Publication:
Local Sources of Financing for Infrastructure in Africa : A Cross-Country Analysis

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dc.contributor.authorIrving, Jacqueline
dc.contributor.authorManroth, Astrid
dc.date.accessioned2012-03-19T19:09:34Z
dc.date.available2012-03-19T19:09:34Z
dc.date.issued2009-03-01
dc.description.abstractWith the exception of South Africa, local financial markets in sub-Saharan Africa remain underdeveloped and small, with a particular dearth of financing with maturity terms commensurate with the medium- to long-term horizons of infrastructure projects. But as financial market reforms gather momentum, there is growing awareness of the need to tap local and regional sources. Drawing on a comprehensive new database constructed for the purpose of this research, the paper assesses the actual and potential role of local financial systems for 24 African countries in financing infrastructure. The paper concludes that further development and more appropriate regulation of local institutional investors would help them realize their potential as financing sources, for which they are better suited than local banks because their liabilities would better match the longer terms of infrastructure projects. There are clear signs of positive change: private pension providers are emerging in Africa, there is a shift from defined benefit toward defined contribution plans, and African institutional investors have begun taking a more diversified portfolio approach in asset allocation. Although capital markets remain underdeveloped, new issuers in infrastructure sectors-particularly of corporate bonds-are coming to market in several countries, in some cases constituting the debut issue. More than half of the corporate bonds listed at end-2006 on these countries' markets were by companies in infrastructure sectors. More cross-border listings and investment within the region-in both corporate bonds and equity issues-including by local institutional investors, could help overcome local capital markets' impediments and may hold significant promise for financing cross-country infrastructure projects.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090327160051
dc.identifier.doi10.1596/1813-9450-4878
dc.identifier.urihttps://hdl.handle.net/10986/4076
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 4878
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO BANK
dc.subjectACCOUNTING
dc.subjectASSET HOLDINGS
dc.subjectAVAILABILITY OF BANK CREDIT
dc.subjectBALANCE SHEET
dc.subjectBANK ASSETS
dc.subjectBANK BONDS
dc.subjectBANK CREDIT
dc.subjectBANK DEPOSITS
dc.subjectBANK FINANCING
dc.subjectBANK LENDER
dc.subjectBANK LENDING
dc.subjectBANK LOANS
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTOR ASSETS
dc.subjectBANKING SYSTEMS
dc.subjectBILATERAL TRANSACTIONS
dc.subjectBOND ISSUES
dc.subjectBORROWER
dc.subjectBROAD MONEY
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL MARKETS DEVELOPMENT
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANK LENDING
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMERCIAL CREDIT
dc.subjectCORPORATE BOND
dc.subjectCORPORATE BOND MARKETS
dc.subjectCORPORATE BONDS
dc.subjectCREDIT DISCIPLINE
dc.subjectCREDIT RATING
dc.subjectCREDIT RATINGS
dc.subjectCREDIT RISK
dc.subjectCREDIT RISK EVALUATION
dc.subjectCREDITORS
dc.subjectCREDITWORTHINESS
dc.subjectCREDITWORTHY BORROWERS
dc.subjectCURRENCY
dc.subjectCURRENCY MISMATCH
dc.subjectDEBT BURDENS
dc.subjectDEBT FINANCING
dc.subjectDEBT RELIEF
dc.subjectDEMAND FOR CREDIT
dc.subjectDEPOSIT
dc.subjectDEPOSIT MONEY BANK
dc.subjectDEPOSIT MONEY BANKS
dc.subjectDEPOSITS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPMENT BANK
dc.subjectDEVELOPMENT FINANCE
dc.subjectDIVERSIFIED PORTFOLIO
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKETS
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMY
dc.subjectEQUITIES
dc.subjectEQUITY ISSUES
dc.subjectEQUITY MARKETS
dc.subjectEXPENDITURE
dc.subjectEXPORTERS
dc.subjectEXTERNAL DEBT
dc.subjectFINANCES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL LIBERALIZATION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL POLICIES
dc.subjectFOREIGN CURRENCY
dc.subjectFUND MANAGERS
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BOND MARKETS
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT BORROWING
dc.subjectGOVERNMENT GUARANTEES
dc.subjectGOVERNMENT SECURITIES
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHOLDINGS
dc.subjectHOLDINGS OF GOVERNMENT SECURITIES
dc.subjectINCOME LEVELS
dc.subjectINFLATION
dc.subjectINFLATION RATES
dc.subjectINFRASTRUCTURE DEVELOPMENT
dc.subjectINFRASTRUCTURE FINANCE
dc.subjectINFRASTRUCTURE FINANCING
dc.subjectINFRASTRUCTURE INVESTMENT
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE POLICIES
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL BANKS
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectINVENTORY
dc.subjectINVESTING
dc.subjectINVESTMENT ALLOCATION
dc.subjectINVESTMENT ALLOCATIONS
dc.subjectINVESTMENT ALTERNATIVES
dc.subjectINVESTMENT BANK
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT INSTRUMENTS
dc.subjectINVESTMENT PORTFOLIO
dc.subjectINVESTMENT STRATEGY
dc.subjectINVESTOR BASE
dc.subjectISSUANCE
dc.subjectLIQUIDITY
dc.subjectLOAN
dc.subjectLOAN MATURITIES
dc.subjectLOAN PORTFOLIOS
dc.subjectLOCAL BANK
dc.subjectLOCAL BANKS
dc.subjectLOCAL CAPACITY
dc.subjectLOCAL CURRENCIES
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL FINANCE
dc.subjectLOCAL FINANCIAL MARKETS
dc.subjectLOCAL INFLATION
dc.subjectLOCAL INFRASTRUCTURE
dc.subjectLOCAL MARKET
dc.subjectLONG-TERM FINANCE
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectMACROECONOMIC DATA
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET ANALYSTS
dc.subjectMARKET CAP
dc.subjectMARKET CONDITIONS
dc.subjectMARKET REFORMS
dc.subjectMARKET RETURNS
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMAXIMUM MATURITIES
dc.subjectMAXIMUM MATURITY
dc.subjectMONETARY FUND
dc.subjectMORTGAGE
dc.subjectMORTGAGE LOANS
dc.subjectMUTUAL FUNDS
dc.subjectNONPERFORMING LOANS
dc.subjectOUTSTANDING BANK LOANS
dc.subjectOUTSTANDING CREDIT
dc.subjectOUTSTANDING LOANS
dc.subjectPAYMENT OF INTEREST
dc.subjectPAYMENT SYSTEMS
dc.subjectPENSION
dc.subjectPENSION ASSETS
dc.subjectPENSION FUND
dc.subjectPENSION FUND ASSET
dc.subjectPENSION FUND ASSETS
dc.subjectPENSION FUNDS
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEM REFORMS
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONS
dc.subjectPOTENTIAL INVESTORS
dc.subjectPRICE RISK
dc.subjectPRIVATE BANK
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE FINANCING
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE INVESTORS
dc.subjectPRIVATE SECTOR CREDIT
dc.subjectPUBLIC BORROWING
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATES
dc.subjectREGULATORY FRAMEWORKS
dc.subjectRETURNS
dc.subjectRISK EVALUATION
dc.subjectRISK PREMIUMS
dc.subjectSAVINGS INSTRUMENTS
dc.subjectSAVINGS RATE
dc.subjectSAVINGS RATES
dc.subjectSECURITIES
dc.subjectSECURITIES EXCHANGES
dc.subjectSHAREHOLDER
dc.subjectSHORT-TERM BANK DEPOSITS
dc.subjectSHORT-TERM FINANCE
dc.subjectSHORT-TERM GOVERNMENT SECURITIES
dc.subjectSTOCK EXCHANGE
dc.subjectSUPERVISORY AUTHORITY
dc.subjectTELECOMMUNICATIONS
dc.subjectTERM DEPOSITS
dc.subjectTIME DEPOSITS
dc.subjectTIMELY PAYMENT
dc.subjectTRANCHE
dc.subjectTRANCHES
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectUNDERDEVELOPED CAPITAL MARKETS
dc.subjectVALUE OF COLLATERAL
dc.subjectVARIABLE RATES
dc.titleLocal Sources of Financing for Infrastructure in Africa : A Cross-Country Analysisen
dspace.entity.typePublication
okr.crossref.titleLocal Sources Of Financing For Infrastructure In Africa: A Cross-Country Analysis
okr.date.doiregistration2025-04-10T12:18:44.001494Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090327160051
okr.guid767731468204565483
okr.identifier.doi10.1596/1813-9450-4878
okr.identifier.externaldocumentum000158349_20090327160051
okr.identifier.internaldocumentum10390757
okr.identifier.reportWPS4878
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2009/03/27/000158349_20090327160051/Rendered/PDF/WPS4878.pdfen
okr.region.administrativeAfrica
okr.region.administrativeAfrica
okr.region.geographicalAfrica
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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