. The price tag for technical, financial, economic, and environmental feasibility studies and long-term plans can be high, running into the millions of dollars.
The World Bank Group has been helping developing countries build up their capacity in these areas. But more must be done to enable countries to develop a robust project pipeline that supports a stronger public-investment program, which is critical to any strategy to attract substantial resources from the private sector.
And, in today’s economic climate, attracting private financing is essential, because there is simply no way that public funding alone can close the infrastructure gap. Doing so will also require ensuring appropriate governance, predictable pricing structures, and a credible regulatory environment.
Countries have no time to waste. The unique role of infrastructure in helping to provide basic services for poor people, creating jobs and opportunity, facilitating access to markets, and ensuring sustainable growth in our ever-growing cities requires policymakers to act quickly and decisively.
Bertrand Badré is Managing Director and CFO of the World Bank Group. This post originally appeared in the Project Syndicate.
Thanks for reading to the end of this story!
We would be grateful if you would consider joining as a member of The EB Circle. This helps to keep our stories and resources free for all, and it also supports independent journalism dedicated to sustainable development. It only costs as little as S$5 a month, and you would be helping to make a big difference.