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World Bank Launches Global Infrastructure Facility (GIF) for Developing Countries
Oct 18, 2014

A Global Infrastructure Facility (GIF) was launched in Washington recently by the World Bank President Jim Yong Kim. Developing countries now spend about $1 trillion a year on infrastructure, but maintaining current growth rates and meeting future demands would require investment of at least an estimated additional $1 trillion a year till 2020.

The GIF is aimed at mobilising the private sector to help tackle the massive infrastructure deficit now facing developing countries and emerging markets such as India. The World Bank estimates that these countries need $1 trillion a year in extra investments through 2020 and with public purses stretched, it is significant that the heads of some of the world’s leading institutional investors such as insurance and pension funds will be signing up as partners in the GIF. 

Deep-pocketed institutional investors have $80 trillion in assets but less than a percentage of pension funds are allocated directly to infrastructure projects and the bulk of that is in advanced countries.

The GIF would address the challenge of finding bankable projects as investible resources were available with the private sector. GIF is being packaged to tap into expertise from within and outside of the bank group to deliver complex public-private infrastructure projects that no single institution could address on its own. The GIF is also being created to complement existing project preparation facilities in partner institutions across the globe. The multilateral development banks expressed their commitment to work together on behalf of shared client countries, to bring together resources, experience and our financing instruments.

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