Özet:

This study aims to bring solutions to the methods of financing in urban rail system investments in the province of Ankara and to examine related problems as an example event. Source research data and Ankara Metropolitan Municipality infrastructure projects data have been analyzed and the financing methods used in transport investment have been studied and the need for project financing models have been identified. According to the results of the economic and financial analysis of the metro lines, it has been found that the return time of the metro investments is too long and the internal yield rate is below the average capital cost. According to the results of financial analysis, the private sector cannot carry out infrastructure projects such as metro investments that require large amounts of fixed capital investment without the central government’s guarantee. It is not possible that the private sector can carry out transport investments through business-transfer or other funding models, taking into account aspects such as technology, funding resource demand and the size of investments, and many municipalities have insufficient internal and external funding resources for these types of projects.

As a result, local governments and central governments should develop urban rail system investment projects in cooperation and present business models to solve urban transport problems. Alternative financing models should be developed. In Turkey, project financing, taxation of value increase, the implementation of income partnership models by creating legal and legal infrastructure can be considered as alternative models. In the financing of infrastructure projects that require large resources such as Metro, other alternative models include the possibility of public-private sector partnerships, real estate investment partnerships or the use of capital market tools such as Islamic financing and bonds. Local governments, transport and infrastructure studies require specialists in real estate development and management in the project development, evaluation and implementation processes.

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Özet:

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. The results of the economic and financial analysis of the metro lines has established that the payback period of metro investment is very long, and the internal rate of return is below the average cost of capital. Following the results of the financial analysis, private sectors can not realize infrastructure projects such as metro investments that require large amounts of fixed capital investment, without a central government guarantee. 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.

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. In Turkey, project financing, taxation of value increase and application of revenue partnership models by establishing legal and legal infrastructure can be considered as alternative models. Other alternative models in financing infrastructure projects that require large resources such as metros include the possibility of using public-private partnerships, real estate investment partnerships, or capital market instruments such as Islamic financing and bonds. Real estate development and management experts are needed in project development, valuation and implementation processes in local governments, transportation, and infrastructure works.

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

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