Private sector financing of transport infrastructure must be seen as a partnership between public
and private sectors. The potential for raising private capital on both domestic and international markets
can be enhanced by policy reforms that establish clear guidelines, allowing investors to form
reasonably firm expectations about cash flows generated from investment in infrastructure. For this, a
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project needs to be well managed to minimise exposure to risk. Risks that are inherent in infrastructure
projects need to be effectively managed and allocated appropriately. At the same time, the private
sector should be given incentives proportionate to their risks.
Risk sharing will therefore be an important part of the management structure required for
infrastructure projects. An infrastructure venture capital fund may be created to pool these high-risk
equity stakes. However, although some form of risk sharing between public and private sectors is
necessary, governments should not underwrite normal commercial risks.
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