For city government officials in emerging market and developing economies (EMDEs) it is not an easy time to be funding infrastructure development.

Rising interest rates have rapidly pushed up the cost of market finance, while available fiscal space for public funding remains constrained in many EMDEs still recovering from COVID-era deficits. Added to this, inflation is pushing up the basic cost of implementing infrastructure projects, while climate change is further straining project budgets by adding to the costs of resilient infrastructure designs.

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