Zeszyt naukowy - całość - Wydział ZarzÄ dzania i Ekonomiki Usług

Pricing and fi nancing strategies...434) EU grant support for cohesion motives (Cohesion and Structural Fund), executedin purely public budget;5) projects with open financial plans= 48% of total investment costs. Economicallyviable and financially feasible as ppp.The financial characteristics of infrastructure projects:1. Infrastructure projects are highly capital-intensive as fixed-asset costs foroutweigh variable and operating costs; the length of the construction periodconstitutes an added burden ion form of capitalized interest charges anddelays in revenue collection.The debt service and related financing costs thus typically represent the dominantpart of the overall cost structure, certainly in the first decades. The levelof long-term rates, nominal and real has a crucial impact on its financialviability.2. Long economic life of projects ensures an extended utility-type revenuestream i.e. relatively stable and increasing over time .But, these revenuestreams generally reflect only a fraction of the total benefits to society, asa whole. Revenue collection may virtually impossible by legally constraints,or while competitive infrastructure is provided at no costs to the user.3. Because of the long payback periods, finance providers have to keep longexposure to the project for prolonged periods – longer than normal bank loansor bond issues – need for refinancing: requires involvement of many financingpartners (lending consortia) to spread the financial needs and risks.4. Interaction of promoters, constructors, construction companies, operators,public administrations requires strong coordination.5. Public authorities are main builders and providers of transport structures,but the ex post financial performance of public investment is less easilymeasurable.6. PPP can only be arrived with fully fledged financial package, structures andphased according to financial needs with a proper sharing of risks.7. Trans-national links suffer from differing national preferences at each sideof the border.