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period, the concessionaire acts as owner. At the end of the concession period, the concessionaire
transfers the ownership of the facility free of liens to the principal at no cost [3].
In the broader sense, the BOT model may be defined as the realization of a public
structure, investment or service through the financing by a private company and its operation by
the latter for a period determined by the public, and its selling to public institutions any goods or
services, which the it has produced during this period, pursuant to a tariff mutually determined
by the parties, and its transferring the facilities, which it is operating, in a well-maintained,
complete and functional manner, to the public institution at the end of the period [4].
Again, according to another definition made based on contracts executed, the BOT model
is a regime where any public service or activity or public works are prepared as project, financed,
built, protected by realization of an investment based on a fixed amount, all expenses being
provided for by a private enterprise, under the guarantee that the country purchases the goods or
services produced, and which ensures the transfer and delivery to the relevant public institution
or establishment of the facility and management at the end of the period upon amortization of the
capital invested and realization of the profit through its operation for a certain period [5].
1.3 Purposes of implementing the Build-Operate-Transfer model
i. Decreasing the financial burden in the publics infrastructure projects and thus toincrease the public productivity,
ii. To make the country gain foreign financial resources, advanced technology, know-how and experience accumulation in terms of the project. To provide new enterprise
and profit areas and to make contributions to the public finances by forming tax
assessments,
iii. To remove any probable need for foreign borrowing in the said investment areas andthus not to increase the countrys foreign debt burden,
iv. To bring in management efficiency, responsibility, timing, total quality concept andstandardization properties to the public sector regarding profitable and efficient
private sector operations especially as a result of cooperation and joint ventures,
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v. To make a favourable contribution to the policies of narrowing the public share ineconomy and increasing the efficiency and productivity of public resources, along
with the privatization model, to use the BOT model as an indirect privatization
method,
vi. To make a favourable contribution to the employment problem, which the labor-intensive capital preferences could not solve for years, by technology-intensive
capital [8].
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CHAPTER 2
CHARACTERISTICS OF BOT MODEL [4]
2.1 Main CharacteristicsThe main characteristic of the model is to solve the problem of financing required by
certain public structure investments and consequently to ensure the realization of the investment.
The reason for the models emergence is essentially the publics financing straits. By means of
this method, the financing straits is overcome in the investment period and the financing is
realized by being spread over time, through the consideration taken from the users for any goods
or services produced during the operational period.
Along with focusing essentially on the publics financing straits in terms of benefiting
from the model, the increase of service efficiency per the private sector in view of the public
establishments failure to function efficiently, has also arisen as a reason. At the same time, the
fact that the private sector brings in advanced technology for this kind of projects both at the
stage of investments as well as operation increases the projects production, service efficiency
with the concept of efficient operation and management.
The functioning of the BOT model is not only limited to new investments. Reference
may be made to this model for complementary investments or renewal investments as well. The
model is applicable for new investments as well as for the renewal of existing facilities, which
have fallen behind in terms of technology, or for the completion of unfinished investments. BOT
models are conducted in the framework of implementation agreements (CONCESSION
CONTRACTS) made between the parties. In these agreements, one party is the public institution
or establishment, whereas the other party is the private company in charge of realizing the
project.
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One party of the contract is the public institution or establishment, whereas on the other
hand, there are consortiums which generally include international establishments as well. In
order to realize the investment, sponsor companies establish a separate company (Project
Companyjoint investment company or Project Company) the subject of activity of which is to
realize the relevant project. If requested, the public may also participate in the established
company with a limited capital share.
At the end of the contractual period, the facility shall be transferred free of charge to the
state or any establishment deemed appropriate by the state, free of all kind of liabilities and
commitments in a sound und functional condition, whereas prior to the end of the contractual
period the same liabilities shall be applicable as well (except for force majeure) [6].
2.2 The Parties
There are many parties in the realization of the investment projects by the BOT model. In
a typical BOT project there is, for instance, the host country, the state establishment holding the
position of the projects holder, lending establishments, insurance establishments, technical,
financial and legal consultants, construction companies to realize and execute the project (Joint-
Venture Corporation) and sponsor firms.
In the build-operate-transfer model, there is a system established with the relation of
many parties in comparison to other construction models. The number of contracts regulating the
relations between these parties is quite high, and even though the parties and the number of
contracts varies according to factors such as the structure, magnitude of the project, the parties
and contracts existing in most of them have been briefly described as follows. (Figure 2.1).
The host country is the country where the project is realized. It denotes the establishment
in charge of the project, the State establishment (administration), the joint investment company
as well as the institution executing the implementation-concession-contract. The joint-venture
company denotes the company, which has been founded by the companies realizing the
investment, pursuant to the concession contract in accordance with the countrys law.
The Investor Banks are the banks providing the financing of the investment. These banks
are defined as lending establishments and loan agreements are made with them. Joint investment
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company holding parent companies (sponsors) are companies who establish the joint investment
company in the framework of the concession contract, who have come together in the framework
of the agreement and have a separate legal personality. Apart from these; parties such as the
Trustee Bank, Export credit banks and export insurance companies, subcontractor firms,
insurance companies, consultancy firms, standby credit and bridging loan banks are components
in the operation of this model.
In the BOT model, an international consortium bidding for a certain project designs the
project, ensures and assures the financing necessary for the construction, builds the project in the
host country and operates it throughout the duration stated in the contract. The realization of
these procedures requires a quite complex structure. In a BOT project, there are many parties and
more than one contract regulating the relations between these parties [7].
Figure 2.1: Structure and Operation of BOT Projects
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2.3 Expectations of the parties in the Build-Operate-Transfer model
2.3.1 The Public (User)
Ability to render the service Provision of permanence of the service Increase of service efficiency Increase of service quality and variety Protection of environment and community health Optimization of service tariffs Public Administration Provision of investment and investment funding by out-of-budget means Convenience, permanence and efficiency in the performance of legal duties Decrease and keeping under control of operational costs Ability to reserve more equity for investments Decrease of financial costs Ensuring regular and preventive professional maintenance of the assets Optimization of life-span of assets and decrease of need for new investment Decrease of management burden of the business and focusing on essential duties Benefiting from the elasticity and speed of the private sector Easy realization of technology transfer and innovations
2.3.2 Operator and/or investor
Profit (anyone who cannot produce profit in the private sector cannot sustain itselfand cannot produce service)
Ensuring customer satisfaction (Public institution and consumers) Increase of competitive facilities (technological, corporate and organizational
development)
Becoming trademark and increasing esteem Increase of business volume and ensuring its permanence
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CHAPTER 3
ADVANTAGES, DISADVANTAGES & PROBLEMS OF BOT MODEL
3.1 Advantages of the Model
a) Creating new and additional financing resources (Financial Additionality): One of themodels most important aims brought forward for developing countries is to increase the
foreign capital entry to the country and to able to benefit from its influences on the
economy. In this framework, it is suggested that the BOT model gives the opportunity to
realize any projects which shall not be able to be realized otherwise.
b) Advanced Technology Transfer and Training: In case projects requiring advancedtechnology are realized per foreign companies, advanced technology shall enter the
country. Likewise, in case of a BOT project, there shall also be a training program to be
presented regarding usage prior to the transfer of the facility. Therefore, possibility is also
given for the training of the employees.
c) Efficiency: It is suggested that the private sector may make a better evaluation in terms ofthe realization of which project would be more feasible, and that it shall realize the
projects design, building and operation more efficiently, and it is considered that the
economic efficiency shall thus increase.
d) Measure of Evaluation (Benchmark): As an extension of the property mentioned in theprevious item, a project conducted per private sector may be used as a measure in terms
of evaluating the efficiency of similar projects available with the public.
e) Decrease of Public Share in Infrastructure Investments: Thanks to the model, the stateshall get away from the financial pressure regarding the realization of infrastructure
investments; this circumstance shall have favorable influences on the budget.
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f) Privatization: The BOT model shall also be an important step made towards privatizationof some activities traditionally conducted per the private sector. However, taking into
consideration that the facilities shall be transferred to the state at the end of the
contractual period, it is not possible to speak entirely of a privatization.
g) Facilitating the Choice between Investments: In the BOT model, the state, in a sense,assigns the task of evaluating the projects, which are presented to it and among which it
has to choose, to the private enterprise, and thus, the private sector realizes the project
that is most appropriate in economical terms by the profit maximization criteria.
3.2 Disadvantages of the Model
a) Requiring a Complex and Long Process: The model features a quite complex andsophisticated structure. Many parties have to negotiate and reach an agreement on a great
number and variety of documents. Whereas this takes a certain time, money and requires
that people trained in this matter concentrate on this matter.
b) High Costs: The second criticism made regarding BOT is that the cost of any projectrealized by this model is higher in comparison to any project realized by budgetary or
credit means. Especially in case where a certain profit yield is given and goods and
services are priced on the cost + profit basis, there is the probability that investment
and operational costs are kept as high as possible. It may be expected that this model is
more expensive than any investment to be realized by means of domestic and foreign
resources to be provided by the public by its own means. It shall be strived for obtaining
the profit, which shall be gained both at the investment stage (Contracting services) as
well as at the operational stage (as Operator), at the top points.
c) The ability to draw this profit to a reasonable level is closely related to the skill of theteam conducting the negotiations in the public.
d) Excessive Sensitivity to Political, Economical Stability: Another disadvantage of themodel is that the investment to be made reaches very high amounts, which its return is
long and that due to the fact that the other party in the contract is the public
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administration, especially foreign capital shows very much sensitivity regarding political
and economical stability for making an investment.
e) Eddy/Tornado Effect: In case any of the decisions adopted at any stage unfavorablyaffect the decision of any party, this circumstance does also affect the other parties in the
same way and the negative effects gradually increase and even prevent the realization of
the project. In order to avoid this circumstance which is called the eddy effect, it is
necessary to ensure that the other parties also contribute to the decisions favorably at
every stage, what causes the above mentioned delay [9].
3.3 Problems related to the operation of the Build-Operate-Transfer model [8]
3.3.1 Technical Problems
Generally, the feasibility reports (comprising also technical reviews to a certain extent)
are given to entrepreneurs, who wish to make any investment in the framework of this model,
during the tender stage by the relevant public institution. The better these reports are prepared,
the less the contracts, which shall be built on them, shall create any problems in the future and
the more they shall be reports not leading the parties to disputes. It is clear that if these studies
are reported without being made very well, they shall be accompanies with great problems. The
entrepreneur has almost not the chance to study the technical data of the feasibility report in the
limited period during this tender stage.
3.3.2 Economical and Financial Problems
The basic problem is to find financing for projects put out to tender. In other words, to
find and ensure the coming up of entrepreneurs (generally foreign) to be realized the projects.
This is to a great extent directly related to the political and economical stability of a country.
Another problem is that, since qualification is a precondition in tenders, many domestic firms
and especially contracting firms, domestic firms having applied to these tenders and having been
awarded the contract, have been seeking foreign partners and this has mostly remained as
symbolic partnerships on paper, and the targeted operational experience has not been transferred.
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CHAPTER 4
SELECTING & SUCCESSING BOT MODEL
4.1 Factors in Choosing the Build-Operate-Transfer Model
By means of this model, it is aimed at realizing extensive investment projects such as
tunnels, ports, power plants, barrages, waste water clarifying plants, natural gas and oil pipelines,
aerodromes, motorways. As is known, the development of developing countries depends on
investment, whereas investment depends on resources which may be allocated for this purpose.
In developing countries there are straits of resources, mainly of investment capital, and
consequently the resources available have to be directed to investments in a planned,
programmed, balanced and rational manner. Therefore, in countries where public resources are
insufficient, the BOT model is considered as a suitable solution. In investments projects to be
realized by the BOT model, there are many factors providing the contribution of foreign capital
by international establishments and the private sector.
In the BOT model; the fact that the increase of population and economic growth
constantly give rise to the need for additional infrastructure investment and that it is difficult or
impossible that these investment projects can be realized by public resources, that there is an
intensive competition between manufacturers and commission houses active in the energy and
transport sectors, that the private sector discipline and dynamism is also formed in public sector
investments, that the business volume of international contractual firms has narrowed, as in the
early 80s, etc. factors are stimulating participation.
The Build-Operate-Transfer model is an important financing model used in the
realization of infrastructure investments. The BOT model is rather used in underdeveloped
and/or developing countries where the public resources are insufficient, where there is financing
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straits in investments foreseen to be made. The most important characteristic of the model is that
investment requested can be made with out-of-budget resources. The BOT model requires the
gathering of many parties depending on the structure of the project. Consequently, subjects such
as the relations between the parties and division of labour are ultimately significant for the
successful conduct of the project.
Factors such as the magnitude of the amount of the investment to be made, finding the
financing resources of the project, the completion of the investment on time and the high rate of
borrowings give rise to certain risks in terms of the parties in the realization of the BOT projects.
Therefore, while evaluating the BOT projects, any risks probable to be encountered should be
analyzed in detail. These may be outlined as follows [10]:
Nature of the projects to be made Realization of the projects based on the foreign currency Cost of the project Determination of the price of the goods or products to be produced Uncertainty in obtaining the revenues requested Political and economic conditions of the country in which the investment shall be made Financial risks Inflation risk Interest rate risk Foreign exchange risk
Figure 4.1: Risk Encountered with BOT Model
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Risk distribution in BOT, Each sector risk transfer in BOT is shown in the below table.
Table 4.1: Risk distribution in BOT
4.2 Factors which may affect the Success of the BOT Model [11]
i. Formation of the legal frameworkii. Structure of the economic framework
iii. The fact that the project is powerful, feasible and appropriate in financial termsiv. The fact that the credit change is high and the country risk manageablev. Stability of politics
vi. The fact that the firms realizing the project are experienced and reliablevii. The fact that the construction firm has sufficient experience and resources
viii. An open and accurate bidding processix. The properties of the sector and determination of the projects priority x. Forming profit-based cooperation in the public and private sector
xi. Structuring the project in a manner to be completed on time and with a suitablecost
xii. Distribution of the project risks among the parties in a rational mannerxiii. Rational feasibility studiesxiv. The countrys political stability
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CHAPTER 5
PROCEDURE OF BOT MODEL
5.1 Stages of BOT Procurement System
Generally, BOT project mostly will go through 6 different stages which include
preliminary study of the project, selection of the suitable project company, project
implementation, construction of the facility, operation of the facility and lastly transfer of
ownership of the facility. It can then be sub-divided into two parts which include pre-
implementation of the project and the concession period of the project. In the first part, a
feasibility study of the project is carried out and a reliable project company is selected. In the
second process, the selected project company is awarded the concession to construct and manage
the facility. In the end of the concession period, the concessionaire has to hand over the
ownership of the facility back to the government. Figure 5.1 below shows different stages that
BOT project will go through.
Figure 5.1: Stages of BOT Procurement System
5.1.1 Preliminary Study
The government determines project requirements by using information at his disposal.
The government identifies the services needed in the project and listed down the facility needed
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to be built. Perhaps, the government may employ experts to help with the project definition and
conduct a feasibility study to identify the practicability of the project.
5.1.2 Selection
There are two forms of proposal in BOT project which include the solicited and the
unsolicited project proposals. The former generally refers to public tendering process which the
government takes the initiative to request f or submission of proposal f or those who are
interested in the infrastructure project. Whereas under the unsolicited mode, the private company
take the first step to submit their project proposal. After the submission of proposals by the
private companies, an evaluation process is done by the government to study and select the most
suitable private company. Here, the project is granted to the selected private company
(concessionaire).
5.1.3 Project Implementation
Once the project is granted to the concessionaire, the concessionaire will start to produce
a detailed working program which involving the design work of the project. The concessionaire
has to first obtain legal permit f rom the related institution to develop the project.
5.1.4 Construction
After the necessary legal proceeding, the contractor executes the construction in
accordance with plans and specification. In the same time, the contractor will also hire a few
numbers of subcontractors, consultants in order to deliver the project on time.
5.1.5 Operation
After completing the construction of the facility, the concessionaire will then secure an
operator to operate and manage the facility. The operator is also responsible to the maintenance
job of the facility.
5.1.6 Transfer
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After completion of the concession period, the ownership of the facility is then
transferred to the government at no cost. The government may operate the facility by itself or
hire another operator.
5.2 Operation of the Build-Operate-Transfer Model
The Build-Operate-Transfer (BOT) is considered as an important project financing model
used in the realization of infrastructure investments. The model has been rather developed for the
purpose of providing means for the realization of any large-scale investments required, by using
resources to be provided by the private sector and international establishments, by means of out-
of-budget resources, in the realization of projects aiming at the cooperation of the public and the
private sector, in underdeveloped and/or developing countries with insufficient public resources.
By means of this model, it is aimed at realizing large scale investment projects such as
tunnels, ports, power plants, barrages, waste water clarifying plants, natural gas and oil pipe lines,
aerodromes, motorways, etc. As is known, the development of developing countries depends on
investment, whereas investment depends on the resources to be allocated for this purpose. In
developing countries, there are straits of resources mainly regarding investment capital;
consequently the resources available have to be directed to investments in a planned, program,
balanced and rational manner. Therefore, in countries and in our country where public resources
are insufficient, the BOT model is considered as a suitable solution.
There are many factors providing the contribution of international establishments, private
sector and foreign capital to investment projects to be realized by means of the BOT model. In
the BOT model; the fact that the increase of population and economic growth constantly give
rise to the need for additional infrastructure investment and that it is difficult or impossible that
these investment projects can be realized by public resources, that there is an intensive
competition between manufacturers and commission houses active in the energy and transport
sectors, that the private sector discipline and dynamism is also formed in public sector
investments, that the business volume of international contractual firms has narrowed, as in the
early 80s, etc. factors are stimulating participation.
There are many parties in the realization of investment projects with the BOT model. In a
typical BOT project there are, for instance, the host countries, the state establishment holding the
position of the projects holder, lending establishments, insurance establishments, technical,
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financial and legal consultants, the company to realize the project (Joint-Venture Corporation)
and sponsor firms. The operation of the BOT model is shown in the following diagrams.
Figure 5.1: Stages in a BOT competitive procurement procedure
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Figure 5.2: Actual Operation of BOT Model Providing the Financing from Out-of-Budget
Resources
5.3 Tender Evaluation in the BOT ModelSince the said method adopts the aim of speeding up for grand and special public
investments, the elements forming the basis of the tender decision should have been associated
with the concepts of speed and time as well. The relevant public units have, in the investment of
extending and developing the Airport terminal buildings, both assumed the period of competing
the investment and putting the facility in commission as a factor as well as considered the
operational period prior to the delivery of the facility by the investing group to the public as
basic distinctive element. Therefore, the guaranteed passenger numbers, the incomes left and the
period of construction have been shaped accordingly.
The contractual articles having foreseen the inclusion of the period, yield from the period
of construction, to the operational period have been a basic parameter for the firms having
participated the tender and been awarded the contract. In this framework, the period of the
investments realization has been determined by the Administration as reasonable, but as short as
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possible. On the other hand, the period during which the group, who shall be awarded the
contract from among the participants and who shall realize the investment, shall operate the
facility on their own behalf after the end of the constructional period has been determined as a
basic parameter of comparison. In order to stimulate and encourage the rapid realization of the
investment, it has been foreseen that in case the task is completed and the facility is put in
commission earlier, this period gained shall be added to the operational period bid by the
investor during the tender.
This concept has resulted in the emergence of rational, practical and meaningful bid
evaluation criteria. The incomes left to the contractor firm and the guaranteed passenger numbers
havebeen important elements influencing the firms bids. In the contractual specifications these
matters have been explicitly determined. Another important matter effecting the tenders was the
necessity that the building firms have had a similar operational experience before. This has
brought with it the joint venture-consortium with foreign aerodrome operating firms.
5.4 Framework of the Concession (Implementation) Contract
The framework of the Concession Contracts mainly consists of the following items:
The parties, subject of the contract, its duration, general principles of the investment and services,
standard and quality of the goods and services, determination of the financing charge,
commissioning, acceptance and business operation date, delay and cost variations in the
completion of the task during the investment period, nationalization, guarantee, monthly and
annual activity reports, supervision, security, safety and environmental measures, force majeure,
insurance, maintenance and repair, assignment of duty, termination, transfer of facility at the end
of the period, transfer prior to the end of the period, credits, responsibility and compensation,
administrative fault, training, applicable law and settlement of disputes, contractual expenses,
notices, language of the contract, amendments in the contract, other contracts, other matters,
enforcement date of the contract.
As parties in the concession contracts, the ministry or any establishment associated with
the ministry or any municipality denotes the administration, whereas the company commissioned
denotes the contractor. The subject of the contract is the preparation of the project of the facility
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and its supplementary (supplied parts), their construction, the building of all technical
installations, their operation and transfer in accordance with the contract. Principles of the
investment and the service as well as the total investment amount and the standards of the goods
or services to be produced are included in the contract. Along with determining the form of
financing the investment, increases required in the financing parallel to the increase occurring in
the investment amount, the administrations approval of the credit conditions, the agreement of
the administration in the determination of the operational capital and similar matters are included
in the relevant articles [12].
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CHAPTER 6
FINANCING CONSIDERATION
6.1 Economical Sustainability of the Project
The economical sustainability of the BOT Project should be proved to the potential
investors and creditors. That is to say, the project should be able to produce income in a
proportion ensuring the repayment of the earnings yield to be provided in consideration of the
principal and interest payments of the credits obtained the equity and equity return. Since the
income to be obtained from the project should be at a level sufficient to provide for the projects
debt service, the total cost of the project should be estimated and assurance should be given to
the creditors as well as the investors that the project shall be realized and operated as planned [9].
6.2 Cost of the BOT Projects
The most important matter to be taken into consideration in the framework of this model
is the determination whether the cost of the BOT project is higher than the project cost financed
by the state by means of direct borrowing, whether this cost to be used is reasonable in the
framework of the project which is inapplicable due to budgetary impossibilities. If as a result of
the analysis it turns up that the models cost is high, its chargeshall be paid by the state and the
final users [13].
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6.3 Components of the Total Investment Cost in BOT Projects
Despite the fact that cost items vary according to the characteristics of the projects, it is
necessary to determine the cost items of an infrastructure project and, as a result of this, the total
investment cost. These cost items are as follows [14].
6.3.1 Cost Items
Construction Expenses First Draft and Final Project Expenses Machinery and Equipment Expenses Project Preparation/Coordination
6.3.2 Total Construction Cost
Consultancy and Control Services Management Expenses Insurance Expenses
6.3.3 Total Engineering and Control Services
Nationalization
6.3.4 Operational capital
Operational expenses Taxes
6.3.5 Total Other Expenses
Conditional Expenditure
6.3.6 Total Capital and Cost
Financing expenses Interest expenses
6.3.7 Total Financing Expenses
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6.3.8 Total Investment Cost
The above described costs are included in the projects feasibil ity study. In the BOT
projects, the total investment cost are revised by taking into consideration the cost arising until
the project reaches the enforcement stage [15]. The BOT projects consist of two different and
long stages being the construction and the operational period. The values of the goods and
services provided from abroad during the construction period until the date of the projects
enforcement and the date on which the investment is put in operation, may be subject to
escalation taking into consideration the inflation indexes of that country and the exchange rate
changes occurring between the local currency and the foreign currency, whereas in the
operational term of the project, only administrative and operational expenses are subject to
escalation [16].
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REFERENCES
[1] Prof. Drs. Ir. Sebastiaan C.M. Menheere, P. S, Case Studies on Build Operate Transfer.
Delft, The Netherlands, Delft University of Technology, 1996.
[2] Argyris G. Kagiannas, K. D., The role of Build Operate Transfer in promoting, Athens:
National Technical University of Athens, December 2003.
[3] Verhoeven, L., BOT in netherlands, university of technology, Delft, Netherlands, 1997.
[4] mre, E., Trkiyede Yap-let-Devret Modeli; Yasal ats, Uygulamas, Yksek
Denetleme Kurulu,34 ( 2001).
[5] Uur, O. Yap-let-Devret Giriim Modelinin Hukuksal Yn ve Ekonomik ve Mali
Etkileri, 1993 Yl Hesap Uzmanlar Kurulu Konferanslar IV, Maliye
BakanlmYaynlar, Ankara, 245 (1993).
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Yaklam Yaynlar,Ankara, 43-44 (1999).
[7] Uyduranolu, N., Trk Hukukunda Yap-let-Devret Modeli ve Benzeri Messeseler,
Uzmanlk Tezi,Hazine ve D Ticaret Mstearl, Ankara, (1994).
[8] Etiolu, E., Bte D Finans Teknii Yap-let-Devret Modeli ve Trkiye
Uygulamasnn Analizi, Trk Dnyas Aratrma Vakf Yaynlar, stanbul, 14-15
(1997).
[9] Private Sector Participation in Power Through BOT Schemes, Working Paper, The
World Bank Industry and Energy Department, 5 (1990).
[10] Atasoy, V., Trkiyede Kamu ktisadi Teebbsleri ve zelletirme Sorunu, Trk
Dnyas Aratrma Vakf Basm Evi, stanbul, 187 (1993).
[11] Augenblick, M., Custer S.B., The Build Operate and Transefer (BOT) Approach to
Infrastructure Projects in Developing Countries, Washington DC, The World Bank,Working Paper Series, No:498, 132-34 (1990).
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[12] Polatkan, V., Yap-let-Devret, Yaklam Yaynlar, Ankara, 16 (1997).
[13] Ersnmez, C., Yap let Devret Modeli ve Modelin Finansmanna likin Bir Analiz,
Uzmanlk Tezi,Hazine ve D Ticaret Mstearl, Ankara, 31 (1995).
[14] Hadi, S. E., Ramirez, M. T., Institutions, Infrastructure, and Economic Growth, Journal
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