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9780821375242

Lessons for the Urban Century : Decentralized Infrastructure Finance in the World Bank

by
  • ISBN13:

    9780821375242

  • ISBN10:

    0821375245

  • Format: Paperback
  • Copyright: 2008-06-15
  • Publisher: World Bank

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Summary

The world's urban population doubled between 1970 and 2008, growing from 1.5 billion to 3 billion people. Future world population growth will be concentrated in developing countries - the majority in medium-size and smaller cities and towns. International institutions and governments alike face the challenge of efficiently financing the massive investment in infrastructure required to support this urban growth. The Urban Infrastructure Fund (UIF) is a tool designed to meet this need. Responsibility for subproject oversight, credit assessment, financial management reform, and other critical tasks is delegated to the UIF, rather than performed directly by an institution like the World Bank. Lessons from the Urban Century examines the track record of the UIFs and what can be learned from almost 30 years experience in implementation. The authors find that, on balance, UIFs have performed well. Paradoxically, their use has declined as demand for decentralized financing has escalated. The book considers the reasons for this decline and recommends its reversal. One of the virtues of UIFs has been their flexibility. They can be adapted to incorporate alternative types of performance incentives they can finance subprojects through grants, credits, or a blend of the two to adapt to each country's intergovernmental finance system and financial markets. The authors examine a variety of UIF designs and their performance in different contexts. This book will be of interest to governments, international organisations, financial businesses, urban development strategists, academic researchers, and others focused on financing critical infrastructure projects for secondary cities and towns.

Table of Contents

Forewordp. ix
Acknowledgmentsp. xi
About the Authorsp. xiii
Abbreviations and Acronymsp. xv
Executive Summaryp. xix
Introduction and Objectivep. 1
The Role of Demographicsp. 2
The Role of Decentralizationp. 5
The Role of Financial Liberalizationp. 6
Objective of this Review of Experiencep. 7
Trends and Structure of Urban Infrastructure Funds (UIFs)p. 9
Composition of UIFs by Sector Board over Timep. 10
Long-Term Trends in the Volume of UIF Lendingp. 11
Performance of UIFsp. 17
UIF Design: Options for Intermediation Strategyp. 21
Learning from Experience in Project Designp. 31
Transplanting the Line of Credit Model in Sub-Saharan Africap. 31
South Asia: Adapting the Credit Modelp. 36
Rethinking Support for Local Infrastructure Investment: Municipal Grants and Social Fundsp. 37
Supporting Municipal Infrastructure Investment in Centralized Systemsp. 43
Commercial Banks and the Development of Sustainable Municipal Credit Systemsp. 46
Agenda for Future Workp. 51
Conclusionsp. 63
Methodology for Selecting and Identifying Urban Infrastructure Funds Financed by the World Bankp. 69
List of UIFs Reviewedp. 75
List of Currencies Available for Swaps from IBRD Loans as of January 3, 2008p. 83
Referencesp. 85
Indexp. 89
Boxes
A Model of Market-Oriented Reform: Credit Local de Francep. 24
Monitoring Municipal Financial Market Development: The Czech Republicp. 58
Figures
Urban versus Rural Population Growth Worldwide through 2030p. 3
World Urban Population Growth through 2030: Low- and Middle-Income versus High-Income Countriesp. 3
Distribution of World Urban Population Growth through 2015 by City Sizep. 4
Selected Mega Cities' Growth Rates through 2010p. 5
UIF Commitments by Region and Sector Boardp. 10
UIF Commitments by Countryp. 10
Annual UIF Commitments by Sector Boardp. 11
Trends in Total Urban Infrastructure Fund Lending-Annual Averagesp. 11
Trends in Annual Average Urban Infrastructure Fund Lending by Infrastructure and Non-infrastructure Sector Boardsp. 12
Trends in Annual Average Project Sizep. 13
UIF Lending Projectsp. 14
UIF Grant Projectsp. 14
Outcome Ratings for UIFsp. 18
Selected Outcome Ratings for UIFs by Sector Boardp. 18
Disbursements as a Percentage of Commitments for UIFsp. 19
Loan Recoveries in UIFs: Reporting and Repayment Rates by Institutional Arrangementp. 20
Loan Financing versus Grant Financing of Subprojects by Sector Boardp. 27
Development Objective: Development of Municipal Credit Market by Sector Boardp. 28
Development Objective: Development of Municipal Credit Market over Timep. 28
World Bank Project Approvals: FY1971-FY2006p. 70
Tables
UIFs by Regionp. 7
Financial Intermediation versus Poverty-Oriented Grantsp. 27
Municipal On-Lending Projects in Sub-Saharan Africap. 33
Municipal Grants and Infrastructure Programsp. 40
UIF Projects by Regionp. 72
Table of Contents provided by Ingram. All Rights Reserved.

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