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Public Private Partnership Options for the Second Generation of Motorway Developments in Poland

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Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized PUBLIC PRIVATE PARTNERSHIP OPTIONS FOR THE SECOND GENERATION OF MOTORWAY DEVELOPMENTS IN POLAND Public Disclosure Authorized FINAL REPORT (cover image: by GDDKiA) INECO, S.A.; 2006 http://www.ineco.es Public Private Partnership Options for the Second Generation of Motorway Developments in Poland Final Report v. 1330 Project team: Team Leader: Antonio Lopez Corral Economist (National Accountancy Specialist): Antonio Sanchez Soliño Financial Specialist: Carlos Bonnelly Ginebra Institutional reinforcement and project evaluation specialist: Samuel Carpintero Legal Specialist: Alberto Ruiz Ojeda Local Specialist: Jakub Nalazek Local Specialist: Victoriano Sanz Losada CONTENTS Abbreviations ............................................................................................................................ 6 INTRODUCTION................................................................................................................................. 8 I. REVIEW AND ANALYSIS OF PAST EXPERIENCE.............................................................. 13 I.1. Road network planning, project programming and preparation ................................... 14 I.1.1. Basic legal and institutional framework............................................................ 14 I.1.2. Road planning and programming..................................................................... 18 I.1.3. European Union incidence in road planning and programming....................... 23 I.1.4. Road projects preparation: Administrative capacity......................................... 25 I.2. Road project funding and financing .............................................................................. 31 I.2.1. Legal and institutional framework .................................................................... 31 I.2.2. National Road Fund ......................................................................................... 33 I.2.3. Sources of funds .............................................................................................. 42 I.2.4. Sources of financing ........................................................................................ 52 I.2.5. Consistency of the tolling policy prepared by the Ministry of Infrastructure with the EU rules and with the EU grants eligibility criteria ....... 56 I.2.6. Combining EU funds with private financing ..................................................... 64 I.3. PPP as an option for the development of road infrastructure....................................... 70 I.3.1. Legal framework for Public Private Partnerships in Poland............................. 70 I.3.2. Institutional framework and administrative capacity ........................................ 80 I.3.3. PPP formulae applied in Poland until now....................................................... 83 I.3.4. PPP formula proposed by other consultants ................................................... 86 I.3.5. Financing of projects and the Eurostat criteria for the off-balance sheet treatment of PPP.............................................................................................. 88 I.3.6. Reducing the risks perceived by private sector lenders in projects partly financed through the road fund and the applicability of World Bank Group risk mitigation instruments .................................................................... 93 I.4. Project selection for implementation with private participation..................................... 97 I.4.1. Legal framework............................................................................................... 97 Public Private Partnership Options for the Second Generation of Motorway Developments in Poland 3 Final Report I.4.2. Previous experience regarding project selection for implementation with private participation.......................................................................................... 98 I.4.3. Project selection process and Value for Money appraisal tools .................... 100 I.5. Concession/PPP tendering and awarding .................................................................. 108 I.5.1. Legal and institutional framework and administrative capacity...................... 108 I.5.2. Tendering process and Concession Agreement negotiations – past experiences.................................................................................................... 111 I.6. Conclusions ................................................................................................................ 115 II. RECOMMENDATION OF AN APPROPRIATE PPP FRAMEWORK FOR USE IN POLAND AND IDENTIFICATION OF POTENTIAL CONCESSION PROJECTS ................ 118 II.1. Proposed Concession/PPP Bidding and Awarding Model ......................................... 119 II.1.1. Direct competition model ............................................................................... 119 II.1.2 Recommended bidding and award scheme .................................................. 126 II.1.3. Compatibility of the proposed concession/PPP bidding and awarding model with Polish legislation.......................................................................... 132 II.2. Possible implementation strategy............................................................................... 139 II.2.1. Identification of types of investments to be executed as PPP and to be left in the public sector ................................................................................... 139 II.2.2. Development of a Competitive Concession/PPP Market .............................. 141 II.2.3. Regulation of quality of services throughout the concession period.............. 144 II.2.4. Institutional adaptation ................................................................................... 150 II.3. PPP mechanisms recommended for use in Poland ................................................... 159 II.3.1. Mechanism 1: Concession for construction, operation and maintenance of a new motorway and for operation and maintenance of existing motorway........................................................................................................ 160 II.3.2. Mechanism 2: Concession for modernization of existing expressway based on shadow toll payments..................................................................... 163 II.3.3. Mechanism 3: Concession for construction, operation and maintenance of a new motorway with support from the TEN-T budget line........................ 168 II.3.4. PPP financing structure ................................................................................. 173 II.4. Project candidates to implement the PPP strategy .................................................... 175 Public Private Partnership Options for the Second Generation of Motorway Developments in Poland 4 Final Report II.4.1. Project selection criteria................................................................................. 175 II.4.2. Project 1: A2 Konin - Stryków (Łódź) - Konotopa (Warsaw) motorway......... 177 II.4.3. Project 2: S8 Warsaw-Piotrków Trybunalski expressway.............................. 186 II.4.4. Project 3: A1 Toruń – Stryków (Łódź) motorway ........................................... 197 II.5. The use of EU Funds in PPP projects ........................................................................ 204 II.5.1. General Remarks Regarding the Use of EU Funds in PPP Projects ............ 204 II.5.2. Use of the EU Funds in the PPP projects in the new Financial Perspective 2007-2013 according to the changes proposed in the EU legislation ....................................................................................................... 205 II.6. Basic requirements for a successful use of Public Private Partnerships.................... 208 Public Private Partnership Options for the Second Generation of Motorway Developments in Poland 5 Final Report ABBREVIATIONS ABiEA Agency for Motorway Construction and Operation (Agencja Budowy i Eksploatacji Autostrad) ADT Average Daily Traffic AWSA Autostrada Wielkopolska S.A. BFO Best and Final Offer BGK Bank of National Economy (Bank Gospodarstwa Krajowego) CAPEX Capital Expenditures CF Cohesion Fund CIT Corporate Income Tax CPP Council for Public Procurement (Rada Zamówień Publicznych) EBIT Earnings Before Interests and Taxes EIA Environmental Impact Assessment EIB European Investment Bank EMU Economic and Monetary Union ERDF European Regional Development Fund ESA95 European System of Accounts 95 ETC Electronic Toll Collection EU European Union GDDKiA General Directorate for National Roads and Motorways (Generalna Dyrekcja Dróg Krajowych i Autostrad) GDDP General Directorate of Public Roads (Generalna Dyrekcja Dróg Publicznych) GDP Gross Domestic Product GDP Gross Domestic Product IFI International Financing Institutions IROP Integrated Regional Operational Programme IRR Internal Rate of Return ISPA Instrument for Structural Policies for pre-Accession KFD National Road Fund (Krajowy Fundusz Drogowy) KOPI Commission for Investment Project Assessment (Komisja Oceny Projektów Inwestycyjnych) MF Ministry of Finance MI Ministry of Infrastructure MTiB Ministry of Transport and Construction (Ministerstwo Transportu i Budownictwa) NGO Non-governmental organization Public Private Partnership Options for the Second Generation of Motorway Developments in Poland 6 Final Report NIB Nordic Investment Bank NIK Supreme Chamber of Control (Najwyższa Izba
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