Developing countries face a multi-trillion dollar infrastructure funding gap, made worse by Covid-19
Sustainable Finance Spotlight — an extension of the Global Translations newsletter. Each week we track major issues facing the globe.Combine climate change with a rapid population shift from rural areas to cities and you have a multi-trillion dollar infrastructure gap in developing countries. Central governments and NGOs appear unable to fill the gap on their own — a dynamic that will be made worse by the costs associated with managing Covid-19.
The World Bank and the International Monetary Fund no longer worry about governments carrying too much debt, as they did in the '80s and '90s. Instead, the Bank is now pushing municipal governments in developing countries to make reforms so they can take on more debt to finance new infrastructure. In other words: Cities in developing countries will be starved of financing and hammered by climate change unless they become more like cities in richer countries. It’s a prospect Pedder and Bigger describe as the “grim narrowness of perpetual austerity." And they give it a label: “Green Structural Adjustment”.
, which has trained over 650 local officials via workshops in India, Africa and the Middle East since 2014. The Bank claims that for every $1 spent on this type of technical assistance, tens of dollars in investment flows to cities.City Resilience Program
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