Public-Private Partnerships in Toll Motorways in Poland : A Comparison of Financing, Exploitation and Fiscal Risks

The paper describes three different public-private partnership schemes implemented in connection with toll motorways in Poland and the fiscal risks related to them. While A1 Motorway is a typical BOT with public subsidies, A4 Motorway bases on a concession model (also known as asset-exploitation or French model) and A2 Motorway is more likely to be seen as a partnership with mixed public-private capital expenditures, and risk and revenues sharing. Public financial exposure seems to be, paradoxically, positively correlated with private capital involvement. The research also exposes the lack of a coherent long-term infrastructure development policy