Briceno-Garmendia, C., K. Smits, and V. Foster, 2008, “Financing Public Infrastructure in Sub-Saharan Africa: Patterns and Emerging Issues,” AICD Background Paper 15 (Washington D.C.: World Bank).
Buffie, E., A. Berg, C. Patillo, R. Portillo, and L. F. Zanna, 2012, “Public Investment, Growth and Debt Sustainability: Putting Together the Pieces,” IMF Working Paper, WP12/144 (Washington, D.C.: International Monetary Fund).
César Calderón and L. Servén, 2009, “Infrastructure and Economic Development in Sub-Saharan.” WB Policy Research, (Washington D.C.: World Bank).
Dabla-Norris, E., J. Brumby, C. Papageorgiou, A. Kyobe, and Z. Mills, 2011, “Investing in Public Investment: An Index of Public Investment Management Quality,” IMF Working Paper, WP/11/37 (Washington: International Monetary Fund).
Chris Lane and S. Yoon, 2009, “The Macroeconomics of Scaling-up Aid: The Case of Liberia,” IMF (Washington: International Monetary Fund).
Pritchett, L. 2000, “The Tyranny of Concepts: CUDIE (Cumulated, Depreciated, Investment Effort) is not Capital,” Journal of Economic Growth, 5, 361–384.
This note was prepared by Manuel Rosales (AFR) and Will Clark (RES).
Empirical analysis shows that the productivity of infrastructure is high while the return on public investment is low, because not all infrastructure spending becomes public capital. See Hulten (1996) and Pritchett (2000) for details.
User fees capture a fraction of the recurrent costs of maintaining public capital (i.e., maintenance and upkeep caused by capital depreciation). This feature is not meant to represent a public-private partnership model where user fees capture the cost of financing the infrastructure.