Provision of infrastructure projects in general and transport infrastructure projects in particular has been regarded as a prerequisite to social and economic development of any nation. A high priority is accorded to transport projects as they act as a conduit for development by creating growth corridors. The new era of liberalization and globalization has ushered in increasing demands for efficient and high quality transport networks and their related infrastructure at both national and international levels. However, economies around the globe have been struggling to meet these demands owing to limited investment funds and uncertain revenue projections, unsolicited political interference, and technical paucity. Traditionally, the finance, development, operation and maintenance of transport projects have been the responsibility of the central governments. However, in most economies the resources are limited and the claims to these resources unlimited and often social objectives precede the economic ones. Transport projects, being classified as having an economic and developmental objective, often pose serious financial burdens. The irony is that inadequate transport infrastructure retards the economic progress which, in turn, creates a vicious circle of developmental problems. In order to break through this vicious circle and meet the infrastructural needs of the country without recoursing to tax revenues, governments in different nations have experimented with alternative options for financing transport projects. Fiscal austerity, equity and efficiency considerations have led to the evolution of the privatization concept. It has become a buzzword in the transport industry, but it is political dynamite and needs cultivation of an appropriate environment before being launched. Privatization uses the intelligence of market mechanisms and draws upon the technical, financial and managerial capacity of the private sector to develop projects to meet the public infrastructural demands. Hong Kong has been one of the few economies where private sector financing of transport infrastructure projects has been successfully implemented and for most developing countries it stands as an excellent case study. This paper highlights how innovative financing has changed the face of transport infrastructure in Hong Kong and outlines the preconditions necessary for successful implementation of public-private partnerships that can, with prudent application, make them an elixir to the starved transport systems of developing nations.
Avenues for Transport Infrastructure Finance in Hong Kong: Public-Private Financing Initiatives
International Conference on Traffic and Transportation Studies (ICTTS) 2002 ; 2002 ; Guilin, China
Traffic and Transportation Studies (2002) ; 1464-1471
2002-07-10
Aufsatz (Konferenz)
Elektronische Ressource
Englisch
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