The European Bank for Reconstruction and Development (EBRD) has highlighted a need for banks and private developers to address a funding gap for world-wide infrastructure projects over the next two decades.
According to research figures from the McKinsey Global Institute, international requirements for infrastructure are expected to be US €57 trillion by 2030 – which will be threatened by a lack of key projects to meet those needs.
In response, a new online cloud-based project pioneered by the Asian Development Bank, known as the International System for Infrastructure Support (IISS), is being launched. It has already gained backing from banks and key institutions to secure greater levels of global investment.
The scheme is being put forward by the Geneva-based Sustainable Infrastructure Foundation (SIF) and offers a secure platform serving as a core hub for project development within the public and private sectors.
According to its developers, early trials of the system have proved a success. It is now due to be showcased at SIF’s second annual meeting on November 4th at the headquarters of the EBRD in London.
Among those in attendance will be the African Development Bank, Asian Development Bank, World Bank Group, The Brazilian Development Bank and Organisation for Economic co-operation and Development.
Matthew Jordan-Tank, EBRD Head of Infrastructure Policy, said, “We are delighted to welcome SIF together with other supporters to London to underpin and strengthen our support for this promising new cloud-based project facilitation system. These are the types of innovations that will drive an uplift in infrastructure investment over the medium term and beyond."
Laurence Carter, Senior Director for PPPs in the World Bank Group, added, “With the support of the Public-Private Infrastructure Advisory Facility (PPIAF – a World Bank multi-donor trust fund), we look forward to collaborating with other partners on this initiative to help bring the public and private sectors together to unlock a pipeline of viable and bankable public-private partnership projects.”