World Road Association (PIARC) TASK FORCE A.1 INNOVATIVE FINANCING. Paris, June 2016

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1 World Road Association (PIARC) TASK FORCE A.1 INNOVATIVE FINANCING Paris, June 2016 Background: The goal of Strategic Theme A is to encourage the development of policies and strategies that result in transport administrations that measure their performance, perform well and incorporate innovative financing mechanisms to meet the ever changing needs of the road transportation community. It is intended to provide examples of good governance, performance management and evaluation methods. It is also intended to showcase the efforts of transport administrations that consider and manage risk and incorporate knowledge transfer strategies between agencies operating at different levels of government. Task Force A.1 (Innovative Financing) is a newly formed task force that will build on the work undertaken by Technical Committee 1.2 (Financing) in the previous cycle. The task force will study innovative finance tools being utilized by road organizations to facilitate project delivery. Such innovations are essential in an environment where funding sources have not kept pace with investment needs. Tolls, user fees and other project-based revenue sources, in combination with new finance mechanisms, can substantially increase governments ability to deliver road projects. The terms of reference for TF A.1 are as follows: Issue TFA.1 Understanding transportation project finance tools to facilitate project delivery Strategies Identify, review and evaluate the range of alternatives available for road funding and financing models under a determined set of conditions for counties (including tolling; Public-Private-Partnerships, use of credit assistance tools/bonds). Consider the impact in funding due to reductions in fuel consumption. Outputs Guidance and recommendations document indicating conditions for favoring use of particular project finance alternatives, complemented by case studies highlighting successful and unsuccessful parties. 1

2 Kick-Off Meeting: On Day 1 (28 June 2016) plenary sessions were held, dedicated to understanding the operation of PIARC and the role of TF A.1 within the strategic plan. Thereafter, Mr. Massimo Schintu, Chairman of TF A.1, welcomed TF A.1 members (see Attachment 1 for a list of members). Members engaged in round table discussions, determining the following factors, consistent with the TF A.1 strategy, as being relevant for investigation: Identification of trends in financing in a globalized infrastructure investment market and the ability of the Task Force to create a set of principles for adopting particular project financing alternatives. factors to take into consideration include: private vs public financing; the range of available financing instruments; green field projects (new infrastructure) vs brown field (upgrades and maintenance of existing infrastructure); and user pay and availability models. Identification of a legislative framework/s most favourable to attracting privately financed infrastructure projects. Identification of non-bankable projects and a consideration of alternative financing models. Identification of the impact of new automobile technologies on road infrastructure needs and on funding sources (e.g. fuel taxes as a source of revenue are expected to reduce). Identification of factors which might affect developing countries. On Day 2 (29 June 2016) members agreed that the terms of reference for TF A.1 was appropriate and no change was required. It was agreed that a first phase of the work of TF A.1 will be to collect information on financing, and more specifically on innovative financing (including emerging trends and receding models), via a targeted circulation of survey questions to key government and private finance organizations in each Task Force member s country. The second phase will involve the compilation of case studies, predominately based on survey results, outlining successful, emerging and abandoned financing models. As a third phase, the case studies will be used to draw parallels and to distil areas of divergence in project financing practice. Finally, and informed by these assessments, the Task Force hopes to report on trends, articulate global patterns and create a set of principles for adopting particular project financing alternatives. Subsequent Meeting A Webex conference was held on July 19 th. Participants discussed the draft survey questions and approach for circulation. 2

3 Upcoming Meetings November 2016, Rome, Italy. Chair Massimo Schintu will host this meeting in AISCAT premises. General themes, timetable, working programs and methodology and kick-off of the two working groups (July or September). Location TBD. Intended to bring the two working groups together to integrate work and develop a draft overview of the separate working group reports (March or April). Location TBD. Short presentation of the pre-final draft of the two reports and the preliminary Guidance and Recommendations prepared by the TF A.1 Chairman and the three Secretaries (first half of September). Location TBD. Presentation of the two final Reports and discussion of the final Guidance and Recommendations document. 3

4 ATTACHMENT 1 TF A.1 ATTENDANCE LIST Kick-Off Meeting, Paris, June 2016 MASSIMO SCHINTU Zara FOX Christophe BOUTIN Istvan KÖVESDI Volker RUX Gustave SONON Richard DESLAURIERS Dominique ETIENNE Masahiko YAMAUCHI Ryoichi NISHIKAWA Woo-Hyun KWON Mohammed BENKHEDDA Rui MANTEIGAS Alenka KOSIC Helena ANDERSSON Alan TAGGART Chairman, Italy English Speaking Secretary, Australia French Speaking Secretary, France Webmaster, Hungary Austria Benin Canada France Japan Japan Korea Morocco Portugal Slovenia Sweden United-Kingdom ATTENDANCE FROM PIARC Friedrich ZOTTER Woo Chul KIM ST1-Coordinator Technical Advisor, PIARC 4

5 APOLOGIES FOR NOT ATTENDING Alberto BUL SIMPFENDORFER Omar DEL VALLE COLOSIO Christian NAGL Éric GENEST-LAPLANTE Matti VEHVILÄINEN Torsten BÖGER Edoardo EMINYAN Theme coordinator, Chile Spanish Speaking Secretary, Mexico Austria Canada-Québec Finland Germany Italy Emanuela STOCCHI Italy Mariá Dolores SÁNCHEZ VILLANUEVA Michael PATTERSON Rafael ALDRETE Spain United States of America United States of America 5