1999年-世界发展银行全球_Private_Participation_in_the_Rail_Sector___Recent_Trends_8页_558kb

Private Participation in the Rail Sector—Recent Trends (1990–1997)

Core Content

This document provides an overview of private participation in the rail sector in developing countries between 1990 and 1997, using data from the World Bank's Private Participation in Infrastructure (PPI) Project Database. It highlights the growing trend of involving private entities in rail operations, particularly in Latin America, and outlines the types of private participation, regional trends, and key challenges.

Main Points

1. Growth of Private Participation in Rail Sector

• Private participation in the rail sector in developing countries has significantly increased since the 1990s.
• From 1990 to 1997, 37 new rail projects with private involvement reached financial closure in 14 developing countries.
• This represents a sharp contrast to the 5 projects that reached closure in the six years before 1990.
• The trend is expected to continue, with 6 more rail projects reaching financial closure in the first half of 1998.

2. Types of Private Participation

• Operations and Management Contracts (with major capital expenditure): 22 projects, involving US$6.3 billion in investment.
• Greenfield Projects: 6 projects, involving US$7.4 billion in investment.
• Operations and Management Contracts (no major capital expenditure): 5 projects, with no investment.
• Divestitures: 4 projects, involving US$700 million in investment.

3. Investment and Contract Structure

• Investment in private rail projects varies depending on the type of contract and the state of existing infrastructure.
• Greenfield projects involve the construction of new facilities, while operations and management contracts focus on rehabilitating or operating existing ones.
• Concessions are the most common form of private participation, allowing the government to retain ownership of fixed assets while transferring operating risk and responsibility to private entities.

4. Regional Trends

• Latin America has led the return to private railway projects, with 26 contracts awarded in 7 countries, accounting for 81% of all private rail projects.
• East Asia and the Pacific has seen 7 projects, with Malaysia and Thailand as the main contributors.
• Sub-Saharan Africa and Europe and Central Asia have had fewer projects, with 3 and 1 respectively.
• South Asia and the Middle East and North Africa have not yet transferred railway operations to the private sector, though some are considering it.

5. Project Concentration

• The top five countries by investment in private rail projects account for 95% of total investment and 68% of total projects.
• These countries include Malaysia, Argentina, Thailand, Brazil, and Mexico.
• In Latin America, most projects are freight-focused, with 57% of all projects involving freight.
• Passenger services are less common, with most private passenger rail projects being urban light rail systems.

6. Key Challenges

• Financial instability has affected some projects, particularly in Thailand and Malaysia, due to the recent economic crisis.
• Initial demand projections in Argentina were overly optimistic, leading to underinvestment by sponsors.
• Renegotiation mechanisms are essential to maintain the viability of private rail projects without damaging government credibility.

Key Information

• Financial closure is defined as a legally binding commitment to fund the project, either through equity or debt.
• Private participation is more common in freight transport than in passenger services.
• Concessions are the dominant form of private involvement, especially in Latin America.
• Greenfield projects are concentrated in East Asia, focusing on urban rail systems.
• Divestitures are rare, with only 4 projects and limited investment.
• Investment figures are in US dollars (1997).
• The Czech Republic is the only country in Eastern Europe and Central Asia with private involvement in the rail sector.

Conclusion

The 1990s marked a significant shift toward private participation in the rail sector in developing countries. While Latin America led this trend, East Asia also saw notable growth in greenfield projects. The success of private rail operations depends on flexible contracts, clear adjustment mechanisms, and effective risk management. Governments in Sub-Saharan Africa and the Middle East and North Africa are beginning to consider similar models, while Asia is shifting focus from new infrastructure to improving existing assets due to financial constraints.