ADB and KDI (2011) show the results of several value-for-money tests for private financial initiatives from 66 BTO projects and 11 BTL projects during 2005-2012, valued at a combined W891 billion ($815 million). Table 8.6 shows value-for-money tests for 72 PPP projects during 2005-2012, finding that 48% of the projects provided value for money-a total W2.64 trillion ($2.42 billion).2 Table 8.7 shows value for money by sector, with railways providing by far the most value. Table 8.8 gives the estimated value for money for private financial initiative projects.
Table 8.6: Value-for-Money Results for PPP Projects in the Republic of Korea, 2005-2012
| Year | Number of Projects with Positive Value for Money | Value for Money (won trillion) | |
| 2005 | 15 | 5 | 0.37 |
| 2006 | 20 | 15 | 5.21 |
| 2007 | 18 | 10 | 4.42 |
| 2008 | 35 | 19 | 7.37 |
| 2009 | 29 | 14 | 7.42 |
| 2010 | 18 | 4 | 0.92 |
| 2011 | 11 | 2 | 0.13 |
| 2012 | 4 | 3 | 0.59 |
| Total | 150 | 72 | 26.44 |
BTL = build-transfer-lease, BTO = build-transfer-operate, PPP = public-private partnership. Source: Korea Development Institute. 2014. Comprehensive Evaluation on Public-Private Partnership Projects in Korea. Sejong.
Table 8.7: Value for Money by Sector in the Republic of Korea
| Sector | Number of Projects with Positive Value for Money | Value for Money Amount (won trillion) | |
| Rail | 22 | 11 | 13.26 |
| Road | 52 | 31 | 10.45 |
| Environment | 52 | 21 | 1.48 |
| Culture | 11 | 4 | 0.54 |
| Port | 2 | 1 | 0.53 |
| Others | 11 | 4 | 0.18 |
| Total | 150 | 72 | 26.44 |
BTL = build-transfer-lease, BTO = build-transfer-operate.
Source: Korea Development Institute. 2014. Comprehensive Evaluation on Public-Private Partnership Projects in Korea. Sejong.
Table 8.8: Estimated Value for Money for PPPs in the Republic of Korea
| Item | Number of Projects | Value for Money Amount (won trillion) | |
| 66 | 0.89 | ||
| 30 | 0.09 | ||
| Total | 96 | 0.99 | |
| 66 | 1.55 | ||
| Ex post (additional) VFM | 11 | 0.14 | |
| for PFI | 84 | 0.17 | |
| Total | 95 | 0.31 | |
BTL = build-transfer-lease, BTO = build-transfer-operate, PFI = private finance initiative, PPP = public-private partnership, VFM = value for money.
Source: Asian Development Bank and Korea Development Institute. 2011. Case Studies from Korea on Public-Private Partnership Infrastructure Project. Manila and Seoul.