Abstract
Light Rail Transit (LRT) systems have emerged as an attractive form of public transport both in industrialised as well as developing countries. This paper reviews the implementation mechanism of LRT projects proured by private finance, through Build Operate Transfer (BOT) type concession contracts. A case study approach is used to model an actual LRT project. The case study analysis shows that the uncertainty factor could be converted to monetary terms and the process would enhance ability of the decision makers to have a better understanding of the consequences of risks.
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