Tel: +998977838464

No. 8 (2026)
Marketing

Scientific articles

XORAZM VILOYATI HUDUDI IQTISODIYOTIDA DAVLAT-XUSUSIY SHERIKLIGI LOYIHALARIDA RISKLARNI BOSHQARISH

DOI 10.67668/mj/2026iss8/2123 Pages 508-517

Published 2026-08-30

Authors
Ataniyazova Maksuda Baltabayevna
Affiliation
Urgench State University image/svg+xml
PDF (Uzbek) Google Scholar Google Scholar

Abstract

In sub-national economic systems, the effective identification, allocation, and mitigation of project risks within Public-Private Partnerships (PPPs) serve as critical determinants for infrastructure delivery, fiscal sustainability, and private investor mobilization. This study provides a comprehensive empirical and institutional evaluation of risk-management frameworks governing PPP initiatives across key socio-economic sectors in the Khorezm Region of Uzbekistan. Utilizing a multicriteria qualitative and quantitative risk-assessment methodology, the research systematically evaluates five primary risk categories: political/regulatory, financial/market, construction/completion, operational, and demand risks across regional energy, transport, utility, healthcare, and tourism projects. The empirical findings reveal that contemporary regional PPP execution in Khorezm suffers from structural asymmetric risk transfer, wherein sub-national public authorities disproportionately offload land entitlement liabilities, utility connection delays, and long-term demand volatility onto private sponsors. This misalignment elevates private debt risk premiums, inflates pre-investment transaction costs, and causes substantial financial closure delays. Furthermore, sub-national administrative bodies exhibit severe capacity deficits in continuous quantitative risk monitoring and contingent liability valuation. To address these systemic vulnerabilities, the author formulates a dynamic, localized Regional PPP Risk Allocation Matrix and proposes a multi-layered risk-mitigation framework incorporating state-backed Minimum Revenue Guarantees (MRGs), Viability Gap Funding (VGF) cushions, and a digitized real-time risk tracking system. Ultimately, this research offers regional decision-makers and institutional investors an operational toolkit to optimize risk-sharing parameters, reduce transaction friction, enhance project bankability, and foster investment resilience in the Khorezm Region.

Keywords

public-private partnership (PPP), risk management, risk allocation matrix, Khorezm region, regional economy, contingent liabilities, minimum revenue guarantees (MRGs), investment bankability

References

  1. Asian Development Bank. (2025). Public-private partnership monitor: Uzbekistan. Asian Development Bank. https://doi.org/10.22617/SGP250517-2
  2. Bing, L., Akintoye, A., Edwards, P. J., & Hardcastle, C. (2005). The allocation of risk in PPP/PFI construction projects in the UK. International Journal of Project Management, 23(1), 25-35. https://doi.org/10.1016/j.ijproman.2004.04.006
  3. Engel, E., Fischer, R. D., & Galetovic, A. (2014). The economics of public- private partnerships: A basic guide. Cambridge University Press. https://doi.org/10.1017/CBO9781139565615
  4. Grimsey, D., & Lewis, M. K. (2002). Evaluating the risks of public private partnerships for infrastructure projects. International Journal of Project Management, 20(2), 107-118. https://doi.org/10.1016/S0263-7863(00)00040-5
  5. Iossa, E., & Martimort, D. (2015). The simple microeconomics of public- private partnerships. Journal of Public Economic Theory, 17(1), 4-48. https://doi.org/10.1111/jpet.12114
  6. Irwin, T. C. (2007). Government guarantees: Allocating and valuing risk in privately financed infrastructure projects. World Bank. https://doi.org/10.1596/978-0-8213-6858-9
  7. Jorion, P. (2007). Value at risk: The new benchmark for managing financial risk (3rd ed.). McGraw-Hill
  8. Ke, Y., Wang, S., Chan, A. P. C., & Lam, P. T. I. (2010). Preferred risk allocation in China’s public-private partnership (PPP) projects. International Journal of Project Management, 28(5), 482-492. https://doi.org/10.1016/j.ijproman.2009.08.007
  9. Loosemore, M., & Cheung, E. (2015). Implementing systems thinking to manage risk in public private partnership projects. International Journal of Project Management, 33(6), 1325-1334. https://doi.org/10.1016/j.ijproman.2015.02.005
  10. OECD. (2012). Recommendation of the Council on principles for public governance of public-private partnerships. OECD Publishing. https://legalinstruments.oecd.org/en/instruments/OECD-LEGAL-0392
  11. Williamson, O. E. (1998). Transaction cost economics: How it works; where it is headed. De Economist, 146(1), 23-58. https://doi.org/10.1023/A:1003263908567
  12. World Bank. (2020). Benchmarking infrastructure development 2020: Assessing regulatory quality to prepare, procure, and manage PPPs and traditional public investment in infrastructure projects. World Bank Group. https://bpp.worldbank.org/en/report
  13. Oʻzbekiston Respublikasining 2019-yil 10-may OʻRQ-537-son “Davlat- xususiy sheriklik toʻgʻrisida”gi Qonuni. https://lex.uz/docs/4329270
  14. Mustafakulov, Sh. I. (2017). Investitsion muhit jozibadorligi: nazariya, metodologiya va amaliyot. “Iqtisodiyot” nashriyoti
  15. Oʻzbekiston Respublikasi Iqtisodiyot va moliya vazirligi. (2023). Oʻzbekiston Respublikasida davlat-xususiy sheriklik loyihalarini rivojlantirish va shartli majburiyatlarni boshqarish boʻyicha tahliliy hisobot
  16. Vaxabov, A. V., & Xajibakiyev, Sh. X. (2020). Davlat-xususiy sherikligi: oʻquv qoʻllanma. “Iqtisod-Moliya” nashriyoti
  17. Xolmoʻminov, Sh. R., & Berdiyev, G. I. (2021). Hududiy iqtisodiyotda infratuzilma loyihalarini moliyalashtirishda davlat-xususiy sherikligi mexanizmlarini takomillashtirish. Iqtisodiyot va innovatsion texnologiyalar, (4), 45-56

Downloads

Download data is not yet available.