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Summary of International Investment in Sustainable Infrastructure: The Role of Public-Private Partnerships

Core Content

This report by the United Nations Conference on Trade and Development (UNCTAD) examines the role of public-private partnerships (PPPs) in international investment for sustainable infrastructure. It highlights the importance of PPPs in addressing the global Sustainable Development Goals (SDGs) financing gap, particularly in developing countries, and identifies key challenges and opportunities in scaling up these partnerships.

Main Viewpoints

• Insufficient Investment: International investment in sustainable infrastructure, including both hard and soft sectors, remains inadequate in volume and distribution, especially for the poorest and smallest countries.
• Dominance of Renewable Energy: Since 2015, renewable energy has accounted for over 70% of international PPP projects, indicating a lack of diversification into other critical sectors.
• Geographical Concentration: Ten developing countries, notably Brazil, India, Viet Nam, and the Philippines, account for nearly 60% of all international PPP projects, leaving many smaller and lower-income economies underserved.
• Role of PPPs: PPPs are seen as a strategic mechanism to mobilize private capital, especially in countries with limited public budgets and infrastructure deficits.
• Legal and Regulatory Importance: Clear legal frameworks and transparent procurement processes are critical for attracting international investment and ensuring project success.
• De-Risking Mechanisms: Multilateral development banks (MDBs) and development finance institutions (DFIs) play a vital role in de-risking and mobilizing capital, particularly in high-risk environments.
• Blended Finance: Blended finance, combining public and private capital, is growing but still limited in scale, with DFI-supported loans often targeting high-risk countries.

Key Information

Sectoral and Geographical Imbalances

• Renewable energy dominates international PPPs, making up over 70% of projects.
• Soft infrastructure sectors like health, education, water, and sanitation face more planning-related disruptions.
• International PPP projects are highly concentrated in a few countries, with LDCs and SIDS largely excluded.

Legal and Regulatory Frameworks

• Robust legal frameworks and dedicated PPP agencies are essential for attracting international investment.
• Dispute resolution mechanisms must be balanced to prevent costly litigation and preserve regulatory flexibility.
• PPP contracts should be designed to ensure transparency and accountability, especially in high-risk environments.

Planning and Contract Design

• Poor planning is a leading cause of project failure, with over 30% of failures linked to planning disruptions.
• Balanced contracts with long-term offtake agreements, minimum revenue guarantees, and performance-based viability risk (PVR) contracts improve project bankability.
• Government-backed payment mechanisms and PVR contracts are effective tools for risk sharing in non-energy sectors.

De-Risking and Financing Instruments

• Blended finance helps reduce the cost of capital, especially in high-interest-rate environments.
• DFIs and MDBs significantly reduce borrowing costs and improve financing terms for international PPPs.
• Support for LDCs and SIDS is crucial, particularly through concessional finance and regional project preparation facilities.

Implementation and Management

• Small-scale PPPs offer high-impact solutions in underserved regions and should be supported with tailored policies and capacity-building.
• Larger projects face more challenges, with over 5% encountering major setbacks compared to less than 1% for projects under $20 million.
• Effective project governance, policy stability, and institutional coordination are necessary for successful PPP implementation.
• MDBs and DFIs contribute to capacity building, risk mitigation, and investment mobilization, especially in high-risk and complex projects.

Policy Implications

• Strengthening legal and institutional frameworks is essential to unlock the potential of international PPPs.
• Enhancing transparency and accountability in procurement and contract management can foster private investment.
• Scaling up PPPs requires addressing structural constraints, such as high perceived risks and limited institutional capacity.
• The "Compromise de Sevilla" emphasizes the need for rethinking investment models to align with national development strategies and prioritize long-term impact over short-term returns.

Conclusion

The report underscores the importance of PPPs in advancing sustainable infrastructure and achieving the SDGs. It calls for a more balanced and inclusive approach to international PPP investment, with a focus on improving legal frameworks, diversifying sectors and regions, and enhancing the role of DFIs and MDBs in supporting these partnerships.