Asia Pacific Countries Need Public-Private Partnerships To Back Infrastructure
Asian Development Bank (ADB) emphasized the importance of public-private partnerships (PPPs) in attracting private capital and technical expertise in the coronavirus-hit infrastructure sector.
The damage of the deadly pathogen is measurable by the number of deaths and the economic loss that came with it.
Economic activities in almost every nation on the planet went stale because of the government measures imposed to flatten the curve of coronavirus cases. The virus has stolen lives and trillions of revenue from almost every sector. The infrastructure sector suffered a massive hit from the novel coronavirus pandemic.
Time to revisit public-private partnership frameworks
ADB said on a blog that the government supports an integral element for seeking value-for-money through PPPs. The bank emphasized that Asia Pacific countries should revisit their public-private partnership frameworks as demand for existing infrastructure sharply declines because of the coronavirus pandemic.
The blog said that pandemic directly affects infrastructure services around the world, causing a sharp decline in demand. The blog noted that the construction of new infrastructure has slowed, if not stalled, everywhere.
The blog also mentioned that other industries, like airports and infrastructure witnesses drying up of demand while others, including health and information & communications technology (ICT), experiences an unprecedented rise in demand.
The blog, written by Sanjay Grover, Hanif Rahemtulla, and Colin Gin, said that the costs of service delivery across all sectors are rising as governments rush to make a pandemic-proof service delivery.
The blog also noted that public-private partnerships (PPPs) are becoming an essential modality for governments to attract private capital and expertise into infrastructure in Asia in seeking value for money.
The pandemic and its effect on Asian banks
The novel coronavirus struck economies in the Asia Pacific. The damage to the region’s economy is evident as the nation’s rushed to apply for loans to fund each of their coronavirus battles. Almost every sector suffered the economic constraint brought by the pandemic.
Finance is one of the vital sectors of every nation’s recovery. Asia Pacific nations started initiatives to back their banks threatened by bad loans, an indirect effect of the coronavirus pandemic.
Online banking helped financial institutions continue their operations. Banks accelerated their digital transformation programs to adapt to the changes brought by the pandemic.
Bank clients’ behavior changed because of lockdown and social distancing practices. People now relied on their gadgets to perform bank transactions. Banks in Southeast Asia reported the increase in the number of registrations in their online banking platforms since the start of the novel coronavirus.
Asian banks are now racing to develop their platform to cater to the needs of clients trapped at home because of the deadly pandemic. Experts believe that the trend will continue even after the pandemic.
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