Mega infrastructure projects as agents of change: new perspectives on ‘the global infrastructure gap’

Figures & data

Figure 1. The global infrastructure gap and a strategy to address it.

Source: WEF (2014, 15).

Table 1. Lessons from the OMEGA Centre Case Studies of 30 MTPs.

Lesson Clusters	Brief Summary
1. MTPs as ‘Agents of Change’	There is a need for a change of mind-set concerning the way in which MTPs are positioned, framed and planned.
2. MTPs as ‘Open Systems’	Planning, appraisal and delivery agents need to recognise that MTPs are phenomena that require ‘open systems’ treatment in light of their complex and fluid relationship with the areas/ sectors/ communities they serve, traverse and impact upon.
3. MTPs as ‘Organic’ Phenomena	MTPs are ‘organic’ phenomena (rather than static engineering artefacts) that often need ‘time to breathe’. If used appropriately, this time for reflection can present special opportunities that should be seized and exploited by key decision-makers.
4. The Framing of MTPs	The changing demands placed on MTPs can make it difficult to judge their successes and failures. This makes it imperative to ensure proper project framing so as to enable their appraisal to be based upon a fair and transparent foundation.
5. The Power of Context	Context awareness and sensitivity to context on the part of project decision-makers is vital for both the successful planning, appraisal and delivery of MTPs and suitable treatment of contextual risks, uncertainties and complexities.
6. Role of Sustainable Development Visions	The lack of a clear and shared vision of the meaning of ‘sustainable development’ threatens to seriously undermine the potential for, and use of, MTPs to make a positive contribution to its achievement.
7. Engaging with MTP Stakeholders	Effective and early engagement with key stakeholders is critical in MTP planning, appraisal and delivery.
8. Institutional, Policy and Legislative Support:	MTPs are unlikely to be able to deliver the full range of agent of change benefits unless accompanied by a suitable institutional, policy and legislative framework that remains in place throughout the project lifecycle.
9. Lesson Learning and Sharing	Systematic, widespread lesson-learning and sharing is not currently a significant feature of MTP planning, appraisal and delivery, and that there are few examples in the public domain of post-project evaluation that go beyond time/cost/ specification assessments of project performance.

Source: OMEGA Centre (2012)

Figure 2. The three horizons of growth concept.

Source: Baghai, Coley, and White (1999, 5).

Figure 3. The global risks landscape, 2007–2020.

Source: WEF (2019, 5)

Figure 4. The belt and road initiative.

Source: Merics (2018)

Figure 5. The Trans-European transport networks programme.

Source: European Commission (2013).

Table 2. Notable sovereign wealth funds investing in infrastructure.

Investor	Location	Assets under Management (US$ million)	Georgraphic Focus	Route(s) to Market
Abu Dhabi Investment Authority	UAE	773,000	Global	Direct, Listed, Unlisted
China Investment Corporation	China	746,730	Global	Direct, Unlisted
State Administration of Foreign Exchange	China	599,510	Europe	Direct
Kuwait Investment Authority	Kuwait	592,000	Global	Direct, Listed, Unlisted
GIC	Singapore	344,000	Global	Direct, Listed, Unlisted
National Social Security Fund - China	China	274,595	Greater China	Direct, Unlisted
Qatar Investment Authority	Qatar	256,000	Global	Direct, Listed, Unlisted
Temasek Holdings	Singapore	189,797	Global	Direct, Listed, Unlisted
Abu Dhabi Investment Council	UAE	110,000	Global	Direct, Unlisted
Future Fund	Australia	85,598	Global	Direct, Listed, Unlisted

Source: Preqin Sovereign Wealth Fund Review (2016, 3).

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WEF. 2019. The Global Risks Report 2019, published in partnership with Marsh & McLennan Companies and Zurich Insurance Group, World Economic Forum, Geneva.

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MERICS. 2018. Mapping the Belt and Road Initiative: This is Where We Stand. Mercator Institute for China Studies, Berlin. https://www.merics.org/en/bri-tracker/mapping-the-belt-and-road-initiative.

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Preqin Sovereign Wealth Fund Review. 2016. Real Assets Spotlight, May. Accessed February 2020. https://docs.preqin.com/newsletters/ra/Preqin-RASL-May-16-Feature-Article.pdf

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