These include their long gestation periods, capital intensity, difference between private and social returns, complexity of planning and execution, the feedback loops with growth and economic development, the specificities of the countries executing infrastructure projects and the non-linear impacts of infrastructure investments (see section D). In addition, there are macro, institutional and environmental risks and uncertainties, factors that have a strong bearing on the viability and profitability of such projects. “ More broadly, infrastructure sectors are closely interdependent, and therefore it is critical that infrastructure development is approached systemically by the state, which is the only actor with the required political power and coordination capacity. Leaving the leadership role vacant and expecting the private sector to fill the gaps is likely to lead to an outcome in which a fragmented infrastructure landscape emeiges, characterized by underinvestment, sectoral concentration of resources and persistently large infrastructure gaps.