Rıfat Akbiyikli

An evaluation of the stimulants and impediments to innovation within PFI/PPP projects

This paper identifies the theoretical stimulants and impediments associated with the implementation of PFI/PPP (Private Finance Initiative/Public Private Partnership)projects. A current defect of this procurement approach is the unintentional constraint upon the innovations incorporated into the development of PFI projects. A critical evaluation of the published literature has been utilized to synthesize a theoretical model. The paper proposes a theoretical model for the identification of potential innovation stimulants and impediments within this type of procurement. This theoretical model is then utilised to evaluate four previously completed PFI projects. These project case‐studies have been examined in detail. The evaluation demonstrates how ineffective current procedures are. The application of this model before project letting could eliminate unintentional constraints and stimulate improved innovation within the process.The implementation of the model could improve the successful delivery of innovation within the entire PFI/PPP procurement process.

Project finance and the private finance initiative (PFI)

Private Finance is one method of financing large-scale, capital intensive projects, in which traditionally only the cash flows generated by the project serve as the source of loan repayment and only the project assets serve as collateral for a non-recourse loan. An important aspect of this form of project finance is that the risks are borne not only by the sponsors but are shared by different types of investors such as equity holders, debt providers, and quasi-equity investors. Therefore, because the risks are shared, the criterion of a projects suitability for financing is whether it is able to stand alone as a distinct legal and economic entity with project assets, project related contracts, and project cash flows separated from those of the sponsors. This form of project financing, since it relies on the security of cash flows, requires a detailed awareness, identification, assessment, and quantification of all the risks. Consequently, a comprehensive and heuristic risk management process is essential for the success of the project. The lenders and other providers of equity and debt play important roles in the implementation of the risk management plan and hence affect the likely overall project success. The structure of this financing and investment on a particular project enables all project stakeholders to take a long-term perspective on the project, thus permitting the various contractors and investors in the project to work together with a common financial interest in creating a whole-of-life, cost-effective project that achieves full client satisfaction and performance to requirements. This article is limited to an examination of the project finance issues in PFI Road Projects in the UK. It presents the conclusions from the detailed analysis of three major UK PFI Road Projects.

An examination of the suitability of a UK PFI model within the Czech Republic, the Republic of Ireland, Palestine (Gaza‐West Bank), Portugal and Turkey

Purpose – The objective of this research is to identify the cross‐cultural similarities and differences of the implementation of the UK PFI procurement process in different contexts.Design/methodology/approach – The research methodology adopted was the SLEEPT approach. The identified features are examined from source material of various projects within the stated nations. A Delphic approach of confirmation by national collaborators from each country is utilised. Confirming and disaffirming features are examined utilising exogenous cultural drivers.Findings – The conclusion of this research identifies cross‐cultural features of six different cultures presented as a “cultural compass” which will inform the development of future private finance initiative (PFI)/public private partnership (PPP) projects. The impact of this research will have implications for the appreciation of cultural similarities and differences of national “construction cultures” for effective project delivery of future PFI/PPP projects.O...

BİRLEŞİK KRALLIKTAKİ ÖZEL SEKTÖR FİNANSMAN GİRİŞİMİ (ÖSGF) YOL PROJELERİNDE TECRÜBEYE DAYALI ÖĞRENME

Ozel Sektor Finansman Girisimi (OSFG) oldukca yeni bir ihale elde etme mekanizmasidir. Yeni olmasina ragmen mekanizmanin tarihi olarak onemli bir gecmisi vardir (Eaton ve Akbiyikli, 2005). Her ne kadar resmi olarak OSFG Buyuk Britanya`da 1992`de baslamis olsa da uygulamasi en cok son on yilda olmustur. Bir OSFG projesinde kamu ve ozel sektor taraflari arasinda karsilikli amaclarin kurulmasinda bir cerceve olusturmasi icin orgutsel yapilar ortaya cikararak uzun sureli bir isbirligine girmektedir. Ozel sektor farkli proje hedef ve amaclari ile tecrube ve kazanimlari olan degisik, yeni ve coklu hizmet verme kulturu olan bir konsorsiyum kulturune girmektedir. Bu calisma, hem karsilikli iliski ve orgutsel degisimin en dinemik oldugu proje seviyesindeki ogrenmeye odaklanmakta ve neyapisalci kurami ve ne de tecrubeye dayali ogrenmeyi tartismak ve teorisini kurmak gibi bir niyeti yoktur. Bu calisma bulgulari yapisalci kuram felsefesi ile izah etmeyi benimsemistir.