Infrastructure for Integrating South and Southeast Asia
Edited by Michael G. Plummer, Peter J. Morgan and Ganeshan Wignaraja
This book analyses how closer regional connectivity and economic integration between South Asia and Southeast Asia can benefit both regions, with a focus on the role played by infrastructure and public policies in facilitating this process. Country studies of national connectivity issues and policies cover Bangladesh, India, Myanmar, Nepal, Sri Lanka and Thailand, examining major developments in South Asia–Southeast Asia trade and investment, economic cooperation, the role of economic corridors, and regional cooperation initiatives. Thematic chapters explore investment in land and sea transport infrastructure, trade facilitation, infrastructure investment financing, supporting national and regional policies, and model-based estimates of the benefits of integration. Employing a state-of-the-art computable general equilibrium (CGE) model, the book provides a detailed an up-to-date discussion of issues, innovations and progress.
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Chapter 4: Infrastructure finance and financial sector development for cross-border connectivity
Investment in infrastructure for increasing trade and connectivity in South Asia and South East Asia has been impacted by reduction in commercial bank participation in project financing, which has made the role of multilateral financial institutions and export credit agencies significant. The financing model needs to change to a more sustainable local market and local currency financing by harnessing the domestic savings for financing its infrastructure and connectivity projects. This chapter analyzes the means and constraints in funding cross-border connectivity projects. Using the most recent data from sources including the World Bank, the ADB and other financing and research institutions, barriers to financing cross-border projects have been explored and analyzed with the help of case studies. The research brings to the fore the potential benefits of regional funding platforms and role of multilaterals in resolving such barriers.
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