Private financing of Spanish roads.

The authors trace the history of private sector involvement in funding roads in Spain and considers the current situation. Spanish motorways were all originally construted using purely private capital. The government was forced to intervene in the 1970s and the National Motorway Plan was replaced by toll-free expressways managed by the state or local authority. The current National Infrastructure Plan is placing a financial burden on public authorities and extra-budgetary financing is being considered. It is suggested that the Spanish toll motorway industry has had considerable experience in this field. One current agreement involves the improvement, extension and widening of certain motorways in return for an extended concession period and the off-setting of less profitable sections against the more profitable ones.