Abstract
The object of this paper is to study on possibilities of introducing Private Finance Initiative (PFI) into LRT project in Japan. Value for Money (VFM) is calculated based on Public Sector Comparator (PSC) and LCC (Life Cycle Cost), LCCR (Loan Life Coverage Ratio) are evaluated in virtual LRT project.Sensitive analysis shows that the range of subsidy by the local government, the range of cost down by special purpose company, and the volume of passengers to meet the enablement requirement of PFI.
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