Construction of the new air terminal in Astana: problems and solutions

The paper has emphasized the value of the civil aviation as a meaningful sub-sector of transport logistics of the country. An example of the project on construction of the Astana Air Terminal has served as a case study for this paper. The authors explored the implications associated with the project implementation and revealed an essential increase in the project costs. As with the objective of finding the reasons behind project costs increases, the study explored the project financing methodologies, as applicable under Kazakhstan’s realities. As one of the specificities of Kazakhstan’s project financing, the study investigated distinct features of public investment projects (PIP), using, among other research techniques, the case study methodology. The outcomes of the study reflected the appropriate project financing methodology, adaptable to Kazakhstan’s PIPs, in future. The suggested methodology envisaged the use of the LC mechanisms, as the most risk-neutral project financing mode. The practical value of the results of this research is that they can be useful both for regulators who make decisions on projects, and for project mangers who use the proposed knowledge in planning, managing and implementing projects. The analysis focuses the reader’s attention on the absence of a specific, acceptable for all participants in the project PIP definition, which complicates the typology and categorization of investment projects. In this regard, the authors point to the need for further research in this direction to prevent the increase in the project cost of Kazakhstani PIP in the future.

инвестиционный проект, проектное финансирование, методология, аккредитив, эффективность, стоимость, инфраструктура, транспорт, public investment project, project financing, methodology, Letter of Accreditation, efficiency, cost, infrastructure, transport, инвестициялық жоба, жобалық қаржыландыру, әдiстеме, аккредитив, тиімділік, құны, инфрақұрылым, көлік

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