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Preface Infrastructuredevelopment is crucial for the continued economic growth and prosperity ofemerging markets and developedeconomies (EMDEs).The demand for infrastructure,propelled by population growth and ever-increasing rate of urbanization, has resulted in theneed tobuild,and improve infrastructure in EMDEs. EMDEs are increasingly facing strong headwinds with rising inflation, volatile economicsettings, and other recent macro-economic shocks. These factors have adversely impactedtheir fiscal capacity to fund infrastructure. Furthermore, the climate crisis has propelledcountries to invest in mitigating measures to counter the adverse effects of climatechange,such as clean energy transition, electricmobility,and climate resilience measures. Thesubstantialcapital investment required means that traditional sources of funding areincreasingly stretched and need to be augmented by other funding solutions. Contents 01 ExecutiveSummary 02ConceptofAssetRecycling 03MonetizationModels 04Re-investment Tables Table 1: Average annual cost to develop new infrastructure (billion USD) in EMDEsTable 2: Private sector efficiencies in monetization of existing infrastructure assetsTable 3: Monetization modelsTable 4: Key risks managed and mitigated through direct contractual agreementsTable 5: Stakeholders in direct contractual agreementsTable 6: Examples of strategic investors in direct contractual agreementsTable 7: Key risks managed and mitigated through divestmentTable 8: Stakeholders in divestmentTable 9: Key risks managed and mitigated through IABSTable 10: Stakeholders in IABSTable 11: Examples of institutional and financial investors in IABSTable 12: Key risks managed and mitigated through InvITsTable 13: Stakeholders in InvITsTable 14: Examples of institutional and financial investors in InvITs Figures Figure 15: Activities in InvIT modelFigure 16: Structure of InvITsFigure 17: Best practices for regulatory and governance framework for re-investmentFigure 18: Framework for selection of new, high priority infrastructure assetsFigure 19: Economic and social impact assessment 01 ExecutiveSummary 1ExecutiveSummary Context and objectives oftheHandbook Infrastructure development is crucial for the continued economic growthand prosperity of emerging markets and developed economies (EMDEs). Factorssuch as population growth and an increasing rate ofurbanization1have resulted in anurgent need to build and improve infrastructure in EMDEs. Significant investment isrequired to build new infrastructure, meet the associated operations and maintenance(O&M) expenses, and integrate climate resilience and sustainability to achieveinfrastructure-related sustainable development goals (SDGs).2 Summary •The development of new infrastructure needs in EMDEs are estimated to requirebetween 2%-8% of a country’s gross domestic product (GDP) per year until 2030.•In addition tothe investmentneeded fornew infrastructure, an additional 2.7% of GDPeach year is also required for the operation and maintenance (O&M) of existinginfrastructure.•Anadditional 3%of GDP is required for rehabilitation,expansion,and capitalimprovements of existing infrastructure assets to incorporate climate resilience. With tightening fiscal constraints and the high upfront costs associated with building newinfrastructure and carbon transition, public budget alone willnot be sufficient to fund the currentand growing infrastructure needs across EMDEs. While governments have raised debt to fundinfrastructure developments, the servicing of these debts may require the raising of taxes. Inaddition, at times the financingrequired for infrastructure is being diverted to other socialprograms such as healthcare and welfare. In addition, there are increasing expectations for service standards delivered by publicinfrastructure assets. Optimal asset utilization requires expert planning, implementation, andmonitoring of the infrastructure asset through well-defined service standards.However, manygovernments face a shortage of requisite expertise and resources in the efficient managementand delivery of public infrastructure assets. Tothis end,governments must find alternative sources of funding for infrastructureinvestments, to complementbroader strategy for financing the infrastructure sector and privateparticipation; a well-implemented asset recycling program presents an option to monetizeinvested capital to meet infrastructure development needs. Many countries are exploring asset recycling as a viable mechanism to unlock capital invested in existing infrastructure for thedevelopment of new infrastructure assets. Assetrecycling broadly consists of two important and interlinked components:(1)themonetization of existing infrastructure assets (brownfield assets) and (2) the subsequentreinvestment of proceeds obtained from the monetization to develop new infrastructure assets. Structure and contents of theHandbook This Handbook focuses on programmaticapproach toA