![\"\"](\"https:\/\/hashtag.al\/wp-content\/uploads\/2019\/06\/partneritetpublikprivat.jpg\")
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Nga Ornela Liperi<\/span><\/strong><\/p>\n Qeveria \u00ebsht\u00eb angazhuar n\u00eb nj\u00eb s\u00ebr\u00eb projektesh me partneritet publik privat p\u00ebr nd\u00ebrtimin e rrug\u00ebve. Pamund\u00ebsia e qeveris\u00eb p\u00ebr t\u00eb siguruar financim t\u00eb menj\u00ebhersh\u00ebm nga fondet e veta \u00ebsht\u00eb argumenti kryesor q\u00eb \u00ebsht\u00eb dh\u00ebn\u00eb p\u00ebr k\u00ebt\u00eb zgjedhje, teksa parimisht financimi fillestar duhet b\u00ebr\u00eb nga kompanit\u00eb dhe m\u00eb pas shteti fillon e paguan nga buxheti me k\u00ebste, n\u00eb momentin q\u00eb jan\u00eb kryer t\u00eb pakt\u00ebn 25% e punimeve.<\/span><\/p>\n Por, t\u00eb dh\u00ebnat tregojn\u00eb se edhe kompanit\u00eb nuk kan\u00eb kapacitete financiare dhe e kan\u00eb t\u00eb v\u00ebshtir\u00eb t\u00eb marrin hua n\u00eb banka me bilancet q\u00eb kan\u00eb p\u00ebr shkak t\u00eb nivelit t\u00eb lart\u00eb t\u00eb detyrimeve ndaj kapitalit t\u00eb vet, duke l\u00ebn\u00eb si opsion t\u00eb vet\u00eb q\u00eb shteti t\u00eb dal\u00eb garant p\u00ebr ta, \u00e7ka do t\u00eb ishte nj\u00ebsoj sikur huan\u00eb ta merrte vet\u00eb shteti dhe duke hedhur dyshime p\u00ebr burimin real t\u00eb parave q\u00eb do p\u00ebrdoren. K\u00ebsaj i shtohen edhe kostot e fryra t\u00eb projekteve, q\u00eb arrijn\u00eb deri 15 milion\u00eb euro p\u00ebr kilomet\u00ebr, m\u00eb t\u00eb shtrenjtat n\u00eb Europ\u00eb (Sipas \u00cborldHigh\u00ebays, kostot m\u00eb t\u00eb shtrenjta t\u00eb nd\u00ebrtimit t\u00eb autostradave n\u00eb Europ\u00eb (p\u00ebrjashtuar terrenet shk\u00ebmbore) jan\u00eb n\u00eb Austri me 12.87 milion\u00eb euro \/ km. Vendi tjet\u00ebr m\u00eb i shtrenjt\u00eb \u00ebsht\u00eb Hungaria n\u00eb 11.21 milion\u00eb euro \/ km, e ndjekur nga Sllovakia n\u00eb 9.56 milion\u00eb euro \/ km dhe pastaj Republika \u00c7eke n\u00eb 8.86 milion\u00eb euro \/ km. N\u00eb an\u00ebn tjet\u00ebr t\u00eb spektrit, shpenzimet n\u00eb Danimark\u00eb jan\u00eb vet\u00ebm 5.89 milion \u20ac \/ km, n\u00eb Kroaci 6.68 milion \/ km, n\u00eb Slloveni 7.29 milion \/ km dhe n\u00eb Gjermani 8.24 milion \/ km).<\/span><\/p>\n \u201cMonitor\u201d ka analizuar m\u00eb her\u00ebt bilancet financiare t\u00eb vitit 2017, t\u00eb kompanive q\u00eb jan\u00eb angazhuar apo pritet t\u00eb angazhohen me kontrata Partneriteti Publik-Privat A.N.K. (koncesioni Milot-Balldren, 260 mln euro me TVSH), Gjikuria (Orikum-Dukat, 80 mln euro me TVSH), Gener 2 (Thuman\u00eb-kashar, e l\u00ebn\u00eb pezull p\u00ebr momentin), Gjoka Konstruksion (Rruga e Arbrit, 312 mln euro me TVSH), si dhe Albstar (Tiran\u00eb-Durr\u00ebs, n\u00eb projekt).<\/span><\/p>\n Sipas deklarimeve zyrtare n\u00eb bilanc, kompanit\u00eb kan\u00eb t\u00eb ardhura, likuiditete dhe kapital modest n\u00eb raport me projektet q\u00eb pretendojn\u00eb t\u00eb financojn\u00eb, nd\u00ebrkoh\u00eb q\u00eb kan\u00eb nivel m\u00eb t\u00eb lart\u00eb detyrimesh n\u00eb raport me mjetet e veta (me p\u00ebrjashtim t\u00eb Alb-Star), \u00e7ka e b\u00ebn t\u00eb v\u00ebshtir\u00eb marrjen e kredive n\u00eb banka.<\/span><\/p>\n Dy kompanit\u00eb m\u00eb t\u00eb m\u00ebdha jan\u00eb Alb-Star dhe Gener 2, me t\u00eb ardhura rreth 68 milion\u00eb euro secila. K\u00ebto jan\u00eb dhe kompanit\u00eb m\u00eb t\u00eb m\u00ebdha t\u00eb nd\u00ebrtimit n\u00eb Shqip\u00ebri, sipas t\u00eb ardhurave. Alb-Star ka nj\u00eb kapital total prej 50 milion\u00eb eurosh dhe Gener 2, rreth 28 milion\u00eb euro.<\/span><\/p>\n Asetet afatshkurtra, q\u00eb tregojn\u00eb likuiditetin e kompanis\u00eb (si cash-i n\u00eb bank\u00eb dhe llogarit\u00eb e ark\u00ebtueshme) jan\u00eb 60 milion\u00eb euro p\u00ebr Alb-Star dhe 38 milion\u00eb euro p\u00ebr Gener 2.<\/span><\/p>\n Pas tyre renditet Gjoka Konstruksion me 36 milion\u00eb euro t\u00eb ardhura dhe asete afatshkurtra 43 milion\u00eb euro. Kompani m\u00eb t\u00eb vogla jan\u00eb Gjikuria dhe A.N.K, me t\u00eb ardhura p\u00ebrkat\u00ebsisht 19.5 dhe 16.5 milion\u00eb euro dhe asete afatshkurtra q\u00eb nuk i kan\u00eb 14 milion\u00eb euro secila. Me p\u00ebrjashtim t\u00eb Gjoka Konstruksion, q\u00eb ka nj\u00eb norm\u00eb fitimi prej 16%, kompanit\u00eb e tjera e kan\u00eb k\u00ebt\u00eb tregues minimal, n\u00eb 1-4%. Kompanit\u00eb kan\u00eb t\u00eb ardhura, likuiditete dhe kapital modest n\u00eb raport me projektet q\u00eb pretendojn\u00eb t\u00eb financojn\u00eb, nd\u00ebrkoh\u00eb q\u00eb kan\u00eb nivel m\u00eb t\u00eb lart\u00eb detyrimesh n\u00eb raport me mjetet e veta, \u00e7ka e b\u00ebn t\u00eb v\u00ebshtir\u00eb marrjen e kredive n\u00eb banka.<\/span><\/p>\n Kompanit\u00eb, m\u00eb shum\u00eb borxhe sesa mjete t\u00eb vetat<\/span><\/strong><\/p>\n Sip\u00ebrmarrjet e nd\u00ebrtimit t\u00eb rrug\u00ebve nuk i kan\u00eb \u201cshp\u00ebtuar\u201d tendenc\u00ebs s\u00eb p\u00ebrgjithshme t\u00eb ekonomis\u00eb shqiptare, ku kompanit\u00eb kan\u00eb nj\u00eb nivel t\u00eb lart\u00eb t\u00eb detyrimeve (borxheve), n\u00eb raport me mjetet e veta, kryesisht t\u00eb marra nga pal\u00eb t\u00eb treta jo banka, p.sh. ortak\u00ebt. Raporti optimal i borxhit ndaj kapitalit konsiderohet t\u00eb jet\u00eb maksimumi 1, pra detyrimet t\u00eb jen\u00eb t\u00eb barabarta me kapitalin. Ai p\u00ebrdoret p\u00ebr t\u00eb matur q\u00ebndrueshm\u00ebrin\u00eb, sh\u00ebndetin e kompanis\u00eb dhe aft\u00ebsin\u00eb e saj p\u00ebr t\u00eb paguar detyrimet.<\/span><\/p>\n N\u00eb rast se ky raport po rritet, kompania po financohet nga kreditor\u00ebt sesa nga mjetet e veta, q\u00eb mund t\u00eb jet\u00eb nj\u00eb tendenc\u00eb e rrezikshme. Huadh\u00ebn\u00ebsit dhe investitor\u00ebt zakonisht preferojn\u00eb raporte t\u00eb ul\u00ebta t\u00eb borxhit ndaj kapitalit. Bankier\u00ebt pohojn\u00eb se n\u00eb Shqip\u00ebri ata preferojn\u00eb q\u00eb ky raport, i cili tregon se sa kompania financohet me borxhe dhe sa me mjetet e veta, t\u00eb jet\u00eb m\u00eb i ul\u00ebt se 1, p\u00ebr shkak se do t\u00eb jen\u00eb m\u00eb t\u00eb mbrojtura, n\u00eb rast se biznesi ka probleme.<\/span><\/p>\n Nga kompanit\u00eb n\u00eb fjal\u00eb, vet\u00ebm Alb-Star ka nj\u00eb raport t\u00eb detyrimeve\/kapitalit prej 0.8, pra m\u00eb t\u00eb ul\u00ebt sesa 1 (ka m\u00eb pak borxhe sesa mjete t\u00eb veta) dhe Gjoka e ka k\u00ebt\u00eb raport n\u00eb 1.13. Treguesin m\u00eb t\u00eb p\u00ebrkeq\u00ebsuar e ka Gjikuria, pra 4.96 (detyrimet jan\u00eb pes\u00eb her\u00eb m\u00eb t\u00eb m\u00ebdha se kapitali), A.N.K e ka 3.96 dhe pak m\u00eb t\u00eb ul\u00ebt e ka Gener 2, n\u00eb 2.13.<\/span><\/p>\n Bankat, skeptike p\u00ebr kredi sindikat\u00eb<\/span><\/strong><\/p>\n Teksa kompanit\u00eb m\u00eb t\u00eb m\u00ebdha t\u00eb nd\u00ebrtimit n\u00eb vend nuk rezultojn\u00eb t\u00eb ken\u00eb kapitalet e mjaftueshme p\u00ebr t\u00eb nd\u00ebrtuar projekte q\u00eb i tejkalojn\u00eb disa her\u00eb t\u00eb ardhurat e tyre vjetore dhe kapitalin e disponuesh\u00ebm, shpresa kryesore e financimit t\u00eb PPP-ve \u00ebsht\u00eb n\u00ebp\u00ebrmjet kredive bankare. B\u00ebhet fjal\u00eb p\u00ebr hua n\u00eb shuma t\u00eb m\u00ebdha, t\u00eb cil\u00ebn, nj\u00eb bank\u00eb e vetme \u00ebsht\u00eb e pamundur ta financoj\u00eb nj\u00eb koncesion.<\/span><\/p>\n Bankat, n\u00eb baz\u00eb t\u00eb ligjit, nuk mund t\u00eb japin kredi p\u00ebr nj\u00eb klient t\u00eb vet\u00ebm m\u00eb shum\u00eb se 20% t\u00eb kapitalit t\u00eb tyre rregullator (10% kur b\u00ebhet fjal\u00eb p\u00ebr nj\u00eb kompani q\u00eb ka lidhje me grupin bankar).Banka m\u00eb e madhe n\u00eb vend ka nj\u00eb kapital prej rreth 300 milion\u00eb eurosh, pra nuk mund t\u00eb jap\u00eb hua m\u00eb shum\u00eb se 60 milion\u00eb euro p\u00ebr nj\u00eb klient t\u00eb vet\u00ebm. Ndon\u00ebse bankat vitet e fundit e kan\u00eb rritur kapitalin, si k\u00ebrkes\u00eb rregullatore e Bank\u00ebs s\u00eb Shqip\u00ebris\u00eb apo se nj\u00eb pjes\u00eb e fitimeve nuk jan\u00eb shp\u00ebrndar\u00eb si dividend, por kan\u00eb kaluar si shtes\u00eb kapitali, bankat nuk kan\u00eb qen\u00eb t\u00eb prira t\u00eb rrisin shum\u00ebn e financimit p\u00ebr nj\u00eb klient t\u00eb vet\u00ebm.<\/span><\/p>\n Zgjidhja e vetme p\u00ebr kredi n\u00eb shuma t\u00eb m\u00ebdha, pohojn\u00eb bankier\u00ebt, \u00ebsht\u00eb n\u00ebp\u00ebrmjet huave sindikat\u00eb. Por, k\u00ebto hua jan\u00eb pak t\u00eb preferuara nga bankat n\u00eb Shqip\u00ebri. \u201cProjektet sindikat\u00eb jan\u00eb me risk t\u00eb lart\u00eb dhe nuk kan\u00eb rezultuar shum\u00eb t\u00eb suksesshme\u201d, thot\u00eb drejtuesi i departamentit t\u00eb kredis\u00eb s\u00eb nj\u00eb banke, q\u00eb ka qen\u00eb e p\u00ebrfshir\u00eb n\u00eb nj\u00eb hua t\u00eb till\u00eb. Bankat shpesh kan\u00eb hasur v\u00ebshtir\u00ebsi n\u00eb gjetjen e gjuh\u00ebs s\u00eb p\u00ebrbashk\u00ebt, p\u00ebr vendime si p.sh. ristrukturimi i huas\u00eb.<\/span><\/p>\n P\u00ebr m\u00eb tep\u00ebr q\u00eb pjesa m\u00eb e madhe e bankave jan\u00eb p\u00ebrfshir\u00eb n\u00eb nj\u00eb proces shitblerjesh, duke e l\u00ebn\u00eb m\u00ebnjan\u00eb huadh\u00ebnien.<\/span><\/p>\n N\u00eb fund t\u00eb vitit 2017, kapitali rregullator i sistemit bankar, sipas t\u00eb dh\u00ebnave t\u00eb Bank\u00ebs s\u00eb Shqip\u00ebris\u00eb ishte rreth 1.1 miliard\u00eb euro. Sikur t\u00eb gjitha bankat t\u00eb mblidheshin bashk\u00eb (q\u00eb nuk ka gjasa t\u00eb ndodh\u00eb), shuma maksimale q\u00eb mund t\u00eb jepej p\u00ebr nj\u00eb klient t\u00eb vet\u00ebm \u00ebsht\u00eb 220 milion\u00eb euro.<\/span><\/p>\n Nj\u00eb tjet\u00ebr problem \u00ebsht\u00eb ekspozimi i kredimarr\u00ebsit. N\u00ebse kompania ka hua n\u00eb t\u00eb pakt\u00ebn nj\u00eb prej bankave t\u00eb projektit sindikat\u00eb, kjo mund t\u00eb \u00e7oj\u00eb n\u00eb mosmiratimin e kredis\u00eb s\u00eb p\u00ebrbashk\u00ebt.<\/span><\/p>\n A.N.K, bilanci nuk justifikon asgj\u00eb<\/span><\/strong><\/p>\n Kostot e projektit t\u00eb rrug\u00ebs Milot \u2013 Balldren, me nj\u00eb gjat\u00ebsi totale prej 17.2 km, nj\u00eb koncesion i pak\u00ebrkuar i dh\u00ebn\u00eb kompanis\u00eb A.N.K \u00ebsht\u00eb 213.6 milion\u00eb euro plus TVSH-n\u00eb, sipas propozimit financiar, pjes\u00eb e kontrat\u00ebs s\u00eb koncesionit\/PPP.\u00a0<\/span><\/p>\n Nga kjo shum\u00eb, financimi i kompanis\u00eb \u00ebsht\u00eb 140 milion\u00eb euro, sipas specifikimeve n\u00eb kontrat\u00eb, nga t\u00eb cilat nj\u00eb hua\u00a0 bankare prej\u00a0 70 milion\u00eb eurosh, e cila do t\u00eb merret nga nj\u00eb ose m\u00eb shum\u00eb institucione financiare, financimi\u00a0 nga furnitor\u00ebt\u00a0 prej 19.5 milion\u00eb euro dhe 52 milion\u00eb euro kompania premton se i ka nga kapitali i vet.<\/span><\/p>\n Pjesa e mbetur prej 72 milion\u00eb eurosh do t\u00eb shkoj\u00eb p\u00ebr pagim interesash dhe fitimin e kompanis\u00eb, teksa kjo shum\u00eb p\u00ebrb\u00ebn rreth 34% t\u00eb totalit (pa TVSH), ose rreth nj\u00eb t\u00eb tret\u00ebn e kostos totale t\u00eb rrug\u00ebs, \u00e7ka e \u00e7on koston totale p\u00ebr kilomet\u00ebr n\u00eb 15 milion\u00eb euro p\u00ebr kilomet\u00ebr (p\u00ebrfshir\u00eb TVSH).<\/span><\/p>\n Nd\u00ebrsa kompania premton t\u00eb financoj\u00eb 52 milion\u00eb euro nga kapitali i vet, t\u00eb dh\u00ebnat zyrtare nga bilanci 2017 tregojn\u00eb se totali i aktiveve t\u00eb saj \u00ebsht\u00eb vet\u00ebm 16 milion\u00eb euro (2 miliard\u00eb lek\u00eb), nd\u00ebrsa totali i kapitalit \u00ebsht\u00eb 3.2 milion\u00eb euro. Kompania kishte t\u00eb ardhura prej 16 milion\u00eb eurosh n\u00eb 2017-n dhe nj\u00eb fitim minimal prej m\u00eb pak se 1 milion euro. Detyrimet e kompanis\u00eb jan\u00eb gati 4 her\u00eb mbi kapitalin, \u00e7ka e b\u00ebn at\u00eb jo t\u00ebrheq\u00ebse p\u00ebr bankat n\u00eb momentin q\u00eb duhet t\u00eb jepet vendimi p\u00ebr akordimin e nj\u00eb huaje.<\/span><\/p>\n![\"\"](\"https:\/\/hashtag.al\/wp-content\/uploads\/2019\/06\/tabelakoncesionet.jpg\")
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