TAILIEUCHUNG - Financing small-scale infrastructure investments in developing countries

Additional efforts are underway to further increase the attractiveness of capital market investment in Brazil. The income tax exemption was extended to foreign investors’ investments in long term corporate bonds and infrastructure bonds. 6 The private sector is also keen on this policy agenda. The private capital markets association (Anbima) launched a “New Fixed Income Market” project to facilitate long-term financing operation. This proposal includes a set of measures aiming to support secondary market liquidity that include standardization of issues and the plan for a liquidity improvement fund as well as liquidity guarantee fund. 7 This proposal has been showing moderate progress | Economic DESA Working Paper No. 114 ST ESA 2012 DWP 114 May 2012 Financing small-scale infrastructure investments in developing countries Daniel L. Bond Daniel Platz and Magnus Magnusson Social Affairs Abstract In most developing countries a shortage of long-term local-currency financing for small-scale infrastructure projects impedes local economic development. Inadequate fiscal transfers little own source revenue and low creditworthiness make it difficult for local governments to fully fund projects on their own. This paper proposes the use of project finance as a means to attract financing from domestic banks and institutional investors. Donors can play a catalytic role by providing technical assistance to develop projects and credit enhancement to attract commercial financing. JEL Classification H54 Infrastructures Other Public Investment and Capital Stock H41 Public Goods H81 Governmental Loans Loan Guarantees Credits and Grants Keywords infrastructure finance issuers investors financial sector structured finance Daniel L. Bond is Senior Finance Advisor for the Global Clearinghouse for Development Finance. Daniel Platz is Economic Affairs Officer in the Financing for Development Office of the United Nations Department of Economic and Social Affairs. Magnus Magnusson is the Programme Manager of the Local Finance Initiative of the United Nations Capital Development Fund. Comments should be addressed by e-mail to the authors platz@ and . Contents Small-scale infrastructure financing needs in developing countries. 1 Potential sources of financing for small scale infrastructure. 3 A proposal for a pooled financing facility to tap domestic capital. 5 Overcoming technical and capacity challenges to financing small-scale infrastructure projects in developing countries. 7 Conclusion . 11 Bibliography . 12 Appendix . 14 Tables 1. Table 1 Infrastructure finance from World Bank and regional development .

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