experience asymmetry between public and private sector) Lack of a central PPP unit, which would be a center of knowledge in PPPs and in charge of appraisal, prioritization and selection of PPP projects Lack of standardization of project documents (Feasibilities, contracts, guidelines, etc)

22 FOR SOLUTION Steps need to be taken, A single framework PPP law Building capacity within the public sector Institutional arrangements An administrative structure that would, Ensure the compliance of PPP projects with the National Development Plan Objectives, Annual Programs and Sectoral Policies Prepare guidance and standardized documents for the implementing institutions Assist line ministries and implementers to build capacity in preparing feasibility documents Formulate the national PPP policy Be in charge of appraisal, evaluation, prioritization, selection and monitoring of PPP projects Become a center of knowledge Coordinate creating capacity in the municipal level

23 INTENDED OUTCOMES Meeting the ever increasing infrastructure demand Increasing the quality and effectiveness of public services Contribituon of private finance Utilizing the management and organization capacity of private sector Technology transfer Fast and timely realization of public investments.

24 THANKS...

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