Proceedings of the 14th Meeting of the
Transport and Communications Working Group
20
 Islamic finance solutions should be considered for the positive implications these might have
on the mitigation of macroeconomic and financial credit risks. For the adoption of Islamic
finance in countries where this is not already the following basic steps could be considered
such as, amending the legislation and regulatory framework of the banking and financing
system, undertaking sensibilization campaigns on Islamic finance at the institutional level,
implement training programs dedicated to the improvement of the competences and skills
of the human resources.
Policy Recommendation V (Procedural measures): Adopt risk management guidelines
and checklists
 Risk management guidelines and checklists should be considered for adoption, were not
already in place for the overall improvement of risk management practices with reference to
all types of risks. Where these tools are already available, their improvement might be
considered. These tools should be country if not transport/mode-specific in order to reflect
peculiarities in the policy, institutional and regulatory settings. Guidelines should be tailored
to PPP initiatives and not generally applicable to infrastructure investments as PPPs are
more complex than projects developed and implemented under the public procurement
conventional model. Further to the identification of the main risks applicable to the PPPs
over the course of the different stages of project life-cycle, the entities responsible for their
assessment, monitoring and treatment should indeed be indicated. As of supervision and
monitoring activities, the scheduling/frequency of the reporting tasks should be also
specified. Standard templates for collection of project relevant information should be
preferably adopted.
 Guidelines for risk management practices should cover all dimensions of risk governance. A
“legal attitude” to PPP risk management focusing on risk identification, allocation and
treatment should be combined with an economic approach to reflect the appropriate
management of risks at all stages of the project life-cycle integrating risk identification,
allocation and treatment-related analyses, with risk appraisal (ex-ante), monitoring and
evaluation (ex-post) of PPPs (including all different elements of analysis to be performed as
part of economic and financial evaluations, e.g. Value-for-Money, public sector comparator,
Cost-Benefit Analysis, sensitivity analysis, scenario analysis, risk analysis…).
Policy Recommendation VI (Statistics & surveys related measures): Ensure PPP analyses
are based on reliable data and promote transparency
 In order to mitigate financial sustainability risks, the tools and analyses developed as part of
pre-feasibility and feasibility studies should be based on the use of real data and/or surveys,
including the willingness to pay surveys.
 Transparency increases confidence in the market by private investors and reduces
corruption risks. Accordingly, consideration should be given to the adoption of open data
policies concerning preparatory and feasibility studies, transport statistics, cartography,
transport models, etc. The collection and publication of information and data on the