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El?Adas Cime PRIVATE SECTOR PARTICIPATION IN INFRASTRUCTURE DEVELOPMENT IN HUNGARY 1990- Miklós Murányi Sarolta Beregi Toth October, 2009. Seoul PPP PILOTE PROJECTS INTERMINISTERIAL COMMITTEE TO EVALUATE AND DECIDE: • Tourism (conference center) • Justice (prison) • Health care (Hospital) • Local Government (Sport stadium) PPP PILOTE PROJECTS • Education (student dormitory) • Infrastructure (fast train link from city of Budapest to Ferihegy International Airport) • Residental developments (appartements for long term rent) • Motorways FAR THE LARGEST SEGMENT • Expressway development program of the government in PPP MAIN TRANSPORTATION ARTERIES IN THE NEIGHBOURHOOD OF HUNGARY Tornyosnémeti MainMain transporttransport corridorscorridors inin Záhony V. UA Lónya HUNGARYHUNGARY Barabás Beregsurány Parassapuszta Miskolc IV. VII. Rajka SK Salgótarján Emőd Tiszabecs Hegyeshalom Nyíregyháza Medve A Komárom Eger Gyöngyös Csengersima Polgár Győr Füzesabony Debrecen Sopron Tatabánya BUDAPEST Szombathely Székesfehérvár Szolnok Veszprém Rábafüzes RO Biharkeresztes Zalaegerszeg Balatonaliga Kecskemét Zamárdi Békéscsaba Kiskunfélegyháza additional Tornyisz.miklós TINA Szekszárd SLO Letenye Szekszárd Szeged Kaposvár Sükösd elements V. Nagylak Baja Mohács Röszke Pécs HR proposed YU IV. Illocska TINA X/A. V/C. VII. elements MOTORWAY NETWORK OF HUNGARY IN 1993 UA Tisza Miskolc SK Salgótarján Nyíregyháza A M3 Duna Gyöngyös Győr Füzesabony Sopron M1 Tatabánya BUDAPEST Debrecen Szombathely Székesfehérvár Szolnok Veszprém M0 Baliga M5 RO Dunaújváros Zalaegerszeg M7 Kecskemét Siófok Békéscsaba Nagykanizsa Szeged SLO Kaposvár Szekszárd Pécs HR state motorway YU expressway 2x1 lanes EXPRESSWAY NETWORK IN 2010 M30 M3 M1 M0 M35 M7 M5 M6 M43 REASONS OF PRIVATE CAPITAL INVOLVEMENT IN INFRASTRUCTURE DEVELOPMENT • Lack of high capacity roads • Budgetary constraints • ACT ON CONCESSION in 1991 First legislation made possible private capital involvement in infrastructure development ELEMENTS PROPOSED FOR CONCESSION DEVELOPMENT IN 1991-1995 UA Tornyosnémet i LVOV, KIJEV POZSONY, Tisza PRÁGA Miskolc M15 SK Emőd Nyíregyháza WIEN Parassapuszta Polgár A Eger M3 Duna M1 Győr Vác Gyöngyös Füzesabony Sopron Tatabánya BUDAPEST Debrecen Szombathely Szolnok Székesfehérvár Veszprém RO Dunaújváros Rábafüzes Zalaegerszeg Kecskemét Bszgyörgy Lelle M9 M5 Békéscsaba Nagykanizsa Szeged SLO Letenye Kaposvár Szekszárd Mohács Baja Röszke Nagylak Pécs HR BELGRÁD Ilocska YU M5 MOTORWAY PROJECT Original structure as concession project: • Demand risk on private sector • Toll collection from users, operating subsidy by the state • Large public resistance M5 MOTORWAY PROJECT Restructured in 2004 from Concession to PPP: • Risk sharing changed, demand risk on state • Termination of direct toll collection • Payment of Availablity Fee by the state • Introduction of the unified national motorway vignette system PROJECT MANAGEMENT DURING TENDERING • Steering committee – key decision making organ • Project director – top administration chief – provide information flow • Project manager – coordination of experts and advisers – responsible for passing the key decisions PROCEDURAL ISSUES Handed over to Tenderers: • Approved designs+detailed designs. • Construction Permit and Authorities’ approvals • Detailed Environmental Impact Assessment • Environmental Approval • Traffic Study PROCEDURAL ISSUES Handed over to Tenderers: • Risk Allocation Matrix • Detailed Availability Payment Mechanism • Site - at financial close • Archaeological investigations performed MAIN OBJECTIVES • Ensuring that PPP comply with Eurostat rules to achieve off balance sheet treatment (from Hungarian State's perspective) • Best value for money • Risk transfer TENDER PROCEDURE Procedure in two phases: • 1st phase: Presentation of „capability” – legal, financial and economic background – technical capability and reference list Short-listing of maximum 3 bidders TENDER PROCEDURE • 2nd phase: Evaluation of detailed bids, negotiations, selection of winner – draft Concession Contract – detailed financial conditions – financial model, payment mechanism – detailed technical plan – proposed financing structure – projects costs, base availability fee CONCESSION AND PPP DEVELOPMENTS TODAY UA Tornyosnémeti LVOV, KIJEV POZSONY, Tisza PRÁGA SK Miskolc Emőd Nyíregyháza WIEN Parassapuszta A Polgár Eger Duna Győr Vác Gyöngyös Füzesabony Sopron Tatabánya BUDAPEST Debrecen Szombathely Phase Phase 1 Szolnok Székesfehérvár Veszprém RO Rábafüzes M5 Dunaújváros Zalaegerszeg Kecskemét Bszgyörgy LellePhase 2 Békéscsaba Nagykanizsa M6 Szekszárd SLO Szeged Letenye Kaposvár Phase 3 Boly Baja Röszke Nagylak Pécs HR BELGRÁD YU Ilocska LEGAL BACKGROUND Relevant legal provisions -Act XVI of 1991 on the Concession -Act CXXIX of 2003 on the Public Procurement -Sectoral Acts (e.g. Act CXXVIII of 2003 on the public interest and development of the public road- network in Hungary („Motorway-Act”) - general civil law rules APPLICATION OF LAW PPP projects by Act on Concession till 2004: • M5 motorway • M6 motorway Phase I. PPP projects by Act on Concession and Act on Public Procurement from 2004: • M6 motorway Phase II. • M6 motorway Phase III. CONCESSION CONTRACT- PARTIES Contract between • Minister of Economy and Transport acting on behalf of State of Hungary and • winning bidder (Concessionaire) CONCESSION COMPANY • Concessionaire to establish company limited by shares • Special Purpose Company (SPC) activities limited to those granted by the concession CONCESSION CONTRACT- OBLIGATIONS OF THE STATE - granting exclusive rights to carry out a state’s activity for a definite time (typically 22,30, max. 35 years, possible extention by 50%) - granting the right of utilization and /or payment of monetary counter-value (availability fee) - Granting rights to the Concessionaire to construct/maintain secondary developments other obligations depending on the subject of the concession PAYMENT TO THE CONCESSIONAIRE BY THE STATE • After construction completion, the Concessionaire receives monthly availability payments until the end of the Concession Period. • Availability fee includes fixed and indexed Euro/HUF components to match Concessionaire's cost profile. OBLIGATIONS OF THE CONCESSIONAIRE - financing the activity (design, build, finance, operate and maintain ) -bearing the risks of the investments and the operation - payment of concession fee -reporting, providing information RISK ALLOCATION • based on international experience, • public sector (delay of access of the site, archeological risk, etc.), • private sector (construction, financing and availability risk, etc.), • shared (change in law, force majeure etc.). DISADVANTAGES OF PPP- STRUCTURES -slow decision- making processes (many participants- lenders, technical representatives etc) - inflexible contractual structure (amendment only exceptionally possible) - uncertainties in cases not regulated by the contract (e.g harmonization of designs, additional land- extra land) LEGAL BACKGROUND Financing of PPP- Projects - in the construction period lenders and private investors provide the financing - financial agreements approved/signed by the State - effects of the financial crisis: - no effects regarding projects in progress (the lenders did not enforce market disruption clauses) - new projects: the state is aware of the effects of the crisis, it assumes more financial risks and undertakes to pay higher interests CREDIT CRISIS UPDATE EPEC SUMMARY OF HUNGARY: • Severe effects of the credit crunch and recession • IMF loan resulted restrictions on public spending, cancellation and postponement of PPPs outside the road sector • IFIs’ crisis response package for motorway sector CREDIT CRISIS UPDATE • Outlook for PPPs is uncertain – Changes in procurement regulations and state accounting rules are adverse to PPPs – Future policy after election next year CREDIT CRISIS UPDATE CONSEQUENCE OF CRISES: • State funds for priority projects - max 3 % of total state revenues by Budget Act • Lenders and private sector investors are concerned about country risk • Concerned about payment ability of public sector • Ongoing PPP tender for M3 motorway on the priority list cancelled CREDIT CRISIS UPDATE In the meantime: • Interministerial PPP Committee’s last report positive, recommends future development (with improvements in certain areas) CREDIT CRISIS UPDATE PROJECTS: 104 PPP projects in total in the future • Priority list for development: – M4, M44, M60 Expressways CREDIT CRISIS UPDATE • Operating PPPs – M5, M6 motorways (Ministry of Transport) – Palace of Art (Ministry of Education and Culture) – Prison Service’s prison (Ministry of Justice and Law Enforcement) – 37 dormitories, 16 gymnasiums, 17 teaching swimming pools – Sport Hall (Ministry of Local Government and Regional Development) THANK YOU FOR YOUR ATTENTION.
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