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Background In recent years, a growing trend emerged among governments in many countries to solicit

investments for public projects from the private sector. The main reasons for this trend are a shortage of public funds and a hands-off approach of government agencies. The Build Operate Transfer (BOT) approach is an option for the government to outsource public projects to the private sector. The first official private facility development under the name Build Operate Transfer was used in Turkey in 1984, by Prime Minister Ozal, as part of an enormous privatization program to develop new infrastructure [1]. However, the BOT approach was used as early as 1834 with the development of the Suez Canal. This revenue-producing canal, financed by European capital with Egyptian financial support, had a concession to design, construct, and operate assigned to the Egyptian ruler Pasha Muhammad Ali [2]


Definitions In the BOT approach, a private party or concessionaire retains a concession for a fixed

period from a public party, called principal (client), for the development and operation of a public facility. The development consists of the financing, design and construction of the facility, managing and maintaining the facility adequately, and making it sufficiently profitable. The concessionaire secures return of investment by operating the facility and, during the concession

period, the concessionaire acts as owner. At the end of the concession period, the concessionaire transfers the ownership of the facility free of liens to the principal at no cost [3]. In the broader sense, the BOT model may be defined as the realization of a public structure, investment or service through the financing by a private company and its operation by the latter for a period determined by the public, and its selling to public institutions any goods or services, which the it has produced during this period, pursuant to a tariff mutually determined by the parties, and its transferring the facilities, which it is operating, in a well-maintained, complete and functional manner, to the public institution at the end of the period [4]. Again, according to another definition made based on contracts executed, the BOT model is a regime where any public service or activity or public works are prepared as project, financed, built, protected by realization of an investment based on a fixed amount, all expenses being provided for by a private enterprise, under the guarantee that the country purchases the goods or services produced, and which ensures the transfer and delivery to the relevant public institution or establishment of the facility and management at the end of the period upon amortization of the capital invested and realization of the profit through its operation for a certain period [5].


Purposes of implementing the Build-Operate-Transfer model i. Decreasing the financial burden in the publics infrastructure projects and thus to increase the public productivity, ii. To make the country gain foreign financial resources, advanced technology, knowhow and experience accumulation in terms of the project. To provide new enterprise and profit areas and to make contributions to the public finances by forming tax assessments, iii. To remove any probable need for foreign borrowing in the said investment areas and thus not to increase the countrys foreign debt burden, iv. To bring in management efficiency, responsibility, timing, total quality concept and standardization properties to the public sector regarding profitable and efficient private sector operations especially as a result of cooperation and joint ventures,


To make a favourable contribution to the policies of narrowing the public share in economy and increasing the efficiency and productivity of public resources, along with the privatization model, to use the BOT model as an indirect privatization method,


To make a favourable contribution to the employment problem, which the laborintensive capital preferences could not solve for years, by technology-intensive capital [8].




Main Characteristics The main characteristic of the model is to solve the problem of financing required by

certain public structure investments and consequently to ensure the realization of the investment. The reason for the models emergence is essentially the publics financing straits. By means of this method, the financing straits is overcome in the investment period and the financing is realized by being spread over time, through the consideration taken from the users for any goods or services produced during the operational period. Along with focusing essentially on the publics financing straits in terms of benefiting from the model, the increase of service efficiency per the private sector in view of the public establishments failure to function efficiently, has also arisen as a reason. At the same time, the fact that the private sector brings in advanced technology for this kind of projects both at the stage of investments as well as operation increases the projects production, service efficiency with the concept of efficient operation and management. The functioning of the BOT model is not only limited to new investments. Reference may be made to this model for complementary investments or renewal investments as well. The model is applicable for new investments as well as for the renewal of existing facilities, which have fallen behind in terms of technology, or for the completion of unfinished investments. BOT models are conducted in the framework of implementation agreements (CONCESSION CONTRACTS) made between the parties. In these agreements, one party is the public institution or establishment, whereas the other party is the private company in charge of realizing the project.

One party of the contract is the public institution or establishment, whereas on the other hand, there are consortiums which generally include international establishments as well. In order to realize the investment, sponsor companies establish a separate company (Project Company joint investment company or Project Company) the subject of activity of which is to realize the relevant project. If requested, the public may also participate in the established company with a limited capital share. At the end of the contractual period, the facility shall be transferred free of charge to the state or any establishment deemed appropriate by the state, free of all kind of liabilities and commitments in a sound und functional condition, whereas prior to the end of the contractual period the same liabilities shall be applicable as well (except for force majeure) [6].


The Parties There are many parties in the realization of the investment projects by the BOT model. In

a typical BOT project there is, for instance, the host country, the state establishment holding the position of the projects holder, lending establishments, insurance establishments, technical, financial and legal consultants, construction companies to realize and execute the project (JointVenture Corporation) and sponsor firms. In the build-operate-transfer model, there is a system established with the relation of many parties in comparison to other construction models. The number of contracts regulating the relations between these parties is quite high, and even though the parties and the number of contracts varies according to factors such as the structure, magnitude of the project, the parties and contracts existing in most of them have been briefly described as follows. (Figure 2.1). The host country is the country where the project is realized. It denotes the establishment in charge of the project, the State establishment (administration), the joint investment company as well as the institution executing the implementation-concession-contract. The joint-venture company denotes the company, which has been founded by the companies realizing the investment, pursuant to the concession contract in accordance with the countrys law. The Investor Banks are the banks providing the financing of the investment. These banks are defined as lending establishments and loan agreements are made with them. Joint investment

company holding parent companies (sponsors) are companies who establish the joint investment company in the framework of the concession contract, who have come together in the framework of the agreement and have a separate legal personality. Apart from these; parties such as the Trustee Bank, Export credit banks and export insurance companies, subcontractor firms, insurance companies, consultancy firms, standby credit and bridging loan banks are components in the operation of this model. In the BOT model, an international consortium bidding for a certain project designs the project, ensures and assures the financing necessary for the construction, builds the project in the host country and operates it throughout the duration stated in the contract. The realization of these procedures requires a quite complex structure. In a BOT project, there are many parties and more than one contract regulating the relations between these parties [7].

Figure 2.1: Structure and Operation of BOT Projects


Expectations of the parties in the Build-Operate-Transfer model

2.3.1 The Public (User) Ability to render the service Provision of permanence of the service Increase of service efficiency Increase of service quality and variety Protection of environment and community health Optimization of service tariffs Public Administration Provision of investment and investment funding by out-of-budget means Convenience, permanence and efficiency in the performance of legal duties Decrease and keeping under control of operational costs Ability to reserve more equity for investments Decrease of financial costs Ensuring regular and preventive professional maintenance of the assets Optimization of life-span of assets and decrease of need for new investment Decrease of management burden of the business and focusing on essential duties Benefiting from the elasticity and speed of the private sector Easy realization of technology transfer and innovations

2.3.2 Operator and/or investor Profit (anyone who cannot produce profit in the private sector cannot sustain itself and cannot produce service) Ensuring customer satisfaction (Public institution and consumers) Increase of competitive facilities (technological, corporate and organizational development) Becoming trademark and increasing esteem Increase of business volume and ensuring its permanence




Advantages of the Model a) Creating new and additional financing resources (Financial Additionality): One of the models most important aims brought forward for developing countries is to increase the foreign capital entry to the country and to able to benefit from its influences on the economy. In this framework, it is suggested that the BOT model gives the opportunity to realize any projects which shall not be able to be realized otherwise. b) Advanced Technology Transfer and Training: In case projects requiring advanced technology are realized per foreign companies, advanced technology shall enter the country. Likewise, in case of a BOT project, there shall also be a training program to be presented regarding usage prior to the transfer of the facility. Therefore, possibility is also given for the training of the employees. c) Efficiency: It is suggested that the private sector may make a better evaluation in terms of the realization of which project would be more feasible, and that it shall realize the projects design, building and operation more efficiently, and it is considered that the economic efficiency shall thus increase. d) Measure of Evaluation (Benchmark): As an extension of the property mentioned in the previous item, a project conducted per private sector may be used as a measure in terms of evaluating the efficiency of similar projects available with the public. e) Decrease of Public Share in Infrastructure Investments: Thanks to the model, the state shall get away from the financial pressure regarding the realization of infrastructure investments; this circumstance shall have favorable influences on the budget.

f) Privatization: The BOT model shall also be an important step made towards privatization of some activities traditionally conducted per the private sector. However, taking into consideration that the facilities shall be transferred to the state at the end of the contractual period, it is not possible to speak entirely of a privatization. g) Facilitating the Choice between Investments: In the BOT model, the state, in a sense, assigns the task of evaluating the projects, which are presented to it and among which it has to choose, to the private enterprise, and thus, the private sector realizes the project that is most appropriate in economical terms by the profit maximization criteria.


Disadvantages of the Model a) Requiring a Complex and Long Process: The model features a quite complex and sophisticated structure. Many parties have to negotiate and reach an agreement on a great number and variety of documents. Whereas this takes a certain time, money and requires that people trained in this matter concentrate on this matter. b) High Costs: The second criticism made regarding BOT is that the cost of any project realized by this model is higher in comparison to any project realized by budgetary or credit means. Especially in case where a certain profit yield is given and goods and services are priced on the cost + profit basis, there is the probability that investment and operational costs are kept as high as possible. It may be expected that this model is more expensive than any investment to be realized by means of domestic and foreign resources to be provided by the public by its own means. It shall be strived for obtaining the profit, which shall be gained both at the investment stage (Contracting services) as well as at the operational stage (as Operator), at the top points. c) The ability to draw this profit to a reasonable level is closely related to the skill of the team conducting the negotiations in the public. d) Excessive Sensitivity to Political, Economical Stability: Another disadvantage of the model is that the investment to be made reaches very high amounts, which its return is long and that due to the fact that the other party in the contract is the public

administration, especially foreign capital shows very much sensitivity regarding political and economical stability for making an investment. e) Eddy/Tornado Effect: In case any of the decisions adopted at any stage unfavorably affect the decision of any party, this circumstance does also affect the other parties in the same way and the negative effects gradually increase and even prevent the realization of the project. In order to avoid this circumstance which is called the eddy effect, it is necessary to ensure that the other parties also contribute to the decisions favorably at every stage, what causes the above mentioned delay [9].


Problems related to the operation of the Build-Operate-Transfer model [8]

3.3.1 Technical Problems Generally, the feasibility reports (comprising also technical reviews to a certain extent) are given to entrepreneurs, who wish to make any investment in the framework of this model, during the tender stage by the relevant public institution. The better these reports are prepared, the less the contracts, which shall be built on them, shall create any problems in the future and the more they shall be reports not leading the parties to disputes. It is clear that if these studies are reported without being made very well, they shall be accompanies with great problems. The entrepreneur has almost not the chance to study the technical data of the feasibility report in the limited period during this tender stage.

3.3.2 Economical and Financial Problems The basic problem is to find financing for projects put out to tender. In other words, to find and ensure the coming up of entrepreneurs (generally foreign) to be realized the projects. This is to a great extent directly related to the political and economical stability of a country. Another problem is that, since qualification is a precondition in tenders, many domestic firms and especially contracting firms, domestic firms having applied to these tenders and having been awarded the contract, have been seeking foreign partners and this has mostly remained as symbolic partnerships on paper, and the targeted operational experience has not been transferred.




Factors in Choosing the Build-Operate-Transfer Model By means of this model, it is aimed at realizing extensive investment projects such as

tunnels, ports, power plants, barrages, waste water clarifying plants, natural gas and oil pipelines, aerodromes, motorways. As is known, the development of developing countries depends on investment, whereas investment depends on resources which may be allocated for this purpose. In developing countries there are straits of resources, mainly of investment capital, and consequently the resources available have to be directed to investments in a planned, programmed, balanced and rational manner. Therefore, in countries where public resources are insufficient, the BOT model is considered as a suitable solution. In investments projects to be realized by the BOT model, there are many factors providing the contribution of foreign capital by international establishments and the private sector. In the BOT model; the fact that the increase of population and economic growth constantly give rise to the need for additional infrastructure investment and that it is difficult or impossible that these investment projects can be realized by public resources, that there is an intensive competition between manufacturers and commission houses active in the energy and transport sectors, that the private sector discipline and dynamism is also formed in public sector investments, that the business volume of international contractual firms has narrowed, as in the early 80s, etc. factors are stimulating participation. The Build-Operate-Transfer model is an important financing model used in the realization of infrastructure investments. The BOT model is rather used in underdeveloped and/or developing countries where the public resources are insufficient, where there is financing

straits in investments foreseen to be made. The most important characteristic of the model is that investment requested can be made with out-of-budget resources. The BOT model requires the gathering of many parties depending on the structure of the project. Consequently, subjects such as the relations between the parties and division of labour are ultimately significant for the successful conduct of the project. Factors such as the magnitude of the amount of the investment to be made, finding the financing resources of the project, the completion of the investment on time and the high rate of borrowings give rise to certain risks in terms of the parties in the realization of the BOT projects. Therefore, while evaluating the BOT projects, any risks probable to be encountered should be analyzed in detail. These may be outlined as follows [10]: Nature of the projects to be made Realization of the projects based on the foreign currency Cost of the project Determination of the price of the goods or products to be produced Uncertainty in obtaining the revenues requested Political and economic conditions of the country in which the investment shall be made Financial risks Inflation risk Interest rate risk Foreign exchange risk

Figure 4.1: Risk Encountered with BOT Model

Risk distribution in BOT, Each sector risk transfer in BOT is shown in the below table.

Table 4.1: Risk distribution in BOT


Factors which may affect the Success of the BOT Model [11] i. Formation of the legal framework ii. Structure of the economic framework iii. The fact that the project is powerful, feasible and appropriate in financial terms iv. The fact that the credit change is high and the country risk manageable v. Stability of politics vi. The fact that the firms realizing the project are experienced and reliable vii. The fact that the construction firm has sufficient experience and resources viii. An open and accurate bidding process ix. The properties of the sector and determination of the projects priority x. Forming profit-based cooperation in the public and private sector xi. Structuring the project in a manner to be completed on time and with a suitable cost xii. Distribution of the project risks among the parties in a rational manner xiii. Rational feasibility studies xiv. The countrys political stability




Stages of BOT Procurement System Generally, BOT project mostly will go through 6 different stages which include

preliminary study of the project, selection of the suitable project company, project implementation, construction of the facility, operation of the facility and lastly transfer of ownership of the facility. It can then be sub-divided into two parts which include preimplementation of the project and the concession period of the project. In the first part, a feasibility study of the project is carried out and a reliable project company is selected. In the second process, the selected project company is awarded the concession to construct and manage the facility. In the end of the concession period, the concessionaire has to hand over the ownership of the facility back to the government. Figure 5.1 below shows different stages that BOT project will go through.

Figure 5.1: Stages of BOT Procurement System

5.1.1 Preliminary Study The government determines project requirements by using information at his disposal. The government identifies the services needed in the project and listed down the facility needed

to be built. Perhaps, the government may employ experts to help with the project definition and conduct a feasibility study to identify the practicability of the project.

5.1.2 Selection There are two forms of proposal in BOT project which include the solicited and the unsolicited project proposals. The former generally refers to public tendering process which the government takes the initiative to request f or submission of proposal f or those who are interested in the infrastructure project. Whereas under the unsolicited mode, the private company take the first step to submit their project proposal. After the submission of proposals by the private companies, an evaluation process is done by the government to study and select the most suitable private company. Here, the project is granted to the selected private company (concessionaire).

5.1.3 Project Implementation Once the project is granted to the concessionaire, the concessionaire will start to produce a detailed working program which involving the design work of the project. The concessionaire has to first obtain legal permit f rom the related institution to develop the project.

5.1.4 Construction After the necessary legal proceeding, the contractor executes the construction in accordance with plans and specification. In the same time, the contractor will also hire a few numbers of subcontractors, consultants in order to deliver the project on time.

5.1.5 Operation After completing the construction of the facility, the concessionaire will then secure an operator to operate and manage the facility. The operator is also responsible to the maintenance job of the facility.

5.1.6 Transfer

After completion of the concession period, the ownership of the facility is then transferred to the government at no cost. The government may operate the facility by itself or hire another operator.


Operation of the Build-Operate-Transfer Model The Build-Operate-Transfer (BOT) is considered as an important project financing model

used in the realization of infrastructure investments. The model has been rather developed for the purpose of providing means for the realization of any large-scale investments required, by using resources to be provided by the private sector and international establishments, by means of outof-budget resources, in the realization of projects aiming at the cooperation of the public and the private sector, in underdeveloped and/or developing countries with insufficient public resources. By means of this model, it is aimed at realizing large scale investment projects such as tunnels, ports, power plants, barrages, waste water clarifying plants, natural gas and oil pipe lines, aerodromes, motorways, etc. As is known, the development of developing countries depends on investment, whereas investment depends on the resources to be allocated for this purpose. In developing countries, there are straits of resources mainly regarding investment capital; consequently the resources available have to be directed to investments in a planned, program, balanced and rational manner. Therefore, in countries and in our country where public resources are insufficient, the BOT model is considered as a suitable solution. There are many factors providing the contribution of international establishments, private sector and foreign capital to investment projects to be realized by means of the BOT model. In the BOT model; the fact that the increase of population and economic growth constantly give rise to the need for additional infrastructure investment and that it is difficult or impossible that these investment projects can be realized by public resources, that there is an intensive competition between manufacturers and commission houses active in the energy and transport sectors, that the private sector discipline and dynamism is also formed in public sector investments, that the business volume of international contractual firms has narrowed, as in the early 80s, etc. factors are stimulating participation. There are many parties in the realization of investment projects with the BOT model. In a typical BOT project there are, for instance, the host countries, the state establishment holding the position of the projects holder, lending establishments, insurance establishments, technical,

financial and legal consultants, the company to realize the project (Joint-Venture Corporation) and sponsor firms. The operation of the BOT model is shown in the following diagrams.

Figure 5.1: Stages in a BOT competitive procurement procedure

Figure 5.2: Actual Operation of BOT Model Providing the Financing from Out-of-Budget Resources


Tender Evaluation in the BOT Model Since the said method adopts the aim of speeding up for grand and special public

investments, the elements forming the basis of the tender decision should have been associated with the concepts of speed and time as well. The relevant public units have, in the investment of extending and developing the Airport terminal buildings, both assumed the period of competing the investment and putting the facility in commission as a factor as well as considered the operational period prior to the delivery of the facility by the investing group to the public as basic distinctive element. Therefore, the guaranteed passenger numbers, the incomes left and the period of construction have been shaped accordingly. The contractual articles having foreseen the inclusion of the period, yield from the period of construction, to the operational period have been a basic parameter for the firms having participated the tender and been awarded the contract. In this framework, the period of the investments realization has been determined by the Administration as reasonable, but as short as

possible. On the other hand, the period during which the group, who shall be awarded the contract from among the participants and who shall realize the investment, shall operate the facility on their own behalf after the end of the constructional period has been determined as a basic parameter of comparison. In order to stimulate and encourage the rapid realization of the investment, it has been foreseen that in case the task is completed and the facility is put in commission earlier, this period gained shall be added to the operational period bid by the investor during the tender. This concept has resulted in the emergence of rational, practical and meaningful bid evaluation criteria. The incomes left to the contractor firm and the guaranteed passenger numbers have been important elements influencing the firms bids. In the contractual specifications these matters have been explicitly determined. Another important matter effecting the tenders was the necessity that the building firms have had a similar operational experience before. This has brought with it the joint venture-consortium with foreign aerodrome operating firms.


Framework of the Concession (Implementation) Contract The framework of the Concession Contracts mainly consists of the following items:

The parties, subject of the contract, its duration, general principles of the investment and services, standard and quality of the goods and services, determination of the financing charge, commissioning, acceptance and business operation date, delay and cost variations in the completion of the task during the investment period, nationalization, guarantee, monthly and annual activity reports, supervision, security, safety and environmental measures, force majeure, insurance, maintenance and repair, assignment of duty, termination, transfer of facility at the end of the period, transfer prior to the end of the period, credits, responsibility and compensation, administrative fault, training, applicable law and settlement of disputes, contractual expenses, notices, language of the contract, amendments in the contract, other contracts, other matters, enforcement date of the contract. As parties in the concession contracts, the ministry or any establishment associated with the ministry or any municipality denotes the administration, whereas the company commissioned denotes the contractor. The subject of the contract is the preparation of the project of the facility

and its supplementary (supplied parts), their construction, the building of all technical installations, their operation and transfer in accordance with the contract. Principles of the investment and the service as well as the total investment amount and the standards of the goods or services to be produced are included in the contract. Along with determining the form of financing the investment, increases required in the financing parallel to the increase occurring in the investment amount, the administrations approval of the credit conditions, the agreement of the administration in the determination of the operational capital and similar matters are included in the relevant articles [12].




Economical Sustainability of the Project The economical sustainability of the BOT Project should be proved to the potential

investors and creditors. That is to say, the project should be able to produce income in a proportion ensuring the repayment of the earnings yield to be provided in consideration of the principal and interest payments of the credits obtained the equity and equity return. Since the income to be obtained from the project should be at a level sufficient to provide for the projects debt service, the total cost of the project should be estimated and assurance should be given to the creditors as well as the investors that the project shall be realized and operated as planned [9].


Cost of the BOT Projects The most important matter to be taken into consideration in the framework of this model

is the determination whether the cost of the BOT project is higher than the project cost financed by the state by means of direct borrowing, whether this cost to be used is reasonable in the framework of the project which is inapplicable due to budgetary impossibilities. If as a result of the analysis it turns up that the models cost is high, its charge shall be paid by the state and the final users [13].


Components of the Total Investment Cost in BOT Projects Despite the fact that cost items vary according to the characteristics of the projects, it is

necessary to determine the cost items of an infrastructure project and, as a result of this, the total investment cost. These cost items are as follows [14].

6.3.1 Cost Items Construction Expenses First Draft and Final Project Expenses Machinery and Equipment Expenses Project Preparation/Coordination

6.3.2 Total Construction Cost Consultancy and Control Services Management Expenses Insurance Expenses

6.3.3 Total Engineering and Control Services Nationalization

6.3.4 Operational capital Operational expenses Taxes

6.3.5 Total Other Expenses Conditional Expenditure

6.3.6 Total Capital and Cost Financing expenses Interest expenses

6.3.7 Total Financing Expenses

6.3.8 Total Investment Cost The above described costs are included in the projects feasibility study. In the BOT projects, the total investment cost are revised by taking into consideration the cost arising until the project reaches the enforcement stage [15]. The BOT projects consist of two different and long stages being the construction and the operational period. The values of the goods and services provided from abroad during the construction period until the date of the projects enforcement and the date on which the investment is put in operation, may be subject to escalation taking into consideration the inflation indexes of that country and the exchange rate changes occurring between the local currency and the foreign currency, whereas in the operational term of the project, only administrative and operational expenses are subject to escalation [16].



Prof. Drs. Ir. Sebastiaan C.M. Menheere, P. S, Case Studies on Build Operate Transfer. Delft, The Netherlands, Delft University of Technology, 1996.


Argyris G. Kagiannas, K. D., The role of Build Operate Transfer in promoting, Athens: National Technical University of Athens, December 2003.

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