Estos Bonos de Proyecto están principalmente dirigidos a inversionistas institucionales - incluyendo fondos de pensiones- y han generado un gran interés entre banqueros de inversión, firmas de abogados e inversionistas. Todo este bombo plantea una serie de preguntas: ¿Están los "Bonos de Proyecto" realmente a la altura de las expectativas? ¿Pueden los gobiernos desarrollar programas exitosos para dirigir los Ahorros Pensionales a Proyectos (un nuevo significado para la sigla APP!)? ¿Qué necesitamos hacer para convertir a los fondos de pensiones en una fuente de financiación significativa y así cerrar la brecha de inversión en infraestructura?
These “Project Bonds” mostly target institutional investors - including pension funds, and have generated a great deal of interest among investment bankers, lawyers and investors. All this hype raises a number of questions: Are these “Project Bonds” really living up to expectations? Can governments really rely on Pensioners Paying for Projects (a newfound meaning for PPPs!)? What do we need to do to turn these instruments into a significant source of financing and close the infrastructure investment gap?
Africa’s infrastructure deficit is no secret. Several recent studies by the World Bank and others have confirmed that across the continent, roads are inadequate, railways in poor condition and waterways limited. While the problems are most obvious at the national level, they are more acute along routes connecting countries. Lack of resources contributes to the patchy state of infrastructure connectivity between African countries. But it is not the only hurdle. A key question is: given limited resources, how should infrastructure be planned, prioritized and financed?
Sixteen countries in Sub-Saharan Africa are landlocked. To trade goods in overseas markets, they must cooperate with their coastal neighbors, working together to plan roads, transport goods to port and keep borders open. This is harder than it sounds. While numerous regional organizations exist to coordinate infrastructure planning in Africa, in practice they are made up of representatives with interests rooted in their own countries. Decisions by these bodies are often political and driven by members’ desire to see projects in their home territories.
Have you ever been to a foreign city and not been able to figure out the names of the stations or directions of that city’s metro? Did you feel completely lost and upset with whoever designed the system? Maybe as a parent you have tried taking a bus with a stroller and gave up because you were not able to take it up the steep stairs?
The book ‘Stories I Stole’ was written by the English author Wendell Steavenson, who lived in the South Caucasus’ – mainly Georgia – from 1998 to 2001. This was a turbulent time, with great hardship and limited law-and-order. It makes for a fascinating read, since so much has changed in Georgia in these ten years.