Globalization, Mega Transport Projects and Private Finance

Author(s): Dimitriou, Harry T.
All authors:
Dimitrou, H.
Host organisation: CoE London, UK
Publication year: 2009
Published in:
VREF Future Urban Transport Conference Paper, 2009
Research theme: Management and Control, Policy and Planning
Keywords:
mega transport projects, private finance, globalization
Type:
Conference proceedings
Summary:
This paper attempts to examine some of the shifting sands of global infrastructure investment practices at the close of the twentieth century and the opening years of the twenty-first, when MTP infrastructure investments were seen as a “hot investment area” leading many international bankers/investors salivating at the prospects ahead, particularly in the emerging economies. The author foresees that much financial risk in international infrastructure development will be transferred from the private sector back to the public sector as international banks and other global infrastructure investors increasingly encounter major credit liquidity problems. With the public sector worldwide now much less confident on what can be expected of the private sector in financing MTPs, the paper argues the case for examining lessons learned from past global MTP infrastructure investment practices, together with outcomes of emerging practices that might be better understood through scenario planning. The author suggests that these are more likely to better inform future MTP planning, including any planning initiatives associated with proclaimed intentions to employ 'New Deal' type approaches to infrastructure investment as a means of re-igniting national economies and global economic growth.
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