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JANUARY JUNE2017 Private Participation in Infrastructure (PPI)HALF YEAR UPDATE2017 HALF YEAR UPDATE iiAcknowledgement no divestiture transactions were recorded. The number of divestitures have been declining over time with only three recorded in full-year 2015, but in full-year 2016 there was a slight revival recorded with seven divestitures. Among greenfield projects in H1 2017, projects adopting a build, operate, and transfer (BOT) model account for US$14.2 billion of investments, followed by build, own and operate (BOO) model projects, with investments of US$8.9 billion. 2. Regional PPI Investment TrendsLACs share of global investments has been on the decline since 2014 (mainly because of Brazil), whereas EAP and SAR account for greater shares.5In H1 2017, LAC was also the only region where investment declined slightly compared to H1 2016 levels, while all other regions saw increases in in-vestment levels. Regionally, EAP received the highest level of PPI investment in H1 2017 (US$12.7 billion), led by China and Indonesia. The regions 48 new PPI projects account for more than one third (35 percent) of total global investment during the first half-year of 2017. China and Indonesia together account for 91 percent of EAP PPI investments in H1 2017. In China, 36 projects received investments amounting to US$3.7 billion, which accounted for 29 percent of EAP investment, while Indonesia captured 62 percent of total EAP regional investment (US$7.8 billion) with only six projects. Several large projects in Indonesia, including two multibillion-dollar coal fired power projects (worth US$4.2 billion and US$2.2 billion) also made it the country with the highest PPI investment level globally. While PPI in-vestment for China relative to its global counterparts appears large, it is a small proportion of the GDP or the total infrastructure spend in the country.While LAC enjoyed the second highest level of investment (US$9.8 billion), accounting for 27 percent of global investment, this marked a decrease from H1 2016 levels. This decrease was driven largely by 5 The distribution is skewed in 2015 due to a US$35.6 billion airport project in Turkey, which accounts for ECAs expanded share. If this project is removed from consideration, the pattern of declining shares for LAC between 2014 and 2016 is apparent.Year No. of Projects Mean Median Maximum2012 620 253 68 15,4712013 409 241 90 3,7202014 339 328 81 10,6532015 334 339 81 36,0352016 277 269 80 6,756H1 2017 132 278 99 4,194TABLE 1: FREQUENCY DISTRIBUTION OF PROJECT SIZES OVER THE LAST FIVE-YEAR PERIOD AND H1 2017Source: PPI Database, World Bank, as of September 20172017 HALF YEAR UPDATE 6fewer projects as opposed to decreased project size (only 30 projects in H1 2017 as compared to 48 in H1 2016) and in part, by a lack of PPI activity in Panama, which had significant investments in five PPI projects in H1 2016. In line with previous years, Brazil accounted for majority share (65 percent) of LAC investments at US$ 6.4 billion, though PPI investment in Brazil in H1 2017 decreased by US$1.3 billion compared to H1 2016. The largest project by investment value in LAC is the US$ 1.7 billion electricity transmission project Belo Monte Transmissora de Energia, sponsored by the State Grid Corporation of China. SARs 17 percent share of H1 2017 global PPI investment may mark the reversal of a regional trend of declining shares of global investment, which reached a low of four percent in 2015. H1 2017 invest-ment in SAR has already reached the full-year 2016 level, driven by the financial closure of two power megaprojects in Pakistan the Suki Kinari Hydropower Plant worth US$1.9 billion and the Karot Hydropower Plant worth US$1.7 billion. H1 2017 PPI investment in Middle East and North Africa (MENA) tripled compared to the level in H1 2016 and has already surpassed the regions full-year 2016 investment level. This increase is driven primarily by investment in Jordan, where a US$2.1 billion oil shale-fired power plant reached financial closure in H1 2017. Three additional projects in the region include a port project in Egypt and solar power projects in Morocco and Jordan.FIGURE 2 Regional share of investment commitments in infrastructure projects with private participation in EMDEs, 20082016 and H1 201750%80%90%100%70%40%30560%20%10%0%2008 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017Source: PPI Database, World Bank, as of September 2017East Asia & PacificEurope & Central AsiaLatin America & CaribbeanMiddle East & North AfricaSouth AsiaSub-Saharan Africa
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