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Privatization Trends in 2006

Core Content

This document presents an analysis of privatization trends in developing countries in 2006, based on the World Bank Group's Privatization Database. It highlights the overall increase in privatization activity, the leading regions and sectors, and the impact of political leadership on privatization progress.

Main Points

• Overall Privatization Activity:
  In 2006, privatization transactions in developing countries totaled US$70 billion, with US$105 billion including two large Chinese initial public offerings (IPOs). This marked a record year in nominal terms.

• Regional Trends:

  • Europe and Central Asia: Continued to lead, with a total value of US$35.5 billion, representing 51% of the global total.
  • East Asia: Had a value of US$15 billion, driven primarily by China's IPOs, which accounted for 94% of regional value.
  • Middle East and North Africa: Experienced nearly tripled value, reaching US$11 billion, with Egypt leading the region.
  • Latin America: Recorded a sharp growth, with value rising to US$3.5 billion, and Mexico and Colombia as key contributors.
  • Sub-Saharan Africa: Saw a decline in value, from US$2.3 billion in 2005 to US$1.9 billion in 2006, but more countries participated.
  • South Asia: Declined in value from US$3.8 billion to US$1.65 billion, but more transactions occurred, with India becoming a significant player due to state-level concessions.

• Sectoral Breakdown:
  Three main sectors accounted for 80% of total privatization value:

  • Infrastructure: Total value of US$23.4 billion (34% of total), with telecommunications and transport as the largest sub-sectors.
  • Energy: Total value of US$19.9 billion (30% of total), dominated by Russia, Turkey, and Kazakhstan.
  • Finance: Total value of US$12.9 billion (20% of total), with banking and IPOs being the main drivers.

Key Information

• IPOs Dominated:
  Initial public offerings (IPOs) accounted for more than a third of total privatization value. Two large Chinese IPOs (Bank of China and Industrial and Commercial Bank of China) contributed US$35.7 billion.

  • Russia and Kazakhstan accounted for half of all IPO value through oil and gas transactions.
  • China used IPOs across various sectors to raise capital and meet market demands.

• Political Influence:
  Political leadership played a crucial role in driving privatization. Countries like Colombia, Egypt, Nigeria, and Turkey saw successful privatization due to supportive leadership, while India and Poland faced delays due to political opposition or shifts in leadership.

• Infrastructure Growth:
  Infrastructure privatization expanded, except for the water and sewerage sector, which accounted for only 1% of the total value.

  • Telecommunications had 30 transactions, involving 21 countries, up from 16 in 2005.
  • Transport accounted for 30% of infrastructure value, with major contributions from China, Mexico, India, and others.

• Methodology Note:
  The World Bank Group uses transaction values as a proxy for measuring privatization trends. The database includes full or partial sales, concessions, leases, and IPOs of state-owned enterprises and government assets.

  • China's two mega IPOs are excluded from the analysis of other regions due to their disproportionate size.
  • Minority IPOs are included as they dilute government ownership and are part of the database.

Conclusion

Privatization continued in 2006, despite popular perceptions of a slowdown. The activity was driven by IPOs, especially in China, Russia, and Kazakhstan, and was spread across infrastructure, energy, and finance sectors. Political leadership was a key determinant in the success or failure of privatization efforts.