Developing public-private partnership initiatives in the Middle East and North Africa: From public debt to maximizing finance for development

Rabah Arezki

Article ID: 1167
Vol 4, Issue 1, 2020

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Abstract


This paper argues for a novel approach to financing infrastructure needs in Arab countries. It first describes the context of rising public debt in the region, contrasting it with the vast infrastructure needs. It then discusses the challenges in meeting these needs with traditional financing. The paper then makes the case for maximizing finance for development by using public-private partnerships and presents a few successful examples in Arab countries. Finally, the paper explores the way forward and concludes on the need for strong state capacity and integrity to promote the “maximizing finance for development” approach.


Keywords


infrastructure; Public-Private Partnership; economic development; Middle East and North Africa

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References


Arezki, R, Bolton P, Peters S, et al. (2017). “From global savings glut to financing infrastructure”. Economic Policy, 32(90): 221–261. https://doi.org/10.1093/epolic/eix005.

Queyranne M (2014). Managing fiscal risks from Public-Private Partnerships (PPPs). Washington, DC: International Monetary Fund, Fiscal Affairs Department.

Estache A and Fay M (2007). "Current debates on infrastructure policy". Policy Research Working Paper Series 4410. Washington, DC: World Bank. https://doi.org/10.1596/1813-9450-4410.

Iossa, E. and Martimort, D. (2012) Risk Allocation and the Costs and Benefits of Public-Private Partnerships. The RAND Journal of Economics, 43, 442-474.

Organization for Economic Cooperation and Development (2014). Public-Private Partnerships in the Middle East and North Africa, A Handbook for Policy Makers. https://www.oecd.org/mena/competitiveness/PPP%20Handbook_EN_with_covers.pdf.

World Bank. (2017). “Guidelines for WBG staff on assessing the fiscal implications of PPPs”. Mimeo. December 20.




DOI: https://doi.org/10.24294/jipd.v4i1.1167

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