Infrastructure Investment Projects Research Articles

A Survey on Post-Evaluation Indicator System for Multi-Energy Infrastructure Investments

With the growing concerns on the energy crisis and the strong support of policies, the development and construction of the multi-energy infrastructure are booming in the world. The post-evaluation for the multi-energy infrastructure investment projects can discover problems, giving advice for improvement, and guide the future project process management, which plays a significant role in achieving closed-loop and lean management. In this article, a comprehensive overview on the post-evaluation indicators of overall multi-energy infrastructure construction processes is illustrated. Then, the post-evaluation indicators on economic benefits are surveyed from the financial and national economic perspectives. Furthermore, the indicators to evaluate the impact on society and environment induced by the multi-energy infrastructure are thoroughly analyzed and investigated. Also, the post-evaluation indicators on the sustainability of the multi-energy infrastructure investment projects are summarized. Lastly, some challenges with great importance in the future research are presented. This review contributes to finding out the problems existing in the multi-energy infrastructure projects and analyzing the causes of the problems, which helps to guide the enterprise's future investment direction, decision-making, and realize an accurate investment.

Political risk management of foreign direct investment in infrastructure projects

Purpose Foreign direct investment in the infrastructure (FDII) of developing countries has a history of at least four decades. Bullish demand for foreign infrastructure services in developing countries, in combination with unstable political environments, has buoyed attention in political risk management (PRM). Even so, research into PRM of FDII remains fragmented and unmapped. Thus, the purpose of this paper is to identify the current body of knowledge in this area, uncover deficiencies and lay the foundation for further practical PRM research in FDII. Design/methodology/approach This paper offers a bibliometric-qualitative review of current literature on political risk in foreign infrastructure in developing countries. A 36-year period is identified, from 1983 to 2018. Publication year, area of focus, author(s), institution and country are classified and analyzed through the medium of social network analysis. The tools used are VOSviewer, CiteSpace and Gephi to analyze citation networks of 345 published papers. Out of 345 papers, 94 highly related studies were selected for further content analysis. Findings The study identified the research trends in related areas of PRM in infrastructure (e.g. PRM in international construction and foreign direct investment) by bibliometric analysis, which includes scattered researcher collaboration, wide-ranging and unfocused journal selection, unsystematic and discontinuous research themes. The specific research weakness in PRM in FDII is recognized by qualitative analysis from the perspective of PRM process, which reveals a lack of understanding of the impact of political risk factors, subjective risk estimations, lacking application of mature political risk database in FDII, combined with a shortage of complete and effective strategies for PRM in FDII in developing countries. Originality/value This paper is the first of its kind, providing a comprehensive benchmark survey of the research to date in PRM in foreign infrastructure investment in developing countries. It proposes a framework of future research agenda on PRM in FDII, including special issues on this topic, identification and assessment of political risk factors with objective methods, proposition of PRM strategies on FDII with proactive and active approaches, completing strategies of PRM with reactive strategies from the perspectives of whole life cycle of infrastructure projects, political risk factors and stakeholders. It also addressed the need to investigate the suitable literature databases for researching in this area.

Algorithm for the selection of public-private partnership projects for planning the resources allocation in road and transport infrastructure

Features of functioning of the modern road and transport infrastructure in terms of attracting private investments in infrastructure projects through the mechanisms of public-private partnership are identified. An additional set of indicators is proposed for evaluating the public-private partnership projects in the road and transport infrastructure. An algorithm was developed for selection of the projects implemented in the road and transport infrastructure using public-private partnership mechanisms. The problem of the preferred choice of projects for the construction of roads from a variety of alternatives was solved. The proposed algorithm for selecting public-private partnership projects in planning the resources allocation in the road and transport infrastructure, which contains additional tools in the form of a set of indicators of the functioning and resource allocation of the road and transport infrastructure, can be used to solve the problem of choosing a project that satisfies maximally all the requirements stated by the customer taking into account the level of investment opportunities.

Occurrences in Czech Railway Infrastructure and their Relation to the Economic Efficiency of Investments

The paper focuses on the evaluation of impacts of occurrences in the Czech railway transport system on social and economic benefits and financial efficiency of investment projects in railway infrastructure. The evaluation of financial and economic efficiency of investment projects financed from the funds of the European Union is based on the Guide to Cost-Benefit Analysis of Investment Projects by European Commission from 2014. In the Czech Republic, this Guide has been complemented, for the purposes of economic and financial evaluation of projects in transport infrastructure, by the Departmental Guideline for the Evaluation of Economic Effectiveness of Transport Construction Projects by the Ministry of Transport of the Czech Republic which specifies economic evaluation of projects of roads and highways, railways and waterways important for traffic. The Departmental Guideline defines benefits which can be included into the economic evaluation, e.g. savings in the operation costs, the decrease in costs connected with accidents, the decrease in costs connected with the travel time or negative externalities usually related to impacts on the environment. However, in the case of the railway infrastructure, benefits connected to the increase in safety and fluency of the transport due to introducing security and information systems are not taken into account, even if these investments form a standard part of most railway infrastructure investment projects. The objective of the paper is to identify both the number and the structure of railways occurrences, which can influence effective functioning of railway transport for the purpose of their subsequent research in order to take into account decrease in their use in economic analysis. The methodology of the research is based on detailed analysis of individual occurrences which happened on Czech railways during past three years. The output of this paper provides a detailed statistic of occurrences including damage caused and propose recommendations for the next steps which should lead to the quantification of relevant benefits.

Governance regimes for large transport infrastructure investment projects: Comparative analysis of Norway and Sweden

The two Nordic countries Norway and Sweden have launched governance regimes for the early phases of transport infrastructure investments after experiencing frequent cost overruns and low cost-benefit ratios. This study seeks to find out if these governance regimes have reduced the escalation of costs from early estimates to finalized projects and influenced the choice of projects away from those with lower benefit to cost ratios. We have compared governance regimes for major transport infrastructure investments in the two countries and examined the development and content of quality assurance activities, the involvement of internal and external parties, their duties and responsibilities, their stage gate models, and how decisions are made. The findings are that both countries have introduced formalizations of their governance regimes that mandate project reviews during the planning process and quality assurance, both of which have increased early cost estimates. One difference was that in Norway, the Ministry of Finance manages the quality assurance scheme and imposes external quality assurance requirements, while Sweden has no corresponding ministerial oversight. Therefore, on the one hand, the process is more strictly formalized in Norway, but on the other hand, cost-benefit ratios appear to have more weight in Sweden. Furthermore, although both countries have done several ex post evaluations, neither country has introduced a formalized ex post evaluation process allowing for systematic examination of the causes of cost overruns and low benefit to cost ratios. Even so, politicians may manoeuvre projects with lower benefit to cost ratios around the governance systems in both countries. Finally, some projects in both countries still have experienced significant cost escalations despite these processes.

Chinese-Russian cooperation in the Arctic: geopolitics and economics

The article examines Chinese-Russian cooperation in projects for the Northern Sea Route (NSR) renovation. The authors compare priorities of the Chinese companies in the NSR modernization with the interests of the Russia in terms of the “development zones” concepts. The materials of the Main Directorate of the Northern Sea, the open materials from the project activities of Russian and Chinese companies allowed to present the geography of projects with the Chinese participation, to define the Russian Arctic regions that are of greatest interest to Chinese investments, as well as companies’ participation in the infrastructure projects. Based on statistical analysis, the study reveals the pattern of growth for China’s direct investment in infrastructure projects in the Russian Arctic zone. Highlights a positive trend in the development of Russian-Chinese cooperation, increase the proportion of the Chinese presence in modernization projects of NSR, in the sphere of production of hydrocarbons. Changing motivations Chinese business participation in infrastructure projects - from the desire to make available NSR for the carriage of goods from Asia to Europe to establish a reference ports for sales of commodity products of China. Obvious differences in opinion in the prospects for further cooperation of the Russia and China.

Environment Regulations and Trade in Environment Goods: The Case of India

The paper weaves together three strands of arguments which, favour trade in environment goods for achieving sustainable development and provides an analyses of potential for trade in environment goods in India. Firstly, there are different paths, models, tools for achieving sustainable development and green economy is one of them. United Nations Environment Programme (UNEP) defines a green economy as one that results in “improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities” (UNEP 2010). The report suggests trade in environment goods and service as one of the strategies towards achieving green economy and sustainable development. International trade is an important engine of development and sustained economic growth. Studies have shown that trade does lead to environment degradation, but trade in cleaner technologies and environment goods can play an important role in sustainable development. Trade can become a powerful vehicle for transferring environmental friendly technology between countries, paving way for sustainable development. India stands to benefit both, from importing environment goods to clean up its environment and exporting environment goods to the world, thus contributing to the goal of sustainable development. Secondly, the 2001 Doha Ministerial Declaration urged members to reduce or eliminate tariff and non-tariff barriers on environmental goods and services, paving way for a triple win situation for trade, the environment and development (WTO, 2001). The reduction or elimination of tariff and non tariff barriers would increase trade in environmental goods which, can help mitigate the adverse impact of increased economic activity on environment. The quality of life of citizens would improve due to better access to clean water, air, sanitation, and clean energy. Moreover, the liberalization of trade in environmental goods will enable developing countries to obtain technology, tools for development addressing environment priorities. Thirdly, new environment regulations, trade liberalization, increased privatization, current programmes of rural electrification, investment in infrastructure projects, government investment in research and capacity building initiatives have increased demand for environmental goods in India. India is partner to a number of international agreements on environmental issues. Legal activism and pressure from NGOs have fostered networking between industries and between industries and NGOs for improving the environment. These pressures from above and below are supporting the growth of the environmental market. It is in this context that the paper examines trade in environment in India.
 
 Keywords: OECD and APEC list of Environment goods, exports, imports, Revealed Comparative Advantage
 
 JEL Classification: F10, F18

The Effect of Fiscal Policy on Economic Growth in Myanmar

This study examines the effect of fiscal policy on economic growth in Myanmar. The impact of fiscal deficit on nominal gross domestic product is analyzed using the ordinary least squares (OLS) method with annual data from 1979 to 2016. The results reveal a statistically significant relationship between the country's fiscal deficit and economic growth. Analysis shows the existence of a multiplier effect of deficit spending on economic growth, which confirms Keynesian assumptions. Myanmar actually needs to provide more public spending to invest in infrastructure development and public services delivery due to lack of private investment in infrastructure projects. Therefore, over the medium term, fiscal policy should maintain moderate expansionary measures. However, the critical question regarding public spending is determining in which areas to spend. Public spending should therefore be preferentially directed toward productive areas for long-term growth, such as infrastructure development, health and education, and poverty reduction programs. In addition, policymakers should always bear in mind that excessive deficit levels and chronic deficits can become unsustainable, adversely affecting macroeconomic stability.

State regulation and investment support at the regional level: Kaluga region experience

The article is devoted to the actual problems of state regulation and support of investment activity at the regional level. The importance of creating a favorable business environment for sustainable development, ensuring the flow of investment and the intensification of investment activities in particular at the regional level is shown. The experience of Kaluga region in state support and regulation of investment activity is considered. The complex of development institutions created in the region for these purposes is described. The legislative framework of state support for investment activities, including the provision of tax incentives and preferences is defined. Infrastructure investment projects implemented in the Kaluga region, including the most massive of them – industrial parks, are listed. Seven categories of investors that receive state support in the Kaluga region are given. Requirements for investors to be assigned to each category are analyzed. Their tax privileges and preferences, primarily on such taxes as the tax on profit of organizations and tax on property of organizations are described. It is noted that despite the development and implementation of a wide range of measures for state support of investment entities, Kaluga region has recently begun to give up its leadership position. An attempt to explain the current situation is made. In this regard, it is of interest to search for new measures to improve state regulation and support investment activities both at the Federal and regional levels, some of which are discussed in the article. In particular, the need for greater orientation of measures for state support of investment activities of small and medium-sized businesses was noted. The feasibility of direct inclusion of investors – residents of industrial parks in the system of state support measures was underlined.

Foreign Direct Investment in Infrastructure Projects: Taxonomy of Political Risk Profiles in Developing Countries

AbstractPolitical risk is a recognized deterrent to foreign direct investment in infrastructure (FDII) in developing countries. The sensitivity of FDII to political risk is amplified above that of ...

The imperial treasury: appraisal methodology and regional economic performance in the UK

ABSTRACTThe disparity between the least and most productive regions in the UK is wide by the standards of many other Organisation for Economic Co-operation and Development (OECD) economies. An important factor is the concentration of public investment around London. The appraisal process for infrastructure investment projects follows the methodology set out in HM Treasury’s The Green Book. It is argued that this methodology has reinforced the regional imbalance; that recent changes are unlikely by themselves to redress the London bias in infrastructure; and that infrastructure investments also need to be based on a strategic view about economic development for the whole of the UK.

Environmental Safeguards at Urban Municipality Level under the Urban Infrastructure Investment Projects in Nepal: A Conceptual Clarity

Environmental Safeguards at Urban Municipality Level under the Urban Infrastructure Investment Projects in Nepal: A Conceptual Clarity

To assessing social efficiency of rail high-speed lines

The article is devoted to the method of assessing the public efficiency of infrastructure investment projects related to the creation of railway sections with high-speed traffic. The algorithms of calculation of efficiency criteria based on the account of external effects from construction and operation of high-speed highway are offered; the composition and structure of external effects and approaches to their definition are characterized.

Development of geo-tagging video app to assist road development projects in the Philippines

The Philippines consists of over 7000 separate islands, of which around 2000 are populated. In a drive to promote economic growth and prosperity, the government, together with the World Bank, is investing heavily in road building. In order to realise the strategic vision for this road investment programme, the following major challenges were identified. (a) The Philippines road network is extensive yet fragmented, and falls under the responsibility of many levels of government. (b) There is currently no comprehensive mapping of the road network. (c) Historically, road investment has been opaque and highly politicised, with poor governance and corruption undermining delivery. Good financial governance without visibility or transparency is almost impossible to achieve. Smartphones were chosen as the tool to provide the required levels of accountability needed for large-scale infrastructure investment projects. Using the built-in video recording and global positioning system capabilities of these widely available devices, the major investors were able to see exactly where and why road building is needed and to monitor how their money is spent. This innovative solution has proven to be a success and is now being considered as the template for how similar investments can be monitored in countries of a similar nature.

A Hybrid Semantic Mapping Approach to the Genre Classification of Literature The American Novel as an Example

Egypt, as an African country, was tied over its long history with the people of Nile Basin and Horn of Africa. Therefore, cooperation with the countries of Africa aims at consolidating the relations by using and effectuating mechanisms of cooperation in the field of international relations and boosting the role of Egyptian private sector by driving the fields of Egyptian investment in infrastructure projects. Development and growth of relations depended on internal variables and their external impacts and growth of the power of Egypt to be reflected at the end on strengthening the relations between Egypt and the countries of Africa. Egypt's relation to the countries of Africa shall not be reduced to trade, economy or Egypt's need to Nile water. It is time to revive the soft power of Egypt represented in education, scientific research, media, culture and joint work with civil community organizations to demonstrate the real image of Egypt and Africans and their civilizations. Problem of the study lies in focus of President Abdulfattah Al Sisi on Africa and its development, and the strategic depth of the content in Egypt since he came to power, particularly after tension of relations between Egypt and Africa in 1980s and 1990s and the fact that they were limited to regional and internal official meetings, and after Ethiopia established the Renaissance Dam following January 2011 Revolution. President Sisi endeavored since he came to power to focus on Africa and Development of African countries. The president assures in all his interviews the importance of linking communication between Egypt and Africa, and stresses on the importance of Africa for Egypt and importance of Egypt for Africa. The study depended on the theories of media frameworks to scientifically authenticate the thesis and decision-making theory in international relations because it is one of the theories that interpret the foreign policy of the state as a theory in international relations. In addition, it is used for the decisions made by audience as a result of watching satellite channels. The study used survey of the context of public and private Egyptian satellite channels which address the issue of Egyptian-African relations and the field survey of various community categories to identify the role of public and private Egyptian satellites in forming the approaches of the case.

Public-Private Partnership in the Implementation of the Industrial Policy of Russia

The article views the creation of public-private partnership as an important direction in the activation of the innovative type of the development of the economy of Russia. The need to combine the efforts of the public and private business in solving this problem is connected, firstly, with the economic sanctions of the West and not only financial sanctions but also with the refusal to supply high-tech equipment to Russia and, secondly, even more threatening prospects of the dynamics of the innovative development of the manufacturing sector. That is why the main attention is paid to the impact of public-private partnership on the development of integrated business in the context of the implementation of the strategic task of the innovative way of the Russian economy development. It is shown that public-private partnerships are one of the most common instruments for attracting private investments in infrastructure projects both in Russia and abroad. But the format of public-private partnerships for the implementation of Russia's industrial policy in the field of innovation should be used not only for the infrastructure development but also for the development of Russian industrial enterprises and the implementation of national projects.

Aplicación y Evolución de la Armonización Contable gubernamental

La implementación de la Armonización Contable nos proporcionara información útil para una mejor toma de decisiones, fomentar la inversión gracias a la confianza, mejoramiento de la administración pública, satisfacción de la ciudadanía, mecanismos de control, combate y abatimiento a la corrupción. Los objetivos de la armonización contable son: Facilitar la toma de decisiones; Homogeneidad de la información financiera; Establecimiento de normas para el manejo eficiente del gasto público; Registro de operaciones de manera automática, armónica, especifica de las operaciones contables. En crea el En 1986 se crea el Public Sector Comitte (PSC), hoy conocido como el Consejo de Normas Internacionales de la Contabilidad Pública (IPSASB), a partir de 1997 el IPSASB desarrollo un programa elaborando 21 NICPS dirigido a las entidades publicas las cuales deben seguir el criterio del devengo basandose en las NIC; en 2002 se finalizo el proceso de la la aprobación de las 21 NICSP y un glosario de terminos. (Buch Gómez & Cabaleiro Casal, 2006:3) En 2008 se pública la Ley General de Contabilidad Gubernamental, esta Ley propone la creación de un sistema de información contable y financiera del sector público homogéneo en los tres niveles de gobierno.normativo común que sea aplicable en cada uno de los niveles de gobierno. El objetivo de esta Ley es establecer un marco normativo común que sea aplicable en cada uno de los niveles de gobierno. El 7 de mayo de 2008 se publica en el Diario Oficial de la Federación un Decreto que reformo varios artículos de la Constitución, con tres objetivos principales: 1. Incrementar la calidad del Gasto Publico, 2. Prevenir erogaciones plurianuales para proyectos de inversión en infraestructura, 3. Lograr el fortalecimiento y rendición de cuentas. En 2009 se crea el Consejo Nacional de Armonización Contable (CONAC) que tiene como objetivo dar seguimiento a los criterios los cuales regirán la contabilidad gubernamental, esto nos permitirá medir la eficacia, economía y eficiencia del gasto y el ingreso de los Entes Públicos. La fiscalización de los recursos públicos está regulada por la Constitución Política de los Estados Unidos Mexicanos, Ley Orgánica del Poder Legislativo Federal y Ley de Fiscalización Superior Federal. Para llevar a cabo el proceso de fiscalización estos organismos de fiscalización deberán aplicar normas y procedimientos de auditoria, deberán realizar un programa de trabajo, así como la aplicación de diferentes tipos de auditorías.

Application of a Sustainability Model for Assessing the Relocation of a Container Terminal: A Case Study of Kristiansand Port

Sustainable development, a new interdisciplinary paradigm, is attracting increasing attention from the global research community. It is an enhancement of sustainability principles. This study documents the findings from applying a sustainability assessment model framework by Koo and Ariaratnam (2008) for decision support in connection with the projection of major infrastructure investment in a port. The objective of this study is to support the decision-making process in a port development project and to verify the applicability of sustainability assessment using a sustainability assessment model for a terminal development project in an urban area of Scandinavia. The sustainability assessment model is based on the Analytic Hierarchy Process (AHP). A literature review of sustainability assessment models was conducted to find indicators for the AHP approach. Subsequently, a questionnaire was compiled and six decision-makers for projects in Scandinavian Ports in urban areas were selected for the case study. The hypothesis is that decision-makers of major infrastructure investment projects in publicly owned ports must adhere to sustainable development principles and support the United Nations sustainable development goals that are a call for action by all countries. When documenting a sustainable design of port projects, decision-makers use theoretical sustainability models to conceptualize features of a sustainable society. However, a major challenge for the decision-makers was that the sustainability assessment results did not show, as expected, the same results as those of three existing theoretical sustainability models. The results of the sustainability assessment model were scrutinised and benchmarked against existing theoretical sustainability models, namely: a sustainability stool, a 3-overlappingcircles model, and a 3-nesteddependencies model. The benchmark results indicate a disparity between the importance of what sustainability models describe and what is important in practice.

China and Southeast Asia: Strategic Interdependence in the Making?

If we had to choose one word to describe the relationship between China and the Southeast Asian states, it would be “asymmetric.” China’s population is 2.2 times the combined population of the ten countries of the Association of Southeast Asian Nations (ASEAN).1 Its GDP is 4.3 times these countries’ combined GDP,2 while its 2017 military expenditure was almost 6 times the amount they spent collectively.3 Some scholars like to use the metaphor of Gulliver and the Lilliputians to compare China and the ASEAN states in world politics.4 The hope is that the Lilliputians can somehow tie up Gulliver if they work together. In the post–Cold War era, the ASEAN states successfully constrained China’s behavior through multilateral institutions, especially the ASEAN Regional Forum (ARF). After the 2008 global financial crisis, China’s assertive diplomacy in the South China Sea indeed caused some worries and suspicions in the region. However, the overall relationship between China and the ASEAN states has not fundamentally changed. Since 2013, China has continued its “charm offensive” to woo the ASEAN states with the proposal of the Maritime Silk Road—a massive infrastructure investment project that is part of the Belt and Road Initiative (BRI). On the one hand, Chinese investments, especially in the infrastructure sector, are largely welcomed in Southeast Asia despite some ups and downs, such as Malaysia’s [End Page 17] cancelation of two BRI-funded projects. The ASEAN states have, on the other hand, kept a nuanced and balanced attitude toward U.S. competition with China. I argue that a relationship of strategic interdependence has taken shape between China and the ASEAN states. Each side views the other as an indispensable actor in pursuing its strategic interests. Although the power asymmetry between China and the ASEAN states makes the latter more vulnerable than the former, the U.S. factor increases the sensitivity of China’s strategic dependence on ASEAN. Multilateral institutions have played a vital role in shaping Chinese-ASEAN relations. The more institutionalized relationship will empower both parties to reduce vulnerability and sensitivity levels in their nascent strategic interdependence in the future.

Deep Shanghai project – A strategy of infrastructure integration for megacities

Urban Underground Infrastructures (UUI) are crucial for megacities that are suffering weak adaptabilities of environmental threats while facing fast economic growth from highly concentrated urban developments. Because of the urbanization and densification of cities globally, Metropolitan Authorities must prioritize the use of shallow and deep Urban Underground Space (UUS). Effective management of such space requires specifications of use for the varying levels within these. The specifications are defined as “Vertical zoning” (namely “Depth-scape”). This paper suggests a strategy for an economic development plan for Shanghai in China. Its specific focus is that of Deep Underground Space (DUS). The authors also suggest that this strategy may be transferable to other cities experiencing similar urbanization and densification, globally.In urban centers, surface buildings and facilities have been connected through shallow tunnel transport systems for pedestrian, utility, vehicle, metro, train, at a micro scale. For a larger urban territory, Special transport systems ensuring city’s security, resiliency and sustainability are usually built in the deep underground, such as: disaster evacuators, flood drainers (“sponge city creators”), terminal freight deliveries, waste movers, energy transmitters, cavern connecters and deep shaft elevators. A strategy proposed in this paper will incorporate these macro scale deep infrastructures into the economic development plan of Shanghai city. Methods applied in this paper include: Resources potential evaluation framework, Strategic benchmarking model, Conceptual infrastructure planning and Investment project appraisal scheme.Integration between municipal infrastructures and underground infrastructures is beneficial for the long-term operation of megacities, where utility systems and municipal facilities keep sizing up to meet future demand. Infrastructure integration becomes a must rather than an option. Developing Special Transport Systems in the Deep Underground Space (DUS) will allow a megacity to scale up its infrastructure stock, save surface land resources, protect societal assets, mitigate calamity losses, sustain operability and improve livability.