Sustainable financing of rail systems: the case of Singapore

For many years, many governments have tried to find a sustainable way to finance rail systems. Many have failed, for one reason or another. This paper traces the long history of various common modes of financing rail systems and then presents the Singapore model as a case study. Although it is a world-class rail system, the Singapore model still has its faults, and there have been recent attempts to strengthen the system, particularly in its maintenance regime. Importantly, this paper highlights that without a proper financing framework, infrastructure asset management is doomed to fail.