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 A WORLD BANK STUDY

Sustainable Urban
Transport Financing
from the Sidewalk
to the Subway
Copyright © 2015. World Bank Publications. All rights reserved.

C A P I TA L , O P E R AT I O N S , A N D
MAINTENANCE FINANCING

Arturo Ardila-Gomez and

Adriana Ortegon-Sanchez

Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 Sustainable Urban Transport Financing
from the Sidewalk to the Subway
Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 A WO R L D BA N K S T U DY

Sustainable Urban Transport

Financing from the Sidewalk
to the Subway
Capital, Operations, and Maintenance Financing

Arturo Ardila-Gomez and Adriana Ortegon-Sanchez

Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 © 2016 International Bank for Reconstruction and Development / The World Bank
1818 H Street NW, Washington, DC 20433
Telephone: 202-473-1000; Internet: www.worldbank.org

Some rights reserved

1 2 3 4 18 17 16 15

World Bank Studies are published to communicate the results of the Bank’s work to the development com-
munity with the least possible delay. The manuscript of this paper therefore has not been prepared in
accordance with the procedures appropriate to formally edited texts.
This work is a product of the staff of The World Bank with external contributions. The findings, inter-
pretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank,
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Attribution—Please cite the work as follows: Ardila-Gomez, A. and A. Ortegon-Sanchez. Sustainable
Urban Transport Financing from the Sidewalk to the Subway: Capital, Operations, and Maintenance
Financing. 2016. Washington, DC: World Bank. DOI: 10.1596/978-1-4648-0756-5.
Translations—If you create a translation of this work, please add the following disclaimer along with the
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Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@
worldbank.org.
ISBN (paper): 978-1-4648-0756-5
ISBN (electronic): 978-1-4648-0757-2
DOI: 10.1596/978-1-4648-0756-5

Cover photo: Pictures of (i) bike sharing and sidewalk in Beijing; and (ii) Rio de Janeiro Subway station
© Jean Paul Velez, used by permission. Further permission required for reuse.

Library of Congress Cataloging-in-Publication Data has been requested

Sustainable Urban Transport Financing from the Sidewalk to the Subway

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Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 Contents

Acknowledgments  ix
About the Authors xi
Executive Summary  xiii
Abbreviations  xv

Introduction1

PART 1 Sustainable Urban Transport Financing  3

Chapter 1 Challenges for Urban Transport Financing and Cities’

“Underfunding Trap”  5
Model Analysis of Urban Transport Finance Investments for
Cities of Different Scale  5
Insufficiency of Revenue Sources and the Underfunding
Trap  7
Impacts of Transport Underfinancing on Economic
Development and Urban Poor  11
Partial Strategies in Current Literature  12
Notes13

Chapter 2 Analytical Framework for Urban Transport Financing

from the Sidewalk to the Subway  15
Copyright © 2015. World Bank Publications. All rights reserved.

Framework Overview  15
Who Benefits Pays  15
Wise Investments: Sustainable Financing and Sustainable
Transport  17
Complementary Sources of Revenue and Addressing
Periodicity  18
Notes 18

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 vi Contents

Chapter 3 Framework Analysis of Public and Private Financing

Instruments  19
Overview  19
Measure of Benefits and Funding Periodicity  21
Revenue Levels and Financial and Transport Sustainability  23
Notes31

Chapter 4 From the Sidewalk to the Subway: Comprehensive

and Sustainable Urban Transport Financing  33
Combining Instruments to Finance Transport Investments  33
Moving Forward: Integrated Transport Planning, Wise
Investments, and the Role for Public Subsidies  35
Note37

Chapter 5 Conclusion  39

PART 2 Financing Instruments  41

Chapter 6 General Benefit Instruments  43

Public Transport Subsidies, Property Taxes, and National
and International Grants and Loans  43
Climate-Related Financing Instruments  48
Notes52

Chapter 7 Direct Benefit Instruments  53

Chapter 8 Indirect Benefit Instruments  61

Advertising and Employer Contributions  61
Value Capture Strategies  63
Notes78

Chapter 9 Public–Private Partnerships  79

Copyright © 2015. World Bank Publications. All rights reserved.

Bibliography87

Figures
1.1 Typical Pattern of Capital, Operation, and Maintenance
Expenditures for Transport  6
1.2 Total Estimated Costs (Capital, Operation, and Maintenance)
for Medium, Large, and Mega Cities over 20 Years  6
1.3 Infrastructure Needs (a) and Estimated Total Cost of Capital and
Maintenance (b) for Bogota’s Road Network over 20 Years  7

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 Contents vii

1.4 Schematic Representation of a City’s Underfunding Trap Based

on Empirical Data for the Bogota Transport System  8
1.5 Total Costs (Explicit and Implicit) and Benefits of Cars and
Public Transport  10
4.1 Use of Financing Instruments for Capital, Operations, and
Maintenance Costs by Urban Transport Mode 34
4.2 Use of Financing Instruments for Different Elements of the
Urban Transport System  35
6.1 Overview of Climate Financing Instruments  49
8.1 Value Capture Strategies and Spatial Distribution  65
9.1 Types of Public–Private Partnerships  80

Tables
1.1 City Sizes and Associated Transport Infrastructure  5
1.2 Main Revenue Sources in Urban Transport  9
2.1 Financing Instruments by Type of Beneficiary  16
3.1 Summarized Analysis Framework for Evaluating Urban
Transport Financing 19
3.2 Financing of Capital, Operations, and Maintenance Using
General Benefit Instruments  21
3.3 Financing of Capital, Operations, and Maintenance Using
Direct Benefit Instruments  22
3.4 Financing of Capital, Operations, and Maintenance Using
Indirect Benefit Instruments  22
3.5 Revenue Levels and Financial and Transport Sustainability
of General Benefit Financing Instruments  24
3.6 Main Elements of National Support Programs for Urban
Transport Projects  25
3.7 Revenue Levels and Financial and Transport Sustainability
of Direct Benefit Financing Instruments  27
3.8 Revenue Levels and Financial and Transport Sustainability
of Indirect Benefit Financing Instruments  29
6.1 Framework Analysis Results for Public Transport Subsidies  43
Copyright © 2015. World Bank Publications. All rights reserved.

6.2 Framework Analysis Results for Property Taxes  45

6.3 Framework Analysis Results for National and International
Loans and Grants  46
6.4 Framework Analysis Results for the Global Environment
Facility (GEF)  49
6.5 Framework Analysis Results for the Clean Technology Fund  50
6.6 Framework Analysis Results for the Clean Development
Mechanism  51
7.1 Framework Analysis Results for Parking Charges  53
7.2 Framework Analysis Results for Road Pricing  54

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 viii Contents

7.3 Framework Analysis Results for Congestion Charges  55

7.4 Framework Analysis Results for Fuel Taxes/Surcharges  57
7.5 Framework Analysis Results for Vehicle Taxation  58
7.6 Framework Analysis Results for Fare Box Revenue  59
8.1 Framework Analysis Results for Advertising  61
8.2 Framework Analysis Results for Employer Contributions  62
8.3 Overview of Value Capture Financing Mechanisms  64
8.4 Framework Analysis Results for Land Value Taxation and
Betterment Levies  65
8.5 Framework Analysis Results for Tax Increment Financing  67
8.6 Framework Analysis Results for Special Assessment  68
8.7 Framework Analysis Results for Transport Utility Fees  69
8.8 Framework Analysis Results for Development Impact Fees  71
8.9 Framework Analysis Results for Negotiated Exactions  73
8.10 Joint Development Categories by Ownership Features  75
8.11 Framework Analysis Results for Joint Development  75
8.12 Framework Analysis Results for Air Rights  77
9.1 Types of Public–Private Partnerships  80
9.2 Framework Analysis Results for Public–Private Partnerships  83
Copyright © 2015. World Bank Publications. All rights reserved.

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Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 Acknowledgments

The authors would like to thank the World Bank for providing the initial funds
to write this book. Also, we thank peer reviewers Shomik Raj Mehndiratta and
Victor M. Vergara for their careful review and comments, as well as anonymous
reviewers at the World Conference on Transport Research and the Latin
American Congress on Urban Public Transport (CLATPU), who provided com-
ments on earlier drafts. Leonardo Canon, Harvey Scorcia, and Anita Shrestha
provided support, comments, and suggestions as the research effort evolved.
Invaluable editorial assistance was provided by Anna van der Heijden. Aurelio
Menendez, Indu John-Abraham, Maria Dolores Arribas-Banos, Thierry Desclos,
Om Prakash Agarwal, Nancy Vandycke, Sara Sultan, Alejandro Hoyos, Kirti Devi,
and Luciana Silva also supported this effort. Financial support for the finalization
of this book was provided by PPIAF, which is a multidonor trust fund that
provides technical assistance to governments in developing countries to develop
enabling environments and to facilitate private investment in infrastructure. For
more information on PPIAF visit: http://ppiaf.org.
Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway

ix
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Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 About the Authors

Arturo Ardila-Gomez is Lead Transport Economist in the World Bank Group’s

Transport and ICT Global Practice. He comanages the Urban Mobility Global
Solutions Group at the Bank. He oversees a portfolio of transport projects and
research activities in China, Ecuador, and Mongolia and provides overall techni-
cal support to the East Asia transport portfolio, in particular Vietnam. He also
supports projects and peer reviews extensively for all regions in the Bank. Prior
to joining the Bank, he was director of the Transportation Studies Group at Los
Andes University in Bogota, Colombia. He is the author of several peer-reviewed
articles and a book. He is currently finishing research on Smart Cities, ITS,
Mobility, and Energy Efficiency.

Adriana Ortegon-Sanchez is a researcher at the Centre for Transport Studies and

the Accessibility Research Group in University College London-UCL. She con-
ducts research on visions for future sustainable and liveable cities and studies the
interaction between urban environments, mobility, and well-being. She is
involved in sustainable transport policies’ analysis and capacity-building projects
in Colombia, Cuba, Panama, and Peru, providing advice and training for low-
carbon mobility policies and nonmotorized transport strategies in cities. Before
joining UCL she worked as a consultant for the World Bank and the Inter-
American Development Bank on transport financial sustainability and gender
mainstreaming in public transport systems. She has extensive experience working
on conceptual designs of integrated transport systems in Colombian cities.
Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway

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Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 Executive Summary

Urban transport systems are essential for economic development and improving
citizens’ quality of life by providing access to places and activities for work, edu-
cation, services, or leisure. To establish affordable as well as high-quality transport
systems, cities must ensure their transport systems are financially sustainable:
revenue must be enough to pay for new investments in infrastructure while also
funding maintenance and operation of existing facilities and services.
Cities’ underfunding trap. Currently, many cities in developing countries are
stuck in an “underfunding trap” for urban transport. In these cities, the up-front
investments that are needed for new transport infrastructure are huge, while
revenue from their still small-scale and perhaps even poor-quality systems and
other sources is insufficient to cover maintenance and operation expenses, let
alone new investment projects. The urban transport financing gap in these cities
is further widened by the implicit subsidies for the use of private cars, which
represent only a minority of trips but contribute huge costs in terms of conges-
tion, sprawl, accidents, and pollution. Current literature presents several strate-
gies for cities to address this urban transport financing gap, but individual
strategies only partially address its complex causes.
Proposed analytical framework to assess and design urban transport financ-
ing. In this book, an analytical framework is proposed to support the design of
comprehensive urban transport financing. Based on the concept of “Who
Benefits Pays,” the framework presents a standardized approach for analyzing
and assessing available financing mechanisms (such as public sector funding,
farebox revenue, road tolls, or land value capture mechanisms) based on ben-
Copyright © 2015. World Bank Publications. All rights reserved.

eficiaries (general public or direct and indirect beneficiaries), funding periodic-

ity, and financial and transport sustainability. Within the framework, financial
sustainability is determined in terms of stability, political acceptance, and
administrative ease of instrument implementation, while transport sustainabil-
ity is measured in terms of economic efficiency, social equity, and environmen-
tal impact. The book also uses the concept of making wise investments, which
are investments that can decrease the funding gap by adding benefits and
reducing expenditures, especially over time.
Analysis of potential financing instruments. Using the framework, 24 types of
potential financing instruments are assessed in terms of their ability to fund

Sustainable Urban Transport Financing from the Sidewalk to the Subway

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Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 xiv Executive Summary

urban transport capital investments, operational expenses, and maintenance. The

analysis highlights the instruments’ individual strengths and weaknesses, but also
points to general trends for categories of instruments based on beneficiary type.
The findings suggest that instruments that charge the direct beneficiaries of
urban transport investments, such as passengers or drivers, may be politically and
administratively inconvenient but efficiently achieve sustainable transport goals.
In financial terms, these direct benefit instruments generate a continuous reve-
nue flow that can be used to address capital, operation, and maintenance
requirements. Charging indirect beneficiaries, such as developers and landown-
ers, is found to be slightly less efficient in terms of transport sustainability, but a
generally stable and convenient way to raise a large sum up front for capital
investments. Finally, the analysis of general benefit instruments underscores that
sustainable transport projects bring major economic, social, and environmental
benefits and thus could be funded by national or international institutions on
behalf of society. In this context of general benefits, however, only public trans-
port (not private-vehicle infrastructure) projects generate sufficient benefits to
justify society paying for their capital, operation, and maintenance costs. Private-
vehicle infrastructure needs to be financed through instruments that charge the
direct beneficiaries.
For cities that are investing in transport, the framework analysis also under-
scores the need to base urban transport financing on an appropriate mix of
complementary financing instruments, possibly involving multiple levels of gov-
ernment and different sectors. In particular for capital investments, a combina-
tion of grants and loans from funding agencies combined with investments
through public–private partnerships could finance large projects that benefit
society. Moreover, the property tax emerges as a key financing instrument for
capital, operation, and maintenance expenses.
Achieving comprehensive and sustainable urban transport financing. By
choosing the most appropriate sets of financing instruments and focusing on wise
investments, cities can design comprehensive financing for all types of urban
transport projects, using multilevel innovative revenue sources that promote
efficient pricing schemes, increase overall revenue, strengthen sustainable trans-
port, and cover capital investments, operation, and maintenance for all parts of a
Copyright © 2015. World Bank Publications. All rights reserved.

public transport system, “from the sidewalk to the subway.”

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Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 Abbreviations

BRT Bus Rapid Transit

CDM Clean Development Mechanism
CER Carbon Emission Reduction
CODATU Cooperation for Urban Mobility in the Developing World
CTF Clean Technology Fund
DIF Development Impact Fees
GDP gross domestic product
GEF Global Environment Facility
GIZ German International Cooperation
ITS intelligent transport systems
JD Joint Development
NE Negotiated Exactions
PPP Public–Private Partnership
PROTRAM Transportation Federal Support Program (Mexico)
TDM Transport Demand Management
TIF Tax Increment Financing
TUF Transportation Utility Fee
Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway

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Copyright © 2015. World Bank Publications. All rights reserved.

Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 Introduction

In many cities in developing countries, urban transport is characterized by severe

congestion and low-quality public transport. While a majority of trips is made by
public transport, trips take a long time. Meanwhile, with only a minority of trips
made by private vehicles, streets are congested and roads in poor condition. This
congestion and poor road quality are affecting economic development and fur-
ther hurt public transport—typically used by the poor and less affluent—as buses
also need to use the congested lanes. In addition, the urban development pattern
is further hurting the poor as they live farther away from job centers, and their
neighborhoods are frequently developed informally with precarious road net-
works, sidewalks, and other urban infrastructure. The low quality of these public
transport systems, the relatively small scale of the transit networks, and the poor
condition of roads and sidewalks indicate that these urban transport systems do
not have the financial resources to cover all costs, including capital investments
and operation and maintenance expenses. This large and increasing financing gap
for urban transport is currently seen as the main difficulty faced by cities trying
to improve their transport systems.
Indeed—as described in more detail in chapter 1—many cities in developing
countries are stuck in an “underfunding trap” for urban transport. In these cities,
the up-front investments that are needed for new transport infrastructure are
huge, while revenue from their still small-scale and perhaps even poor-quality
Copyright © 2015. World Bank Publications. All rights reserved.

systems and other sources is insufficient to cover maintenance and operation

expenses, let alone new investment projects. The urban transport financing gap
in these cities is further widened by the implicit subsidies for the use of private
cars, which represent only a minority of trips but contribute huge costs in terms
of congestion, sprawl, accidents, and pollution. While cars generate more costs
than benefits and public transport actually generates more benefits than costs,
explicit subsidies for public transport are subject to political controversy, while
the implicit subsidies for cars are not. Current literature presents several strate-
gies for cities to address this urban transport financing gap, but individual strate-
gies only partially address its complex causes.

Sustainable
Urban Transport Financing from the Sidewalk to the Subway 1
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Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
 2 Introduction

In this book, an analytical framework is proposed and applied to support com-

prehensive financing for urban transport systems, especially for cities in develop-
ing countries that need to close a growing financing gap. Based on the concept of
“Who Benefits Pays,” the framework presents a standardized approach for analyz-
ing and assessing available financing mechanisms based on beneficiaries (general
public or direct and indirect beneficiaries), funding periodicity, and financial and
transport sustainability. The book also uses the concept of making wise invest-
ments, which are investments that can decrease the funding gap by adding ben-
efits and reducing expenditures, especially over time.

This book is organized in two parts.

Part 1: Comprehensive and Sustainable Urban Transport Financing. Part 1
begins with a description of the main challenges to urban transport financing
and the key factors that are causing cities to experience an underfunding trap
(chapter 1). Chapter 2 then presents the analytical framework, based on the
“Who Benefits Pays” principle, which can be used to assess urban transport
financing instruments and design comprehensive financing. Key results for
different groups of instruments—direct benefit, indirect benefit, and general
benefit instruments—are presented in chapter 3. Next, chapter 4 builds on
the framework results of chapter 3 (as well as on the individual assessments
in part 2), to discuss how the various instruments could and in fact should be
combined to finance different modes and elements of the transport system,
providing key recommendations for designing comprehensive urban transport
finance schemes based on the framework findings. Finally, chapter 5 summa-
rizes the results of the framework implementation in an overall conclusion.
Part 2: Financing Instruments. The second part of this book presents the more
detailed and systematic analysis of 24 financing instruments using the standard
analysis framework introduced in part 1. While the findings in part 1 are based
on an “average” or the “most common” characteristics of each financing instru-
ment, the results of the framework analyses in part 2 present a more nuanced
description for each. In this part, the analyses of the instruments are organized by
the instruments’ type of beneficiary—general, indirect, and direct benefit instru-
ments—with additional information provided for each of those categories of
Copyright © 2015. World Bank Publications. All rights reserved.

instruments. Chapter 6 on general benefit instruments covers public transport

subsidies, property taxes, national and international loans and grants, as well as
climate-related financing instruments. Direct and indirect benefit instruments are
covered in chapters 7 and 8, respectively. Direct benefit instruments, for example,
include parking charges and road pricing, while indirect benefit instruments
cover advertising and employer contributions, as well as various value capture
instruments. Lastly, chapter 9 discusses public–private partnerships (PPP).

Sustainable Urban Transport Financing from the Sidewalk to the Subway

http://dx.doi.org/10.1596/978-1-4648-0756-5

Sustainable Urban Transport Financing from the Sidewalk to the Subway : Capital, Operations, and Maintenance Financing, World Bank Publications,
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