| dc.description.abstract | Governments in sub-Saharan Africa cannot afford the enormous challenge of creating worldclass infrastructure to satisfy the rise in citizen demand and maintain and update the current infrastructure assets. This is a result of the financial limitations, subpar operations, and poor management that plague the majority of publicly owned and run utilities. Infrastructure development is a key factor in productivity and long-term economic growth. It substantially contributes to improving living standards, reducing poverty, and realizing sustainable development goals. There has been very little infrastructure development in developing countries, particularly in sub-Saharan Africa where it is most required. This is because investments in the current infrastructure are dominated by the public sector. Attracting investment is difficult since the public sector continues to struggle with issues including corruption, political instability, and money laundering. The need for infrastructure is increasing, yet finding public infrastructure financing is getting harder and the global financial crisis is placing pressure on public budgets. Every year, infrastructure spending in developing countries exceeds US$800 billion. The infrastructure financing deficit is projected to be roughly US$57 trillion until 2030, far exceeding the demands predicted to be more than twice that amount. | en_US |
