SUB-TOPIC 1. THE MAIN EUROPEAN LINKS: (C) FINANCING PROSPECTS. RESOURCES FOR TOMORROW'S TRANSPORT. INTRODUCTORY REPORTS AND SUMMARY OF DISCUSSIONS. 11TH INTERNATIONAL SYMPOSIUM ON THEORY AND PRACTICE IN TRANSPORT ECONOMICS, BRUSSELS, SEPTEMBER 12-14, 1988

The aim of this report is to go beyond a conventional listing of the systems of financing now existing on the market and analyse the parameters specific to the funding of transport infrastructures and the way in which they condition possible solutions. Basic data, objectives and roles to be assumed are analysed in order to ensure the efficiency of calls on the private sector. The history of private and public sector investment is traced and factors affecting confidence in the private sector examined. The division of investment between public and private sectors is discussed using the Channel Tunnel and the Paris-Brussels-Amsterdam-Cologne TGV as examples. Systems of financing are examined including bank loans, bond issues, leasing arrangements, share issues and secondary market investments. An allocation of roles is suggested where the private sector is responsible for the technology, construction and management of a project whilst the public sector controls conditions and tariffs, suppresses competition and provides peripheral facilities. A system of financing used in a number of projects is outlined and the role of supranational institutions noted. For the covering abstract of the symposium see IRRD 829766.