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Public-Private Partnership Infrastructure Projects About the Korea Development Institute Public–Private Partnership KDI, established in 1971, is an independent policy-oriented research organization and a leading think-tank of the Republic of Korea. It has contributed to policy making and Infrastructure Projects: institutional reform by conducting research in many areas, including macroeconomics, 1 Infrastructure Projects / Volume Public–Private Partnership finance, fiscal policy, social security, labor, industry, trade, economic law, and the economy. It has developed into a comprehensive policy institute of international recognition by Case Studies from the Republic of Korea taking up diverse roles and functions. Volume 1: Institutional Arrangements and Performance The Public and Private Infrastructure Investment Management Center, the affiliated body of KDI, started its operations in 1999, serving as a gatekeeping agency of the Government Jay-Hyung Kim of the Republic of Korea, then to procuring economic and social infrastructure, and Jungwook Kim enhancing efficiency and transparency of public and private infrastructure investments. Sunghwan Shin Seung-yeon Lee About the Asian Development Bank ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to two-thirds of the world’s poor: 1.8 billion people who live on less than $2 a day, with 903 million struggling on less than $1.25 a day. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable growth, and regional integration. Based in Manila, ADB is owned by 67 members, including 48 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance. Asian Development Bank 6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines www.adb.org ISBN 978-92-9092-125-7 Publication Stock No. RPT113367 Printed on recycled paper Printed in the Republic of Korea Case Studies from ROK on PPP Infrastructure_Cover_25 April.indd 1 4/25/2011 6:01:53 PM Public–Private Partnership Infrastructure Projects: Case Studies from the Republic of Korea Volume 1: Institutional Arrangements and Performance Jay-Hyung Kim Jungwook Kim Sung Hwan Shin Seung-yeon Lee © 2011 Asian Development Bank All rights reserved. Published 2011. Printed in the Philippines. ISBN 978-92-9092-303-9 Publication Stock No. RPT113367 Cataloging-In-Publication Data Asian Development Bank. Public–private partnership infrastructure projects: Case studies from the Republic of Korea—Volume 1: Institutional arrangements and performance. Mandaluyong City, Philippines: Asian Development Bank, 2011. 1. Infrastructure. 2. Public–private partnership. 3. Korea, Republic of. I. Asian Development Bank. The views expressed in this report are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. ADB encourages printing or copying information exclusively for personal and noncommercial use with proper acknowledgment of ADB. Users are restricted from reselling, redistributing, or creating derivative works for commercial purposes without the express, written consent of ADB. Note: In this report, “$” refers to US dollars. Asian Development Bank 6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines Tel +63 2 632 4444 Fax +63 2 636 2444 www.adb.org For orders, please contact: Department of External Relations Fax +63 2 636 2648 [email protected] Printed on recycled paper. Contents List of Tables, Figures, and Boxes v Abbreviations xi Foreword xii Preface xiii Acknowledgment xiv Executive Summary xv Background xv Volume 1: Institutional Arrangements and Performance xvii Volume 2: Cases of Build–Transfer–Operate Projects for Port and Build–Transfer–Lease Projects for Educational Facilities xxix Volume 1: Institutional Arrangements and Performance of Public–Private Partnerships 1 Introduction 3 Institutional Settings for Public–Private Partnerships 6 Background in Chronology 6 Legal Framework 8 Organization of Decision Process 9 Procurement Schemes 11 Government Support for Land Expropriation 15 Financial and Tax Incentives 17 Buyout Right and Concession Termination 25 Training and Education Program 33 Trends and Current Status of Public–Private Partnerships 39 Build–Transfer–Operate Projects 39 Build–Transfer–Lease Projects 44 Private Financing through Infrastructure Bond and/or Fund 47 Size of Fiscal Commitment in Public–Private Partnerships 57 Implementation Procedure 61 Procedure for Build–Transfer–Operate Solicited Project 61 Procedures for Build–Transfer–Operate Unsolicited Project 67 Procedure for Build–Transfer–Lease Project 69 Ex-Post Management, Refinancing, and Renegotiation 73 Monitoring 73 Performance Management 77 Stakeholder Survey on the Performance of Public–Private Partnership Projects 81 Refinancing 92 Refinancing Steps 99 Renegotiation 100 iii iv Contents Evidence of Cost Savings and Efficiency Gain from Public–Private Partnerships 102 Methodology 102 Financial Analysis of Concession Agreement 104 Analysis of Concession Agreement Clauses 116 Wrap-Up: Cost Savings and Efficiency Gain 119 Evidence of Public–Private Partnership Contribution to the National Economy 123 Background 123 Public–Private Partnership Contribution to Economic Growth 123 Public–Private Partnership Contribution to Social Welfare 128 Public–Private Partnership Contribution to Better Value for Money: Several Experiments 128 Implications 136 Budgeting and Safeguard Ceiling for Public–Private Partnership Fiscal Commitment 138 Background 138 Budgeting and Reporting of Public–Private Partnerships 139 Developing Safeguard Ceiling for Annual Public–Private Partnership Payment 140 Public–Private Partnerships as an Alternative Method of Fiscal Stimulus to Address the Global Financial Crisis 152 Background 152 The First Revitalization Initiative 152 The Second Revitalization Initiative 153 Lessons Learned and Challenges Ahead 159 Lessons Learned 159 Challenges Ahead 163 References 166 Appendixes 1 Public–Private Partnership Progress Report Forms 169 2 Institutional Settings for Public–Private Partnerships in Other Countries 176 Tables, Figures, and Boxes Table 2-1 Chronological Changes and Characteristics of Public–Private Partnership Financing in the Republic of Korea 7 2-2 Number of Eligible Infrastructure Facility Types by Sector 12 2-3 Financial Support-Related Articles in Public–Private Partnership Act 19 2-4 Internal Guideline for Negotiating a Construction Subsidy 20 2-5 Coverage—Minimum Revenue Guarantee and Redemption of Excess Revenue 21 2-6 Types of Infrastructure Credit Guarantee Fund Guarantees 23 2-7 Special Taxation for Public–Private Partnership Projects 25 2-8 Corporate Tax for Public–Private Partnership Projects 26 2-9 Local Tax Exemptions in Public–Private Partnership Projects 27 2-10 Exception from Charges for Public–Private Partnership Projects 27 2-11 Recognition of Buyout Right 27 2-12 Excerpts from a Concession Agreement on Concessionaire Actions Leading to Default 29 2-13 Excerpts from a Concession Agreement on Government Actions Leading to Default 30 2-14 Excerpts from a Concession Agreement on Force Majeure 31 2-15 Calculation Guidelines for Early Termination Payment for Build–Transfer–Operate Projects, before October 2009 32 2-16 Calculation Guidelines for Early Termination Payment for Build–Transfer–Operate Projects, as of October 2009 33 2-17 Calculation Guidelines for Early Termination Payment for Build–Transfer–Lease Projects 34 3-1 Number of Build–Transfer–Operate Projects by Sector and Implementation Phase, as of September 2009 40 3-2 Total Amount of Minimum Revenue Guarantee Subsidies for Projects in Operation By Year 44 3-3 Minimum Revenue Guarantee Agreement—Actual Subsidy Paid in 8 National Projects 45 3-4 Number of Signed Build–Transfer–Lease Projects and Total Cost as of September 2009 46 3-5 Issue of Infrastructure Bond 47 3-6 Infrastructure Fund for Build–Transfer–Operate Projects 49 3-7 Asset Composition and Characteristics of Macquarie Korea Infrastructure Fund 50 3-8 Earning Rates of Funds Listed on Australian Securities Exchange, as of September 2006 52 3-9 Macquarie Bank’s Other Infrastructure Funds, as of December 2007 52 3-10 Annual Financing Schedule for 116 Signed Build–Transfer–Operate Projects 56 5-1 Project Management Role of Competent Authority in a Concession Agreement 74 v vi Tables, Figures, and Boxes 5-2 Public–Private Partnership Project Progress Report Form—Summary 75 5-3 Performance Check by Entity 80 5-4 Example of Service Satisfaction Evaluation: Evaluation Criteria for Customer Satisfaction 80 5-5 Example of Service Satisfaction: Evaluation Criteria for Customer Satisfaction Survey 81 5-6 Outline of Survey on Build–Transfer–Operate Projects 82 5-7 Outline of Survey on Build–Transfer–Lease Projects 87 5-8 Characteristics of Public–Private Partnership Project Refinancing: Republic of Korea vs. the United Kingdom 93 5-9 Refinancing Details
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