The global financial crisis that began in late 2008 has set back ambitious infrastructure development plans among many countries in Europe and Central Asia (ECA). Many such plans relied on Public-Private Partnerships (PPP) arrangements. Furthermore, the financial crisis resulted in sharp declines in gross domestic product (GDP) and countrya??s deteriorating fiscal space restricted the scope for maintaining the level of investment or introducing counter-cyclical measures driven by public sector investment in infrastructure. Soaring levels of public debt, limited room to cut expenditures, and lower tax receipts due to slower than expected economic growth will mean that the a? fiscal spacea?? in the region to make public investments in infrastructure will be strained in the coming years. The ability of many ECA country governments to expand expenditure any further, even for productive investments in infrastructure, will thus prove challenging. Nevertheless, the year 2010...

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