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World Bank, Washington, DC
Africa
2012-08-13T09:48:25Z | 2012-08-13T09:48:25Z | 1998-07

Providing effective and efficient infrastructure underpins all attempts to reduce poverty. Trade is the engine of economic growth, and reliable and efficient transport is essential for successful trade. Transport is needed to facilitate production and exchanges, enable farmers to produce and bring their products to markets, and provide the basis for private investment. The poor state of transport infrastructure impedes Africa's development and obstructs poverty reduction. Introducing the private sector into managing and financing transport infrastructure in Africa cannot be approached as a classical private sector development case. It requires special attention to address issues linked to public, private partnerships in the region. Investments in African transport infrastructure are vulnerable to political risks, including governmental reneging on regulatory commitments. Establishing an adequate legal and regulatory framework will help build trust with the business community and specify clear rules and procedures. This framework will ease the constraints on mobilizing local finance by introducing risk-reducing mechanisms.

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