We explore current development and constraints on infrastructure financing in Africa. We examine how infrastructure development in African countries affects ownership and capital structure choices of private and public–private partnership infrastructure projects. Using data from 33 African countries over 17 years, our findings suggest that infrastructure projects in African countries with better infrastructure development tend to have more private investment, more long-term investment, and they tend to use more debt financing, including more commercial debt, and less equity in their capital structure. For the least developed African countries, where debt financing is scarce, equity investment is vital for infrastructure financing.

我们探讨非洲基础设施融资的当前发展和限制。我们研究非洲国家的基础设施发展如何影响私人和公私合作基础设施项目的所有权和资本结构选择。使用33个非洲国家17年来的数据，我们的研究结果表明，基础设施发展较好的非洲国家的基础设施项目往往有更多的私人投资、更多的长期投资，而且它们往往会使用更多的债务融资，包括更多的商业债务、资本结构中的股权较少。对于债务融资匮乏的非洲最不发达国家来说，股权投资对于基础设施融资至关重要。