<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="en"><front><journal-meta><journal-id journal-id-type="publisher-id">ejebs</journal-id><journal-title-group><journal-title xml:lang="en">Eurasian Journal of Economic and Business Studies</journal-title><trans-title-group xml:lang="ru"><trans-title>Название журнала на русском</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2789-8253</issn><issn pub-type="epub">2789-8261</issn><publisher><publisher-name>University of International Business named after K. Sagadiyev LLP</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.47703/ejebs.v68i1.374</article-id><article-id custom-type="elpub" pub-id-type="custom">ejebs-71</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>Статьи</subject></subj-group></article-categories><title-group><article-title>Evaluating Public-Private Partnership Dynamics: the Kazakhstan Toll Road Case</article-title><trans-title-group xml:lang="ru"><trans-title></trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0009-0006-0548-4982</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Samoilov</surname><given-names>Andrey</given-names></name></name-alternatives><bio xml:lang="en"><p>Mr. (Sc.), Email: andrey.ehd@gmail.com</p></bio><email xlink:type="simple">andrey.ehd@gmail.com</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-6401-2700</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Narbaev</surname><given-names>Timur</given-names></name></name-alternatives><bio xml:lang="en"><p>PhD, Email: timur.narbaev@gmail.com</p></bio><email xlink:type="simple">timur.narbaev@gmail.com</email><xref ref-type="aff" rid="aff-2"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0001-6820-6644</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Castelblanco</surname><given-names>Gabriel</given-names></name></name-alternatives><bio xml:lang="en"><p>PhD, Email: gabriel.castelbl@ufl.edu</p></bio><email xlink:type="simple">gabriel.castelbl@ufl.edu</email><xref ref-type="aff" rid="aff-3"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-1003-176X</contrib-id><name-alternatives><name name-style="western" xml:lang="en"><surname>Mukashev</surname><given-names>Yerzhan</given-names></name></name-alternatives><bio xml:lang="en"><p>PhD candidate, Email: e.mukashev@kbtu.kz</p></bio><email xlink:type="simple">e.mukashev@kbtu.kz</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="en">Institute of Advanced Research and Sustainable Development, Almaty, Kazakhstan<country>Kazakhstan</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="en">Kazakh-British Technical University, Almaty, Kazakhstan<country>Kazakhstan</country></aff></aff-alternatives><aff-alternatives id="aff-3"><aff xml:lang="en">University of Florida, Gainesville, USA<country>United States</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2024</year></pub-date><pub-date pub-type="epub"><day>30</day><month>03</month><year>2024</year></pub-date><volume>68</volume><issue>1</issue><elocation-id>131–142</elocation-id><permissions><copyright-statement>Copyright &amp;#x00A9; Samoilov A., Narbaev T., Castelblanco G., Mukashev Y., 2024</copyright-statement><copyright-year>2024</copyright-year><copyright-holder xml:lang="ru">Samoilov A., Narbaev T., Castelblanco G., Mukashev Y.</copyright-holder><copyright-holder xml:lang="en">Samoilov A., Narbaev T., Castelblanco G., Mukashev Y.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://ejebs.uib.kz/jour/article/view/71">https://ejebs.uib.kz/jour/article/view/71</self-uri><abstract><p> </p></abstract><kwd-group xml:lang="en"><kwd>Economics</kwd><kwd>Economic Infrastructure</kwd><kwd>Project Management</kwd><kwd>Public-Private Partnership</kwd><kwd>Risk</kwd><kwd>System Dynamics</kwd><kwd>Toll Road</kwd></kwd-group><funding-group xml:lang="en"><funding-statement>This research was funded by the Science Committee of the Ministry of Science and Higher Education of the Republic of Kazakhstan (Grant No. AP14870295).</funding-statement></funding-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Ahamd, U., Ibrahim, Y., &amp; Bakar, A.A. (2018). Malaysian Public Private Partnership Projects: Project Success Definition. International Journal of Engineering and Technology, 7, 33-37. https://doi.org/10.14419/ijet.v7i3.30.18151</mixed-citation><mixed-citation xml:lang="en">Ahamd, U., Ibrahim, Y., &amp; Bakar, A.A. (2018). Malaysian Public Private Partnership Projects: Project Success Definition. International Journal of Engineering and Technology, 7, 33-37. https://doi.org/10.14419/ijet.v7i3.30.18151</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Akorda (2012). Official website of the President of the Republic of Kazakhstan. Available online: https://www.akorda.kz/en/events/astana_kazakhstan/participation_in_events/address-by-the-president-of-the-republic-of-kazakhstan-leader-of-the-nation-nnazarbayev-strategy-kazakhstan-2050-new-political-course-of-the-established-state-1 (accessed on 10 March 2024).</mixed-citation><mixed-citation xml:lang="en">Akorda (2012). Official website of the President of the Republic of Kazakhstan. Available online: https://www.akorda.kz/en/events/astana_kazakhstan/participation_in_events/address-by-the-president-of-the-republic-of-kazakhstan-leader-of-the-nation-nnazarbayev-strategy-kazakhstan-2050-new-political-course-of-the-established-state-1     (accessed on 10 March 2024).</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Alasad, R., &amp; Motawa, I. (2015). Dynamic demand risk assessment for toll road projects. Construction Management and Economics, 33(10), 799–817. https://doi.org/10.1080/01446193.2016.1143561</mixed-citation><mixed-citation xml:lang="en">Alasad, R., &amp; Motawa, I. (2015). Dynamic demand risk assessment for toll road projects. Construction Management and Economics, 33(10), 799–817. https://doi.org/10.1080/01446193.2016.1143561</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Alasad, R., Motawa, I., &amp; Ougunlana, S. (2013). A system dynamics-based model for demand forecasting in PPP infrastructure projects ? a case of toll roads. Organization, Technology and Management in Construction: an International Journal, 5(3), 791–798. https://doi.org/10.5592/otmcj.2013.3.4</mixed-citation><mixed-citation xml:lang="en">Alasad, R., Motawa, I., &amp; Ougunlana, S. (2013). A system dynamics-based model for demand forecasting in PPP infrastructure projects ? a case of toll roads. Organization, Technology and Management in Construction: an International Journal, 5(3), 791–798. https://doi.org/10.5592/otmcj.2013.3.4</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">The Big Almaty Ring Road Project (2019) Environmental and Social Impact Assessment Report. Available online: http://bakad.com.kz/?page_id=1175 (accessed on 10 March 2024).</mixed-citation><mixed-citation xml:lang="en">The Big Almaty Ring Road Project (2019) Environmental and Social Impact Assessment Report. Available online: http://bakad.com.kz/?page_id=1175 (accessed on 10 March 2024).</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Bing, L., Akintoye, A., Edwards, P. J., &amp; Hardcastle, C. (2005a). 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</mixed-citation><mixed-citation xml:lang="en">Bing, L., Akintoye, A., Edwards, P. J., &amp; Hardcastle, C. (2005a). 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</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Li, B., Akintoye, A., Edwards, P.J., &amp; Hardcastle, C. (2005). Critical success factors for PPP/PFI projects in the UK construction industry. Construction Management and Economics, 23, 459 - 471. https://doi.org/10.1080/01446190500041537</mixed-citation><mixed-citation xml:lang="en">Li, B., Akintoye, A., Edwards, P.J., &amp; Hardcastle, C. (2005). Critical success factors for PPP/PFI projects in the UK construction industry. Construction Management and Economics, 23, 459 - 471. https://doi.org/10.1080/01446190500041537</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Boateng, P.Y., Chen, Z., Ogunlana, S.O., &amp; Ikediashi, D.I. (2012). A system dynamics approach to risks description in megaprojects development. Organization, Technology and Management in Construction: an International Journal, 4, 593-603. https://doi.org/10.5592/otmcj.2012.3.3</mixed-citation><mixed-citation xml:lang="en">Boateng, P.Y., Chen, Z., Ogunlana, S.O., &amp; Ikediashi, D.I. (2012). A system dynamics approach to risks description in megaprojects development. Organization, Technology and Management in Construction: an International Journal, 4, 593-603. https://doi.org/10.5592/otmcj.2012.3.3</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Burke, R., &amp; Demirag, I.S. (2019). Risk management by SPV partners in toll road public private partnerships. Public Management Review, 21(5), 711–731. https://doi.org/10.1080/14719037.2018.1523450</mixed-citation><mixed-citation xml:lang="en">Burke, R., &amp; Demirag, I.S.  (2019). Risk management by SPV partners in toll road public private partnerships. Public Management Review, 21(5), 711–731. https://doi.org/10.1080/14719037.2018.1523450</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">Castelblanco, G., Guevara, J., &amp; De Marco, A. (2024). Crisis management in public–private partnerships: lessons from the global crises in the XXI century. Built Environment Project and Asset Management, 14(1), 56–73. https://doi.org/10.1108/BEPAM-11-2022-0174</mixed-citation><mixed-citation xml:lang="en">Castelblanco, G., Guevara, J., &amp; De Marco, A. (2024). Crisis management in public–private partnerships: lessons from the global crises in the XXI century. Built Environment Project and Asset Management, 14(1), 56–73. https://doi.org/10.1108/BEPAM-11-2022-0174</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Charman, K., &amp; Narbaev, T. (2017). The formation and management of public-private partnerships in Kazakhstan. Public-private partnerships in transitional nations: Policy, governance and praxis. Newcastle upon Tyne: Cambridge Scholars Publishing, 109-126.</mixed-citation><mixed-citation xml:lang="en">Charman, K., &amp; Narbaev, T. (2017). The formation and management of public-private partnerships in Kazakhstan. Public-private partnerships in transitional nations: Policy, governance and praxis. Newcastle upon Tyne: Cambridge Scholars Publishing, 109-126.</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">Chikanayev, Sh. (2016). Public-Private Partnership in Kazakhstan. In B. Werneck &amp; M. Saadi (Eds.), The Public-Private Partnership Law Review (2nd ed., 144–165). Law Business Research Limited.</mixed-citation><mixed-citation xml:lang="en">Chikanayev, Sh. (2016). Public-Private Partnership in Kazakhstan. In B. Werneck &amp; M. Saadi (Eds.), The Public-Private Partnership Law Review (2nd ed., 144–165). Law Business Research Limited.</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Chou, J. S., &amp; Pramudawardhani, D. (2015). Cross-country comparisons of key drivers, critical success factors and risk allocation for public-private partnership projects. International Journal of Project Management, 33(5), 1136–1150. https://doi.org/10.1016/j.ijproman.2014.12.003</mixed-citation><mixed-citation xml:lang="en">Chou, J. S., &amp; Pramudawardhani, D. (2015). Cross-country comparisons of key drivers, critical success factors and risk allocation for public-private partnership projects. International Journal of Project Management, 33(5), 1136–1150. https://doi.org/10.1016/j.ijproman.2014.12.003</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">De Marco, A. &amp; Narbaev, T. (2021). Factors of schedule and cost performance of tunnel construction megaprojects. Open Civil Engineering Journal, 15(1), 38-49. https://doi.org/10.2174/1874149502115010038</mixed-citation><mixed-citation xml:lang="en">De Marco, A. &amp; Narbaev, T. (2021). Factors of schedule and cost performance of tunnel construction megaprojects. Open Civil Engineering Journal, 15(1), 38-49. https://doi.org/10.2174/1874149502115010038</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">Hodge, G. A. &amp; Greve, C. (2017). On public–private partnership performance: a contemporary review. Public works management and policy, 22(1), 55–78. https://doi.org/10.1177/1087724X16657830</mixed-citation><mixed-citation xml:lang="en">Hodge, G. A. &amp; Greve, C. (2017). On public–private partnership performance: a contemporary review. Public works management and policy, 22(1), 55–78. https://doi.org/10.1177/1087724X16657830</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Jumasseitova, A., Mussaeva, A., &amp; Kabashev, M. (2023). Analysing the Real Estate Market in Almaty City: A System Dynamics Approach. Eurasian Journal of Economic and Business Studies, 2(67), 158–171. https://doi.org/10.47703/ejebs.v2i67.301</mixed-citation><mixed-citation xml:lang="en">Jumasseitova, A., Mussaeva, A., &amp; Kabashev, M. (2023). Analysing the Real Estate Market in Almaty City: A System Dynamics Approach. Eurasian Journal of Economic and Business Studies, 2(67), 158–171. https://doi.org/10.47703/ejebs.v2i67.301</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">Kazakhstan Center for Public-Private Partnership (2023) Project database. Avaliable online: https://kzppp.kz/en/development-of-ppp-in-kazakhstan/ (accessed on 13 March 2024)</mixed-citation><mixed-citation xml:lang="en">Kazakhstan Center for Public-Private Partnership (2023) Project database. Avaliable online: https://kzppp.kz/en/development-of-ppp-in-kazakhstan/ (accessed on 13 March 2024)</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">Kedir, N.S., Siraj, N.B., &amp; Fayek, A.R. (2023). Application of System Dynamics in Construction Engineering and Management: Content Analysis and Systematic Literature Review. Advances in Civil Engineering, 2023, 22 https://doi.org/10.1155/2023/1058063</mixed-citation><mixed-citation xml:lang="en">Kedir, N.S., Siraj, N.B., &amp; Fayek, A.R. (2023). Application of System Dynamics in Construction Engineering and Management: Content Analysis and Systematic Literature Review. Advances in Civil Engineering, 2023, 22 https://doi.org/10.1155/2023/1058063</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">Law of the Republic of Kazakhstan “On Public-Private Partnership” No. 379-V LRK dated October 31, 2015. https://adilet.zan.kz/eng/docs/Z1500000379</mixed-citation><mixed-citation xml:lang="en">Law of the Republic of Kazakhstan “On Public-Private Partnership” No. 379-V LRK dated October 31, 2015. https://adilet.zan.kz/eng/docs/Z1500000379</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">Mittal, A., Agrawal, P., &amp; Agrawal, S. (2023). Contractual Structure and Risk Allocation Framework. In: Hybrid Annuity Model (HAM) of Hybrid Public-Private Partnership Projects. Management for Professionals. Springer, Singapore, 27–35. https://doi.org/10.1007/978-981-19-2019-6_3</mixed-citation><mixed-citation xml:lang="en">Mittal, A., Agrawal, P., &amp; Agrawal, S. (2023). Contractual Structure and Risk Allocation Framework. In: Hybrid Annuity Model (HAM) of Hybrid Public-Private Partnership Projects. Management for Professionals. Springer, Singapore, 27–35. https://doi.org/10.1007/978-981-19-2019-6_3</mixed-citation></citation-alternatives></ref><ref id="cit21"><label>21</label><citation-alternatives><mixed-citation xml:lang="ru">Mouraviev, N., &amp; Kakabadse, N. K. (2014). Risk allocation in a public-private partnership: A case study of construction and operation of kindergartens in Kazakhstan. Journal of Risk Research, 17(5), 621–640. https://doi.org/10.1080/13669877.2013.815650</mixed-citation><mixed-citation xml:lang="en">Mouraviev, N., &amp; Kakabadse, N. K. (2014). Risk allocation in a public-private partnership: A case study of construction and operation of kindergartens in Kazakhstan. Journal of Risk Research, 17(5), 621–640. https://doi.org/10.1080/13669877.2013.815650</mixed-citation></citation-alternatives></ref><ref id="cit22"><label>22</label><citation-alternatives><mixed-citation xml:lang="ru">Narbaev, T., De Marco, A., &amp; Orazalin, N. (2020). A multi-disciplinary meta-review of the public–private partnerships research. Construction Management and Economics, 38(2), 109–125. https://doi.org/10.1080/01446193.2019.1643033</mixed-citation><mixed-citation xml:lang="en">Narbaev, T., De Marco, A., &amp; Orazalin, N. (2020). A multi-disciplinary meta-review of the public–private partnerships research. Construction Management and Economics, 38(2), 109–125. https://doi.org/10.1080/01446193.2019.1643033</mixed-citation></citation-alternatives></ref><ref id="cit23"><label>23</label><citation-alternatives><mixed-citation xml:lang="ru">Nasirzadeh, F., Afshar, A., &amp; Khanzadi, M. (2008). System dynamics approach for construction risk analysis. International Journal of Civil Engineering, 6, 120-131.</mixed-citation><mixed-citation xml:lang="en">Nasirzadeh, F., Afshar, A., &amp; Khanzadi, M. (2008). System dynamics approach for construction risk analysis. International Journal of Civil Engineering, 6, 120-131.</mixed-citation></citation-alternatives></ref><ref id="cit24"><label>24</label><citation-alternatives><mixed-citation xml:lang="ru">Nugmanova, A., Arndt, W. H., Hossain, M. A., &amp; Kim, J. R. (2019). Effectiveness of ring roads in reducing traffic congestion in cities for long run: Big Almaty ring road case study. Sustainability, 11(18), 4973. https://doi.org/10.3390/SU11184973</mixed-citation><mixed-citation xml:lang="en">Nugmanova, A., Arndt, W. H., Hossain, M. A., &amp; Kim, J. R. (2019). Effectiveness of ring roads in reducing traffic congestion in cities for long run: Big Almaty ring road case study. Sustainability, 11(18), 4973. https://doi.org/10.3390/SU11184973</mixed-citation></citation-alternatives></ref><ref id="cit25"><label>25</label><citation-alternatives><mixed-citation xml:lang="ru">Oinarov, A.R., Eshimova, D.A., &amp; Adilbekova, B. (2019). Public policy on public-private project financing in Kazakhstan. Journal of Asian Public Policy, 12, 228 - 256.&amp; Adilbekova, B. (2019). Public policy on public-private project financing in Kazakhstan. Journal of Asian Public Policy, 12(2), 228-256. https://doi.org/10.1080/17516234.2017.1396951</mixed-citation><mixed-citation xml:lang="en">Oinarov, A.R., Eshimova, D.A., &amp; Adilbekova, B. (2019). Public policy on public-private project financing in Kazakhstan. Journal of Asian Public Policy, 12, 228 - 256.&amp; Adilbekova, B. (2019). Public policy on public-private project financing in Kazakhstan. Journal of Asian Public Policy, 12(2), 228-256. https://doi.org/10.1080/17516234.2017.1396951</mixed-citation></citation-alternatives></ref><ref id="cit26"><label>26</label><citation-alternatives><mixed-citation xml:lang="ru">Osei-Kyei, R. &amp; Chan, A. P. C. (2015). Review of studies on the Critical Success Factors for Public–Private Partnership (PPP) projects from 1990 to 2013. International Journal of Project Management, 33(6), 1335-1346. https://doi.org/10.1016/j.ijproman.2015.02.008</mixed-citation><mixed-citation xml:lang="en">Osei-Kyei, R. &amp; Chan, A. P. C. (2015). Review of studies on the Critical Success Factors for Public–Private Partnership (PPP) projects from 1990 to 2013. International Journal of Project Management, 33(6), 1335-1346. https://doi.org/10.1016/j.ijproman.2015.02.008</mixed-citation></citation-alternatives></ref><ref id="cit27"><label>27</label><citation-alternatives><mixed-citation xml:lang="ru">Osei-Kyei, R., &amp; Chan, A.P.C. (2017). Empirical comparison of critical success factors for public-private partnerships in developing and developed countries A case of Ghana and Hong Kong. Engineering, Construction and Architectural Management, 24(6), 1222–1245. https://doi.org/10.1108/ECAM-06-2016-0144</mixed-citation><mixed-citation xml:lang="en">Osei-Kyei, R., &amp; Chan, A.P.C. (2017). Empirical comparison of critical success factors for public-private partnerships in developing and developed countries A case of Ghana and Hong Kong. Engineering, Construction and Architectural Management, 24(6), 1222–1245. https://doi.org/10.1108/ECAM-06-2016-0144</mixed-citation></citation-alternatives></ref><ref id="cit28"><label>28</label><citation-alternatives><mixed-citation xml:lang="ru">Sainati, T., Locatelli, G., Smith, N.J., Brookes, N.J., &amp; Olver, G. (2020). Types and functions of special purpose vehicles in infrastructure megaprojects. International Journal of Project Management, 38(5), 243–255. https://doi.org/10.1016/j.ijproman.2020.05.002</mixed-citation><mixed-citation xml:lang="en">Sainati, T., Locatelli, G., Smith, N.J., Brookes, N.J., &amp; Olver, G. (2020). Types and functions of special purpose vehicles in infrastructure megaprojects. International Journal of Project Management, 38(5), 243–255. https://doi.org/10.1016/j.ijproman.2020.05.002</mixed-citation></citation-alternatives></ref><ref id="cit29"><label>29</label><citation-alternatives><mixed-citation xml:lang="ru">Serikbay, D., Narbaev, T., Mukashev, E., &amp; Castelblanco, G. (2023). Risk Analysis in Public-Private Partnership Projects in Kazakhstan. Bulletin of the Kazan University of Economics, Finance and International Trade, 2(51), 262-270. https://doi.org/10.52260/kuef.2023.51.2.013 (in Russ.)</mixed-citation><mixed-citation xml:lang="en">Serikbay, D., Narbaev, T., Mukashev, E., &amp; Castelblanco, G. (2023). Risk Analysis in Public-Private Partnership Projects in Kazakhstan. Bulletin of the Kazan University of Economics, Finance and International Trade, 2(51), 262-270. https://doi.org/10.52260/kuef.2023.51.2.013  (in Russ.)</mixed-citation></citation-alternatives></ref><ref id="cit30"><label>30</label><citation-alternatives><mixed-citation xml:lang="ru">Smagulova, Sh. A., Abdulina, B. A., Saiymova, M. D., &amp; Babazhanova, Zh. (2023). Prospects of public-private partnership development in Kazakhstan. Bulletin of Turan University, 3, 170–183. https://doi.org/10.46914/1562-2959-2023-1-3-170-183 (in Russ.)</mixed-citation><mixed-citation xml:lang="en">Smagulova, Sh. A., Abdulina, B. A., Saiymova, M. D., &amp; Babazhanova, Zh. (2023). Prospects of public-private partnership development in Kazakhstan. Bulletin of Turan University, 3, 170–183. https://doi.org/10.46914/1562-2959-2023-1-3-170-183  (in Russ.)</mixed-citation></citation-alternatives></ref><ref id="cit31"><label>31</label><citation-alternatives><mixed-citation xml:lang="ru">Sterman, J. (2000). Systems thinking and modeling for a complex world. Boston, Irwin/McGraw-Hill. Massachusetts Institute of Technology. Engineering Systems Division Available online: http://hdl.handle.net/1721.1/102741</mixed-citation><mixed-citation xml:lang="en">Sterman, J. (2000). Systems thinking and modeling for a complex world. Boston, Irwin/McGraw-Hill. Massachusetts Institute of Technology. Engineering Systems Division Available online: http://hdl.handle.net/1721.1/102741</mixed-citation></citation-alternatives></ref><ref id="cit32"><label>32</label><citation-alternatives><mixed-citation xml:lang="ru">Wang, H.M., Liu, Y.H., Xiong, W. &amp; Zhu, D.J. (2019). Government support programs and private investments in PPP markets. International Public Management Journal, 22(3), 499-523. https://doi.org/10.1080/10967494.2018.1538025</mixed-citation><mixed-citation xml:lang="en">Wang, H.M., Liu, Y.H., Xiong, W. &amp; Zhu, D.J. (2019). Government support programs and private investments in PPP markets. International Public Management Journal, 22(3), 499-523. https://doi.org/10.1080/10967494.2018.1538025</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
