World Bank2014-06-092014-06-092014-06-01978-1-4648-0227-010.1596/978-1-4648-0227-0https://hdl.handle.net/10986/18552There are significant economic gains to be realized if the East Africa sub region improves the overall integration of its markets. But infrastructure development that links markets across countries faces particular challenges, political, institutional, and economic. In the case of East Africa, these challenges have served to hold back investment into regional infrastructure, despite significant recent efforts within the region to develop regional infrastructure investment plans and promote an increased use of Public-Private Partnership (PPP) approaches to mobilize private sector financing and expertise. The report also recommends funding options for regional PPPs. The two main products identified are a Viability Gap Facility (VGF), which would bridge the gap between the commercial viability of a regional PPP and its economic viability; and a Project Development Facility (PDF), which could support the preparation costs of regional PPPs. The VGF could potentially be linked to the EAC Development Fund. Partner States need to be aware when designing these products that they may compete for funds with domestic financing needs. The report also considers the desirability of a regional long-term debt facility, and while there is widespread recognition of the need for longer-term local currency financing, the challenges involved in implementing such a facility are such that this will need to be revisited at a future date.en-USCC BY 3.0 IGOACCOUNTABILITYACCOUNTINGACCOUNTING TREATMENTASSET-BACKED SECURITIESBAD DEBTSBANKING SECTORBARRIERS TO ENTRYBENCHMARK BONDSBENEFICIARIESBIDBIDSBONDBOND ISSUANCEBOND MARKETBOND MARKETSBORDER INFRASTRUCTUREBRIDGEBROKERSBUSINESS PLANCAPACITY BUILDINGCAPITAL EXPENDITURESCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCAPITAL STOCKCASH FLOWSCCCOLLABORATIONCOMMERCIAL BANKSCOMMERCIAL TERMSCOMMUNICATION TECHNOLOGYCOMMUNITY DEVELOPMENTCONSUMER PRICE INDEXCONTINGENT LIABILITIESCONTRACTORSCONTRACTUAL OBLIGATIONSCORPORATE BONDCORPORATE BOND ISSUANCECORPORATE BOND ISSUESCORPORATE BOND MARKETSCORPORATE BONDSCOST ESTIMATECOST-BENEFIT ANALYSISCREDIT ENHANCEMENTCREDIT RATINGDATED SECURITIESDEBTDEBT FINANCINGDEBT MANAGEMENTDEBT MARKETDEBT RATIOSDEBT SOURCESDEBTSDECISION MAKERSDECISION MAKINGDEPOSITDEVELOPMENT BANKDEVELOPMENT CORPORATIONDEVELOPMENT FINANCEDEVELOPMENT FINANCE COMPANYDEVELOPMENT FINANCE INSTITUTIONDEVELOPMENT FINANCE INSTITUTIONSDEVELOPMENT OF BOND MARKETSDRIVERSEAST AFRICAN DEVELOPMENT BANKECONOMIES OF SCALEEIBENABLING ENVIRONMENTEQUITIESEXPENDITURESFACE VALUEFINANCIAL INSTITUTIONFINANCIAL INTERMEDIARYFINANCIAL PERFORMANCEFINANCIAL SUPPORTFINANCING FACILITYFINANCING SOURCESFISCAL DEFICITFLOATING RATEFOREIGN CURRENCYFOREIGN CURRENCY LOANSFOREIGN INVESTORSFREIGHTFREIGHT TRAFFICGLOBAL ECONOMYGOVERNMENT OWNERSHIPGOVERNMENT SUPPORTGROSS DOMESTIC PRODUCTGROSS REVENUEGUARANTEE AGENCYHOLDINGHOLDINGSHUMAN RESOURCESINCOME TAXINFRASTRUCTURE DEVELOPMENTINFRASTRUCTURE FINANCEINFRASTRUCTURE FINANCINGINFRASTRUCTURE INVESTMENTINFRASTRUCTURE PROJECTSINSTITUTIONAL DEVELOPMENTINSTRUMENTINSURANCEINTEREST RATEINTEREST RATE VOLATILITYINTERNATIONAL AIRPORTINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINVESTINGINVESTMENT BANKINVESTMENT CORPORATIONINVESTMENT DECISIONSINVESTMENT OPPORTUNITIESINVESTMENT PLANSINVESTMENT POLICYINVESTMENT PROJECTSINVESTMENT REGIMEINVESTMENT REQUIREMENTSISSUANCE OF BONDSISSUANCESLAWSLEARNINGLEGAL FRAMEWORKLEGAL FRAMEWORKSLEGISLATIONLENDERLIQUIDITYLOANLOAN PORTFOLIOLOCAL CURRENCYLONG-TERM DEBTMACROECONOMIC ENVIRONMENTMANDATESMARKET ENTRYMARKET FAILUREMARKET SIZEMDASMICROFINANCEMINISTRIES OF FINANCEMONETARY AUTHORITIESNATIONAL INVESTMENTNATURAL RESOURCESNONPERFORMING LOANSNPLOPTIMAL INVESTMENTOUTSTANDING DOMESTIC DEBTPARTIAL RISKPASSENGER SERVICESPEER REVIEWPOLITICAL ECONOMYPOLITICAL RISKPOLITICAL WILLPOOR REPUTATIONPORT FACILITIESPORTFOLIOPORTFOLIOSPOTENTIAL INVESTORSPPPSPRIMARY MARKETPRIVATE BANKINGPRIVATE INVESTMENTPRIVATE PARTYPRIVATIZATIONPROGRAMSPUBLIC ASSETPUBLIC ASSETSPUBLIC ENTERPRISESPUBLIC FUNDPUBLIC INVESTMENTPUBLIC-PRIVATE PARTNERSHIPRAILROADRAILWAYRAILWAY SYSTEMRAILWAYSRATING AGENCIESREALISMREGULATORY AUTHORITIESREGULATORY AUTHORITYREGULATORY FRAMEWORKRESETTLEMENTRISK MITIGATIONROAD BUILDINGROUTESAFETYSALES AGREEMENTSANITATIONSECONDARY BOND MARKETSSECONDARY MARKETSSECURITIESSECURITIES EXCHANGESECURITIES MARKETSSHAREHOLDERSOCIAL SERVICESSTATE GUARANTEESSTOCKSSWAPSTAX RATETAX REVENUETELECOMMUNICATIONSTELECOMSTELECOMS SECTORTOLLTOLL ROADTOLL ROADSTRADINGTRAFFIC VOLUMESTRANSACTIONTRANSITTRANSPARENCYTRANSPORTTRANSPORT FACILITATIONTRANSPORT INFRASTRUCTURETRANSPORT MANAGEMENTTRANSPORT SYSTEMSTRANSPORTATIONTREASURYTREASURY BONDTREATYTURNOVERUNIONVEHICLEVEHICLESYIELD CURVES10.1596/978-1-4648-0227-0