This implies a reversal of the sequencing suggested by the financing gap approach. Instead of starting with the identification of gaps between actual and needed investment for infrastructure, followed by rigid assumptions of government expenditure capacity, estimating private financing required and ending with project design strategies to attract private capital to fill in the gap, the start should be with a national development strategy. This would then be followed by a consideration of the infrastructure development needed to support this strategy, how government planning can support this process, how fiscal space may be expanded and what public-private investment mix could achieve these goals. For instance, to what extent will a “favourable” international investment framework, understood as a condition to make a project “bankable”, rob a national government of precious space to pursue its policy goals?