Finance andInfrastructure Table of Contents Foreword by the Chair..............................................................................................................................................................3Forewords by the Deputy Chair and Co-Chairs......................................................................................................5Recommendations overview...............................................................................................................................................9Executive summary..................................................................................................................................................................10Recommendation 1:..................................................................................................................................................................14 Executive summary.....................................................................................................................................................14Recommendation 1.1...................................................................................................................................................16Recommendation 1.2.................................................................................................................................................20 Recommendation 2:................................................................................................................................................................25 Executive summary.................................................................................................................................................... 25Recommendation 2.1.................................................................................................................................................27Recommendation 2.2................................................................................................................................................30Recommendation 2.3................................................................................................................................................ 33 Executive summary....................................................................................................................................................39Recommendation 3.1.................................................................................................................................................42Recommendation 3.2............................................................................................................................................... 46Recommendation 3.3................................................................................................................................................47 Annexure 1.........................................................................................................................................................................50Annexure 2........................................................................................................................................................................52Annexure 3........................................................................................................................................................................55Annexure 4 .......................................................................................................................................................................57Annexure 5........................................................................................................................................................................58Bibliography ....................................................................................................................................................................74 Chair of the B20 South Africa Finance & Infrastructure Task ForceCEO, Standard Bank Group Foreword by the Chair As we enter the second quarter of the century, the world appears to be moving away frommany of the certainties of the post-Cold War era. One obvious example is the end of theformer broad consensus that free movement of capital, goods and ideas was generally tobe welcomed. Another is growing confidence that the benefits of active industrial policyoutweigh its costs. Arguably, changes such as these reflect a deeper social change: a rejection of the view thatmuch (even most) economic policy formation is best “left to experts”, who should be freeto choose both the direction of policy and the pace of its implementation on strictlytechnocratic grounds. We now, therefore, find ourselves in a world that is much more impatient, and much morewilling to undertake experiments that would have seemed very unlikely a few years ago. Against this background, the Business 20 (B20) Finance & In