Private

Participation in
Infrastructure (PPI)
Half Year (H1) Report
2022
Acknowledgement & Disclaimer
This report was prepared by a team comprising Deblina Saha (Task Team Leader),
Seong Ho Hong (Infrastructure Analyst), Teshura Nair (Consultant), Apala Bhattacharya
(Consultant), with editorial inputs by Luba Vangelova and design inputs by Pablo Alfaro
Chavez.

The team is very grateful for the support and guidance received from Fatouma Toure
Ibrahima (Manager of PPP Group, IPG Global Practice). The team is thankful to Christina
Paul (Senior Counsel, IPG Global Practice) Elena Timusheva (PPP Specialist, IPG Global
Practice), Fernanda Ruiz-Nuñez (Senior Economist, IPG Global Practice), Mark Alexander
Giblett (Senior Infrastructure Finance Specialist, IPG Global Practice) and Nathan Rono
Tuimising (Senior PPP Specialist, IPG Global Practice), for providing valuable comments
which helped shape the report.

Photos by Shutterstock.com.

This report describes private participation in infrastructure (PPI) as indicated in the Private
Participation in Infrastructure Database. The database records investment information for
infrastructure projects in low and middle income countries globally. The PPI Database
represents the best efforts of a research team to compile publicly available information,
and should not be seen as a fully comprehensive resource.

Some projects, particularly those involving local and small-scale operators, tend to
be omitted because they are usually not reported by major news sources, databases,
government websites, and other sources used by the PPI Projects Database staff.

PRIVATE PARTICIPATION IN INFRASTRUCTURE (PPI)

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Table of Contents
Foreword 1
Executive Summary 2
Key Highlights 3
Overview 5
Geographic Spread and Trends 7
South Asia Region  9
Latin America and the Caribbean  11
East Asia and the Pacific  12
Sub-Saharan Africa  13
Europe and Central Asia  14
Middle East and North Africa  15
Investments in International Development Association (IDA) Countries 16
Sector Trends 18
Transport  18
Energy  20
Water and Sanitation  21
Municipal Solid Waste  21
Information and Communication Technology Backbone  22
Development and Export Finance Institutions 23
Appendix A: Development and Export Finance Institutions Agencies 25
that Supported Projects in the first half of 2021

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2017 HALF YEAR UPD
Foreword
2022 has been a pivotal year for the resumption of private infrastructure investment
commitments as the COVID-19 recovery continues. Nevertheless, a global economic
slowdown and increasing fears of stagflation have cast a shadow over the gains that
have been achieved. In the first half of 2022, private investment commitments surpassed
reported investment commitments in the first half of 2021. Despite such gains, this growth
can only be seen in a few specific countries and is regionally dispersed.
European and Central Asian countries were examples of this regional disparity, with the
threats of war and continued geopolitical tension driving down investment commitments
to historic lows. East Asian and Pacific countries fared comparatively better, with a strong
increase in investments to pre-pandemic levels, thanks to strong private participation
in infrastructure (PPI) investment numbers in Association of Southeast Asian Nations
(ASEAN) member states.
The impending impacts of climate change continue to cast a shadow over the near future
as well, and the World Bank’s PPI Database is evolving to keep up with global efforts
in this area. The database has added two new subsectors—electric vehicle charging
infrastructure (under transport) and data centers (under information and communication
technology (ICT).
We expect 2022 to be a year of cautious overall recovery, while simultaneously acknowl-
edging the precarious nature of some regions and the uncertainty this creates. As re-
gional conflicts, economic circumstances, and national priorities make growth in private
investment commitments increasingly dispersed, the PPI Database team is committed to
monitoring and reporting on these trends. In addition to PPI, the team will continue to track
project level data for investments made by public/treasury, SOEs and subnational entities.
It will be important in filling an essential gap in providing a complete picture of the global
infrastructure space.

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Executive Summary

• Investment1 commitments in the first half of 2022 stood at US$42.3 billion across
120 projects, marking an increase of 24 percent from the first half (H1) of 2021 and a 1
percent increase from the previous-five-year H1 average (2017-2021).

• Whereas investment values have seen a clear recovery, the number of projects
remains low and unevenly distributed across regions. This indicates that investment levels
have risen mainly due to a few large infrastructure projects.

• The East Asia and Pacific (EAP) and South Asia (SAR) regions have shown strong
recoveries in infrastructure investments. However, this was not the case for Europe and
Central Asia (ECA), Latin America and the Caribbean (LAC), the Middle East and North
Africa (MENA), and Sub-Saharan Africa (SSA). In fact, ECA, LAC and MENA recorded the
lowest H1 PPI investments in the past five years.

• International Development Association (IDA) countries’ investment commitments

in the first half of 2022 totaled US$2.7 billion across 15 projects in 12 countries. This
compares to US$2.4 billion across 12 projects in nine countries in the first half of 2021,
and US$2.3 billion across 8.6 countries for the previous-five-year H1 average. Benin,
Lesotho, Tajikistan and Zimbabwe had their first PPI investments in a long time.

• The transport sector again outpaced the other PPI sectors. Because most travel
restrictions have been lifted, private investment commitments in airports are seeing
continuous growth. With US$10.2 billion across 55 projects, investment in the energy
sector in the first half of 2022 dropped by 19 percent from the first half-year of 2021 levels
(US$12.6 billion), recording the lowest levels in the last 10 years.

• Forty (about 91 percent) of 44 new electricity-generation projects used renewable

energy sources. In terms of investment volume, almost 51 percent of new electricity
generation investments were in renewables. Sixty-nine percent of the newly added 10.0
GW capacity was from renewable-energy sources in the first half of 2022.

• In the first half of 2022, 23 projects (with values totaling US$5.9 billion) received
one or more forms of development and export finance institution (DEFI) support, ranging
from direct or syndicated loans, equity, and grants, to guarantees, risk insurance, and
transaction advisory services. These 23 projects accounted for 19 percent of all PPI
projects by number, similar to the numbers seen in the first half of 2021.

1 The term “investment” refers to private investment commitments at the time of financial close in energy, transport, water
and sanitation, municipal solid waste, and ICT-backbone projects serving the public in low- and middle-income countries,
including natural gas transmission and distribution, but excluding oil and gas extraction. ICT-backbone infrastructure
includes fiber optic cables, mobile towers, and other hard assets with an active government component. The category of
“data center” has been recently added, reflecting the importance of data centers for the development of the ICT ecosystem.

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Key Highlights

Investment commitments of

US$42.3 Billion in 120 projects in H1 2022

24% from H1 2020

179% 180%
SAR recorded investments with EAP posted investment
commitments of US$6.9 billion, commitments of US$25.6 billion, a
a 179% increase from H1 2021. 180% increase from H1 2021.

India saw a 2.6 times increase in The significant increase in PPI in

investment levels from H1 2021. the region can be explained by
China and the ASEAN.

LAC posted investments with SSA received US$1.9 billion,

commitments of US$6.9 billion, a 47% decrease in investment
a 50% decrease from H1 2021. levels from H1 2021.

50% 47%

ECA saw investment MENA’s investments were

commitments of US$756 million, US$204 million, a 51% decrease
a 85% decrease from H1 2021. from H1 2021.
The sharp downturn largely The region saw the lowest half-
comes from the ongoing
year PPI investments in last
geopolitical tension in the region.
decade.

85% 51%

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The transport sector outpaced the energy Renewable energy continued to dominate
sector in H1 2022, posting US$28.4 billion the energy generation market (91% of the
across 41 projects, accounting for 67% of projects). The most popular technology was
global PPI investments. onshore wind.

Investment commitments in the energy The water and sanitation sector had US$1.3
sector totaled US$10.2 billion across 55 billion worth of private investment commit-
projects, a slight decrease from H1 2021 ments across 15 projects. It is an 80% de-
levels. crease from H1 2021 levels.

IDA countries’ investments totaled US$2.7 23 (with values totaling US$5.9 billion) out
billion across 15 projects in 12 countries. of 121 received one or more forms of DEFI
support.
Benin, Lesotho, Tajikistan and Zimbabwe
had their first PPI investments in last ten These 23 projects accounted for 19 percent
years. of all PPI projects by number, similar to the
numbers seen in 2021.

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Overview

In the first half (H1) of 2022, global PPI investment amounted to US$42.3 billion, across
120 projects. PPI investment saw a continued increase compared with the first halves of
2020 and 2021, with the H1 2022 investments nearly double those of H1 2020 (US$22.1
billion), and representing a 24 percent increase over the H1 2021 level (US$34.1 billion).
However, PPI did not see an increase in the number of projects. In H1 2022, several
countries had their first PPI transactions in many years: Benin, Lesotho, Tajikistan and
Zimbabwe.

Figure 1: Investment Commitments in Infrastructure Projects with Private

Participation in Low- and Mid-Income Countries, 2013–H1 2022
140 250
In 2020 US$ billion

120
200
100

150
80

60
100

40
50
20

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

H1 H2 NO. of Projects (H1)

The number of projects, however, was roughly on par with the number of projects in H1
2021. The average size of projects increased, from US$279 million in H1 2021 to US $384
million in H1 2022. H1 2022 had the highest average project size in the past 10 years.
There were 12 megaprojects2 , nine of which were in the East Asia and Pacific region, with
the largest a road project in Indonesia worth US$3.9 billion. The transport sector continued
to dominate, with seven projects in roads, two in airports and one in ports. The other two
projects were natural gas power plants in Vietnam, and Thailand.

2 With reference to the PPi database, megaprojects refer to projects with investment commitments of US$1 billion or
greater.

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Greenfield projects dominated in H1 2022, in accordance with historical trends, accounting
for 81 percent of all PPI investments. The majority of these were in the transport sector,
namely roads. Brownfield investments were also dominated by the transport sector,
representing 82 percent of investments in that sector. In H1 2022, the number of
management contracts decreased to four—two in the water sector and two in municipal
solid waste—down from the 11 seen in H1 2021. There were four divestitures in H1 2022.

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Geographic Spread and Trends

East Asia and the Pacific (EAP) and South Asia (SAR) demonstrated significant progress
in the first half of 2022. However, such was not the case for Europe and Central Asia
(ECA), Latin America and the Caribbean (LAC), the Middle East and North Africa (MENA),
and Sub-Saharan Africa (SSA). In fact, in 2022 ECA, LAC and MENA saw the lowest H1
PPI investments of the past five years.

Figure 2: Regional Share of Investment Commitments in Infrastructure Projects

with Private Participation in Low- and Mid-Income Countries, 2013–H1 2022
1 00%

90%

80%

70%

60%

50%
40%

30%

20%

1 0%
0%
201 3 201 4 201 5 201 6 201 7 201 8 201 9 2020 2021 H1 2022

East Asia and Pacific Europe and Central Asia Latin America and the Cari bbean
Middle East and North Afri ca South Asia Sub-Saharan Africa

South Asia had the highest PPI as a share of gross domestic product (GDP) in the first
half of 2022 at 0.17 percent, followed by Latin America and the Caribbean at 0.16 percent,
East Asia and the Pacific at 0.12 percent, and Sub-Saharan Africa at 0.10 percent. Europe
and Central Asia represented the second lowest PPI as a share of GDP at 0.02 percent.
The Middle East and North Africa recorded the lowest PPI both in absolute number and in
terms of regional GDP (Table 1).

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 Table 1: H1 2022 PPI Investment Commitments as a Percentage of GDP

Region PPI investment GDP 2021 PPI/GDP

commitments in H1 (US$, billions)
2022
(US$, millions)

South Asia 6,882 4,087 0.17%

Latin America and 7,417 4,607 0.16%
the Caribbean
East Asia and 25,647 20,746 0.12%
Pacific
Sub-Saharan Africa 1,882 1,916 0.10%
Europe and 756 3,499 0.02%
Central Asia
Middle East and 205 1,455 0.01%
North Africa

The five countries with the highest levels of investment in the first half of 2022 as a
percentage of national GDP were: Palau, with 8.5 percent of its GDP committed to PPI
investments; Senegal, with 4.6 percent; Nepal, with 2.4 percent; and Zimbabwe, with 1.3
percent; Vietnam, with 1.07 percent.

In absolute terms, China, India, Brazil, Indonesia, and Vietnam received the largest PPI
investments in the first half of 2022. These five countries together attracted US$32.0
billion, capturing 74 percent of global PPI investment in the first half of 2022.

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 Figure 3: Investment Commitments in Infrastructure Projects with Private Participation In
Low- and Mid-Income Countries, by Region and Country, H1 2022

Bulgaria
Sene
ga l
SSA
Bra ina
zil Ch
LA
C

Nepal

EAP
SAR

ia
Ind
In
do
ne
sia
nd

pines
aila

Vietna
Th

Philip

South Asia Region

South Asia received US$6.9 billion worth of investment commitments across 20 private
infrastructure investment projects in the first half of 2022. In absolute value, this was the
third highest globally, accounting for 0.17 percent of its 2021 regional GDP. This was
almost three times greater than investment commitments reported in the first half of 2021
(US$2.5 billion), when the impact of the pandemic peaked in the region. However, although
investment has returned to pre-pandemic levels, surpassing investment commitments in
the region in the first half of 2018, the number of projects remains low. Whereas the
number of projects that reached financial closure in the first half of 2022 increased to 20
from the previous period (17 projects), the average number of projects in the region was
28 before the pandemic.

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 Figure 4: Investment Commitments in Infrastructure Projects with Private
Participation in Low- and Mid-Income Countries in SAR, 2013–H1 2022
14 45
2020 US Dollars, Billions

40
12
35
10
30

8 25

6 20

15
4
10
2
5

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

H1 H2 No. of projects (H1)

Aside from India, which saw a 2.6 times increase in investment levels from H1 2021 across
15 projects, most other countries in the region saw the financial closure of only a handful
of projects. Afghanistan reported no investment commitments. Pakistan, which is normally
a PPI leader in the region, only reported the financial closure of Karachi’s transmission
and distribution upgrade, at US$100 million.

Bangladesh—another country that usually reports steady levels of private investment

commitments—saw the financial closure of the Hatirjheel-Amulia-Demra Expressway,
which accounts for US$378 million. The country reported no investment commitments
in the same time period in 2021, and the return of private investment commitments is a
positive sign.

Another country that reported the financial closure of two projects, amounting to US$859
million, is Nepal. These are Nepal’s first private investment commitments since 2019 and
are an increase from pre-pandemic levels. In 2019, the country reported US$685 million
of investment commitments across the whole year.

Maldives also reported the financial closure of a solar photovoltaic (PV) portfolio under the
World Bank-financed Accelerating Sustainable Private Investment in Renewable Energy
(ASPIRE) operation.

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Latin America and the Caribbean

In the first half of 2022, LAC received the second largest investment commitment of all
the regions at US$6.9 billion across 28 projects, amounting to 0.15 percent of the regional
GDP. Although private investment in the region saw a 17 percent decrease compared
with the first half of 2020 and a 50 percent decrease compared with the first half of 2021,
the number of projects remained similar to the previous periods. In H1 2022, there were
28 projects, compared to 28 and 29 in the previous years, indicating a rise in smaller
investments spread across more projects.

Figure 5: Investment Commitments in Infrastructure Projects with Private

Participation in Low- and Mid-Income Countries in LAC, 2013–H1 2022
80 90
2020 US Dollars, Billions

70 80

70
60
60
50
50
40
40
30
30
20
20

10 10

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

H1 H2 No. of projects (H1)

Brazil continued to receive the largest amount of investment for the greatest number of
projects in the region. The country accounted for half the projects in the region (15 projects
out of 28), and 72 percent of the investments. Most of the investment was made in the
transport sector, with a US$2.5 billion highway enlargement and modernization project in
São Paolo and Rio de Janeiro. There were also two airport projects and a highway project.
Interestingly, although the energy sector received less investment in dollars, it had twice
as many projects. The country had five renewable energy projects, two in solar PV and
three in onshore wind. The remaining projects were transmission lines and a divestiture.

Peru received US$446 million worth of investment commitments across three. private
infrastructure investment projects. All of its private investment commitments in the first half
of 2022 has channeled to renewable power projects.

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Overall, the region saw mostly energy projects (19 out of 28 projects), of which eight were
in solar PV, seven in wind, and one in steam, showing the continued commitment towards
renewable energy projects. Besides Brazil, the remaining investments in the region were
in Colombia, Argentina, the Dominican Republic, Mexico, El Salvador, and Jamaica.

East Asia and the Pacific

EAP received a total of US$25.7 billion in investments. This was a 181 percent increase
from the first half of 2021. The region experienced the full return to its pre-pandemic
levels in that it saw a 72 percent increase from the five-year average of US$14.8 billion.
The significant increase in PPI in the region can be explained by high PPI investments
in China and ASEAN countries; Indonesia, Vietnam, the Philippines, Malaysia, Lao DPR
and Thailand had combined PPI commitments of US$11.9 billion in the first half of 2022.

Figure 6: Investment Commitments in Infrastructure Projects with Private

Participation in Low- and Mid-Income Countries in EAP, 2013–H1 2022
60 100
2020 US Dollars, Billions

90
50
80

70
40
60

30 50

40
20
30

20
10
10

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

H1 H2 No. of projects (H1)

In the first half of 2022, Indonesia had the fourth highest level of PPI investments globally
in terms of absolute value, receiving US$4.0 billion across two projects. Indonesia saw
the financial closure of the Hatirjheel-Amulia-Demra Expressway, accounting for US$3.9
billion. Considering that the country reported only US$69 million worth of investment
commitments in H1 2021, the return of private investment commitments is a positive sign.

The other EAP country with PPI transactions in the first half of 2022 was Palau. The
Babeldaob solar plant and battery storage system is Palau’s first utility-scale solar power

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plant. Once complete, the project will be the largest hybrid solar photovoltaic facility and
battery energy storage system of its kind in the Western Pacific region.

Sub-Saharan Africa

SSA attracted US$1.9 billion in investments across 12 projects in the first half of 2022,
representing 0.1 percent of its regional GDP. This marked a 47 percent decrease in
investment levels from the first half of 2021 and a 14 percent decrease from the past-five-
year H1 average.

Figure 7: Investment Commitments in Infrastructure Projects with Private

Participation in Low- and Mid-Income Countries in SSA, 2013–H1 2022
12 20
2020 US Dollars, Billions

18
10
16

14
8
12

6 10

8
4
6

4
2
2

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

H1 H2 No. of projects (H1)

One of the explanations for this drop is South Africa, one of the most industrialized nations
in the region. The deadline for independent power companies to reach financial close on
a project in order to fast-track new electricity production was again extended, leading the
country to see no PPI transactions in the first half of 2022.

Senegal received investments of US$1.3 billion across two projects, a Malicounda dual
fuel power plant and the port of Ndayane. A global private sector port operator has signed
agreements with the government of Senegal to develop a deep-water port at Ndayane,
worth a total of US$1.1 billion. Senegal is expected to record higher amount of PPI
investment commitments in coming years considering a wide range of capital expenditure
projects are planned.

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Other SSA countries with PPI transactions were Benin, Burkina Faso, Kenya, Lesotho,
Togo, Uganda, and Zimbabwe. Burkina Faso has sustained its PPI transactions for two
consecutive years, whereas Lesotho, Benin, and Zimbabwe saw their first PPI in the last
10 years.

Europe and Central Asia

Europe and Central Asia reported US$756 million of investment commitments over eight
projects in the first half of 2022, accounting for 0.02 percent of regional GDP. This was
substantially lower than the same period of 2021, when the country reported US$4.8
billion, a significant increase from the pandemic low of 2020. The sharp downturn largely
comes from the geopolitical tension in the region.

Figure 8: Investment commitments in Infrastructure Projects with Private Participation

in Low- and Mid-Income Countries in ECA, 2013–H1 2022
60 35
In 2020 US$ billion

30
50

25
40

20
30
15

20
10

10
5

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

H1 H2 NO. of Projects (H1)

Türkiye, a regional powerhouse in private investment commitments, recorded investment

levels of US$430 million with the financial closure of two projects. Since 2019, Türkiye
has seen sharply decreasing private investment commitments levels (in 2018 it reported
investment levels of US$8.3 billion). Nonetheless, this year’s investment represents a
recovery from pandemic levels; in the first half of 2021, Türkiye reported investment
commitments of only US$24 million. Azerbaijan also reported investment commitments
in H1 2022, representing US$300 million, with the financial closure of the Khizi-Absheron
Wind Park.

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Aside from these countries, Tajikistan and Bosnia and Herzegovina also saw small
investments. In Tajikistan, the Dushanbe E-Mobility project was the only one to reach
financial closure and is the first electric vehicle charging station to be recorded in the
PPI Database. The US$4.5 million project entails the acquisition of electric vehicles
(EVs) and the construction of charging stations around Tajikistan’s capital. In Bosnia and
Herzegovina, there was one solar project.

Middle East and North Africa

MENA’s PPI investment in H1 2022 totaled US$205 million in three solar energy projects
in Tunisia. This was another example of continued decline over the past three years,
with H1 2022’s investment amounting to 20 percent of what was seen in H1 2020, and
approximately half of what was reported in H1 2021.

Figure 9: Investment Commitments in Infrastructure Projects with Private

Participation in Low- and Mid-Income Countries in MENA, 2013–H1 2022
8 16
2020 US Dollars, Billions

7 14

6 12

5 10

4 8

3 6

2 4

1 2

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

H1 H2 No. of projects (H1)

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Investments in International
Development Association (IDA)
IDA countries’ investment commitments in the first half of 2022 totaled US$2.7 billion
across 15 projects in 12 countries. This compares to US$2.4 billion across 12 projects
in nine countries in the first half of 2021, and US$2.3 billion for the previous-five-year H1
average across 8.6 countries.

Figure 10: Investment Commitments in Infrastructure Projects with

Private Participation in IDA Countries, 2013–H1 2022
10 16
In 2020 US$ billion

9
14
8
12
7

6 10

5 8

4
6
3
4
2
2
1

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

H1 H2 No. of projects (H1)

Private investment commitments in the IDA countries sustained their recovery in the first
half of 2022. As in the past, development and export finance institutions (DEFIs) played a
critical role in supporting private investments in IDA countries, with 10 out of these 15 IDA
projects receiving some form of DEFI support (mostly from multilateral institutions).

Sustained recoveries in PPI in IDA countries were mainly due to sizable investments in
Senegal and Nepal. Senegal received investments of US$1.3 billion across two projects,
including a port concession (US$1.1 billion) and the Malicounda dual fuel power plant.
Benin, Lesotho, Lao PDR, Maldives, and Tajikistan each had its first PPI investment in ten
years. Maldives also reported the financial closure of a solar PV project portfolio across
the country under the World Bank-financed Accelerating Sustainable Private Investment
in Renewable Energy (ASPIRE) operation. Finally, Tajikistan saw the first financial closure
of electric vehicle charging station to be recorded in the PPI Database.

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Table 2: Investment Commitments and Number of Infrastructure Projects with Private Participation
in IDA Countries, H1 2022

Country Total Investment (US$ Millions) Number of Projects

Senegal 1,283 2
Nepal 859 2
Bangladesh 378 1
Lao PDR 92 1
Burkina Faso 46 1
Togo 40 1
Uganda 22 1
Lesotho 10 1
Tajikistan 5 1
Benin 2 2

Maldives N/A* 1
Mali N/A* 1
Total 2,734 15

* The total value of investment were not disclosed at the time of writing the report.

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Sector Trends

In the first half of 2022, the transport sector again outpaced the other PPI sectors, attracting
US$28.4 billion across 41 projects. This accounted for 66 percent of global PPI investments.
The energy sector received US$10 billion across 55 projects, accounting for 24 percent
of investment commitments in the first half of 2022. The water sector received US$1.3
billion across 15 projects, whereas the municipal solid waste (MSW) sector attracted only
US$598 million over six projects. Finally, the information and communication technology
(ICT) sector recorded US$2.1 billion across three projects.

Figure 11: Share of Sectoral Investment Commitments in Infrastructure Projects

with Private Participation in Low- and Mid-Income Countries, 2013–H1 2022
100%

90%

80%

70%

60%

50%

40%
30%

20%

10%

0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 H1 2022

Energy ICT MSW Transport Water

Transport

Transport sector investment commitments totaled US$28.4 billion across 41 projects in

the first half of 2022, a 112 percent increase from the first half of 2021 levels, and a
76 percent increase from the five-year H1 average. Among the four subsectors within
transport, airports and roads displayed clear signs of recovery, whereas ports and railways
dropped compared to the first half of 2021.

Within transport, the roads subsector received the highest level of investment commitments
at US$21.7billion. It was a 150 percent increase from the first half of 2021, as well as a

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75 percent increase from the five-year H1 average. China accounted for the largest share
of global road investments, at US$10.6 billion, followed by Indonesia (US$3.9 billion) and
Brazil (US$2.6 billion).

Figure 12: Investment Commitments in Transport Infrastructure Projects with Private

Participation in Low- and Middle-Income Countries by Subsector, 2013-H1 2021
80
2020 US Dollars, Billion

70

60

50

40

30

20

10

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 H1 2022

Airports Ports Railways Roads E-vehicle Charging Station

Investment commitments in airports amounted to US$5.3 billion across four projects. This
was a five-fold increase from the first half of 2021 and the highest level in the previous
five years. Airport PPPs saw a drastic decline in H1 2020, following the decrease of
international travel. However, because most travel restrictions have been lifted, the private
sector-led airport projects are seeing continuous post-pandemic growth.

Port projects received US$1.3 billion in private investment commitments in the first half
of 2022. This was a 30 percent drop from the first half of 2021, as well as the past-five-
year H1 average. Countries with port projects are Senegal, China, Lao PDR, and India. In
Senegal, a global private sector port operator has signed agreements with the government
of Senegal to develop a deep-water port at Ndayane, worth US$1.1 billion.

In order to reflect the importance of climate change agenda, the PPI Database began
collecting data on the electric vehicle charging station in 2022. In Tajikistan had the first
electric vehicle charging station to be recorded in the PPI Database. The Dushanbe
E-Mobility project is considered to be at the forefront of the Tajikistan’s transition towards
electric mobility and is aimed to have a wider impact on EV ecosystem.

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Energy

With US$10.2 billion across 55 projects, investment in the energy sector in the first half of
2022 dropped by 19 percent from the first half-year of 2021 (US$12.6 billion), recording
the lowest levels in the last 10 years. The electricity subsector accounted for all of the
US$10.2 billion worth of investments in energy.

Forty (about 91 percent) of 44 new electricity-generation projects used renewable energy

sources. In terms of investment volume, almost 51 percent of new electricity generation
investments were in renewables. Sixty-nine percent of the newly added 10.0 GW capacity
was from renewable-energy sources in the first half of 2022.

The most popular source of renewable energy in the first half of 2022 was onshore wind
technology. Onshore wind power projects added 3.8 GW of new generation capacity
across 11 projects.

The next most popular renewable technology was solar photovoltaic (PV). Solar PV added
1.4 GW in new power generation capacity across 22 projects. LAC had eight solar PV
projects, adding 830 megawatts (MW) in new power capacity.

At the country level, with the exceptions of Thailand, Senegal, and Vietnam, most of the
private investments in energy were in renewable energy projects. Thailand, and Vietnam
added sizable natural gas power plants, representing a total of 2.9 GW of new generation
capacity. Based on the data provided, there are no new coal projects in low- or mid-
income countries.

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 Figure 13: Rate of Renewable Energy Sources Used in Newly Added PPI
Electricity Generation
Renewable Rate
100%

50%

0%

Powered by Bing
© Australian Bureau of Statistics, GeoNames, Microsoft, Navinfo, OpenStreetMap, TomTom

Water and Sanitation

Investments in the water and sanitation sector in the first half of 2022 have recorded US$
13.4 billion across 15 projects. It is an 83 percent decrease from the first half of 2021.
Brazil continues to be a major destination for water and sanitation PPI investment flow. As
part of the Brazilian government’s policy of privatizing Rio de Janeiro’s water and sewage
treatment plants, the “block 3” water and sanitation concession in Rio de Janeiro state
has been given to Saneamento Ambiental Águas do Brasil (SAAB). Other countries with
private investment commitments in the water and sanitation sector included Benin, China,
Indonesia, Mali, and the Philippines.

Municipal Solid Waste

In the first half of 2022, US$598 million was invested across six MSW projects, compared to
US$71 million across eight projects in the first half of 2021. These were the second lowest
MSW investment commitments in the last 10 years. The countries with PPI transactions in
the sector were Brazil, Bulgaria, China, and Zimbabwe.

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21
Information and Communication Technology Backbone

In the ICT sector, a total of US$1.7 billion was invested across three projects. Data centers
are essential for the development of the ICT ecosystem. The speed of networks, security
of critical infrastructure and information, and quality of public services, data, and systems
all depend on the availability and quality of data centers. Thanks to their important role, the
design and development of these centers is a priority for both private and public entities.
In order to reflect current issues and trends, the PPI Database began collecting data on
data center infrastructure in 2022.

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Development and Export
Finance Institutions

In the first half of 2022, 23 projects totaling US$5.9 billion received one or more forms
of typical DEFI3 support, ranging from direct or syndicated loans, equity, and grants, to
guarantees, risk insurance, and transaction advisory services. These 23 projects accounted
for 19 percent of all PPI projects by number, similar to the numbers seen in 2021. By
investment value, however, projects with DEFI support continued to drop and accounted
for 14 percent of total investment commitments, a decline from the previous-five-year
average of 32 percent. The average size of projects receiving investment support fell as
well, from nearly US$268 million on average in H1 2021, to US$258 million in H1 2022.

Figure 14: Share of Infrastructure Commitments with Private Participation in Low-

and Mid-Income Countries that Received Support from Multilateral/Bilateral DEFIs,
By Investment Volume 2017 – H1 2022 By Number of Projects
50%
50%
4 5% 45%
4 0% 40%
35% 35%
30% 30%
25% 25%
20% 20%
15% 15%

10% 10%

5% 5%
0%
0%
2017 2018 2019 2020 2021 H1 2022
2017 2018 2019 2020 2021 H1
2022
Mult ilaterals Both Bilaterals

As in previous years, DEFI support tended to be focused on the energy sector, representing
61 percent of the total number of projects receiving support. Support tended to be directed
toward renewable energy projects, with 10 out of 14 energy projects in this sector, in line
with the global push to reduce greenhouse gas emissions and to combat climate change.
There was once again a strong emphasis on the solar sector, with nine solar projects
and one hydro project. Most of the support was also focused on low-income and lower-
middle-income countries. Low-income countries had DEFI involvement in 44 percent of

3 DEFI, for the purposes of this report, refers to multilateral institutions and bilateral agencies with a development
mandate, as well as export credit agencies with a mandate to support domestic businesses in pursuing investments
abroad. Henceforth in this report, the term bilaterals will include bilateral institutions as well as export credit agencies.

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PPI projects (4 out of 9 projects), and lower-middle-income countries saw support in 32
percent of PPI projects (14 of 44 projects). Comparatively, upper-middle-income countries
only saw DEFI support in 7 percent of PPI projects in H1 2022 (5 of 68 projects). This
continued trend indicates the importance of the role played by DEFIs in stimulating growth
and investment in low-income and lower-middle-income countries.

DEFIs provided direct debt support of US$1.3 billion in H1 2022. Of this, 42 percent,
or US$561 million in direct loans, was provided by bilateral institutions to six projects.
Multilateral institutions provided US$763 million in direct loans to 16 projects, as well
as equity, grants, guarantees, risk insurance, and transaction advisory services to eight
projects. International Finance Corporation (IFC), the African Development Bank (AfDB),
and the European Bank for Reconstruction and Development (EBRD) provided nearly
two-thirds of the multilateral support (62 percent), with a total of US$472 million in loans.
There were two guarantees4 given to projects by the World Bank Group in H1 2022—one
by Multilateral Investment Guarantee Agency (MIGA) for a road project in Kenya and
one by IDA for a Maldives solar project. By undertaking these risks, the DEFI institutions
provide the financial security required by private sector investors.

4 At this stage, the PPI Database only indicates which projects received guarantees from which entities and not any details
on the guarantees covered or the guarantee amounts. Hence, for the projects receiving guarantee support, the debt to such
projects is categorized according to the debt provider classification.

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 Appendix A: Development and Export Finance Institutions Agencies
that Supported Projects in the first half of 2021

Bilateral
Multilateral
Development Institution Export Credit Agencies
ADB (Asian Development Bank) Agence francaise de developpement Export Import Bank of China
(AFD)

AfDB (African Development Bank) Canadian Climate Fund for the Export Development Canada
Private Sector in Asia II

AIIB (Asian Infrastructure Investment CDC Group Export Finance Australia

Bank)

Climate Investment Funds DEG (German Investment Corpora-

tion)

Emerging Africa Infrastructure Fund FMO (the Dutch Development Bank)

(EAIF)

EBRD (European Bank for Recon- Japan International Cooperation

struction and Development) Agency (JICA)

European Investment Bank (EIB) Kreditanstalt fuer Wiederaufbau

(KfW)

Green Climate Fund Oesterreichische Entwicklungsbank

AG

Inter-American Development Bank OPIC

(IDB)

IFC Proparco

OPEC Fund for International Devel- U.S. International Development

opment (OFID) Finance Corporation

MIGA

North American Development Bank

(NADB)

Private Infrastructure Development

Group

Sustainable Energy Fund for Africa

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About the Private Participation in
Infrastructure Projects Database

The Private Participation in Infrastructure Database is a product of the

World Bank Group’s Infrastructure Finance, PPPs and Guarantees
Global Practice. Its purpose is to identify and disseminate information on
private participation in infrastructure projects in low- and middle-income
countries. The database highlights the contractual arrangements used
to attract private investment, the sources and destinations of investment
flows, and information on the main investors. The site currently provides
information on more than 10,000 infrastructure projects dating from
1984 to the first half of 2022. It contains over 50 fields per project.

For more information, please visit: ppi.worldbank.org

 About the World Bank Group
The World Bank Group plays a key role in the global effort to end extreme
poverty and boost shared prosperity. It consists of five institutions: The
World Bank, including the International Bank for Reconstruction and
Development (IBRD) and the International Development Association (IDA);
the International Finance Corporation (IFC); the Multilateral Investment
Guarantee Agency (MIGA); and the International Centre for Settlement of
Investment Disputes (ICSID). Working together in more than 100 countries,
these institutions provide financing, advice, and other solutions that enable
countries to address the most urgent challenges of development. For more
information, please visit: www.worldbank.org
 2022

ppi.worldbank.org worldbank.org/ppp @WBG_PPP