en proved wrong, as many of the same problems that confound public finance also impact on private finance (e.g. inflation risk, political instability risk, contract risk). In fact, it is precisely those countries with the most "potential" for public revenue generation that are also the most attractive and have the greatest potential for private financing of transport infrastructure. Clearly, therefore, there is a need to marry public and private sources of funding - to enhance both, and to seek an appropriate role and balance between the two. Private sources of funds Private investment in transport (and other) infrastructure over 1990-2001 was especially strong in Latin America - along with policies of deregulation, privatisation and other economic reforms - although the dollar volume of "greenfield" projects was greatest in the East Asia-Pacific region. 48 INFRASTRUCTURE TO 2030: TELECOM, LAND TRANSPORT, WATER AND ELECTRICITY - ISBN 92-64-02398-4 © OECD 2006 4. KEY FACTORS DRIVING THE FUTURE DEMAND FOR SURFACE TRANSPORT INFRASTRUCTURE These forecasts of road and rail transport infrastructure requirements suggest that the greatest opportunity for private financing of "greenfield" projects will be in China, and other Big 5 and developing countries. 49 At the same time, there will be considerable growth in the market for concessions and other "brownfield" packaging of existing (with some possible new) infrastructure in industrialised countries. There are no easy solutions here. The challenge of transport infrastructure funding (and governance) involves a complex mix of public finance, political, economic, environment, and land use issues - with overlapping time frames, decision cycles, and deadlines. Governance of infrastructure funding One study that investigated the governance of transportation infrastructure financing mechanisms looked at international evidence pertaining to: 50 Financing of infrastructure, including: stability of funding; multi-year plans; range and composition of funding; degree of "user-pay";