NEW AND INNOVATIVE INFRASTRUCTURE PROCUREMENT MODELS - THE NEED FOR NEW FINANCING MODELS IN FINLAND FOR SOCIAL AND ECONOMIC INFRASTRUCTURE

Jaakko Leinonen, Ilkka Laitinen and Kimmo Virtanen

ERES from European Real Estate Society (ERES)

Abstract: This paper describes the challenges in public financing of essential infrastructure investments. Infrastructure is, after all, the key issue in the global competition between different countries and locations. Infrastructure allocations are relatively low compared to real-estate allocations of institutional investors in Europe. According to OECDís report Pension Fund Investment in Infrastructure, OECD Working Papers on Insurance and Private Pensions No. 32, Jan. 2009, it will be important to open new investment opportunities in infrastructure projects for institutional investors. Public authorities and decision makers play a key role in opening the public infrastructure market for private investors. This paper describes two actual cases in Finland, which are realized as part of a program for innovative procurement in the public sector. The program is partly funded by TEKES (the Finnish Funding Agency for Technology and Innovation). This paper clarifies the process of public procurement in Finland, the challenges of fitting in the needs of both investors and public authorities, and summarizes some findings from the literature. This paper also describes the importance of the regional concept in financing of infrastructure. The major methodology for this conference paper will be literature research.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-01-01
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