BSTDB Co-hosts a Workshop on Financial and Investment Aspects of the Model Highway Initiative in the Black Sea Region
News | 08-Mar-2012
The International Road Transport Union (IRU), the Organization of the Black Sea Economic Cooperation (BSEC) and the Black Sea Trade and Development Bank (BSTDB) organized an expert workshop to discuss the financial and investment aspects of the Model Highway Initiative. The workshop took place in Thessaloniki on March 6-7, 2012.
Representatives of national road transport authorities of the BSEC member states, regional economic organizations, and international financial institutions exchanged views on the experiences and international best practice in the development of road infrastructure, road user services, effective financial mechanisms, and responsibilities of stakeholders in promoting road infrastructure development in the Black Sea Region. Participants examined in depth road infrastructure development supported directly or indirectly by the Model Highway Initiative launched by IRU.
Orsalia Kalantzopoulos, BSTDB Secretary General and Roman Matkiwsky, BSTDB Director, Energy and Infrastructure contributed to the discussion emphasizing project ownership, clarity of objectives, the importance of financial and economic analysis and transparency of contracting. The identification of discrete investment projects, and alternative funding mechanisms are instrumental for attracting private investors in PPP projects, while the regulatory environment and contract details are paramount for the projects’ long term fiscal sustainability. The Bank highlighted the need for strict compliance with international procurement rules and transparency standards throughout the project cycle.
BSTDB expressed its support to the efforts being taken by IRU and BSEC to promote intergovernmental cooperation with a view to improve regional infrastructure through the Black Sea Ring Highway and Model Highway initiatives. The Bank is considering opportunities for its involvement in the identification and preparation process of projects deriving from those initiatives.