Financial Evaluation of Build-Operate-Transfer Projects: A Case Study of Myanmar Ports

In the global economy, Governments, especially in emerging economies, have resorted to Build-Operate-Transfer (BOT) project to allow private, foreign and national investors, to finance, design, construct, and operate large-scale infrastructure and development projects. The purpose of this paper is to compare the financial performance of two ports in Myanmar which benefited from such BOT project. The investor for Myanmar International Terminal Thilawa (MITT) is foreign port while the Asia World Port Terminal (AWPT) investors are local entrepreneurs. The observed findings are that the foreign investor operating with BOT system under Myanmar Foreign Investment Law is subject to higher financial risk than the domestic investor.