PPP 1 2 PPP 2.1 PPP 4 PPP PPP 4 (1) PPP (2) (3) (4) 2.2 PPP PPP PPP 4 2-1 PPP Country Risk Related Laws & Regulations PPP Legal and Regulatory Framework Instit l Framework Instit l Strategic Planning Capacity Bidding Procedure SOEs and Others Public Budget System Service Market PPP Project PPP Project Risk Allocation/ Project Economics PPP Expertise/Capacity Foreign Investors Domestic Investors Domestic Capital Market International Capital Market Public Private PPP 2-1 Public Private 1-14
1 PPP (1) PPP PPP (2) 1) PPP BOT 2) PPP BOT BOT 3) 1980 New Public Management 10 IMF Structured Adjustment Program: SAPs PPP PPP PPP PPP JV 10 1-15
PPP 1 4) 3 PPP 3 PPP (3) 1) PPP No.1 2) PPP 1990 10 3) 4) 5) PPP PPP 1-16
1 PPP 1997 (4) 1) PPP PPP 2) PPP 3) PPP PPP PPP PPP (5) PPP 1) PPP PPP 2) PPP Greenfield 3) 1-17
PPP 1 2.3 4) PPP 1 PPP PPP 2-2 SPC Special Puropose Company PPP 2-2 PPP 1-18
1 PPP PPP 2 (1) (2) (1) PPP PPP 2-2 PPP PPP 2.4 PPP PPP PPP PPP PPP PPP PPP SPC SPC SPC 2-1 PPP SPC SPC 1-19
PPP 1 2-1 PPP 2.5 PPP 2-3 11 11 1-20
1 PPP 2-3 5 (1) (2) (3) (4) (5) PPP PPP (1) PPP 3 1. 2. 3. 1) 1-21
PPP 1 12 2-2 Country Taiwan Korea China Malaysia M a Thailand P h ilip pine p e s Vietnam Indonesia 2-2 N ote: A aa>a a>a >B aa>s peculative>b a>b >C aa>c a>c (1>2>3) Speculative 2002 Phu My 2-2 JBIC IDA ADB 2) Country Rating ( Moody s 2003.2.21) Aa1 A3 A3 Baa1 Baa3 Ba1 B1 B3 GDP/Capita (2002.est.) 17,119 19,265 4,671 8,825 6,575 3,963 2,072 2,969 Export Credit Agency 2-4 MIGA Partial Risk Guarantee, Partial Credit Guarantee 12 Moody s Standard&Poors 1-22
1 PPP 2-4 3) Phu My 2-2 (2) PPP PPP PPP (3) Project Economics 1-23
PPP 1 PPP PPP Greenfield Project PPP PPP Wholesale Retail (4) PPP 1-24
1 PPP 3 PPP JICA 3.1 PPP FS JICA PPP 3-1 FS PPP 6 ODA PPP 5 11 3-1 PPP 1. M/P 2. M/P 3. F/S 4. F/S 5. PPP Pre-F/S 6. PPP Pre-F/S 7. ODA 8. PPP 9. PPP 10. PPP PQ 11. IA 13 PPP DA 14 Documentation 12. PPP 13 IA Implementation Agreement 14 DA:Direct Agreement 1-25
PPP 1 3.2 JICA JICA PPP 3-1 3-1 PPP PPP M/P M/P M/P M/P F/S F/S PPP PPP PPP F/S F/S PPP PPP PPP Pre-F/S PPP Pre-F/S F/SPPP Pre-F/S PPP Pre-F/S PPP Pre-F/S M/P PPP M/P PPP M/P PPP F/S PPP Pre-F/S PPP PPP Pre-F/S PPP PPP ODA PPP 10 (1) PPP 3-1 F/S M/P PPP F/S PPP Pre-F/S M/P PPP JICA PPP JICA PPP 1-26
1 PPP 3 (1) M/P M/P M/P F/S PPP Pre-F/S (2) M/P ODA F/S M/P ODA F/S PPP Pre-F/S (3) ODA M/P ODA F/S PPP (1) M/P (2) M/P ODA F/S PPP PPP Pre-F/S (1) 3-1 3.3 (1) 1) PPP 3-2 (a) PPP PPP BOT BOT PPP PPP (b) (c) (d) PPP BOT PPP 1-27
PPP 1 JBIC (e) PPP PPP (f) 3-2 1.M/P PPP (1) PPP BOT (2) (3) (4) PPP (5) PPP (6) 2) PPP 3-3 (a) PPP PPP (b) PPP PPP (c) BOT PPP 1-28
1 PPP (d) ODA PPP PPP PPP ODA ODA ODA (e) PPP a)b) c)oda d) PPP 3-3 2.M/P (1) O&M (2) (3) PPP (4) Financial Advisor (5) (6) ODA (1) M/P M/P (2) (3) PPP (4) ODA (2) F/S PPP Pre-F/S 1) F/S PPP 3-4 (a) PPP PPP (b) PPP PPP (c) 1-29
PPP 1 (d) PPP PPP PPP PPP PPP PPP Pre- F/S PPP PPP (e) PPP ODA PPP ODA PPP ODA PPP 3-4 F/S PPP Pre-F/S 3.F/S PPP (1) M/P PPP (2) PPP PPP (3) PPP (4) PPP ODA 2) F/S PPP Pre- F/S PPP 3-5 (a) F/S PPP PPP Pre- F/S F/S PPP Pre- F/S 1-30
1 PPP DCF VFM ODA (b) (c) (d) PPP BOT (e) PPP 1-31
PPP 1 PPP Pre-F/S 3-5 F/S PPP Pre-F/S 6. (1) (2) O&M (3) (4) PPP (5) FA (6) (7) ODA (8) Documentation Specialist (1) F/S PPP (2) (3) (4) (5) 3.4 (1) PPP ODA PPP ODA PPP PPP ODA 3-2 ODA PPP ODA 8 9 F/S PPP Pre-FS 10 PPP 1-32
1 PPP ODA ODA PPP ODA 3-2 ODA PPP 15 PUBLIC SECTION (C3/R9) Request for ODA by NEDA Approval Process 2003 2004 2005 2006 2007 F/S, EIA ODA L/A Selection of Consultant D/D & Bidding Documents Selection of Contractor Construction ROW PRIVATE SECTION (R10+R10/C5) NTP Preparation of Bid Document Concession Right Approval of Bid Doc. & CA by NEDA Selection of Concessionaire Financial Close Design & Construction Commencement of Operation ROW Design start Operation (2) PPP PPP 3-3 PPP 16 PPP PPP Tax Incremental Financing PPP PPP 15 ODA PPP 16 ODA 30 1-33
PPP 1 3-3 PPP Authority s Cost Authority O&M Cost Authority s Revenue To be subsidized Availability Payment Fare Revenue 2012 Bus O&M Operator 2010 Cost 2003 Bus O&M Cost Road Widening Busway ODA Invest ment ODA Railway Superstructure Railway Infrastructure 2042 Repayment of Superstructure Investment Railway Maintenance Cost Bus O&M Cost Time Railway Concessionaire Railway Concessionaire Potential Funding Sources for Subsidy; (1) Road Pricing (2) Tax Incremental Financing ODA (3) PPP 3 3 WIN 3-4 PPP 3 WIN VFM 1-34
1 PPP 1) 2) 3) 1) Project IRR (PIRR) Equity IRR Loan Life Coverage Ratio (LLCR ) Debt Service Coverage Ratio (DSCR ADSCR )PPP Project IRR > > Equity IRR > 15% 20 LLCR > 1.2 1.5 DSCR > 1.2 1.5 PPP 2) 2 2-3 PPP PPP 3) PPP PPP (a) (b) 1-35
PPP 1 (c) (d) (e) (f) (g) (4) PPP 3 JICA PPP PPP PPP JBIC SAF PPP 1) PPP 2) M/P PPP 3) F/S PPP 4) PPP Pre-F/S 5) 6) 7) PPP 8) PPP PPP 9) 10) 11) 12) 1-36
1 PPP 4 JICA 1 3 PPP JICA PPP 4.1 PPP JICA PPP PPP PPP PPP PPP PPP 2 (1) PPP PPP 1) 2) PPP 3) PPP (2) PPP JICA 1-37
PPP 1 2003 PPP PPP JICA JICA PPP 4.2 JICA (1) 4.1 JICA 3 PPP JICA PPP 4-1 2 PPP RO Rehabilitate-Own JICA 1) / (a) (b) VFM 2) (a) / (b) (c) (d) (2) PPP (1) 3 1-38
1 PPP PPP PPP PPP PPP PPP JICA PPP PPP 4-1 PPP 1) PPP PPP 90 2) PPP PPP 3 (a) (b) 1-39
PPP 1 4.3 PPP (c) (a) (b) (a) (1) 4-2 JICA PPP JICA TOR Recent Economic Developments in Infrastructure (REDI) Web (2) PPP 1-40
1 PPP 3 IDB JICA Sub-Sovereign 70 (3) JICA JICA PPP 1) TOR SC 2) PPP 3) 4) 1-41
PPP 1 PPP JICA (4) PPP 2003 1-42