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2016/17 KSP Policy Consultation III : 2016/17 KSP Policy Consultation III : Public-Private Partnership for Urban Transportation Infrastructure in Colombia

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2016/17 KSP Policy Consultation III : 2016/17 KSP Policy Consultation III : Public-Private Partnership for Urban Transportation Infrastructure in Colombia 2016/17 KSP Policy Consultation III : Consultation Policy 2016/17 KSP 2016/17 KSP Policy Consultation III : Public-Private Partnership for Urban Transportation Infrastructure in Colombia Public-Private Partnership for Urban Transportation Infrastructure in Colombia in Colombia Infrastructure Urban Transportation for Partnership Public-Private Ministry of Strategy and Finance, Republic of KoreaⅠGovernment Complex, Sejong, 30109, Republic of Korea www.mosf.go.kr The Export-Import Bank of KoreaⅠ38 Eunhaeng-ro, Yeongdeungpo-gu, Seoul, 07242, Republic of Korea www.koreaexim.go.kr 2016/17 KSP Policy Consultation Ⅲ Project Title Public-Private Partnership for Urban Transportation Infrastructure in Colombia Prepared by EY Hanyoung, ITS, Seoul Metro Financed by Ministry of Strategy and Finance, Republic of Korea Supported by The Export-Import Bank of Korea (Korea Eximbank) - Seung Ho Sohn, Director General - Jae Jeong Moon, Director of KSP Team - So Ra Eom, Senior KSP Specialist of KSP Team - Seong Ji Kang, Researcher of KSP Team - Seo Jeong Kim, Researcher of KSP Team Prepared for National Development Financial Institution, Colombia Project Manager Dae Seop Roh, EY Hanyoung Researchers Joon Yang Jeong, EY Hanyoung Hyung Seok Oh, EY Hanyoung Do Hoon Lee, EY Hanyoung So Young Lee, EY Hanyoung Young Kyun Lee, ITS Jeong Ho SEO, ITS Soon Kee Jo, ITS Jong Bum Kim, Seoul Metro Sung Hee Lee, Seoul Metro i Contents 2016/17 KSP Policy Consultation Ⅲ Summary Ⅰ. Project Overview ·········································································································· 1 1 . P r o j e c t B a c k g r o u n d a n d O b j e c t i v e s ···························································································· 1 2 . P r o j e c t S c o p e ····································································································································· 2 3 . E x p e c t e d O u t c o m e ···························································································································· 3 Ⅱ. Project Target ··············································································································· 4 1 . U n d e r s t a n d i n g t h e C u r r e n t S t a t u s ······························································································· 4 Ⅲ. A Case Study on South Korea's PPP ································································· 29 1 . C u r r e n t S t a t u s o f K o r e a ' s P P P ··································································································· 2 9 2. Subsidiary Business ­ Construction of Private Capital Station ······································· 4 3 3 . I n f r a s t r u c t u r e F u n d ························································································································· 5 7 4. Case Study of the PPP Projects in Korea ·············································································· 6 8 Ⅳ. Capital Supply ············································································································ 96 1 . O v e r v i e w ············································································································································ 9 6 2 . A l t e r n a t i v e s f o r C a p i t a l S u p p l y ··································································································· 9 8 Ⅴ. Policy Recommendation ························································································ 125 1 . S e c u r i n g B u s i n e s s F e a s i b i l i t y o n P P P ····················································································· 1 2 5 2 . E n h a n c e m e n t o f G o v e r n m e n t S u p p o r t P o l i c i e s ·································································· 1 2 6 3 . E n h a n c e m e n t o f R i s k - S h a r i n g P o l i c y ····················································································· 1 2 7 4. Adaption of New PPP Model ···································································································· 1 2 8 Ⅵ. Conclusion ················································································································· 131 Reference ·························································································································· 137 ii List of Tables T a b l e Ⅰ - 1 . S c o p e o f t h e P r o j e c t ································································································· 3 T a b l e Ⅱ - 1 . G e n e r a l I n f o r m a t i o n o f C o l o m b i a ·········································································· 4 T a b l e Ⅱ - 2 . M a j o r E c o n o m i c I n d i c a t o r s o f C o l o m b i a ······························································ 5 Table Ⅱ-3. Overview of Politics and Economy in Colombia ··············································· 6 Table Ⅱ-4. Ranking of Competitiveness of Colombian Infrastructu r e ······························ 7 Table Ⅱ-5. Public Private Infrastructure Database of Colombia ········································ 8 Table Ⅱ-6. Urban Transportation Infrastructure of Colombia ············································ 8 Table Ⅱ-7. Budget of the ‘4th Generation Highway Project’ ·········································· 1 1 T a b l e Ⅱ - 8 . C u r r e n t S t a t u s o f T r a n s m i l e n i o L i n e s ································································ 1 4 Table Ⅱ-9. Major roads in Medellín ························································································· 1 9 Table Ⅱ-10. Masivo in Medellín ·································································································· 2 2 Table Ⅲ-1. Progress of PPP law and system ········································································ 3 0 Table Ⅲ-2. Comparison of PPP Schemes ··············································································· 3 5 T a b l e Ⅲ - 3 . V F M T e s t P h a s e s ······································································································ 3 9 Table Ⅲ-4. Role of the stakeholders by the Progress of the Proj e c t ·························· 4 3 Table Ⅲ-5. PPP investment by Schemes ················································································ 4 7 Table Ⅲ-6. PPP Investment by Facilities ················································································· 4 7 Table Ⅲ-7. Status of PPP in Rail Sector of Korea ······························································ 4 8 Table Ⅲ-8 Roles of Participants in Private Capital Station ··············································· 5 3 Table Ⅲ-9 Financing Schemes Utilized by Project Operator ············································ 5 4 Table Ⅲ-10. Private Capital Stations in the Metropolitan Area ········································ 5 5 Table Ⅲ-11. The Comparison of Regulations by the Legal Structure ····························· 5 8 Table Ⅲ-12. Differences According to Legal Term Under the PPP Ac t ························· 5 9 T a b l e Ⅲ - 1 3 . C o m p a r i s o n o f I n f r a s t r u c t u r e F u n d ···································································· 6 0 Table Ⅲ-14. Number of Established Infrastructure Fund and Purchase A m o u n t b y Y e a r ······································································································· 6 4 Table Ⅲ-15. Annual Equity Investment Ratio in Infrastructure Fun d ······························ 6 5 Table Ⅲ-16. Financing Structure of Yongin­Seoul Expressway ······································· 6 7 Table Ⅲ-17. Financing Structure of Daegu­Busan Expressway ······································· 6 7 T a b l e Ⅲ - 1 8 . S u m m a r y o f t h e S e o u l M e t r o L i n e 9 P r o j e c t ················································· 6 9 Table Ⅲ-19. Progress of the Seoul Metro Line 9 Project ··················································· 7 1 Table Ⅲ-20. Details of Total Project Cost and Total Investment C o s t ·························· 7 3 T a b l e Ⅲ - 2 1 . E s t i m a t e d O p e r a t i n g E x p e n s e s ············································································ 7 4 T a b l e Ⅲ - 2 2 . E s t i m a t e d C a s h I n f l o w s a n d O u t f l o w s ······························································· 7 5 T a b l e Ⅲ - 2 3 . M R G a n d R e f u n d o f E x c e s s R e v e n u e C o n d i t i o n ············································ 7 5 iii Contents 2016/17 KSP Policy Consultation Ⅲ T a b l e Ⅲ - 2 4 . F a r e T a b l e p e r C o n c e s s i o n A g r e e m e n t ····························································· 7 7 Table Ⅲ-25. Initial Capital Structure of the Seoul Metro Line 9 P r o j e c t ······················· 7 8 Table Ⅲ-26. Capital Structure of Seoul Metro Line 9 Project Afte r R e s t r u c t u r i n g ····· 7 9 Table Ⅲ-27. Composition of Equity and Debt of Seoul Metro Line 9 P r o j e c t ············ 8 0 Table Ⅲ-28. Actual Number of Customers Compared to Agreed Projected Demand 81 T a b l e Ⅲ - 2 9 . S u m m a r y o f t h e I n c h e o n B r i d g e P r o j e c t ·························································· 8 3 T a b l e Ⅲ - 3 0 . P r o g r e s s o f t h e I n c h e o n B r i d g e P r o j e c t ··························································· 8
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