In the 1990s a few multinationals dominated the market for public-private partnership (PPP) contracts in water. Yet in recent year's water operators from developing countries have won most of the new PPP contracts for the management of water utilities in countries as diverse as Brazil, Cameroon,...

In the water sector of developing countries the investment boom of the late 1990s has been followed by declining investment flows and the cancellation or distress of several high-profile projects. Enthusiasm has been replaced by doubts. But recent data paint a more nuanced picture. Activity in...