On 20 November 2018, the Financial Stability Board (FSB) published a report evaluating the effects of financial regulatory reforms on infrastructure finance (the Report). The evaluation was carried out under the FSB framework for the post-implementation evaluation of the effects of the G20 financial regulatory reforms. It is part of a broader evaluation of the effects of reforms on financial intermediation, and complements work under the Argentine G20 Presidency to develop infrastructure as an asset class.

The Report notes, amongst other things:

• the overall amount of infrastructure finance (IF) has grown in recent years after a temporary drop during the financial crisis;
• lending spreads for IF have returned to lower levels in recent years following a spike during the crisis, but they remain above pre-crisis levels;
• following the crisis, new financing models and market participants have led to a greater diversity in the sources of IF and changes in market practices, but mainly in advanced economies;
• for Global Systemically Important Banks, the G20 reforms have contributed to shorter average maturities of their infrastructure loans; and
• the analysis contained within the Report does not identify material negative effects on IF to date.