The global financial crisis has transformed the outlook for infrastructure projects with private participation in developing countries. In the second half of 2009 developing economies are seeing some light at the end of the tunnel, with the crisis easing and investment flows returning. But as was the case with the 1997 Asian financial crisis, it is clear that the downturn of 2008-2009 will leave a lasting impact on the outlook for private participation in infrastructure long after the crisis has receded. While the 1997 Asian financial crisis led to a precipitous decline in infrastructure spending in many countries, this time around countries are increasingly recognizing infrastructure investment as an important tool for dealing with the economic downturn. Many are considering, or have already put into place, some form of stimulus package in response to the financial crisis, often highlighting infrastructure.