Evaluating the Barriers of Financing EPCF Projects in Iran: an overview of developments in EPCF contracts

Regarding a significant shift in the project delivery methods, principal contractors of megaprojects may be responsible not only for engineering, procurement, and construction but also for financing the projects through different methods. This model of project delivery brings benefits in terms of the active participation of the private sector in the project financing process. However, the implementation of this delivery model would be quite challenging for principal contractors that need to consider both operational and financial matters in the delivery of a megaproject. The private sector should be involved in financing large-scale projects but, in the meantime, proper support of the government is needed. Although several studies have been conducted to explore aspects of EPCF projects, further research is needed to uncover problems associated with the financing of these projects. Hence, this study attempts to identify and prioritize the challenges of financing EPCF megaprojects. The main challenges were identified from the perspective of project management experts. After consolidating outcomes using the grounded theory approach, a group TOPSIS method was adopted to validate the findings and prioritize the challenges. This study contributes to a better understanding of the challenges associate with financing EPCF projects and encourages both practitioners and researchers to elaborate on permanent solutions to such problems.