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A Review of Tools for Project Financial Assessments

机译：项目财务评估工具述评

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Governments not always have the funds to build transport and other infrastructure projects that are economically justified and environmentally and socially sound. Under certain circumstances, projects meeting such conditions can be implemented by involving private financing, through public-private partnerships (PPP), which is a means to get projects completed by leveraging scarce public resources. In a PPP project, the sources of revenue to the private partner (or concessionaire) may include (i) the users of the facility (e.g., road tolling), (ii) the government (e.g. through availability payments, capital grants and shadow tolls), and (iii) both users and government, which is usually called a hybrid concession. As a key step in considering attracting private investors for such projects, decision makers and practitioners need to assess their financial viability, an endeavor that can be greatly facilitated by relatively simple tools now available. This paper reviews and provides case studies of two existing tools for assessing the financial viability of: (i) hybrid road PPP projects, which involve both tolls and availability payments; and (ii) output- and performance-based road contracts (OPBRC), which involves payments by the government. The main output generated by both models include the project’s internal rate of return, equity internal rate of return, annual debt service coverage ratio and the present value of the government’s cash flow.
机译：政府并不总是拥有基金来建立运输和其他基础设施项目，这些项目是经济上的合理和环境和社会声音。在某些情况下，通过公私伙伴关系（PPP）涉及私人融资，可以通过私营融资（PPP）来实施项目的项目，这是通过利用稀缺公共资源来完成项目的手段。在PPP项目中，私人合作伙伴（或特许经营商）的收入来源可能包括（i）该设施的用户（例如，道路收费），（ii）政府（例如通过可用性付款，资本拨款和影子收费）和（iii）用户和政府，通常被称为混合特许权。作为考虑吸引私人投资者的一个关键一步一步，因为这些项目，决策者和从业者需要评估他们的金融活力，这是一个可以通过现在可用的相对简单的工具极大地促进的努力。本文审查和规定了两个现有工具的案例研究，用于评估：（i）混合道路PPP项目，涉及通行费和可用性支付; （ii）总基于产出和绩效的道路合同（OPBRC），涉及政府付款。两种型号产生的主要产出包括项目的内部回报率，股票内部回报率，年度债务覆盖率和政府现金流量的现值。

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