The Project aims to improve road conditions and ensure maintenance and quality standards for its users during its expected duration. Moreover, the inclusion of sidewalks, rest bays and bus stops will improve the quality of life and productivity of the road’s users. The Project would have an estimated duration of 25 years, with 4 years of construction/rehabilitation works and 21 years in the Operation and Maintenance (“O&M”) phase, after which the asset would be transferred back to MOP. This duration is based on the prefeasibility study and will be subject to confirmation during Phase 1. Further analysis regarding the interventions and timeframe required for each stage will be performed during Phase 1, where the team may find that public consultations might be needed before tender stage, and thus, the Project structuring timeframe may require an extension. The private party will receive availability payments in exchange for the investment and costs of the Project. It is expected that these payments will be fully funded by the Ministry of Finance (“MoF”) through the public budget. The team will follow a programmatic approach with the Centenario Road following the same structure as the earlier EPR project. Standard documents and components from the structure of EPR, such as the PPP Contract, KPIs to be used as indicators of minimum service level, payment mechanism and remuneration schemes with different payment components, will be replicated in the Project. This will provide more efficiency during the structuring process, simplify the approval process with the GoP, and allow the market to familiarize itself quicker with this new transaction. Elements which are unique to the Project, as well as additional efficiencies and improvements on the structure following lessons learned from EPR, will be considered during the structuring phase. The transaction advisory services will be carried out in a two-phased approach: - Phase 1: IFC team will provide due diligence for the technical, legal, environmental and social (“E&S”), gender, and economic/financial aspects of the Project, as well as undertake market sounding activities and provide the support needed to obtain government approvals. Deliverables will include a due diligence output, a transaction structure report, draft bidding documents and draft concession contract including its technical annexes. This phase will take approximately 5 months and will be considered successful once the transaction structure report is accepted by MOP. - Phase 2: IFC team will finalize the bidding documents, conduct international promotion, and provide support to the client during the tender process. Deliverables during this phase would consist of the final bidding documents. This phase will take approximately 6 months and will be considered a success once the Project achieves commercial close.