CoST- The Infrastructure Transparency Initiative is a multinational effort to explore how public construction projects could be made more transparent and accountable, reducing the mismanagement, waste, and corruption that are common in the sector. Governments, affected stakeholders, and the wider public all stand to benefit.
By 2020, it has been estimated that global construction output will have grown by 70% to $12.7 trillion and will account for 14.6% of world output, and that construction in emerging markets will grow by 110% to become a $7 trillion market. The CoST pilot has demonstrated that the efficiency of this market can be improved, to the benefit of developing countries. In doing so, CoST focuses on the role of public procuring entities and ensures that they are accountable for public expenditure on construction. It does not impose additional burdens on business, but rather offers potential benefits
This is the sixth in a series of briefing notes on CoST, its core features and impact.