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Financing transport infrastrucure projects in Italy: a critical analysis of the main approaches

Antonio Laurino, Paolo Beria and Raffaele Grimaldi

MPRA Paper from University Library of Munich, Germany

Abstract: This paper aims at analysing the methodology used for financing large infrastructure projects in Italy. In particular, it focuses on the Italian highway sector, where in the last years many projects have been launched using new financial instruments. The paper discusses three of these “instruments”. The first one is the Project Financing, discussed starting from a general review, analyzing also the different typologies used, the risks involved and their allocation among the various subjects that take part in the PF mechanism. A special case concerns the recently introduced model used for the Italian highways, known as “PF with takeover compensation”. There are two other important mechanisms used for financing infrastructure projects in Italy: the exploitation of road demand rigidity and the spreading of the investment over the entire network, favouring larger concessions. We conclude that all these three mechanisms present deep flaws in terms of transparency and of contradiction with economic feasibility criteria (that have to dominate the public investment rationale).

Keywords: transport; investment; infrastructure; project financing; highway. (search for similar items in EconPapers)
JEL-codes: H54 E62 L43 L33 (search for similar items in EconPapers)
Date: 2010-04
New Economics Papers: this item is included in nep-ppm and nep-ure
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