Having effective and efficient financing is one of the most critical steps in accelerating public infrastructure development, including toll roads. This study aims to identify critical success factors (CSFs) for implementing toll infrastructure financing in Indonesia. Thirty-three CSFs have been identified from the literature review. A Delphi survey was conducted involving a panel of experts in the infrastructure industry. Based on the survey, it is known that the internal rate of return, affordability, investment decisions, commercial banks, financing costs, interest rate risk, control of cash flow, contract scope, and principles of risk transfer are important factors for implementing toll infrastructure financing in Indonesia. This study fills research gaps by developing a CSF model for successful toll road infrastructure financing in Indonesian PPPs, considering private perspectives and aiming to provide insights for investors and enhance understanding of country profiles in developing countries. The focus on toll road implementation in Indonesia contributes to a comprehensive understanding of CSFs for PPPs in the country.

Original languageEnglish
Article number135
JournalInternational Journal of Financial Studies
Issue number4
Publication statusPublished - Dec 2023


  • Indonesia toll roads
  • business entity perspective
  • critical success factors
  • financing implementation


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