RT info:eu-repo/semantics/conferenceObject
T1 Ex-post evaluation of government loans provided to shadow toll motorways in Spain
A1 Garrido, Laura
A1 Vassallo, José Manuel
K1 Peajes
K1 Tolls
K1 Autopistas
K1 Motorways
K1 Economía del transporte
K1 Economy on transport
K1 Ingeniería civil
K1 Civil engineering
K1 Transporte
K1 Transportation
AB Budgetary constraints are prompting many governments to encourage private financing oftransportation infrastructure through Public-Private Partnerships (PPPs). Fiscal supportmeasures have been often used to improve the financial feasibility of these projects, but alsoto rebalance the economics of the contracts to compensate for changes imposed by thegovernment. This paper analyses the awarding of subordinated public participation loans(SPPLs) to ten brownfield shadow-toll motorway PPPs in Spain after additional works wereimposed by the government. SPPLs are government loans, subordinated to the senior debt,that were intended to facilitate the PPP contractors the financing of the aforementionedworks. This paper evaluates the financial and social impacts of the awarding of these loansto three of these projects. To that end, the SPPL repayment capacity of the PPPs and thesocial benefits derived from the improvement in road safety are estimated to evaluatewhether the government’s decision to support these projects was justified from a socialperspective. The results show that, although the government’s decision was reasonable, thedesign of the SPPL and its awarding conditions should be improved to guarantee the publicinterest.
PB Universidad de Burgos. Servicio de Publicaciones e Imagen Institucional
SN 978-84-18465-12-3
YR 2021
FD 2021-07
LK http://hdl.handle.net/10259/6866
UL http://hdl.handle.net/10259/6866
LA eng
NO Trabajo presentado en: R-Evolucionando el transporte, XIV Congreso de Ingeniería del Transporte (CIT 2021), realizado en modalidad online los días 6, 7 y 8 de julio de 2021, organizado por la Universidad de Burgos
NO The authors wish to thank the Spanish Ministry of Transportation and particularly to Pablo Pérez de Villar for providing us the data needed to carry out the analysis.
DS Repositorio Institucional de la Universidad de Burgos
RD 26-abr-2024