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As the world makes great strides on the path to development, the gap between infrastructure needs and the resources governments possess to meet those needs is ever growing on account of governments’ razor thin budgets, rapid urbanization and population growth. Asia’s overall infrastructure investment needs are estimated at USD 9 trillion till 2030, 68% of which is for new capacity and 32% for maintaining and replacing existing infrastructure. The average annual infrastructure investment during this period is about USD 750 billion. As countries move up the value chain and urban populations expand, demand for transport, logistics and utilities will only continue to grow, increasing the burden on public funds. If cash-flushed investors have an appetite for Asia’s infrastructure projects, what is keeping them at bay? For infrastructure development, statistics show that Asian nations have been turning to Public Private Partnerships (PPP), which seemed to be one of the main tools to attract financing and keep pace with rapid growth. Although the PPP models are established in several Asian countries, such as Singapore, South Korea and Japan, others are relatively immature. Indonesia, China and India, in particular, have announced ambitious infrastructure programs with governments developing mechanisms to encourage PPP investment and address barriers to PPP development. The new game-changers of the 21st century – India and China are showing aggressive signs of opening their domestic markets to international investors. While PPPs hold significant potential for Asia, they also present formidable challenges. Case studies of PPP markets in Australia, China, India, Indonesia, Japan, Korea, Malaysia, Singapore and Thailand provide an Asian perspective enabling recommendations for Azerbaijan. The Azerbaijani government has achieved great progress over the last decade in integrating the country into the global economic marketplace and increasing foreign investment mainly due to its oil resources. Now, the government’s focus is on diversifying the economy outside the oil sector. Azerbaijan is facing increasing demand for investment in infrastructure development, overstretching the government’s budget. There is need for not only private sector investment but also private sector knowledge and expertise. The traditional approach of the government for infrastructure development of any kind has been to use the state’s own budget or privatization. The first is markedly insufficient to meet the country’s needs while the latter only works in a sound legal and financial framework and is not appropriate for all public service delivery projects. So there is a need to see if the time is ripe for public private partnerships. PPPs may not be the ultimate solution, but they can help address many of the issues systemic to the region in the field of infrastructure development. All it needs is a systematic approach undertaken through joint efforts of private and public sectors.
This publication highlights how public–private partnerships (PPPs) can be effective to meet Asia's growing infrastructure needs. It shows how governments and their development partners can use PPPs to promote more inclusive and sustainable growth. The study finds that successful PPP projects are predicated on well-designed contracts, a stable economy, good governance and sound regulations, and a high level of institutional capacity to handle PPPs. It is the result of a collaboration between the Asian Development Bank, the Korea Development Institute, and other experts that supported the theme chapter "Sustaining Development through Public–Private Partnership" of the Asian Development Outlook 2017 Update.
After centuries of neglect, the land transport corridors connecting Asia and Europe are on the brink of a rebirth. From practically nothing, a revived network of these land corridors is likely to lead to a considerable share of the freight revenues being generated by the increased trade between Asia and Europe. That is why there is fierce competition among the major players for control in shaping the Asia-Europe railway transport corridors. However, there are also new and exciting possibilities for cooperation among the various players. We will extensively examine and evaluate the transport corridors linking Asia and Europe. The Baku-Tbilisi-Kars railway project will be assessed from the perspectives of the three countries involved: Azerbaijan, Georgia and Turkey. It has been shown that the railroad will economically strengthen the region and better integrate the three host countries into international transport corridors. The Baku-Tbilisi-Kars railroad will certainly play a key role in helping to revive the Silk Road connection, thereby creating common interests and facilitating the transformation of the region. The BTK transport corridor will not only stimulate the economies of the countries involved but help wean them their off oil-dependence and restore their rightful place as major commercial hubs along the once-legendary Silk Road. The attraction of direct foreign investment and establishment of partnerships between the public and private sectors are key issues that will be explored in-depth in this book. By 2025, the region is expected to become a prosperous financial sector and transit area; a comprehensive strategy to that end which incorporates the principles of sustainable growth is being formulated by the countries involved.
Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.
Countries situated mainly between China and the European Union are currently participating in a race to develop their transport, trade and logistics infrastructure to attract at least one of the threads of Silk Road that will carry goods and people across Eurasia. It is believed that development of the Europe-South Caucasus-Asia transport, trade and logistics infrastructure will reduce the cost of production and services, which are important to raise competitiveness and social well-being. Although the Europe-South Caucasus-Asia transport route is a shortcut way between the two continents, the soft and hard infrastructure along this way is not enough developed to meet the emerging demand for goods and passenger turnover. Huge investments required for the development of these routes could be invested by development banks (WB, EBRD, EIB, ADB, AIIB, IDB, BSTDB, ECO bank, and so on), governments and private sector. Different types of infrastructure financing models, including public private partnerships, for the upgrading of relevant infrastructure are options on the table to discuss further. Moreover, harmonization of standards, reducing procedures, electronisation of facilities and co-ordination of activities require a new approach and many adaptations. The Europe-South Caucasus-Asia transport, trade and logistics nexus and the International North-South Transport Corridor are not only economic projects, but also carry political elements, which are backed by certain political agendas. However, it is clear that any type of old Silk Road revival initiative will drive many countries to develop their infrastructure as well as superstructure and coordinate this with other participating countries, which as a result will be beneficial for all of them. It is also believed that every single country may benefit and generate revenues from old Silk Road revival process in case of possible collabouration with its neighbouring countries. Azerbaijan enjoys an advantageous geographical position at a crossroads of East-West and North-South corridors, which leads the country to become a regional transport, production, and trade and logistics hub. The country makes huge investments into its own infrastructure as well as supports certain other neighbouring countries. Within this framework, common will based on the reciprocity and mutual benefit can foster enhanced cooperation along with the Great Silk Road and International North- South Transportation Corridor projects.
Policymakers, academics, think tanks and practitioners will benefit from the international perspective of the book, particularly those interested in the influential Asian architecture. This book is also a useful reference tool for students of macroecon
Asian economies continue to be subject to new shocks: US monetary policy tightening, the adoption of negative-interest-rate policies by central banks all over the world, the slowdown of the People's Republic of China, and the sharp drop in oil and other commodity prices. All these highlight the vulnerability of the region to volatile trade and capital flows even as the global and Asian regional financial architecture evolves. This volume analyzes the vulnerabilities of Asian economies to external economic and financial shocks and assesses the performance of Asian regional institutions in financial surveillance and cooperation. It also evaluates ongoing reforms of the global financial architecture, including the International Monetary Fund (IMF), the Financial Stability Board, and reviews the experience of the "Troika" (European Commission, European Central Bank, and the IMF) in managing the European sovereign debt and banking crisis. Based on these, the book develops valuable recommendations to strengthen the Asian regional financial architecture and improve cooperation with global multilateral institutions.
Infrastructure is essential for development. This report presents a snapshot of the current condition of developing Asia's infrastructure---defined here as transport, power, telecommunications, and water supply and sanitation. It examines how much the region has been investing in infrastructure and what will likely be needed through 2030. Finally, it analyzes the financial and institutional challenges that will shape future infrastructure investment and development.
UCLG’s Third Global Report on Local Democracy and Decentralization (GOLD III) examines basic service provision and the current state-of-play of the local governance of basic services around the world. Basic Services for All in an Urbanizing World examines the enormous challenge of ensuring the universal provision of basic services in a world that is being shaped by rapid global urbanization, climate change, and economic, social and technological transformation. The world’s urban population is predicted to reach 5 billion people within the next 20-30 years. The report analyses the conditions necessary for local governments to provide these new urban residents with quality basic services. Water, sanitation, waste management, transport and energy are essential, not only for the preservation of human life and dignity, but also in driving economic growth and ensuring social equality. Each chapter examines a world region, drawing on existing research and consultation with local authorities on the ground. The chapters review access levels, legal and institutional frameworks, and the different ways in which basic services are managed and financed, as well as showcasing diverse examples of innovation in the local and multi-level governance of services. It concludes with a set of recommendations for all stakeholders with a view to making the goal of basic services for all a reality. This report contributes to discussions on the Millennium Development Goals and the UN Post-2015 Development Agenda. The findings of GOLD III will also be essential to promoting the vision of local governments at the 2016 UN Conference on Human Settlements (Habitat III).