2010年-世界发展银行全球_Pakistan_-_Operational_Design_for_the_Project_Development_Fund_and_for_the_Viability_Gap_Fund_162页_1mb

报告摘要

Summary of the Final Report on Project Development Fund (PDF) and Viability Gap Fund (VGF) for Pakistan

Core Content

This report, prepared by Cambridge Economic Policy Associates for the World Bank, provides a detailed operational design for the Project Development Fund (PDF) and the Viability Gap Fund (VGF) in Pakistan. It is based on an assessment of the current PPP environment, stakeholder capabilities, and project pipeline in the country. The report outlines high-level recommendations, structures for the funds, and estimates of their required funding, while incorporating feedback from the World Bank and the Government of Pakistan.

Main Views and Key Information

1. Assessment of the Enabling Environment for PPP in Pakistan

Government Support: The government has shown a clear appetite for PPP but lacks a strong, sustained framework and institutional support.
Capacity Gaps: There is a significant lack of understanding and capacity among public sector stakeholders to manage and implement PPP projects effectively.
Contingent Liabilities: The management of contingent liabilities, particularly from government guarantees, is weak and not systematically evaluated.
Need for Institutional Development: There is a need to build the capacity of Contracting Authorities, especially at the line ministry level, to manage PPP projects.

2. High-Level Options for PPP Framework

Option 1: Develop a centralised framework to enhance the capacity of Contracting Authorities to sponsor and deliver PPP projects.
Option 2: Consider a medium-term objective to expand the role of the IPDF and build upon its existing functions, though this may involve conflicts of interest.

The report suggests that a centralised approach, with a Transaction Advisory and Development Services (TADS) division, is a temporary but necessary step to "kick-start" the PPP programme.

3. Design of the Project Development Fund (PDF)

Role and Mandate

The PDF is intended to support the entire project development cycle, from feasibility studies to transaction advisory.
It will provide grants to line ministries for hiring third-party advisers and transaction support.
It will also fund the development of TADS, which will assist in building PPP transaction capacity.

Institutional Structure

The PDF will be housed within the Ministry of Finance (MoF), with possible input from the Ministry of Planning and Development.
It will be managed by a Facility Manager (FM), who will act as a payment and procurement agent.
A Board will oversee disbursements and serve as an Evaluation Committee.

Funding Mechanism

The PDF should write off early-stage costs for projects that do not progress.
It should charge development fees to successful projects, based on a multiple of advisory costs.
The burn rate of the fund will depend on the number of projects reaching financial close.

Estimated Funding Requirements

Base Case: PDF is expected to support 22 projects over five years, with 5 achieving financial close. External funding requirement is approximately US$7 million.
Expanded Case: If the pipeline grows more quickly, the fund may support up to 10 projects, with an estimated external funding need of US$13–19 million.

4. Design of the Viability Gap Fund (VGF)

Current Guidelines Concerns

The existing guidelines are based on OBA (Operationally Based Assistance) best practice, which may not align with the actual subsidy needs of PPP projects in Pakistan.
The current rules do not differentiate between types of viability gaps, making the fund applicable to few projects.
Subsidy limits (e.g., 20%) are arbitrary and may not reflect sector-specific needs or project types.

Proposed VGF Design

Gateway 1: Targets household affordability gaps and provides capital grants post-financial close. Subsidies are repaid if private bids are lower than the allocated amount.
Gateway 2: Addresses non-household-related viability gaps, such as market risks in Greenfield projects. It includes structured financing subsidies that can be repaid based on project sustainability benchmarks.
Holistic Evaluation: The VGF should be evaluated in conjunction with other subsidies, such as credit guarantees, to ensure a comprehensive approach.

Funding Estimate

If the VGF focuses on small/medium projects, the estimated funding over five years is US$60 million.
If it focuses on large-scale structured financing, the estimate increases to US$100 million.
The actual funding needs will vary depending on project criteria and pipeline development.

5. Project Pipeline Analysis

There is currently no comprehensive project pipeline tracking the progress of PPP projects in Pakistan.
Project origination is a major challenge, and the current pipeline is more of a catalogue than a substantiated opportunity list.
Most projects are in early stages, with some in the structuring phase, particularly in the power sector.
A well-developed pipeline is essential for the effective implementation of the PDF and VGF.

6. Conclusions and Next Steps

The overall PPP framework in Pakistan needs strengthening to ensure sustainable development and implementation of PPP projects.
The PDF should be designed to support the development process with a clear mandate and governance structure.
The VGF requires a more nuanced and flexible approach to address the diverse causes of viability gaps.
A project pipeline must be developed to better identify and prioritize PPP opportunities.
The immediate strategy is to build on existing capabilities, while the medium-term goal is to align with international best practices.

7. Annexes Overview

Annex 1: Case study of India's VGF and IIPDF, highlighting lessons and best practices.
Annex 2: Project pipeline analysis and development guidelines.
Annex 3: List of consultees and stakeholders involved in the review.
Annex 4 & 5: Draft guidelines for VGF and PDF.
Annex 6 & 7: Detailed estimates of funding requirements for PDF and VGF.
Annex 8: International experience with PPP Units, providing insights for institutional development.

8. Key Recommendations

Strengthen the PPP enabling environment through institutional capacity building.
Create a centralised PDF with a clear mandate and governance.
Revise the VGF guidelines to reflect the specific needs and challenges of PPP in Pakistan.
Establish TADS to assist in transaction advisory and development.
Ensure holistic subsidy evaluation and redeemability features.
Develop a project pipeline to improve project identification and prioritization.