Emerging market investors and operators : a new breed of infrastructure investors
von Klaudy, Stephan; Sanghi, Apurva; | Dellacha, Georgina;
This working paper focuses on the results obtained from a two-phase study conducted to better understand the degree to which emerging market investors and operators (EMIOs) are involved in providing infrastructure services, their characteristics, and the trends observed as a result of their involvement. EMIOs are defined as either being domiciled/incorporated in low-or middle-income countries, or majority owned/controlled by a company from a low-or middle-income country. The first phase of the study is based on medium- to large-investors captured in the Private Participation in Infrastructure (PPI) database. The study shows that EMIOs are a major source of investment finance. The second phase of the study captures the results of an online survey/questionnaire completed by a group of 60 volunteer EMIO, along with information gathered during field interviews with a select group of EMIO from Latin America and the Caribbean, and South Asia. The field interviews were limited to companies from those two regions because of their expressed interest to participate in the study. The findings of the study open both opportunities and challenges to policy-makers in developing countries. The opportunities arise from a broader choice of investors offering better chances to tap a wide-variety of financing sources. The challenges lie in the question of whether, and, to what extent, this phenomenon requires policy-makers to rethink the criteria used in selecting investors in schemes for private participation-criteria that are seen as biased toward large international operators.
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