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This Policy Research Working Paper, authored by Luciano de Castro, Claudio Frischtak, and Arthur Rodrigues, discusses the challenges of managing exchange rate risk in long-term infrastructure projects in developing economies. These projects often rely on foreign capital and are structured as long-term franchises that pay in local currency. If investors evaluate their returns in foreign currency, exchange rate volatility can reduce the level of investment below what would be socially optimal. The paper proposes a mechanism that hedges exchange rate fluctuation by adjusting the concession period, which does not impose additional costs on the government and could be offered as a zero-cost option to lenders and investors exposed to currency fluctuations. The paper's findings and conclusions are those of the authors and do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank or its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
