Abstract
Continued economic growth in many emerging markets will require increases in the stock and quality of infrastructure that significantly exceeds the availability of public funds for such projects. As a result, many emerging market countries wish to attract international private capital to finance infrastructure projects and to realize market efficiency in these sectors. However, privatization must not be narrowly viewed as a transfer of assets currently held by the public sector into the hands of the private sector. Instead privatization must be pursued as a far more comprehensive process of fundamentally transforming a public sector into a viable private sector, and establishing a business environment in which the private sector can successfully meet the country's long term infrastructure needs.
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