Possibilities of using private capital in financing transport infrastructure […]

Entrepreneurial activities oriented towards reducing unit production costs are directly related to technical progress, which is intended to enable an increase in labor productivity. Nowadays, alongside technical progress, the possibilities of reducing costs through deepening production specialization, increasing cooperative ties, and the scope of cooperation between various economic entities are also of significant importance. The coordination of these processes is consequently associated with the need for the practical application of logistics principles in the organization of supply, production, and sales. In this light, one of the fundamental factors determining the effective and efficient implementation of logistics processes is transport infrastructure, perceived as one of the key elements of logistics infrastructure.

Neglect in the development of the infrastructure network, influencing, among other things, an increase in transport service costs (high level of congestion, threat to transport safety) and a limitation of cooperative possibilities (disruptions in the rhythm and timeliness of deliveries), is not only a cause of reduced price competitiveness of production but also a significant barrier in the process of developing modern logistics concepts oriented towards optimizing the flow of goods in the economy. The high rank of transport infrastructure in economic development means that the responsibility for ensuring proper access to the transport network is one of the main tasks of the public sector. For this reason, the basic system for financing infrastructure projects is the so-called traditional system, which consists of using budget funds as a source of investment financing. The limited nature of a country’s own budgetary resources means that important sources of this system are also EU budget aid funds, as well as credits and loans obtained by the public sector from domestic and international financial institutions. Strong public pressure to limit public spending means that the possibilities of providing adequate funds for the implementation of infrastructure projects from budget funds, even when supplemented by loans and funds derived from fees collected from transport infrastructure users, are becoming increasingly limited. There is, therefore, a risk that delays in infrastructure development may complicate the development of logistics systems and services. In Western Europe, expenditures on infrastructure investments from public funds currently account for 1% of GDP, whereas in 1970 they accounted for 1.5% of GDP. Hence, the assumption of full financial responsibility by the public sector for the implementation of public projects, including in the field of transport infrastructure development, is a very difficult task. In this light, financing its development through the use of private capital can play an important role in accelerating the modernization and expansion of the transport network as one of the elements of logistics infrastructure. According to estimates, private savings in Europe are significant, and according to experts, they are proof that the market has significant capital that could be a significant support for infrastructure investments. Therefore, since 1995, the European Commission has made efforts to implement new legal mechanisms enabling the encouragement of private capital in the implementation of infrastructure projects.

The experience of Western Europe to date in financing the development of transport infrastructure by the private sector is relatively modest and varies across individual countries. Germany, in particular, is skeptical about placing private capital in the development of the transport network, where infrastructure investments are carried out almost exclusively by the state or corporations under its control. The United Kingdom has the most experience in using private capital in the implementation of public investment projects, including infrastructure. Estimates show that in this country, about 25% of all public projects are carried out with the cooperation of the public sector and private partners.