BANGKOK, April 10 (Xinhua) -- An expert of the United Nations Economic and Social Commission for Asia and pacific (UNESCAP) on Wednesday told Xinhua that modeling the China Public Private Partnerships (PPP) Center will help bridge infrastructure financing gap in the Asia Pacific Region.
The UNESCAP team on Wednesday warned that unless national and international financial systems are revamped, the world's governments will fail to keep their promises on critical issues such as combatting climate change and eradicating poverty by 2030.
"Greenhouse gas emissions grew 1.3 percent in 2017; investment in many countries is falling; and 30 developing countries are now at high risk or already in debt distress,'' UNESCAP said in its latest report "Financing for Sustainable Development Report 2019."
Tientip Subhanij, Chief of Financing for Development at UNESCAP's Macroeconomic Policy and Financing for Development Division, said since the public sector lacks adequate fund in financing infrastructure, it is vital to pull strengths from private sector to bridge the gap.
"Infrastructure development is undoubtedly critical for a country's long-term economic growth and competitiveness as it impacts economic activities by increasing productivity, facilitating trade, and promoting innovation, " said Tientip.
"Across the Asia Pacific region, however, economic growth as well as broader development goals are hindered by a shortage of roads, mass rapid transit systems, telecommunications, power plants, water and sanitation and other basic infrastructure."
Tientip said modeling the September 2018 China Public Private Partnerships Center again in 2019 will give an opportunity for state governments to learn from the China PPP to engage with private sectors to finance infrastructure projects.
Tientip said that UNESCAP in collaboration with China PPP successfully organized the first meeting between state and private sectors at the City of Guiyang at Guizhou Province last September.
"It was the first regional event, among many more to come, that leverages on the fact that countries in the region are increasingly accumulating experience in engaging private sector for their infrastructure investment."
"It gathered the heads of PPP units, infrastructure specialists and capital market experts from 22 countries in the region to enhance knowledge and capacity of PPP units on the effective use of PPP mechanisms as well as other infrastructure financing strategies to support the pursuit of sustainable infrastructure development," said Tientip.