Growth and trade are highly intertwined and heavily dependent on transport. Without effective conveyance of people and goods, private sector development is severely limited.
This makes modernizing ports, airports, roads, railroads and urban transport systems essential to development. In developing countries, the lack of proper transport infrastructure can mean the difference between sustainable progress and persistent under-development.
As the world experiences rapid urbanization, transport systems in developing cities face major challenges as well. Rapid population growth, increasing private vehicle ownership, traffic congestion, the inadequacy of public transportation systems, and environmental impacts are some of the many key issues that are increasingly affecting cities.
Well-structured partnerships with the private sector are one approach that is helping governments meet their critical transport challenges. Thus, IFC has strengthened its commitment to help member countries engage the private sector in transport projects and create a positive investment climate.