Abstract
Project lending and privatization in middle-income countries need to be examined in the light of both lending by bilateral official lending agencies, and whether privatization and project finance of infrastructure projects are really of long-term benefit to middle-income developing countries. Personal experience over many years leads the author to caution that these projects must be carefully examined. Without a fair balancing of risk between country and developer, the end result is likely to be white elephant projects on a gigantic scale.
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