Alternative Loan Guarantee Mechanisms and Project Finance for Infrastructure in Developing Countries

Abstract

Summary: This paper is concerned with infrastructure investment in developing countries: it aims to demonstrate that since the late 1990s, such investment was characterized by a process of credit rationing and that Multilateral Development Banks and Export Credit Agencies have a role to play in addressing this rationing through the use of loan guarantee mechanisms. It seeks to highlight the need for alternative loan guarantee mechanisms as a means of helping to restore private capital flows to infrastructure projects in developing countries. Specific policy proposals are developed.

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