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France Krizanic , Ph.D., director Economic institute of the Law School, Ljubljana, Slovenia PowerPoint Presentation
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France Krizanic , Ph.D., director Economic institute of the Law School, Ljubljana, Slovenia

France Krizanic , Ph.D., director Economic institute of the Law School, Ljubljana, Slovenia

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France Krizanic , Ph.D., director Economic institute of the Law School, Ljubljana, Slovenia

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  1. NATIONAL MOTORWAY CONSTRUCTION PROGRAM (NMCP) IN SLOVENIA(realisation, financing, impact on national economy) France Krizanic, Ph.D., director Economic institute of the Law School, Ljubljana, Slovenia Zan Oplotnik, Ph.D, researcher Faculty of Economics and Business, University of Maribor Economic institute of the Law School, Ljubljana, Slovenia November 2004

  2. Slovenia as a crossing point for V. and X. Pan-European corridors

  3. ROAD INFRASTRUCTURE

  4. ROAD INFRASTRUCTURE IN SLOVENIA • AROUND 20.000 KM OF PUBLIC ROADS • 31% - state owned (6349 km) • 69% - owned by municipalities • Competent authority for state roads: • DRSC – directorate of Republic Slovenia for Roads • DARS – Company for Motorways (100% state owned) • (from 2003: construction agent • and concessionaire for managing and maintenence • of existing motorway network)

  5. MOTORWAYS IN SLOVENIA • build since 1972 • ‘big bang’ in construction – after 1994 • in 1994 enacted first NMCP (amendments in 1998) • (National motorway construction program) • goal – complete ‘Slovenian Motorway Cross’ • in 2004, new NMCP enacted for period 2004-2013

  6. km 1972-1994 1994-2003 (First NMCP) 2004-2013 (New NMCP) Total (1994-2013) Motorways 182 230 311 541 Expressways 16 29 23 52 In total: 198 259 334 600 MOTORWAYS IN SLOVENIA

  7. New NMCP – enacted 2004(Motorways constructed and anticipated till 2013)

  8. FINANCIAL ASPECTS OF NMCP • in 1994, NMCP was set at €2,2 bill for 440 km • till 2002 around €2,3 bill spent for 230 km due to • some cost underestimation • financial resources for construction (1994-2002) • budget funds –gasoline Tolar(56%) • Tolls (7%) • Commercial financial credits (22%) • EIB, EBRD, etc loans (15%)

  9. Sources of finances for NMCP from 1994 and 2002

  10. FINANCING new NMCP (2004-2013) • €3,5 bill still needed for new NMCP completion • new NMCP is set at around €320-420 mill per year • sources of financing: • budget funds fixed at €160-200 mill p.y. • Tolls – completly spend for maintenance • ?????

  11. POSSIBILITY OF CONCESSIONARY CONSTRUCTION? • concessions were often mentioned in the past • feasibility of implementation failed due to: • low daily traffic volume (10-15.000) • high frequent sections already constructed • long lasting and costly procedure • …. • concession YES, but for managing and maintenance of • existing motorway network (DARS from 2003)

  12. FINANCING new NMCP (2004-2013) • instead of concessions and loans from 2004: • LONG-TERM INFRASTRUCTURE BONDS • Why? • benevolent influence on domestic capital market • domestic private capital included • liquidity for investors through secondary market • disburden state budget

  13. Anticipated: Investment Sources of financing In NMCP Bonds Budget Debt Other Total: 2003 388,9 27 151,4 207,9 2,6 388,9 2004 424,4 70 158,2 206,9 2,4 437,5 2005 421,9 255 163,1 44,1 4,2 466,4 2006 405 285 168,1 21,6 3,7 478,4 2007 403 300 173,4 13,8 4,2 491,4 2008 366,7 310 178,3 0 6,7 495 2009 354,7 310 184,3 0 4,9 499,2 2010 320,6 280 190 0 4,3 474,3 2011 200,6 150 194,9 0 0 344,9 2012 198 125 202,5 0 0 327,5 2013 69,9 0 195,4 0 0 195,4 Total: 3.553,7 2.112,0 1.959,6 494,3 33,0 4.598,9 FINANCING NEW NMCP (2004-2013) in mill €

  14. MACROECONOMIC ASPECTS OF NMCP • significant part of all construction works (25%) • Analyses exhibit strong positive influence on: • total investment activity in Slovenia (+7% p.y.) • Slovenian economic growth (+0,9% p.y.) • Employment (+0,7% p.y.) • Influence on inflation insignificant • set-back in construction in 2001 (around –30%), • proved to be in correlation with overall economic • stagnation that year

  15. MACROECONOMIC ASPECTS OF NMCP

  16. MACROECONOMIC ASPECTS OF NMCP • due to previous experiences and positive expectations, • new NMCP is set in accordance with following: • dynamic and structure of financing adapted to economic conditions (app. 1,6% GDP p.y.) • Avoiding excessive annual oscillations • ‘soft-landing’ in last years of NMCP • Use of long-term and stable, noniflationary, private source of financing (infrastructure bonds) • Disburden state budget