Spain.

This report summarises the methodology used for the appraisal of investment in transport infrastructure in Spain. The methodology has been developed for the Spanish Ministry of Transport, Tourism and Communications, and the Ministry of Public Works and Urban Planning, by the consultancy firm TEMA S.A. The activities of investment appraisal in the planning process include: (1) eight-year transport plans, aiming to fix the objectives, criteria and indicators for the transport sector to be used in the remaining stages of the planning process; (2) the four-year forecast of requirements, designed to identify possible imbalances between supply of and demand for transport infrastructure and services; (3) appraisal on individual investment projects; (4) four-year investment planning for all transport modes; (5) the monitoring of investment projects, which attempts to compare the real effects of each project with those forecast when the appraisal was made. Most Spanish central government agencies, with responsibilities for transport, have begun to apply the methodology through investment project appraisal. Appraisals have been made for ports, railways, airports and road transport. An annex summarises the methods used for financial, economic and social appraisal.