Mobilizing Private Finance for Local Infrastructure in Europe and Central Asia : An Alternative Public Private Partnership Framework
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Washington, DC: World Bank
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In recent years, the countries of Europe
and Central Asia (ECA) have experienced a marked decline in
investments by international private operators/investors in
local infrastructure-much in line with the trend observed in
other emerging markets. This decline has been particularly
significant in the local water and energy sectors. In light
of the increasingly tight fiscal constraints faced by
governments across ECA, there is a strong need to develop
alternative Public-Private Partnership frameworks that could
attract private investors to the local infrastructure
sector. The growing challenge is to identify and implement
adequate financing frameworks and modalities of public
support Public-Private Partnerships that would be sufficient
to attract participation of private investors in local
infrastructure without increasing the risk of moral hazard.
The objective of this paper is to explore possible elements
of an alternative PPP framework that could help governments
in ECA to meet this challenge. The paper identifies key
impediments to the development of Public-Private
Partnerships in local infrastructure in ECA and discusses
the elements of the proposed Public-Private Partnership framework.
Palabras clave
ACCOUNTING, ACCOUNTING STANDARDS, AFFILIATED ORGANIZATIONS, ASSURANCE, BANKS, BARRIERS TO ENTRY, BONDS, CIVIL SOCIETY, CIVIL SOCIETY ORGANIZATIONS, COMPLIANCE COSTS, CONSOLIDATION, CONTRACT ENFORCEMENT, CONTRACT ENFORCEMENT/DISPUTE, CORPORATE GOVERNANCE, CORRUPTION, CREDIT RISKS, DEBT, DEBT/EQUITY, DEBT/EQUITY/GRANT, DEVELOPMENT/THE, DISCLOSURE, DIVIDENDS, DOMESTIC CAPITAL MARKETS, ECONOMICS, ELECTED OFFICIALS, EMERGING MARKETS, ENFORCEABLE PROPERTY RIGHTS, EQUITY INVESTMENTS, FINANCIAL CRISES, FINANCIAL INSTITUTIONS, FINANCIAL SERVICES, FOREIGN EXCHANGE, FOREIGN INVESTORS, IFI/PRIVATE SECTOR, INCOME, INFRASTRUCTURE SERVICES, INSURANCE, INSURANCE COMPANIES, LAND MARKETS, LATIN AMERICAN, LAWS, LEGAL FRAMEWORK, LOCAL AUTHORITIES, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, MARKET COMPETITION, MORAL HAZARD, MUNICIPALITIES, MUTUAL FUNDS, NEGOTIATIONS, NEW ENTRANTS, NORTH AFRICA, OFFERINGS, OLIGOPOLY, OPERATOR/INVESTORS, OPERATORS/INVESTORS, OPPORTUNITY COSTS, PENALTIES, PENSION FUNDS, POLICY/INSTITUTIONAL/FINANCIAL INSTRUMENTS, PRIVATE SECTOR, PRIVATIZATION, PUBLIC FINANCE, REGULATORY ENVIRONMENT, RISK INSURANCE, RISK MITIGATION, SANITATION, SECURITIES, SPONSORS/INVESTORS, STATEMENTS, SUBSIDIARY, TECHNICAL ASSISTANCE, TRANSPARENCY, TRANSPORT, TRANSPORTATION, WASTE MANAGEMENT, WATER SERVICES