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The Impact of Private Sector Participation in Infrastructure : Lights, Shadows, and the Road AheadAs numerous countries in Latin America
 and the Caribbean and elsewhere are moving toward a second
 phase of private participation in infrastructure programs
 mostly through public-private partnership schemes and other
 countries are just beginning the process, several concerns
 remain from the outcomes of the first phase. These concerns
 are making governments cautious in moving forward. The
 Impact of private sector participation in infrastructure
 addresses these concerns and brings clarity to the debate on
 the impact of private participation in infrastructure. The
 assessment of this impact may be one of the most emotional
 policy issues in economics, as it is clouded in a mist of
 myths, perceptions, and reality. This book analyzes the
 impact and sorts out the truth from the myths. The authors
 take a systematic and hard look at the facts (i.e., data) in
 Latin America, where starting in the late 1980s, many
 governments brought private sector participation into the
 delivery of essential utilities services. Although there are
 many assessments of this experience, none was able to rely
 on systemic, cross-country, and time-series data, and
 practically all of them did not save rare exceptions account
 for what would have happened in the absence of interventions
 (the counterfactual). This book does just that. It brings
 together an all encompassing database from the 1980s to the
 first decade of this century and develops an effective and
 robust methodology, accounting for the counterfactual, which
 tests and estimates the impact of reform on an exceptionally
 wide set of outcome indicators. As a result, this book
 presents the most in-depth study to date of the private
 sector participation experience in Latin America, and it
 substantially advances the existing literature by offering
 robust econometric analysis.
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A Methodological Framework for Prioritizing Infrastructure InvestmentPolicy makers are often confronted with a myriad of factors in the investment decision-making process. This issue is particularly acute in infrastructure investment decisions, as these often involve significant financial resources and lock-in technologies. In regions and countries where the infrastructure access gap is large and pubic budgets severely constrained, the importance of considering the different facets of the decision-making process becomes even more relevant. This paper discusses the trade-offs policy makers confront when attempting to prioritize infrastructure investments, in particular with regard to economic growth and welfare, and proposes a methodological framework for prioritizing infrastructure projects and portfolios that holistically equates such trade-offs, among others. The analysis suggests that it is not desirable to have a single methodology, providing a single ranking of infrastructure investments, because of the complexities of infrastructure investments. Rather, a multidisciplinary approach should be taken. Decision makers will also need to account for factors that are often not easily measured. While having techniques that enable logical frameworks in the decision-making process of establishing priorities is highly desirable, they are no substitute for consensus building and political negotiations.
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Fostering the Development of Greenfield Mining-related Transport Infrastructure through Project FinancingThe purpose of this study is to serve as
 a guide on developing Greenfield transport infrastructure
 (rail and port) primarily used to support mining operations
 ('mining-related infrastructure'), through
 Public-Private Partnership (PPP) schemes and on a project
 finance basis. The focus is on key financing issues and
 considerations, as well as recommendations for governments
 and private-sector participants, specifically in the context
 of sub-Saharan Africa and similar regions. Over the past
 decade, the rapid economic growth in newly industrialized
 markets has fueled a strong demand for various commodities
 (such as iron, coal, bauxite and copper), with significant
 impact on their prices. The last ten years have seen an
 unprecedented rise in the price of mineral commodities
 worldwide. From the mid-2000s through the early 2010s, the
 world's largest mining companies embarked in the
 planning of numerous and often very large mining projects to
 satisfy what was seen as an ever growing double digit demand
 for minerals (iron ore, coal, bauxite, copper, etc). A
 number of these mining projects are located in frontier
 countries (e.g. Mongolia, Guinea, Afghanistan, Sierra Leone
 and Mozambique). This report explores the challenges and
 solutions associated with the development of Greenfield
 mining-related transport infrastructure through project
 financing in frontier countries, including as shared-use
 assets. From an ownership and financing structure
 perspective, there are three traditional forms of ownership
 models: public-sector led, mining company-led or third-party
 investment. Given that most frontier host governments simply
 do not have the ability to fund these infrastructure
 projects on a purely public basis (including with the
 assistance of multilateral development banks), this report
 focuses on the latter two ownership arrangements. In terms
 of financing models, the size of such investments often
 rules out corporate financing as a viable option for
 external investors. Thus project financing is the most
 feasible and most adapted form of debt financing for
 Greenfield multi-user/multi-client mining-related
 infrastructure, assuming project bankability can be
 demonstrated to lenders. Lastly, public authorities might
 have to accept that multi-usage demands made to transport
 mining infrastructure operators might have to be initially
 or permanently restricted to secure, first and foremost, the
 delivery of an efficient mining transport system at the
 lowest possible cost to its anchor user/client.