It focuses on the 3Ts and on repayable finance (essentially bank loans and private equity). General barriers to domestic and international investment (e.g. regulatory, currency and corruption risks) apply in the water sector, but are not covered in this report. These trends are not limited to large cities. In New Zealand, small towns experience equal hardship due to population declines and ageing infrastructure, leaving a reduced rate base (local taxation) affecting local governments’ ability to fund, operate and maintain infrastructure.