20160727-世界经济论坛-Risk-Mitigation_Instruments_in_Infrastructure_Gap_Assessment_48页_4mb

• Introduction

The report "Risk Mitigation Instruments in Infrastructure," published by the World Economic Forum, addresses the critical need for effective risk mitigation in global infrastructure financing. Infrastructure investments are essential for economic growth, but challenges like political instability and inadequate risk coverage hinder progress. This report synthesizes insights from a comprehensive expert survey and market analysis, highlighting the current state of risk mitigation instruments and proposing actionable recommendations to enhance their deployment. It emphasizes collaboration among institutions like the World Bank, multilateral development banks (MDBs), investors, and governments. (Reference: WEF Report, 2016)

• Survey Findings

Results from a detailed questionnaire indicate that while risk mitigation instruments are recognized as valuable, they are underutilized due to:

• Complexity and Cost: Instruments are often too complex and costly for investors, particularly institutional ones. Partial data shows high costs for guarantees, limiting adoption in emerging markets.

• Availability and Accessibility: Though available, instruments have low accessibility due to bureaucratic processes and lack of transparency, primarily in developing regions.

• Risk Perception: Investors highlight macroeconomic, political, and regulatory risks (e.g., currency fluctuations and legal changes) as primary deterrents. The need for standardization across regions is critical to improving market access.

These findings underscore that current risk mitigation tools are not fully capitalizing on the vast institutional investment potential, as noted in the survey responses from global infrastructure stakeholders with $2+ trillion in assets under management.

• Recommendations

1. Standardization and Simplification: IFIs should standardize products to improve efficiency and reduce complexity, ensuring greater accessibility for investors.

2. ** Tradable Infrastructure Debt Asset Class**: Create uniform, tradable debt instruments that leverage MDBs amplification roles to attract more capital.

3. Harmonized Dispute Resolution: Establish mechanisms to mitigate disputes common in PPPs and concessions.

4. Dissemination of Risk Mitigation Best Practices: Promote education and standard reporting among professionals to reduce information gaps.

5. Governance and Policy Alignment: Increase collaboration between MDBs and governments to align risk mitigation supports with national policies.

These steps aim to foster a more enabling environment, encouraging deeper private sector involvement and scalable solutions across emerging markets. (Source: Recommendations from WEF Global Agenda Council on Infrastructure, 2016)

• Conclusion

The analysis confirms that while risk mitigation instruments exist, their complex implementation and regional disparities impede their effective use. By adopting the recommendations, stakeholders can fortify infrastructure investment resilience, bolstering long-term economic stability and poverty reduction. This builds on WEF's broader initiatives, such as the Infrastructure Global Agenda Council, which is pivotal for future research and dialogue. To download the full paper or learn about contributing entities, please visit the WEF website.