Kent İçi̇ Rayli Si̇stem Yatirimlarinin Fi̇nansmani: Ankara İli̇ Örneği̇

Abstract

This study aims to establish solutions to the financing methods and examine the associated problems within urban rail system investments in Ankara Province as a case study. Through analyzing the resource research data and Ankara Metropolitan Municipality infrastructure projects data, the financing methods used in transportation investments were examined and the need for project financing models was defined. It is impossible for the private sector with build operate transfer or other transportation investment financing models and many municipalities will fail to finance such projects with internal and external financial resources given the technology, the demand for financing resources, and the size of investments. In this study, literature review was conducted, primary data sources, quantitative data were used, and Ankara Province was examined as a case study. The urban rail systems currently operated in Ankara was partially constructed by the General Directorate of EGO, a subsidiary of ABB, but could not be completed on time due to financial reasons, and the remaining parts were completed by the Ministry of Transport and Infrastructure. It is noteworthy that the Ministry of Transport and Infrastructure collects the costs incurred for metro projects from ABB's shares transferred by the central government, while in many other cities such projects are financed by either domestic borrowing, external borrowing, or owner's equity. In addition, a survey was conducted with 131 people using public transportation. The financing of urban rail systems of the respondents was 29.2% for the central government, 20.8% for the local government, 4.6% for the private sector, 12.3% for local government-private sector cooperation, 37.7% for the central government. -local government-private sector cooperation and 33.8% answered that it should be done in the form of central government-local government cooperation. It should be emphasized that local governments cannot realize expensive infrastructure investments such as urban rail systems on their own due to the fact that the central government has higher and various income sources compared to the local government and the income sources of the local governments are not sufficient. Consequently, local and central governments must develop urban rail system investment projects in ccooperation and present their business models which will address the urban transportation problems. Alternative financing models should be developed in this regard. Real estate development and management experts are needed in project development, valuation and implementation processes in local governments, transportation, and infrastructure works.