Proceedings of the 14th Meeting of the
Transport and Communications Working Group
5
 The technical and economic features of transportation investment are subject to
considerable variation, therefore the patterns of risks for an airport, a port terminal, a
road concession, etc. can be quite dissimilar;
 Risk management provisions can be very specific and deeply embedded in contract
documentation, spelling out triggering conditions which may or may not become
applicable depending on events and may be difficult to observe for external parties;
 Empirical support for evidence-based risk management decisions is fragmented.
Conceptual framework
A conceptual framework was developed specifically for this study, with the aim to ensure
theoretical soundness, consistency, and comparability. Ms. Pancotti offered introductory
remarks on the framework, underlining that it was used to structure the analysis of risk
management principles in transport PPPs as well as the 6 in-depth case studies on OIC countries.
The framework was based on the questions provided by the Terms of Reference and on a vast
literature review, which covered above all manuals and papers by International Organisations,
academic literature, reports on international good practices.
As a theoretical foundation for the whole study, the framework combines 5 risk governance
dimensions (risk identification; risk assessment; risk allocation; risk monitoring; risk
treatment) with 6 project cycle phases (strategy and policy; pre-tendering decision process;
procurement and contracting; construction and asset delivery; operation; end of contract).
Accordingly, Mr. Matteo PEDRALLI (CSIL) illustrated each project cycle phase from the
perspective of risk governance. The presentation of each phase followed the following structure:
first, the aspects included under each phase were recalled; second, crucial analytical points were
discussed; third, key messages stemming from the review of international good practices were
highlighted.
1. Strategy and policy:
The first phase of the conceptual framework covers the following aspects: political support and
strategy; legal provisions; institutional arrangements; investment attraction.
Analytical points:
The transport policy and strategic framework have a strong influence over risk exposure and
risk governance in individual PPP projects, throughout the investment cycle. In fact, there is a
crucial link between strategies and individual investments, as the choice to promote PPPs in
transport cannot be based only on the consideration of single projects, but it should rather stem
from a consideration of the whole portfolio of investments in transport within a jurisdiction.
This calls for a good system of project appraisal and prioritization, as well as a mechanism
distinguishing projects, which can fruitfully be implemented as PPPs from projects that should