Feasibility Study of Sigli - Banda Aceh Toll Road In Term of Financial And Economics

Abstract

The Province of Nanggroe Aceh Darussalam with its capital city, Banda Aceh, is one of the capital cities with areas that are still lacking in terms of infrastructure when compared to other capital cities in Java. Even though conditions the highways in the city of Banda Aceh itself quite good, but till this day the people of Aceh still need to spend a long time traveling out of town. Therefore, the government also built the Toll Road Sigli– Banda Aceh as one of the solutions in terms of travel time efficiency as well improve road network connectivity. Badan Pusat Statistik (BPS) noted that the Special Region of Aceh has become the poorest area compared to other regions in Sumatra since 2002. In 2002, the number of poor people in Aceh amounted to 1.19 million people or 29.83%. The feasibility and financial study conducted with calculating the savings value of Vehicle Operating Cost (VOC) of existing road and toll road, time value of existing road and toll road as the parameter to calculate the Benefit Cost Ratio (BCR), Net Present Value (NPV), toll rates, Economic Internal Rate of Return (EIRR),
and Financial Internal Rate of Return (FIRR). Furthermore, we will know the feasibility of the toll road Sigli - Banda Aceh in terms of economic and
financial analysis. The results of the Economics NPV is Rp5,191,247,611,134 (NPV<0), it was concluded that the construction of the Sigli – Banda Aceh Toll Road is economically not feasible. The Financial NPV analysis, it was found that the NPV value was Rp2,307,253,704,888(NPV>0). Therefore, Sigli – Banda Aceh Toll Road is financially feasible with Viability Gap Funding value of 3.30%.