可持续基础设施的国际投资：公私伙伴关系的作用

International investment The role of public-private partnerships Internationalinvestment in The role of public-privatepartnerships This publication has not been formally edited. UNCTAD/DIAE/2025/6 (Advance copy) Acknowledgements This report was prepared by a team at UNCTAD, led by Amelia U. Santos Paulino, under the guidance ofRichard Bolwijn and the overall direction of Nan Li Collins, Director of the Division on Investment and The principal researcher for the report was Claudia Trentini. Stephania Mageste and Prachi Sharmaprovided background research. Research assistance was carried out by Yagnesh Kataria and Joao de The report also benefited from comments and contributions from Ashraf Abdelal, Mathilde Closet, ChantalDupasquier, Hamed El Kady, Yi Liu, Maha El Masri, Massimo Meloni, Diana Rosert, and Frida Youssef Valuablefeedback was provided by Elisabeth Türk,Director of the Economic Cooperation andGlobalization Division, and by Tony Bonnici and the team from the Public-Private Partnerships Section at UNCTAD gratefully acknowledges the extensive contributions and comments by Barclay James (St Mary’sUniversity), Paul Vaaler (University of Minnesota) and Elisabeth Yi Wang (Leeds University). Jakob UNCTAD also thanks Jyoti Bisbey, Jean Christoph Barth-Coullaré and the team at World Association ofPPP Units and PPP Professionals, Arkebe Oqubay (School of Oriental and African Studies, University ofLondon), Ugo Panizza (Graduate Institute, Geneva), Kunal Sen (UNU-WIDER); Ancor Suarez Alemanand Christian Volpe (Inter-American Development Bank); and Mamiko Yokoi-Arai (Organisation for UNCTAD is grateful for the comments received from participants at key international events. These includethe UNU-WIDER Conference Safeguarding Tomorrow – Innovative Approaches to Growth and Equity,held in Helsinki, Finland, in June 2025, and at the Academy of International Business Annual Conference At UNCTAD, production of the report was supported by Katia Vieu and Elisabeth Mareschal. Table of contents Acknowledgements ........................................................................................................................................4Table of contents ............................................................................................................................................6Key messages ................................................................................................................................................7Introduction ...................................................................................................................................................10a.Background and objectives ........................................................................................................10b.Analytical scope..........................................................................................................................12Part I. The international PPP landscape......................................................................................................151.Evolution of international PPPs ......................................................................................................152.Current PPP trends .........................................................................................................................19Part II. Key features of international public-private partnerships ................................................................271.Diverse de-risking mechanisms......................................................................................................272.The role of governments and development finance institutions ....................................................34Part III. Challenges hindering the growth of international PPPs .................................................................451.The cost of capital ...........................................................................................................................452.Operational and financing setbacks ...............................................................................................523.Legal and international dispute settlement risks ............................................................................60Concluding remarks......................................................................................................................................63References....................................................................................................................................................66Annex ............................................................................................................................................................72 Key messages International investment in sustainable infrastructure – including both hard infrastructure sectors liketransport and energy, and soft infrastructure sectors such as health, education, water, and sanitation –remains