Without significant improvements in the delivery of public infrastructure, up to US$5 trillion could be lost annually by 2030. An international effort to improve infrastructure delivery is essential and creates better value for everyone:
- CoST is better value for governments because it demonstrates how public money is spent, identifies potential efficiency savings and complements reforms in the management of public finances and the procurement of infrastructure. In addition to developing transparency, CoST helps to increase the flow of direct overseas investment into a country’s infrastructure sector.
- CoST is better value for the private sector because it ensures a level playing field and reduces the costs and risks of doing business. This means that companies bidding for contracts can be confident that the process is taking place in a fair, open and competitive environment.
- CoST is better value for communities because it ensures cost-effective delivery of improved infrastructure that changes lives. Communities gain access to work and markets through improved roads, clean drinking water, education in well-built schools and medical treatment in safe hospitals.