Ulaştırma altyapı projelerinin finansmanı
Başlık çevirisi mevcut değil.
- Tez No: 68908
- Danışmanlar: PROF. DR. GÜNGÖR EREN
- Tez Türü: Yüksek Lisans
- Konular: İnşaat Mühendisliği, Civil Engineering
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1997
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Fen Bilimleri Enstitüsü
- Ana Bilim Dalı: İnşaat Mühendisliği Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 168
Özet
ÖZET Ulaştırma yatırımları yapım sürecinden başlayarak ekonomik gelişmede oldukça önemli rol oynayan altyapı yatırımlarıdır. Günümüzde hızlı nüfus artışı, kullanıcı ihtiyaçları ve politik değişimler gibi nedenlerle altyapı ihtiyacı sürekli olarak artmaktadır Ancak artan talebe karşın, mevcut vergi düzeyinin yüksekliği ek genel vergilerle kamuya yeni kaynak yaratılmasını engellemektedir. Bu hızlı talep artışının Dünya Bankası benzeri kalkınma bankalarının fonlarıyla karşılanabilmesi sözkonusu olmadığı gibi, kamu çıkan ve ekonomik gelişmedeki itici rolü düşünüldüğünde, ulaştırma yatırımlarının tamamen özel sektöre devredilmesi de mümkün değildir. Diğer taraftan, kamu kaynaklarının yetersizliği nedeniyle, ulaştırma yatırımlarını aksatılması da düşünülemez. Bu ortamda çoğu ulaştırma idaresi altyapı ihtiyaçlarının karşılanmasında yeni finansal kaynak arayışlara içerisindedirler. Söz konusu ikilem günümüzde ulaştırma yatırımlarının hayata geçirilmesinde karşılaşılan temel sorundur. Bu çalışmada öncelikle, ulaştırma altyapı yatırımlarında gerek kamu kesimi, gerekse de özel sektör tarafından yoğun olarak kullanılan finansal kaynaklarının incelenmesi ve ulaştırma altyapı yatırımlarında Türkiye uygulamasının gözden geçirilmesi amaçlanmıştır, Araştırmada dünyada yeni bazı finansal alternatiflerin geliştiğini görülmüştür. Özellikle büyük çaplı projelerde, kullanıcı veya altyapıdan dolaylı fayda sağlayanlardan fon temin edilmesi, Yap-İşlet-Devret Modeli ve proje finansman paketleri ile bankacılık sektöründen yararlanılmasına yönelik çalışmalar yapılmaktadır. Benzer uygulamalar küçük çapta da olsa ülkemizde de kullanılmaktadır. Çalışmada öncelikle ulaştırma sektörünün finansman yöntemi üzerinde etkili olabilecek özellikleri vurgulanmış ve kullanılabilir kamu kaynakları üzerinde durulmuştur, Daha sonra son yıllarda sıkça kullanılmaya başlanan proje finansman yöntemleri ele alınmıştır. Gerek yurtiçi deneyimler, gerekse dünya uygulamaları ışığında, ülke koşullarına uygun proje finansman yöntemleriyle (Eximbank kredileri, Ticari krediler, Tahvil ihraçları.YİD Modeli v.b.) ilgili uygulamada yaşanan sorunlar incelenmiştir. Sonuç olarak Türkiye uygulamasında yaşanan sorunların nedenleri ve sonuçları tartışmaya açılmış, yazarın görüşleri doğrultusunda kamu kaynaklarının geliştirilmesi, etkin kaynak kullanımının sağlanması ve uluslararası fon kullanımında dikkat edilmesi gereken noktalar öneriler başlığı altında sıralanmıştır.
Özet (Çeviri)
SUMMARY In addition to supporting the socio-political development of states, transportation systems also have direct influence on the economy by affecting significant variables of it, which govern developments. Of the entire investments, transportation infrastructure investments are considered as a component maintaining development of the region and state concerned and are therefore allocated significant funds and granted investment priorities. Population increases, quick urbanization, variation in the individual and social preferences, political changes, (environmental policies, economic and social policies) and the global trends such as an increase in infrastructure demand make construction of new infrastructure obligatory. The need to infrastructure, the scope of such need and financial requirements related thereto however vary from developing countries to developed countries. The developing countries suffer the insufficiency of the basic infrastructure investments and fail to perform the maintenance of their existing infrastructure. The unmaintained condition of the existing infrastructure and its failure to bear the increasing demand necessitate a general rehabilitation and/or general reconstruction. The public financing which is traditionally utilized for the infrastructure investments fail to satisfy the infrastructure requirements and problems arise in financing the projects. These problems mainly emerge because of public budget deficits, inefficient and incorrect utilization of funds, failing to create new funds, incorrect policies concerning infrastructure, political and economic inconsistencies. The infrastructure demand in the developing countries differs somehow from that of the developing countries. Such countries have already completed almost all of their basic infrastructure investments in addition to having a well- maintained transportation infrastructure. However, today's social and individual preferences are different. The users expect faster, reliable, comfortable systems with fuel economy as well as with less environmental impacts than that of the existing systems. Such countries do also consider construction of the systems, which shall increase national and international integration and in turn their commercial performances. The public authorities offering infrastructure projects are trying to create new funds and techniques to avoid extra financial liabilities that might be caused by such systems which are more expensive than the conventional ones. Both groups of countries cannot raise funds by imposing higher taxes. Therefore, the studies are conducted for provision of the infrastructurefinancing by the people who are utilizing the transportation infrastructure more than others. Transportation services are undertaken by the public authorities in nearly every part of the world. The specifications peculiar to the transportation sector cause the related projects to be considered as a public service. Transportation projects need a high capital (with regard to construction, operation and maintenance) with long term revenues and should be offered in constant and regular consideration of the social interests. No commercial pricing can be made for such projects which mainly consider the public benefits and they therefore cannot create return to bear even their initial construction, operation and maintenance expenses nor raise fund for construction of new projects. This study aims to evaluate the solutions to the transportation projects which should never be delayed and have adverse political, social and economic impacts when they are delayed and to present the problems which are faced in projects where such solutions are applied. The specimen projects that are evaluated within this study revealed that the techniques and models are utilized by the public authorities by combining private sector funding and experiences with the aim to utilize limited public funds efficiently and correctly. Such development impose changes on the public service consideration. During recent years, transportation projects widely use the project financing techniques, which arose parallel to the economic and financial developments in the world. The funding bottle-necks of the public sector is tried to be reduced by applying build-operate-transfer and privatization schemes in order to increase the efficiency of the public resources and introduce some liquidity of the public sector. Project financing is generally defined as the funding made by the lenders (public or private sector) providing funds required by construction of a“certain economic unit”in consideration of the equities of such unit and cash flow of the projects standing for the means of payment of the loans granted as a guarantee. The lenders will on the first hand consider cash-flow and the equities of the projects for the reimbursement of the loan as well as a fund raiser, and avoid the risks by deeming that the loan would be paid even in worst conditions. Not every project have such qualifications in practice, the funds could therefore be raised by combining guarantees and/or commitments of third parties to provide a security for the lenders. The general principles of the project financing may be listed as follows:. Project must be feasible from financial point of view. Financing is mainly via loans IX. Many financial instruments and resources are combined in the financial structuring. The risks should be shared by the investors and contractors in a most appropriate way.. Such financing should not be listed in the credibility and balance sheet. The transportation projects handled within this thesis revealed the aid of commercial banks, export banks, international investment and development banks, international bond and stock markets which may raise long term cheap loans. Public authorities developed a new pricing scheme with the principle "who uses is the one who pays if in order that a project raise its own revenue and ease the reimbursement of the loan. The liability of the public authority with regard to the project is therefore reduced. Although some critics say such pricing scheme is actually a double-taxing, it promotes efficient utilization of the infrastructure, raise funds for new projects and develop environmental policies. Build-Operate-Transfer scheme and its derivatives which are proposed as models which remove the budget bottlenecks of the public sector are aimed to be intensely used in infrastructure projects. Combining qualifications and capabilities of the public sector, this model is in many respects, seen as a lifesaver. The attractiveness of the model also increases by the utilization of project financing techniques and resources. However, long term return of the revenues of the transportation investments and the uncertainties imposed by them make the investors suspicious to such projects and demand many guarantees such as price and traffic warranties from the related authorities. Further, both public and private sectors are discouraged by the long-term contract. The interest increases if the decisive public authorities specify an exact project process. Similar to all project-financing applications, granting of a loan is closely related to the economic and political consistency of the concerned state in Build-Operate-Transfer scheme. The credibility of the state in foreign markets and the developed nature of the money markets of the state increase the capabilities of raising suitable funds. One of the most important requisites for the realization of the transportation projects with public service nature is allowance of build-operate-transfer scheme and its derivatives by the legal regulations. Lack of required legal regulations and authority's failure to ease the conditions would make the private sector consider such projects risky and lose its interest. It is a long way to realize the model established by combining several parties (client, contractor, operator and financiers) and apply it especially on transportation projects. The relations between and the expectations of the parties should therefore be defined correctly in any stage (tender, building, operating and transferring)The project financing and build-operate-transfer scheme has found a wide field of application in Turkey. But, some problems are found to have arisen in the five projects evaluated (i.e. Ankara-Gerede Highway, Tarsus-Adana- Gaziantep Highway, Ankara Metro, İzmir and Bursa light rail systems) when the data available is considered. The principal mistakes made in provision and utilization of the loans and project applications made in Turkey may be listed as follows: i. Economic and political inconsistency in Turkey cause high interest rates as well as high insurance and guarantee commissions on loans provided by the international markets and corporations/organizations. The change in the rating which also means an increase in the riskyness of the state, cause significant variations in loan costs. ii. The Contractors are required to submit financing package proposals along with their construction proposal in order to utilize export loans and soft loans. The potential contractors seek loans on behalf of the related authority even before obtaining pre-qualification. Although this releases the Client from some liabilities and help it to obtain many financing alternatives, it also brings some problems. When several contractors seek loan for a financial package for the same project, the concerned state is considered to need foreign loans much more than it really does, while the best conditioned loans obtained by the private sector can never be competitive to those available to the public sector. iii. The qualifications of contractors are made with regard to the terms and conditions of the loan they obtained rather than they're technical capabilities. When the technical capabilities (personnel, technology, machinery, experience in similar projects etc.) of the contractors or consortium are considered as a secondary parameter, the project may fail. iv. Public employers in Turkey have a modern inspection organization and have standardized employment contracts. Imposing the conditions of the international contract norms (such as FIDIC), may be misunderstood both by contractors and employers and sometimes cause violation by entering into standardized contracts. As a matter of fact, this caused years long arbitration or judgment period which delayed many project covered by the international agreements. v. Inapplicable design and feasibility data, opening the tender prior to the completion of the studies or failing to comply with the design and feasibility studies cause large scale variations in the scope of the contract at the application phase and increase the disputes between parties, (such as the one between STFA and State Highways Directorate in Galata Bridge Project) vi. Supreme court considers the resolutions of arbitration court concerning disputes between contractors and public authorities as resolutions that XIconcern public and re-evaluate the subject with regard to procedure and matter while deeming settlement of such disputes inapplicable by private law regulations. This discourages the foreign partners and loan providing organizations of the consortiums for taking place in the future projects. vii. Though not so much data is available with regard to reimbursement of the project loans, some clients (especially municipalities) tend to assign the reimbursement liability to the Treasury, which is the guarantor of projects. viii. Although 9 years have passed since the legislation allowing the application of build-operate-transfer scheme in transportation projects has been enforced, no material steps could have been taken. ix. The common feature of the build-operate-transfer projects is that the process is too long and the authorities are not decisive. Another factor affecting the model is governmental uncertainties and lacking of governmental policies for the subject. The policies which are aimed to be established and the decisions taken vary from one government to other. The principle of consistency which should be a basic principle of states cannot be applied fully. There are serious incompatibilities between the authorities due to different understandings. Given those facts, the potential contractors are discouraged and unconcerned. Application of the Build-Operate-Transfer scheme which has a very long period even at normal conditions, become more difficult under those conditions. The potential contractors therefore do not intend to take part in the infrastructures, which are so risky and large scale unless the related authorities have a serious approach to such projects. Foreign investors do not find Turkey attractive due to political instability, non- completed legal structure for Build-Operate-Transfer projects and the attractive conditions offered by many countries that have already established their legal structures for such projects. (It should be noted that only two consortiums submitted bid to the İzmit Passage Project which was tendered after amendment in the article 5 of the Build- Operate-Transfer projects legislation No: 3996). In addition to legal problems, contractors suffer tax problems with the same severity in Turkey. Political and economical stability are the key factors for increasing public funds and facilitating realization of projects in Turkey when successful applications as well as the related studies in the world are considered. An other means of fund increase is provision of efficiency in fund distribution. Serious reforms and organizational restructuring should therefore be undertaken in order that the public authorities are soon converted into healthy and quick decision taking bodies. Xll
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