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APEC Finance Ministers’ Process Conference: The Framework and Options for Public and Private Financing of Infrastructure

 
Begins:   Jun 22, 2011 09:00
Ends:   Jun 23, 2011 17:00

APEC 2011 - APEC Finance Ministers’ Process Conference

Date: June 22-23, 2011
Venue: Preston Auditorium, The World Bank, 1818 H Street, 20433, Washington D.C., USA

Asia-Pacific Economic Cooperation (APEC) Finance Ministers, in endorsing their Kyoto Growth Strategy and 2010 APEC communiqué, identified investment and the provision of public infrastructure as a priority for follow-on work. For some APEC economies, increasing the share of investment in GDP is an important element of achieving strong, sustained, and balanced growth by promoting a greater contribution from domestic demand to employment and economic growth. While other APEC economies may not have the same objective of boosting the share of investment in GDP, all APEC economies face challenges in mobilizing the efficient provision of public investment in an environment of constrained fiscal space.

Given that the forecasted needs for infrastructure in Asia alone of about US$8 trillion over the next 10 years, APEC Finance Ministries have accepted that attracting private sector participation in the provision of infrastructure is critical to meeting growth objectives. In this context, APEC has sponsored a large body of work to support economies’ efforts to design and launch public private partnership schemes, including engagement by the World Bank, Asian Development Bank (ADB), and the APEC Business Advisory Council (ABAC). Efforts underway include development of capital markets, match-making for projects, and hands-on intensive assistance at the project level.

Nonetheless, progress on attracting truly private sector financing into infrastructure has been disappointingly slow. Whether due to macroeconomic, financial sector, or project-level constraints, few APEC economies’ experience with PPPs have fully lived up to expectations. While private capital and sovereign wealth funds have an interest in holding long term infrastructure assets, in particular in emerging market economies, there have been many roadblocks to getting bankable projects through the construction phase. Overall, for most economies, the public sector retains the dominant role in providing infrastructure, and in all economies the quality of public sector planning and frameworks is critical to achieving results.

In this context, in co-sponsorship with the United States Treasury, which is chairing the APEC Finance Ministers’ process in 2011, the World Bank is organizing a conference on Public and Private Financing of Infrastructure. This is expected to be attended by delegates from 21 member economies and the ADB, Inter-American Development Bank (IADB) and the International Monetary Fund (IMF). The objective of the conference will be to share international experience in strengthening public investment programs and to review policies to promote public-private partnerships in providing infrastructure. The conference will aim to inform subsequent discussion by APEC Finance Ministers at their November 2011 meetings in Hawaii and form the basis for additional work.

Contacts:

US Treasury:
Michael Kaplan, Michael.Kaplan@treasury.gov
Susan Tong, Susan.Tong@treasury.gov

World Bank:
Ahmad Ahsan, Aahsan@worldbank.org
Blanca Morendo-Dodson, Bmorenododson@worldbank.org


Session Materials (in PDF)

Session 2: Strengthening Public Investment Programs in Infrastructure: What are the Challenges?

  • Building Infrastructure through Better Public Investment Management
    James A. Brumby, Sector Manager, Public Sector Governance, World Bank (696 kb)
    Graham Glenday, Center for International Development, Duke University (144 kb)
    John Roome, Sector Director, Sustainable Development Department, World Bank (1.03 mb)


  • Public Supply of Infrastructure - Country Experiences
    Jay-Hyung Kim, Managing Director, Public and Private Infrastructure Investment Management Center, Korea Development Institute (653 kb)
    Aaron Klein, Deputy Assistant Secretary for Policy Coordination, U.S. Treasury (609 kb)
    Xia Lu, Deputy Director, International Division, Ministry of Finance, China (1.35 mb)

Session 3: Building Infrastructure: Public-Private Participation I

  • Going the Private vs. Public Route - Deciding on Which Approach to Take
    Alfonso Guzman, Managing Director, Castalia Advisors (472 kb)
    David Bloomgarden, Project Specialist, Multilateral Investment Fund of the Inter-American Development Bank (PPP Readiness Index) (690 kb)


  • Enabling Environment for Private Finance of Infrastructure
    Cayetano W. Paderanga, Secretary, National Economic Development Authority, Philippines (356 kb)
    Rodrigo Yañez, Advisor, Presidencia de la República, Chile (360 kb)
    Dr. Seree Nonthasoot, Legal Counsel, State Enterprise Policy Office, Ministry of Finance, Thailand (1.52 kb)
    Christy García Godos Naveda, Jefe de Proyectos Ferroviarios y Portuarios, PROINVERSION, Peru (943 kb)
    Robert Prieto, Senior Vice President, Fluor Corporation (713 kb)

Session 4: Building Infrastructure: Public-Private Participation II -- Challenges of Developing a Robust Project Pipeline

Federico Patiño, Director for Investment Banking, BANOBRAS, Mexico (523 kb)
Jay-Hyung Kim, Managing Director, Public and Private Infrastructure Investment Management Center, Korea Development Institute (2.5 mb)
Sinthya Roesly, President Director, Indonesia Infrastructure Guarantee Fund (5.53 mb)

Session 5: Investor Perspectives

  • Unlocking long-term private and public capital - What will it take to see more of it for infrastructure?
    Ashby Monk, Co-Director of the Oxford SWF Project and author of “Managing Financial Risk: from Global to Local” (884 kb)
    Bill Streeter, Hastings Fund Management (former Head of the Global Infrastructure & Project Finance Group - Asia-Pacific, Fitch Ratings) (245 kb)

Session 6: Managing Risks and Opportunities of Private Sector Engagement

  • Management of Fiscal Risks from PPPs
    Benedict Clements, Division Chief, Expenditure Policy Division, Fiscal Affairs Department, IMF (134 kb)
    Freddy R. Saragih, Head of Risk Management Unit, Ministry of Finance, Indonesia (3 mb)


  • Government as Market Makers: The Political Economy of Infrastructure
    Garry Bowditch, Director of the SMART Infrastructure Facility, University of Wollongong (303 kb)
    Bill Streeter, Hastings Fund Management (former Head of the Global Infrastructure & Project Finance Group - Asia-Pacific, Fitch Ratings) (201 kb)


  • Case Study: Recent Experiences in Queensland with Four Asset Sales and General Lessons on Managing the Privatization Process
    Ross Israel, Head of Global Infrastructure, Queensland Investment Corporation, Australia (393 kb)

Session 7: Leveraging capital markets for infrastructure finance

  • Key Take-Aways
    Sinthya Rosely, President Director, Indonesia Infrastructure Guarantee Fund (67 kb)



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