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Infrastructure Development Through PPP Scheme in Indonesia: Focusing on Toll Road Sector

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Infrastructure Development Through PPP Scheme in Indonesia: Focusing on Toll Road Sector MSc Programme in Urban Management and Development Rotterdam, The Netherlands September 2018 Thesis Title: Infrastructure Development through PPP Scheme in Indonesia: Focusing on Toll Road Sector Name: ENDO KEI Supervisor: Dr. Alberto Gianoli Specialization: Managing and Financing Urban Infrastructure (MFUI) UMD 14 MASTER’S PROGRAMME IN URBAN MANAGEMENT AND DEVELOPMENT (October 2017 – September 2018) Infrastructure Development through PPP Scheme in Indonesia: Focusing on Toll Road Sector ENDO KEI Japan Supervisor: Dr. Alberto Gianoli UMD 14 Report number: 1187 Rotterdam, September 2018 Infrastructure Development through PPP Scheme in Indonesia: Focusing on Toll Road Sector ii Summary In Indonesia, the public-private partnerships (PPP) scheme was introduced with the expectation that it would fill the financial demand-supply gaps in the development of infrastructures. However, infrastructure development through the PPP scheme has faced a number of issues; only a limited number of PPP projects have reached financial close, and many of these projects were behind their original schedule. Considering the fact that the PPP scheme is struggling in Indonesia, this research, as a first step to activate the PPP scheme, investigated how and to what extent the current PPP scheme in Indonesia contributes to the formulation of PPP projects. In this research, the toll road sector was focused on, because this sector is the most advanced in delivering projects through the PPP scheme among the other sectors in Indonesia. The research method utilised in this research is a multiple and heterogeneous case study method. The research compares the 18 PPP toll road projects that were included in the PPP book 2015, 2017, 2018 published by the Indonesian government. These projects include the projects that successfully reached financial close on time and also the projects that were/have been mired in project formulation due to any number of reasons. To heighten the validity and reliability of the study, both preliminary data (interviews with the PPP-related institutions) and secondary data (documents provided by the PPP- related institutions) were collected and analysed. The major findings of this research are as follows: (1) The government’s roles and responsibilities in the PPP scheme that is suggested as critical for smooth project formulation by previous researches are basically well developed. However, the legal environment; coordination among the related stakeholders, especially between the central and local governments; and provision of good candidate projects were not sufficient in some cases, and this insufficiency led to delayed project formulation in these projects. (2) The mechanism for concessionaire selection and risk allocation between the public and private sectors is already well developed in the toll road sector; this well-developed mechanism is deemed to contribute to smooth project formulation. (3) The mechanism for deciding sound financial packaging is basically well developed, and the Contractor Pre-Financing (CPF) system in particular is deemed to contribute significantly to timely financial close. However, misapplication of the procedure of deciding the financial scheme led to delay in some cases. (4) To sum up, for smooth project formulation all the way to financial close, all the factors mentioned above are deemed critical, which means that missing even one factor could lead to delay of the project formulation. It should be noted, however, that even though the PPP scheme is relatively well developed as a whole, there is still room to improve some parts of it in Indonesia to avoid delay. Through investigating the Critical Success Factors (CSFs) leading to success/delay in the formulation of PPP toll road projects, this research found the critical issues related to sustainability of the PPP projects too: there are some potential risks in coverage of government guarantee, the government financial support, and the CPF system. It should be noted that there is a possibility that the PPP scheme in the toll road sector in Indonesia will not work well in the future due to these risks, even though it works relatively well at this moment as confirmed in the case projects. Considering the findings above, this research recommends the following: (1) improvement in three factors related to the PPP scheme, namely in the coordination among the stakeholders, especially between the central and local governments; the quality of candidate projects; and the procedure for structuring the financial package to realise smoother project formulation without any delay; and (2) improvement of the PPP scheme itself, especially the government guarantee and/or financial support offered to heighten sustainability of the PPP toll road projects. Keywords Public-private partnerships (PPP), Infrastructure development, Critical Success Factors (CSFs) for PPP project, PPP toll road project, and Indonesia Infrastructure Development through PPP Scheme in Indonesia: Focusing on Toll Road Sector iii Acknowledgements First of all, I would like to express my sincere gratitude to my thesis research supervisor, Dr. Alberto Gianoli. Thanks to his shrewd advice based on deep knowledge and experience in the field of infrastructure finance, I was able to accomplish my research. I am also deeply grateful for the invaluable feedback on the research from the lecturers of the specialisation course of Managing and Financing Urban Infrastructure (MFUI). For the data collection, I would like to thank officers in the institutions of the government of Indonesia. Despite being busy with their daily responsibilities for public/business administrations, a number of staffs allocated their time as much as possible for the research. I believe that the research based on the abundant data from such practitioners related to the infrastructure development through the PPP scheme in Indonesia provides new insight not only for the public officers associated with the PPP scheme in Indonesia but also for academics and practitioners in the international development field. I would like to express deep gratitude to my company too for providing a wonderful opportunity to study and research the management of urban infrastructure development, especially infrastructure development through the PPP scheme, intensively for a year. Last but not least, I thank my wife and kids for their continuous support to me during the master course period. Without their understanding and great support, I know I could not have accomplished my research or course work. Infrastructure Development through PPP Scheme in Indonesia: Focusing on Toll Road Sector iv Abbreviations ADB Asian Development Bank AIIB Asian Infrastructure Investment Bank BAPPENAS Ministry of National Development Planning BCA Bank Central Asia BNI Bank Negara Indonesia BOT Build-Operate-Transfer BPJT Indonesia Toll Road Authority BPN National Land Agency BRI Bank Rakyat Indonesia BTO Build-Transfer-Operate CCGA Central Coordinating Government Authority CEXIM Export-Import Bank of China CMEA Coordination Ministry for Economic Affairs CPF Contractor Pre-Financing CSF Critical Success Factor DFAT Department of Foreign Affairs and Trade EIA Environmental Impact Assessment FBC Final Business Case FIRR Financial Internal Return of Rate GCA Government Contracting Agency IDB Islamic Development Bank IIF Indonesia Infrastructure Finance IIGF Indonesia Infrastructure Guarantee Fund IRR Internal Return of Rate IV Independent Variable JBIC Japan Bank for International Cooperation JICA Japan International Cooperation Agency KPPIP Committee for Acceleration of Priority Infrastructure Delivery LKPP National Procurement Agency MoF Ministry of Finance MPWH Ministry of Public Works and Housing NPV Net Present Value OBC Outline Business Case OECD Organisation for Economic Cooperation and Development PPP Public-private partnerships PSN National Strategic Project PVR Present-Value-of-Revenue PRJMN National Medium-Term Plan S-BOT Supported Build-Transfer-Operate SGA Supportive Government Authority SMI Sarana Multi Infrastructure SPV Special Purpose Vehicle USO Universal Service Obligation VGF Viability Gap Funding WACC Weighted Average Cost of Capital WB World Bank Infrastructure Development through PPP Scheme in Indonesia: Focusing on Toll Road Sector v Table of Contents Summary ................................................................................................................................. iii Keywords ................................................................................................................................ iii Acknowledgements ................................................................................................................. iv Abbreviations ........................................................................................................................... v List of Figures ......................................................................................................................... vii List of Tables ........................................................................................................................ viii Chapter 1: Introduction .......................................................................................................... 1 1.1 Background ................................................................................................................................... 1 1.2 Problem Statement .......................................................................................................................
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