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Financing infrastructure in developing countries

Author

Listed:
  • Antonio Estache
  • Tomas Serebrisky
  • Liam Wren-Lewis

Abstract

This article develops a theoretical framework to analyse options for financing infrastructure in developing countries. We build a basic model that gives motivations for using a combination of public finance, private debt, and private equity. The model is then extended in a number of ways to examine factors that are important for developing countries. We focus in particular on key institutional weaknesses that are often important for infrastructure investment. Overall, we show that such weaknesses can be key in determining financing choices, but that they do not all push in the same direction. Financing schemes must therefore be adapted to consider the institutional limitations that are most pertinent in any given context.

Suggested Citation

  • Antonio Estache & Tomas Serebrisky & Liam Wren-Lewis, 2015. "Financing infrastructure in developing countries," ULB Institutional Repository 2013/226735, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:ulb:ulbeco:2013/226735
    Note: SCOPUS: ar.j
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    Cited by:

    1. Fleta-Asín, Jorge & Muñoz, Fernando, 2023. "When bigger is better: Investment volume drivers in infrastructure public-private partnership projects," Socio-Economic Planning Sciences, Elsevier, vol. 86(C).
    2. Abdullahi Ahmed Umar & Kabiru Goje & Mahadi Ahmad, 2023. "Combating Rising Energy Poverty with Sunnah-Compliant Orthodox Sukuk Finance," JRFM, MDPI, vol. 16(10), pages 1-19, October.
    3. Fay, Marianne & Martimort, David & Straub, Stéphane, 2021. "Funding and financing infrastructure: The joint-use of public and private finance," Journal of Development Economics, Elsevier, vol. 150(C).
    4. Masahito Ambashi, 2019. "Vientiane-hanoi Expressway Project," Books, Economic Research Institute for ASEAN and East Asia (ERIA), number 2018-rpr-03 edited by Masahito Ambashi, February.
    5. Noah Kaiser & Christina K. Barstow, 2022. "Rural Transportation Infrastructure in Low- and Middle-Income Countries: A Review of Impacts, Implications, and Interventions," Sustainability, MDPI, vol. 14(4), pages 1-48, February.
    6. Juan David González-Ruiz & Sergio Botero-Botero & Eduardo Duque-Grisales, 2018. "Financial Eco-Innovation as a Mechanism for Fostering the Development of Sustainable Infrastructure Systems," Sustainability, MDPI, vol. 10(12), pages 1-19, November.
    7. Qianxing Ding & Shanshan Huang & Guohua Fu & Bing Wang, 2024. "Investment analysis of the private firm under different financial arrangements in infrastructure projects," PLOS ONE, Public Library of Science, vol. 19(2), pages 1-17, February.
    8. Wikus Kruger & Anton Eberhard, 2018. "Renewable energy auctions in sub‐Saharan Africa: Comparing the South African, Ugandan, and Zambian Programs," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 7(4), July.
    9. Francesco Campanella & Luana Serino & Teresa Nelli & Domenico Graziano, 2018. "Macroeconomics Effects on Project Finance Performances and Sustainability," International Business Research, Canadian Center of Science and Education, vol. 11(6), pages 21-28, June.
    10. Clarke,Daniel Jonathan & Wren-Lewis,Liam, 2016. "Solving commitment problems in disaster risk finance," Policy Research Working Paper Series 7720, The World Bank.
    11. Antonio Estache, 2016. "Institutions for Infrastructure in Developing Countries: What We Know and the Lot We still Need to Know," Working Papers ECARES ECARES 2016-27, ULB -- Universite Libre de Bruxelles.
    12. Dung Ngo, Vi & Leonidou, Leonidas C. & Janssen, Frank & Christodoulides, Paul, 2024. "Export-specific investments, competitive advantage, and performance in Vietnamese SMEs: The moderating role of domestic market conditions," Journal of Business Research, Elsevier, vol. 170(C).
    13. Mr. Edward F Buffie & Michele Andreolli & Ms. Grace B Li & Luis-Felipe Zanna, 2016. "Macroeconomic Dimensions of Public-Private Partnerships," IMF Working Papers 2016/078, International Monetary Fund.

    More about this item

    Keywords

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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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