Urban transport systems are essential for economic development and
improving citizens' quality of life. To establish high-quality and
affordable transport systems, cities must ensure their financial
sustainability to fund new investments in infrastructure while also
funding maintenance and operation of existing facilities and
services. However, many cities in developing countries are stuck in
an "underfunding trap" for urban transport, in which large up-front
investments are needed for new transport infrastructure that will
improve the still small-scale, and perhaps, poor-quality systems,
but revenue 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 a minority
of trips but contribute huge costs in terms of congestion, sprawl,
accidents, and pollution. Using an analytical framework based on
the concept of "Who Benefits Pays," 24 types of financing
instruments are assessed in terms of their social, economic and
environmental impacts and their ability to fund urban transport
capital investments, operational expenses, and maintenance. Urban
transport financing needs to be based on an appropriate mix of
complementary financing instruments. In particular for capital
investments, a combination of grants - from multiple levels of
government - and loans together 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. By
choosing the most appropriate mix of financing instruments and
focusing on wise investments, cities can design comprehensive
financing for all types of urban transport projects, using
multi-level innovative revenue sources that promote efficient
pricing schemes, increase overall revenue, strengthen sustainable
transport, and cover capital investments, operation, and
maintenance for all parts of a public transport system, "from the
sidewalk to the subway."
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