Proceedings of the 13th Meeting of the
Transport and Communications Working Group
7
on the basis of well-identified steps and different traffic and transport models are used, whose
quality is constantly monitored through actualizations and periodic independent audits. CBA
results are not the only criterion in the decisionmaking about transport projects. In recent years,
however, projects with a low Benefit/Cost Ratio are not selected. Ex-post evaluations are an
important source of information for the ex-ante assessment of similar projects.
In the United Kingdom, the obligation to carry out CBA for most capital investment projects
does not derive from a legal requirement, but from government recommendations. The
Treasury has a coordinating role and, in order to ensure an independent approach, appraisals
should be performed by teams who have had no involvement in the project proposal. The “Green
Book” provides guidance, methods, and recommended tools for developing options. Individual
departments may develop specific methods for evaluations. Transport appraisal provides
information on a wide range of impacts – on users and providers, but also on the environment,
wider society and government. WebTag toolkit provides guidance for options analysis, modeling
techniques and related assessment of effects. The appraisal is used to inform decision-makers
throughout the development of a project, from the early stage of alternative generation to the
final approval.
The World Bank (WB) has the obligation to assist governments in achieving their national
objectives, primarily by making the best use of their own resources, to which WB lending is a
supplement. For this reason, an emphasis is placed on the institutional and regulatory
environment. It has developed Guidelines for project appraisal according to which a project
appraisal should contain: 1. Strategic Context, 2. Project Development Objectives, 3. Project
Description, 4. Implementation, 5. Key Risks and Mitigation Measures, 6. Appraisal Summary. A
WB Handbook also describes analytical tools for the economic evaluation of the effects of
transport projects.
The EuropeanUnion (EU) has a strong legal basis on the appraisal of major investment projects
(total cost exceeding 50 Million Euro). A formal review process is provided in major project
appraisals in EU cohesion policy 2014-2020. The procedure can take two different forms. The
first one is an assessment of the project by independent experts, followed by a notification to
the European Commission. The second one is to send the project documentation directly to the
Commission, which provides an internal assessment. The European Union has developed
Guidelines for CBA of major projects, and set up the Jaspers initiative together with the European
Investment Bank (EIB), providing technical assistance to member states and accessing countries
in preparing high-quality projects. The European Union has developed Guidelines for CBA of
major projects, and set up the Jaspers initiative together with the European Investment Bank
(EIB), providing technical assistance to member states and accessing countries in preparing
high-quality projects