MANILA, Philippines (AP) — An Asian Development Bank official has warned of a largely unnoticed crisis in Southeast Asia: private investment in infrastructure has not recovered in the nearly two decades since the Asian financial crisis struck in 1997.
Stephen Groff, ADB Vice President for operations, said in an interview Thursday at the World Economic Forum on East Asia, that private funding for infrastructure in five of the biggest Southeast Asian has declined steeply. It was $38 billion in 1997 and $25 billion in 2010.
He says there has not been enough discussion on developing tools to allow governments and financial institutions to share risks of private investment.
- Southeast Asia