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Rosik - State and market Polish motorway construction...

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State and market: Polish motorway construction program „Symposium EAEPE and PRESOM / EU on Privatisation and Regulation of Core Transactions in Critical Infrastructures : On the co-evolution of Technology, Policy and Institutions” Marek Ratajczak and Piotr Rosik – Pozna ń University of Economics Delft, 23.03.2007
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Marek Ratajczak and Piotr Rosik - Pozna ń University of Economics 2 Public – private partnership (PPP) can be interpreted as: .... just a different method of procuring public services and infrastructure by combining the best of the public and private sectors with an emphasis on value for money and delivering quality public services .” (definition used by Irish government) Public – private partnership (PPP)
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Marek Ratajczak and Piotr Rosik - Pozna ń University of Economics 3 In case of PPP both sides have to comprehend the needs of the other. This means that: The private sector will have to take into account the “ public good ” aspect, or the “ public service obligation ”, inherent in transport, energy and telecoms networks.( .... ) The public sector , on the other hand, needs to realise that it has to relinquish to the private sector the control of the non- public good aspects of large infrastructure projects.” (N. Kinnock -1995) Private and public sector - PPP
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Marek Ratajczak and Piotr Rosik - Pozna ń University of Economics 4 Risk for private and public partner Risk for private investors : 1. Systematic or market risk 2. Unsystematic or specific risk commercial risk (project, construction and operation risk) political risk (political instability, unfavourable legislative changes, changes in transport policy priorities, delays in state actions) Private participants expect to receive adequate risk compensation and seek to share a risk with other entities (public partner). Risk for the public partner : sovereignty risk, budgetary or financial risk, opportunism risk.
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Marek Ratajczak and Piotr Rosik - Pozna ń University of Economics 5 Advantages of PPP 1. Possibility of lower investment spending 2. Possibility of extending other public investments 3. Savings in budget 4. Transfer of new technologies 5. Share of risk 6. More competition on market 7. Guarantee of services for long term 8. Diminution of political influence on economy 9. More transparency in economic live 10.Differentiation of financial sources for economic development
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