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© 2025 The World Bank Group1818 H Street NW, Washington, DC 20433Telephone: 202-473-1000; Internet:www.worldbank.org Disclaimer This work is a product of the staff of The World Bank Groupand the Global Facility for DisasterReduction and Recovery (GFDRR).“The World Bank Group” refers to the legally separateorganizations of the International Bank for Reconstruction and Development (IBRD), theInternational Development Association (IDA), the International Finance Corporation (IFC), andthe Multilateral Investment Guarantee Agency (MIGA). While believed reliable, the World BankGroup does not guarantee the accuracy, reliability or completeness of the content included inthis work, or for the conclusions or judgments described herein, and accepts no responsibilityor liability for any omissions or errors (including, without limitation, typographical errors andtechnical errors) in the content whatsoever or for reliance thereon. The boundaries, colors,denominations, and other information shown on any map in this work do not imply anyjudgment on the part of the World Bank Group concerning the legal status of any territory orthe endorsement or acceptance of such boundaries. The findings, interpretations, andconclusions expressed in this volume do not necessarily reflect the views of the organizationsof the World Bank Group, their respective Boards of Executive Directors, and the governmentsthey represent. The contents of this work are intended for general informational purposes onlyand are not intended to constitute legal, securities, or investment advice, an opinion regardingthe appropriateness of any investment, or a solicitation of any type. Some of the organizationsof the World Bank Group or their affiliates may have an investment in, provide other advice orservices to, or otherwise have a financial interest in, certain of the companies and partiesnamed herein. Nothing herein shall constitute or be construed or considered to be a limitationupon or waiver of the privileges and immunities of any of theorganizations of The World BankGroup, all of which are specifically reserved. Rights and Permissions The material in this work is subject to copyright. Because The World Bank Group encouragesdissemination of its knowledge, this work may be reproduced, in whole or in part, fornoncommercial purposes as long as full attribution to this work is given. All queries on rightsand licenses should be addressed to World Bank Publications, The World Bank Group, 1818 HStreet NW, Washington, DC 20433, USA; e-mail:pubrights@worldbank.org. If you create an adaptation of this work, please add the following disclaimer along with theattribution: This is an adaptation of an originalwork by The World Bank. Views and opinionsexpressed in the adaptation are the sole responsibility of the author or authors of theadaptation and are not endorsed by The World Bank. Acknowledgements This report was jointly prepared by a World Bank Group team led by Khafi Weekes and WilliamLlewelyn Davies composed of Monica Bennett, Mariana Silva Zuniga, Brenden Jongman, RobRichards, Charles Hurstel, Robert Pilkington, Eileen Burke and Irina Likhachova as well asJacobs Consulting led by Adam Hosking with contributions from Michael Matichich, MichaelOyakojo, Praveen Sridharan, Gabrielle Sobel, James Weaver, Jean-Pierre Labuschagne andMichele Holland. The team would like to thank Beatrice Phillips, Robert Kehuw, Jing Xiong,Nathan Engle, Marie Destailleur, Lisa Farroway, Dinara Akhmetova, John Gregory Graham,Michael John Webster,Boris Ton Van Zanten, Andrey Shanin, Ruth Tiffer-Sotomayor,DinaraAkhmetova,Lisa Farroway, Marie Destailleur,Florencia Sanchez Zunino,George Henry Stirrett,Elisson M. Wright, Olga Gavryliuk, George Henry Stirrett, Sandhya Srinivasan, Junglim Hahm,Jeffrey John Delmon, and Valerie Hickey for their contributions and peer review. The team isgrateful to Aisha Williams, Jane Jamieson, Geneveive Connors and Niels B. Holm-Nielsen fortheir support and guidance. The team would like to acknowledge Charissa Sayson and TeresitaFallado Victoria for their excellent administrative support. The task team wishes to acknowledge the generous funding provided for this report by thePublic-Private Infrastructure Advisory Facility (PPIAF) funded by the Swedish InternationalDevelopment Cooperation Agency (SIDA); the City Resilience Program (CRP) ofthe GlobalFacilityfor Disaster Reduction and Recovery(GFDRR);and the Millennium ChallengeCorporation (MCC). About PPIAF Established in 2000, the Public Private Infrastructure Advisory Facility is an initiative fundedby multiple donors and implemented by the World Bank. PPIAF helps developing-countrygovernmentsstrengthen policy,regulations,and institutions that enable sustainableinfrastructure with private-sector participation. As part of these efforts, PPIAF promotesknowledge-transfer by capturing lessons while funding research and tools; builds capacity toscale infrastructure delivery; and assists subnational entitie