Infrastructure progression has been delayed through the COVID-19 virus and closures; projects have been delayed through the closure of airports to traffic and the departure of foreign contractors.
Public finances have been severely strained around the world, leaving governments less able to invest in projects and in need of new revenue resources.
These were the main findings of a webinar we followed last week on “Infrastructure and Debt Financing: Overcoming the Gap. “It is the latest in a series created through a London-based business platform with over 60 years of experience in the field.
African governments, which have far less monetary influence than their counterparts in complex economies, want what they control, such as the investment climate and the right environment, and what they don’t control. This was the view of Koffi Klousseh of Africa50, the investment platform established through the African Development Bank (ADB) and its member states. He suggested that governments be more open to the personal sector and look for what he called “asset recycling. “
His feelings echoed through Romain Py of African Infrastructure Investment Managers (AIIM), who argued that governments were not the most productive infrastructure asset managers. Citing an AfDB study that found an average 50% oversteer in the prices of government-run road projects, Py asked the (rhetoric) question of why governments deserve to own airports.
Sean Murphy of Mott MacDonald, the UK-based global engineering consultancy, said some governments have decent frameworks for public-private partnerships (PPs), while others continue to publish long lists of favorite projects throughout the year. investors but lacks well-prepared projects.
Investors haven’t left the field, it’s just that they’re different. AIIM has an investment portfolio of $2 billion and this year presented projects for $150 million. Py noted that advertising investors (“smaller and more agile players”) had taken almost all the dangers and that the classic financial institutions of progression (IFD) were marginal in the equation.
The moderator discussed the word of fashion for digitization and, again, the consensus that governments had performed lower. It’s not a panacea that Klousseh discussed, but it requires strong regulatory frameworks.
He added that this had been a good fortune in the United States and Asia thanks to the progression of clusters with experts, and that this was lately lacking in Africa. Py recalled that IHS Towers, the telecommunications infrastructure provider, had not grown that much across the country. Africa as expected, which attributed to political and regulatory gaps. According to him, only five African governments achieved the cut: Ghana, Kenya, Morocco, Nigeria and South Africa.
In summary, the panellists’ outlook for infrastructure in Africa under COVID and post-COVID was sometimes negative, especially on the role of governments, some positive themes emerged, all agreed that the electric power sector had shown its resilience. Mete Saracoglu de Meridiam, the American civil engineer, said local workers had mobilized to update foreign subcontractors leaving on some projects. He also pointed out that virtual payment systems had advanced in recovery and, therefore, in greater liquidity, giving the example of off-grid electric power.
The webinar ended with a consultation asking panelists if they would settle for an assignment when due diligence had to be done 100 percent through remote control with drones and others. Murphy claimed that it had been done remotely in components in some recent cases due to closures, but that he would insist on an accumulation in the contingency reserve.
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