In Africa it is becoming clear that the reasons for the shortage of infrastructure investment go beyond the need for policy and governance reforms. But the key problem is not a lack of funding, as might be expected. Instead, it is the lack of packaged, bankable projects -- which in turn points to a need for more and better project preparation. But understanding this fact is only a beginning. African policy makers face special obstacles when it comes to adequate project preparation. Their work to resolve these problems is generating important lessons for other low-income regions.