Financing Private Infrastructure In Developing Countries
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Financing Private Infrastructure In Developing Countries
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Author : David Ferreira
language : en
Publisher: World Bank Publications
Release Date : 1996
Financing Private Infrastructure In Developing Countries written by David Ferreira and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Private Participation In Infrastructure In Developing Countries
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Author : Clive Harris
language : en
Publisher: World Bank Publications
Release Date : 2003
Private Participation In Infrastructure In Developing Countries written by Clive Harris and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Developing countries categories.
Governments have long recognized the vital role that modern infrastructure services play in economic growth and poverty alleviation. For much of the post-Second World War period, most governments entrusted delivery of these services to state-owned monopolies. But in many developing countries, the results were disappointing. Public sector monopolies were plagued by inefficiency. Many were strapped for resources because governments succumbed to populist pressures to hold prices below costs. Fiscal pressures, and the success of the pioneers of the privatization of infrastructure services, provided governments with a new paradigm. Many governments sought to involve the private sector in the provision and financing of infrastructure services. The shift to the private provision that occurred during the 1990s was much more rapid and widespread than had been anticipated at the start of the decade. By 2001, developing countries had seen over $755 billion of investment flows in nearly 2500 infrastructure projects. However, these flows peaked in 1997, and have fallen more or less steadily ever since. These declines have been accompanied by high profile cancellations or renegotiations of some projects, a reduction in investor appetite for these activities and, in some parts of the world, a shift in public opinion against the private provision of infrastructure services. The current sense of disillusionment stands in stark contrast to what should in retrospect be surprise at the spectacular growth of private infrastructure during the 1990s.
Government Support To Private Infrastructure Projects In Emerging Markets
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Author : Mansoor Dailami
language : en
Publisher: World Bank Publications
Release Date : 1998
Government Support To Private Infrastructure Projects In Emerging Markets written by Mansoor Dailami and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Capital investments categories.
January 1998 For citizens to reap the full benefits of private investment in infrastructure, infrastructure prices must be high enough to cover costs, and private investors must assume commercial risk. Good macroeconomic policy matters because it affects the credibility of a price regime and especially the trust in currency convertibility essential for foreign investors. Driven by fiscal austerity and disenchantment with the performance of state-provided infrastructure services, many governments have turned to the private sector to build, operate, finance, or own infrastructure in power, gas, water, transport, and telecommunications sectors. Private capital flows to developing countries are increasing rapidly; 15 percent of infrastructure investment is now funded by private capital in emerging markets. But relative to needs, such private investment is progressing slowly. Governments are reluctant to raise consumer prices to cost-covering levels, while investors, mindful of experience, fear that governments may renege on promises to maintain adequate prices over the long haul. So investors ask for government support in the form of grants, preferential tax treatment, debt or equity contributions, or guarantees. These subsidies differ in how they allocate risk between private investors and government. Efficiency gains are greatest when private parties assume the risks that they can manage better than the public sector. When governments establish good policies-especially cost-covering prices and credible commitments to stick to them-investors are willing to invest without special government support. Privatizing assets without government guarantees or other financial support is possible, even where governments are politically unable to raise prices, because investors can achieve the returns they demand by discounting the value of the assets they are purchasing. But this is not possible for new investments (greenfield projects). If prices have been set too low and the government is not willing to raise them, it must give the investor financial support, such as guarantees and other forms of subsidy, to facilitate worthwhile projects that would not otherwise proceed. But guarantees shift costs from consumers to taxpayers, who subsidize users of infrastructure services. Much of that subsidy is hidden, since the government does not record the guarantee in its fiscal accounts. And taxpayers provide unremunerated credit insurance, as the government borrows based on its ability to tax citizens if the project fails, not on the strength of the project itself. This paper-a joint product of the Regulatory Reform and Private Enterprise Division, Economic Development Institute, and the Private Participation in Infrastructure Group-was presented at the conference Managing Government Exposure to Private Infrastructure Projects: Averting a New-Style Debt Crisis, held in Cartagena, Colombia, May 29030, 1997. Mansoor Dailami may be contacted at [email protected].
Infrastructure Finance
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Author : Anand G. Chandavarkar
language : en
Publisher: World Bank Publications
Release Date : 1994
Infrastructure Finance written by Anand G. Chandavarkar and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Administracion financiera categories.
Urban Infrastructure Finance From Private Operators
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Author : Patricia Clarke Annez
language : en
Publisher: World Bank Publications
Release Date : 2006
Urban Infrastructure Finance From Private Operators written by Patricia Clarke Annez and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Automobile categories.
The author examines the role of private participation in infrastructure (PPI) in mobilizing finance for key urban services, that is, urban roads, municipal solid waste management, and water and sanitation since the early 1990s when private participation came to be seen as a key element in infrastructure development. Her review indicates that for financing urban services, PPI has disappointed-playing a far less significant role than was hoped for, and which might be expected given the attention it has received and continues to receive in strategies to mobilize financing for infrastructure. Looking beyond the number, the author examines transactions and finds that there are good reasons-practical, political, economic and institutional-for these disappointments. Recommending that cities in developing countries try harder is not likely to relieve all these constraints. Experience shows that there are a number of features that raise the risk profile of urban infrastructure for private investors, which has meant that the bulk of the transactions that have taken place have been exceptions rather than harbingers of a growing trend. Many of the measures that could reduce the risk profile are outside the control of many cities, others unlikely to change, and yet another group of steps to be taken that would improve prospects for urban service provision, whether in the hands of public or private operators. These findings suggest a more pragmatic and selective approach to the focus on PPI as a source of finance, and more focus on the array of some of the fundamental steps, among them strengthening the public finances of cities to improve both the capacity to deliver services and to reduce the risks that private investors must take when they invest in urban infrastructure.
Private Participation In Infrastructure In Developing Countries
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Author : Clive Harris
language : en
Publisher: World Bank Publications
Release Date : 2003
Private Participation In Infrastructure In Developing Countries written by Clive Harris and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Developing countries categories.
"Many of the problems are related to difficulties in sustaining cost-covering user fees for these sectors. This study aims to distill the experience over the last 15 years. The main factors in the growth and subsequent decline are examined. The report assesses the impact that the private provision of infrastructure has had on service delivery and analyzes the consequences for other important goals. Main policy lessons are provided for governments that seek to ensure that the supply of infrastructure services does not become a bottleneck to growth."--BOOK JACKET.
Trends And Challenges In Infrastructure Investment In Low Income Developing Countries
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Author : Daniel Gurara
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-07
Trends And Challenges In Infrastructure Investment In Low Income Developing Countries written by Daniel Gurara and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-07 with Business & Economics categories.
This paper examines trends in infrastructure investment and its financing in low-income developing countries (LIDCs). Following an acceleration of public investment over the last 15 years, the stock of infrastructure assets increased in LIDCs, even though large gaps remain compared to emerging markets. Infrastructure in LIDCs is largely provided by the public sector; private participation is mostly channeled through Public-Private Partnerships. Grants and concessional loans are an essential source of infrastructure funding in LIDCs, while the complementary role of bank lending is still limited to a few countries. Bridging infrastructure gaps would require a broad set of actions to improve the efficiency of public spending, mobilize domestic resources and support from development partners, and crowd in the private sector.
Infrastructure Services In Developing Countries
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Author : Cecilia Briceño-Garmendia
language : en
Publisher: World Bank Publications
Release Date : 2004
Infrastructure Services In Developing Countries written by Cecilia Briceño-Garmendia and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Infrastructure (Economics) categories.
"Briceno, Estache, and Shafik review the evidence on the state of infrastructure in the developing world, emphasizing the investment needs and the emerging policy issues. While their assessment is seriously constrained by data gaps, they provide useful insights on the main challenges ahead, emphasizing that, in addition to the widely discussed access problems, the poorest also face major affordability and service quality issues which were not well addressed by the reforms of the 1990s. The authors make a case for a stronger commitment of the international community to generate the information needed to assess and monitor infrastructure needs and policies. This paper--a product of the Office of the Vice President, Infrastructure Network--is part of a larger effort in the network to upgrade economic and policy work in infrastructure"--World Bank web site.
Municipal Infrastructure Financing
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Author : Munawwar Alam
language : en
Publisher: Commonwealth Secretariat
Release Date : 2010
Municipal Infrastructure Financing written by Munawwar Alam and has been published by Commonwealth Secretariat this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Presents an overview of the municipal finances and the extent of private sector involvement in the delivery of municipal services in selected Commonwealth developing countries. This title examines four cities: Dar es Salaam in Tanzania, Kampala in Uganda, Dhaka in Bangladesh, and Karachi in Pakistan.
Project Finance In Developing Countries
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Author : Priscilla Anita Ahmed
language : en
Publisher: World Bank Publications
Release Date : 1999-01-01
Project Finance In Developing Countries written by Priscilla Anita Ahmed and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-01 with Business & Economics categories.
"This report explores the changing face of project finance in developing markets. IFC, and more recently, other multilateral, bilateral, and export credit institutions have played a strong suportive role in bringing project finance to its current volumes. This role was highlighted in 1998, when these institutions sustained flows of an estimated $25 billion at a time when there was an abrupt decline in some types of private flows. IFC, in particular, was a pioneer of project finance in developing countries and has a unique depth of experience in this field, which spans more than 40 years in the practical implementation of some 2000 projects, many of them on a limited-recourse basis. Particularly in today's marketplace, IFC's ability to mobilize finance (both loan and equity for its own account and syndicated loans under its B-loan program), the strength of iis project appraisal capabilities, and its experience in structuring complex transactions in difficult environments have been reassuring to other participants and important to the successful financing of many projects. This report draws on IFC's experience in more than 230 greenfield projects costing upward of $30 billion that relied on project finance on a limited-recourse basis (see Appendix A). It opens with a brief description of the major international trends in project finance over the past two decades and then turns to the essential ingredients of successful project financing."--Publisher abstract.