Investments

Assessment of public investment projects is, along with spending reviews, the main task of Value for Money Division. This four-eyes principle is a useful tool for decision-makers to make informed data-based decisions and for the public to see if their taxes are spent effectively. Through data and facts, we are looking for answers to questions like how to roll out fast internet across Slovakia or which highway to build first. 

Assessment from a value-for-money perspective means naming project objectives, exploring different options for achieving them and quantifying all the costs and benefits. These questions are primarily explored by a feasibility study in the initial phase of investment preparation. The aim of its assessment is to deliver the benefits of the projects on time and increase the efficiency of the money spent, not necessarily to cut spending. 

The assessment results in a list of non-binding recommendations that could improve the project and get the highest value possible for the money spent.  

“Big” projects 

Since 2016, investors have been obliged to prepare and publish a feasibility study and undergo assessment of all public projects above EUR 40 million (EUR 10 million in the IT sector) 

The design of the study is guided by The Framework for the Evaluation of Investment Projects. There are also guidelines for the preparation of feasibility studies specifically for particular sectors (e.g. transport). See here (in Slovak). 

To ensure transparency, all outputs are public and published on the MoF SR website. 

“Small” projects 

Since 2021, we have been assessing all projects above EUR 1 million. Compared to the big projects, this process is simplified. There is no need to prepare and publish a feasibility study. The assessments are not public, and they are sent by email directly to the investor. 

Our work in numbers 

In 2023 only, MoF SR assessed 182 projects with a total cost of EUR 9.3 billion and identified potential savings of approximately EUR 524 million. Almost 80 % of the number of assessments are projects in the field of buildings, information technology and transport.  

Graph: Assessed projects (2017-2023) 

The examples listed below represent some of the assessments published by the Ministry of Finance (in Slovak): 

• Transport – Assessment of D3 Motorway in the northeastern Slovakia (section Kysucké Nové Mesto - Oščadnica, 3rd phase) read here
• IT - National Broadband Plan  read here
• Buildings - Smart Green Hospital in the city of Prešov read here