The growth effects of infrastructure depend on where infrastructure investments take place, and how these investments are planned, executed and sequenced. The links between infrastructure and transformation are best forged when infrastructure projects are clearly designed and placed as part of a wider development strategy that recognizes and actively fosters the positive feedback loops between infrastructure, productivity and growth. These experiences provide an effective counter to the bankability approach, since they show that development strategies are not best pursued through emphasis on individual projects determined solely by criteria of financial viability.