2007年-世界发展银行全球_Privatization_Trends_4页_332kb

Privatization Trends Summary (2004–2005)

Core Content

This document provides an overview of privatization trends in developing countries between 2004 and 2005, based on the World Bank Group's Privatization Database. It highlights the overall increase in privatization activity, regional and sectoral distribution, and the factors influencing these trends.

Main Points

Overall Privatization Activity

• In 2004–2005, 62 developing countries conducted nearly 400 privatization transactions worth US$90 billion.
• The 2005 total value was the highest since 1990, except for 1997.
• The top 10 countries accounted for nearly 80% of total value, with Romania, Ukraine, Pakistan, and Hungary joining the group for the first time since 1990.
• China and Turkey accounted for a third of total value.
  • China: US$18 billion, primarily from minority share sales in banking and insurance.
  • Turkey: US$12.6 billion, driven by the sale of Turk Telekom for US$6.55 billion, the largest transaction of the period.

Regional Patterns

• Europe and Central Asia remained the leading region, contributing US$47 billion or 54% of total value.
  • Turkey (26%) and Romania (15%) were the top contributors.
  • Chile (25%), Brazil (23%), Ukraine (12%), Hungary (10%), and Poland (10%) also played significant roles.
• East Asia generated US$22 billion or 25% of total value, with China (80%) as the main contributor.
  • China's privatization was driven by WTO accession and financial sector liberalization.
• South Asia increased its share from 4% to 9%, led by Pakistan (53% of regional value).
  • Pakistan's growth was due to new privatization policies and major transactions in telecommunications, electricity, and oil refining.
• Latin America saw a sharp decline, contributing US$3.1 billion or 3% of total value.
  • The decline was due to shrinking state enterprise portfolios and political backlash.
• Middle East and North Africa contributed US$7.5 billion or 8% of total value, down from 11% in 2000–2003.
  • Morocco (37%) and Egypt (30%) were the main contributors, with telecommunications being the leading sector.
• Sub-Saharan Africa contributed US$975 million or 1% of total value, down from 3% in 2000–2003.
  • Nigeria (70%) and Tanzania/Ghana (12%) were the main contributors, with telecommunications being the most active sector.

Sector Trends

• Top sectors contributing to privatization value:
  • Infrastructure (telecommunications, electricity, transport, water): 42% of total value.
  • Financial sector (banks, insurance): 30% of total value.
  • Energy (oil and gas, hydrocarbons): 15% of total value.
• Telecommunications remained the most active sector, accounting for 60% of infrastructure value.
• Transport saw a significant increase in its share, from 8% to 21%, with airport concessions in Turkey, Hungary, Thailand, and Mexico being the main contributors.
• Financial sector experienced sharp growth, with nearly 90% of value from 10 transactions, 7 of which involved minority share sales in Chinese banks.
• Competitive sectors (e.g., manufacturing, services) saw an increase in value, reaching 13% of total value.
  • Ukraine's steel mill sale contributed 40% of competitive sector value.
  • Large manufacturing transactions occurred in Poland, Turkey, Hungary, Serbia, Egypt, and Pakistan.
  • Privatization of services increased, notably in airlines (Thailand, Pakistan, Lithuania, the Slovak Republic, and Turkey).

Key Information

• Privatization was driven by political leadership, international agreements, and fiscal pressures.
• Minority share sales were common, particularly in China, with state control often retained.
• Foreign direct investment (FDI), especially South-South investment, played a key role in facilitating privatization.
• Some countries (e.g., Croatia, Moldova) stalled privatization due to dissatisfaction with pricing or lack of bidders.
• Other countries (e.g., Bolivia, Russia, Venezuela) increased state control through nationalization or restrictions on foreign investment.
• Corporate governance and exposure to competition became critical in these contexts.

Conclusion

Privatization in developing countries increased significantly in 2004–2005, especially in banking, transport, telecommunications, and competitive sectors. The top 10 countries dominated the transaction value, with China and Turkey leading the way. While some regions saw growth, others experienced declines due to political and economic factors. The financial and telecommunications sectors were the most active, and minority share sales and FDI played a major role in driving these trends.