No one doubts the enormous challenges ahead in recovering from the pandemic, as low economic activity and levels of debt mount. The role that infrastructure plays in meeting these challenges has been recognised by financial institutions. Its value to meeting the UN Sustainable Development Goals (SGDs) and the climate crisis is also gaining prominence.
To effectively meet these challenges however, the governance of infrastructure must be improved. Approximately 10 – 30% of investment in infrastructure is lost to corruption, mismanagement and inefficiency, with recent estimates from the International Monetary Fund emphasising that in low-income countries inefficiency leads to a 50% loss.
Means of improving infrastructure governance are ever more important now following the emergency procurement measures resorted to during Covid-19 which heighten corruption risks.
Building on our experience, members of CoST have been using a new tool, the Infrastructure Transparency Index (ITI). This has massive incentivising potential for clients to improve their transparency by ranking entities based on robust indicators. In addition to this ranking, the Index also promotes understanding and action across government, private sector and civil society on the relative strengths and weaknesses of infrastructure transparency, participation and accountability in their country, region or city.