Large-scale infrastructure projects are central to economic development. However, a key difficulty in these projects is not simply obtaining funds but ensuring a consistent supply of liquidity to repay investors throughout the asset’s lifespan. Traditional financing options, while widely available, can sometimes struggle to effectively distribute long-term credit and liquidity risks among those involved. This can encourage investors to favor shorter-term, more easily sold assets, which can limit the involvement of private companies.
This thesis investigates the potential of asset tokenization to improve funding for public infrastructure projects. The research addresses a need for innovative approaches to capital investment in large-scale infrastructure developments. First, the feasibility of asset tokenization within existing financing models was assessed, examining stakeholder views, the role of different funding mechanisms, and potential barriers to adoption. Second, a methodology was developed to improve conventional capital investment strategies using asset tokenization. Finally, the methodology was validated by evaluating the financial viability of tokenization in a specific infrastructure project, namely Réseau express métropolitain (REM), comparing different tokenization models and gathering expert perspectives. The findings aim to provide practical guidance for policymakers and infrastructure developers considering asset tokenization as a means of securing funding and enhancing project outcomes.
| Date | 4 Mar 2026 |
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| Original language | American English |
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| Awarding Institution | - École de technologie supérieure
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| Supervisor | Gabriel J. Assaf (Supervisor) |
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Helou, A. E. (Author),
Assaf (Supervisor),
4 Mar 2026Student thesis: Doctoral thesis › Doctorate in Engineering: Engineering