2024-09-29-世界银行-为可持续基础设施解锁地方融资（英）_54页_1mb

Analysis and Summary of the World Bank Report on Local Currency Financing (LCF) for Infrastructure and Climate Investments

Overview

The global infrastructure financing gap is substantial, with an annual shortfall of approximately $0.7 trillion beyond the $2.7 trillion needed in 2020 to achieve net-zero emissions by 2050. Local Currency Financing (LCF) emerges as a critical tool to address this gap by reducing reliance on foreign currency, mitigating FX risks, and leveraging domestic savings for sustainable infrastructure and climate projects.

Key Findings and Recommendations

Enablers and Constraints for LCF Markets

• Enablers: Robust macroeconomic policies (low inflation, interest rates), high levels of domestic savings, and developed financial markets (including deep credit and capital markets) are essential. Countries like Malaysia and South Africa demonstrate success through high savings rates, institutional investor growth, and government support programs.
• Constraints: Emerging markets face limitations such as underdeveloped capital markets, limited credit enhancement tools, FX volatility, and regulatory gaps. Fiscal constraints and depositor mismatches in banks further hinder long-term LCF provision.

Case Study Insights

• Malaysia and South Africa: Benchmarks with advanced LCF markets, driven by policies like mandatory pensions, institutional investor mobilization, and specialized financing schemes.
• Developing Countries: Egypt, Indonesia, Kenya, Philippines, and Uzbekistan show varying stages of LCF development. Key issues include low contractual savings, short loan tenors, and currency mismatches in projects, which can be addressed through targeted interventions.
• Examples: Indonesia's Infrastructure Finance Institution (IIF) uses pooled vehicles to crowd in private capital, while South Africa's REIPPP integrates LCF through renewable energy tariffs.

Policy Recommendations

1. Promote Macroeconomic Stability: Strengthen policies to lower inflation and interest rates, deepen LCY markets, and improve government bond yields.
2. Increase Institutional Savings: Expand pension funds, insurance, and capital markets to facilitate long-term LCF intermediation.
3. Crowd in Private Financing: Develop credit enhancement tools (e.g., guarantees, risk-sharing facilities) and pooled investment vehicles to attract institutional capital.
4. Enhance Market Ecosystems: Build capacity in credit evaluation, project structuring, and financial intermediation through capacity building and partnerships with development finance institutions (DFIs).

Operational Considerations

• Project Design: Incorporate LCF by aligning tariffs with local currency and structuring financing to match project cash flows.
• LCF in PPPs: Mitigate FX risks through standardized contracts and derisking mechanisms.
• Capacity Building: Use tools like climate screening and knowledge-sharing academies to support LCF adoption globally.

Conclusion

LCF is vital for unlocking sustainable infrastructure investments in emerging markets, requiring a combination of policy reforms, market development, and innovation to overcome binding constraints and achieve the Sustainable Development Goals.