Risk Management in Transport PPP Projects
In the Islamic Countries
245
For some airport projects, demand estimates were below the expected threshold; for other
projects, both demand and revenue threshold proved to be higher.
As of the procedures in place, it is noticed that periodic as well as ad hoc reporting activities are
also based on the use of standard templates and procedures. Nonetheless, differences seem to
exist in the frequency and line-responsibilities of the reporting activities. As also commented in
previous sections above, the PPPs system in Turkey would benefit from the homogenization
and standardization of the procedures and processes for the management and monitoring of
the PPP contracts.
7
74 DHMI Statistics
Box 46 Traffic forecasts and revenue guarantees: the case of Zafer Airport
The international “Zafer” regional airport provides accessibility by air transport to the cities of
Kütahya, Afyonkarahisar, and Uşak, in West Turkey. It was built in a 18 months period, although
there was a contractual investment period of 36 months, and opened for service in November
2012. The airport will be operated by IC İÇTAŞ until 2044, within the scope of a BOT contract, and
can host both domestic and international flights.
The remuneration scheme of the project guarantees a minimum revenue for the contractor.
Minimum revenue is based on passenger traffic volume projections for domestic traffic and
international traffic (almost 1 million passengers is the guaranteed passenger traffic volume)
(Özcan, 2016). However, in 2012 and 2013 the actual traffic largely failed to reach the demand
guarantee threshold (actually about 85,000 passengers in 2013).
Box 47 Traffic forecasts and revenue guarantees: the case of Ankara Esenboğa Airport
The international Ankara Esenboğa airport is located northeast of Ankara, the capital city of
Turkey. The Esenboğa Havalimanı Domestic-International terminal was built under a BOT model
tendered in 2004. It was completed a year earlier than expected and it was opened for service in
October 2006. The airport has a capacity of 20 million passengers and will be operated by TAV
Esenboğa Yatırım until 2023.
The remuneration scheme of the project guarantees a minimum revenue for the contractor.
Minimum revenue is based on passenger traffic volume projections for domestic traffic and
international traffic: 0.6 million passengers for domestic flights (with a fee of 3 EUR/pax) and 0.75
million passengers for international flights (with a fee of 15 EUR/pax) were guaranteed in the first
operation year (2007), with an annual 5% increase rate73. Nevertheless, the actual traffic was
already in 2007 well above the demand guarantee threshold (actually, almost 5 million
passengers). Ankara Esenboğa airport has then met a wide growth in passenger traffic: in 2018,
over 16 million passengers were counted74.