World Bank: Private sector investment reaches USD 86 bln in ’23

WASHINGTON, The World Bank revealed that new data suggested that private sector investments in infrastructure projects in low and middle-income countries reached USD 86 billion in 2023. The bank mentioned in a report on its website that despite the total investments decreasing by 5 percent from the previous year, more countries received private investments in infrastructure projects on a wider scale compared to other projects. In 2023, 68 countries received investments across 322 projects, compared to 54 countries and 260 projects in 2022, Guinea Bissau, Libya, Papua New Guinea, Sao Tome and Principe, and Suriname achieved their first private participation in infrastructure (PPI) transactions in more than a decade. On his part, the Infrastructure Vice President at the World Bank Guanghze Chan said getting the right infrastructure in place is "crucial for people to live to their full potential" He also said that with the government budgets under pressure and an infrastructure financing gap totaling multiple trillions of dollars, more private sector participation was needed to deliver infrastructure projects. The Bank affirmed that effort were made to facilitate the progress by enhancing work in the private-public partnerships, guarantee programs and grants provided to the world's poorest countries. When it comes to the world's poorest countries, 26 countries that were members of the International Development Association (IDA) received investment commitments amounting to USD 4.3 billion across 53 projects in 2023, an 18 percent increase and a record in terms of number of projects. Chen emphasized that the World Bank report on private sector participation in infrastructure projects was a crucial tool, offering unique insights into the regions and sectors attracting investments and the organization of these projects. Source: Kuwait News Agency