Takenori Nasu, Senior Deputy Director, Operations Management Division, Operations Strategy Department, Japan International Cooperation Agency (JICA)
Investing in infrastructure is critical for recovering from the COVID-19 crisis and achieving long-term development objectives. The crisis has triggered a reshuffling of investment priorities for governments globally and significant shifts in demand. Moreover, the pandemic adds further pressure on already-constrained fiscal space in developing countries. Ensuring quality in infrastructure development has become more fundamental than ever for the efficient and effective use of limited resources for a resilient and sustainable future.
In 2019, the G20 Osaka Summit endorsed the “G20 Principles for Quality Infrastructure Investment”, a set of voluntary, non-binding principles designed to reflect the G20’s common aspiration for quality infrastructure investment. But how can “quality infrastructure” be put into practice?
Achieving quality infrastructure, in other words maximising the effectiveness of infrastructure projects, has been a long-standing challenge. To maximise the positive impact of projects, many factors must be taken into consideration, such as economic efficiency in terms of life-cycle cost, natural disaster risks, environmental and social impacts, climate change, gender mainstreaming, openness, transparency, debt sustainability, and accountability in line with international standards outlined in the G20 Principles. These factors should be considered throughout the entire project-cycle from project formulation to service delivery and maintenance.Continue reading