2003年-世界发展银行全球_Concessioning_of_the_Ifrikya_Railway___A_Case_Study_94页_1mb

Summary of the Concessioning of the Ifrikya Railway

Core Content

The document presents a case study on the concessioning of the railway operations in the Republic of Ifrikya, a fictitious country used for pedagogical purposes. It outlines the rationale, structure, and implementation process of the concessioning, with the aim of transferring railway operations from the public enterprise SNCFI to a private concessionaire. The World Bank's technical assistance project, PAPEP, is central to the process, and the study reflects on the challenges and considerations involved in such a transition.

Main Objectives of the Concessioning

• To restructure and privatize public enterprises in the transportation sector.
• To improve the financial and operational performance of the railway system.
• To address the decline in railway traffic, especially passenger services, due to competition from road transport.
• To ensure transparency, efficiency, and accountability in the concessioning process.

Key Features of the Concessioning Structure

A. General Characteristics of the Concession

• The concessionaire will be responsible for technical and commercial operations, maintenance and renewal of infrastructure, and management of real-estate.
• The concession is structured as a "rolling" type with an initial duration of 20 years, extendable by five-year periods upon mutual agreement.
• The concessionaire will operate commercial freight and passenger services, with the possibility of public service obligation (PSO) passenger services at the State's request.
• The State retains ownership of the railway infrastructure and will reimburse the concessionaire for non-depreciated investments at the end of the concession.
• Tax exemptions apply to fuel purchases used in locomotives and rolling stock.
• A Monitoring Committee will oversee the concession, including State representatives and concessionaire members.
• Disputes will be resolved through International Chamber of Commerce arbitration.

B. Ownership Structure of the Concessionaire

• The concessionaire will be a limited liability joint-stock company based in Chella.
• A strategic shareholder must hold at least 51% of the company’s capital ('A' shares) and maintain this percentage for seven years.
• At least half of the 'A' shares must be held by Ifrikyan nationals or Ifrikyan-based companies.
• The strategic shareholder will hold a majority on the Board of Directors.
• The remaining equity ('B' shares) is reserved for Ifrikyan nationals, with at least 5% allocated to current SNCFI employees.
• The State will not hold more than 15% of the company's equity.
• Foreign interests are limited to no more than 25.5% of the concessionaire’s equity.
• The Société des phosphates du Djebel Keberit is not allowed to hold 'A' shares, but may hold 'B' shares.

Key Considerations in the Concessioning Process

1. Selection of the Strategic Shareholder

• The selection process is conducted through international competitive bidding, involving a three-stage procedure.
• Prequalification of candidates is based on technical, commercial, and financial criteria.
• The technical stage involves the submission of a five-year business plan and comments on the draft concession agreement.
• The financial stage evaluates the acquisition price of SNCFI's assets, the concession fee, and a penalty based on employee rehiring.
• The World Bank supports the process through a specialized consultant.

2. Challenges and Risks

• Corruption risks are a concern, especially in the selection of the strategic shareholder.
• High staff costs (72% of revenue in 1997) and low morale among SNCFI employees are major challenges.
• The lack of a regulator for railway operations is a point of discussion, with the possibility of introducing one.
• The monitoring and oversight of the concession is ensured through a Monitoring Committee and an independent auditor.

Key Information

• The Ifrikya railway is 1,100 km long, with single-track (except near Chella) and metric gauge.
• The railway infrastructure is in varying conditions, with the Oued Keberit/Arbital segment needing complete replacement.
• Locomotives are outdated, with only 22 General Motors 1,800 hp units in use.
• Wagons include 880 SNCFI-owned (60% availability) and 190 privately-owned (92% availability).
• Passenger services have declined significantly, with 1980 turnover of CFAF 6 billion dropping to CFAF 2 billion in 1997.
• Freight services have maintained relatively stable turnover, but competition from road transport has increased.
• SNCFI’s financial status is dire, with a net deficit of CFAF 7 billion as of 1997 and no repayment of donor debt since 1990.

Conclusion

The concessioning of the Ifrikya railway is part of a broader privatization strategy aimed at improving the financial and operational efficiency of the railway sector. It involves a structured approach with technical and financial evaluation stages, a clear ownership framework, and monitoring mechanisms. However, the process also faces challenges, including corruption risks, staff issues, and the need for regulatory oversight. The case study provides a framework for understanding the complexities involved in railway concessioning in a developing country context.