摘要：Toll road is one of the most important parts of connectivity infrastructure. However, the current length of the existing toll roads is still not sufficient compared to the increasing number of vehicles in Indonesia. Nevertheless, the needs for infrastructure funding including for toll roads are not comparable to the availability of state budget. Innovations in funding schemes were required to meet such needs such as Deep Discount Bond (DDB) and Land Lease (LL). To ensure these schemes are running appropriately, an institutional funding model is needed to organize the stakeholders involved. Therefore, five institutional funding models were developed based on the conditions of the DDB issuer (project or corporate finance), LL executor [State Assets Management Institutions (LMAN) or Special Purpose Company (SPC)], and the number of SPC in the models. In addition, ten institutional success factors were identified. Data was collected using in-depth interviews consisting of three parts and analyzed using the Relative Importance Index to rank the institutional success factors found and using the Multi Criteria Analysis to choose the most effective institutional funding model. The institutional success factors that were found to have great values were those related to Government. At the same time, the most effective funding model is a corporate finance scheme, where LL is executed by LMAN, and a single SPC is used.
