Infrastructure Investment 2025:
Top Emerging Market Opportunities

Infrastructure development is entering a transformative era of unprecedented investment, with emerging markets poised to take the spotlight in 2025. These regions are becoming prime destinations for capital, driven by advancements in technology, security priorities, and shifts in global trade dynamics. Supported by private capital flows and strategic public initiatives, this “infrastructure supercycle” is unlocking trillion-dollar opportunities across sectors such as transportation, energy projects, digital infrastructure, and critical supply chains.

What is fueling this surge in investment, and how can stakeholders effectively navigate and capitalize on these opportunities? This insightful article, based on an exclusive interview with Andrew Brown, CFA, President at Delphos, delves into the key sectors reshaping emerging markets, the complexities of financing infrastructure projects, and actionable strategies to help investors and business owners succeed in this rapidly evolving landscape.

U.S. Policy Shift Fuels Infrastructure Surge in Emerging Markets

The Trump administration’s 2025 pivot from traditional foreign aid to strategic infrastructure investment is reshaping capital flows into emerging markets. The federal government plays a crucial role in providing financial resources and regulatory support for these initiatives. Backed by the U.S. Development Finance Corporation (DFC), this shift prioritizes high-impact sectors including digital infrastructure, LNG terminals, renewable energy, and logistics.

Investor Confidence in Developing Countries – US invests in Panama Canal ports

The US investment in the Panama Canal ports exemplifies the growing confidence of investors in developing countries. This strategic move has showcased the potential of infrastructure projects to spur economic growth and development in emerging markets.

Types of Infrastructure Projects

Infrastructure projects can be broadly categorized into several types, each with its unique characteristics, risks, and returns:

1. Transportation Infrastructure: This includes roads, highways, airports, seaports, and railways. These projects are essential for enhancing connectivity and facilitating trade.
2. Energy Infrastructure: Comprising power plants, transmission lines, and distribution networks, these projects are critical for meeting industrial and residential energy demands.
3. Water Infrastructure: This category includes water treatment plants, pipelines, and distribution networks, vital for ensuring clean water supply and sanitation.
4. Digital Infrastructure: Encompassing data centers, fiber optic cables, and telecommunications networks, these projects are crucial for supporting the digital economy and bridging the digital divide.
5. Social Infrastructure: This includes schools, hospitals, and public housing, which are fundamental for improving the quality of life and social well-being.

Investor Confidence in Developing Countries- US invests in Panama Canal ports

Recent moves—such as BlackRock’s $22.8B acquisition of key Panama Canal ports—highlight U.S. efforts to regain influence in critical trade infrastructure. At the same time, the explosive growth of AI and data centers, now surpassing U.S. oil and gas in capital expenditure, is driving urgency for clean energy solutions. U.S.-backed LNG and solar projects across Africa, Southeast Asia, and Latin America are emerging as key enablers of industrialization and energy security.

These investments underscore a new era of infrastructure-led diplomacy—balancing geopolitical strategy with long-term development impact.

Key Sectors Driving Investment in 2025

Emerging markets present diverse opportunities across infrastructure sectors. Here are the standout areas where investors are focusing their capital:

Private investment is essential in bridging the infrastructure financing gap, particularly in sectors like digital infrastructure and energy.

1. Digital Infrastructure

• • AI & Data Centers: The demand for computing power is soaring, with data center investments expected to reach $400 billion annually by 2025, contributing to a $1.8 trillion deployment from 2024 to 2030. This growth is fueled by data-intensive applications like GenAI and enterprise workloads. Insights from the recent AI Paris Summit highlighted global tension over AI governance and its energy implications. Emmanuel Macron emphasized France’s nuclear energy advantage, while experts like Yoshua Bengio warned about the lack of AI safety focus. As AI systems accelerate toward transformative capabilities, data centers will remain critical for supporting this evolution.
  • 5G and Fiber Optics: 5G coverage is projected to reach over one-third of the global population by 2025, enabling a leap in connectivity, speed, and data capacity. The rollout of fiber-optic networks and undersea cables is narrowing the digital divide—especially in emerging markets in Africa, Southeast Asia, and Latin America—unlocking corridors for economic growth and digital inclusion.
  • Private Equity Powering Growth: Private capital is pivotal in financing this transformation. The global telecom infrastructure market is forecast to reach $380 billion by 2025, with private equity funds and development finance institutions (DFIs) as major financiers. Infrastructure funds raised $87 billion in 2024—a 14% increase from 2023—demonstrating renewed interest in telecom investments. The telecom network infrastructure market is projected to grow from $98.2 billion in 2024 to $103.74 billion in 2025, with a CAGR of 5.6%. Over two-thirds (67%) of private equity firms globally plan to increase their investments in 2025, solidifying their role in funding mission-critical projects that enhance global connectivity and digital trade across borders.

Our Heritage: advancing LNG infrastructure across global markets.

2. Energy & LNG Infrastructure

• • Meeting Industrial Demand: The construction of LNG terminals is accelerating to meet surging industrial energy requirements. In Mozambique, the TotalEnergies-led LNG project has secured nearly $5 billion in funding from the U.S. Export-Import Bank, marking a significant step toward resuming operations after delays due to security concerns. Financial institutions are crucial in providing loans and funding for these large-scale energy projects. Similarly, Nigeria continues to expand its LNG capacity, with the Nigeria LNG Limited (NLNG) advancing its Train 7 project, aiming to increase production capacity by 35%.
  • Hybrid Energy Solutions: The integration of LNG, solar, and hydrogen projects is gaining momentum, delivering clean and cost-effective energy to emerging economies. In Saudi Arabia, the NEOM Green Hydrogen Project represents a significant investment in green hydrogen production, aiming to produce 600 tonnes per day of clean hydrogen by 2026. In Europe, hybrid systems combining renewable energy sources with hydrogen storage are emerging to enhance energy reliability and sustainability. These initiatives exemplify the global trend toward blending renewable and traditional energy sources to meet growing industrial demand, strengthen energy security, and accelerate the transition toward low-carbon, resilient power systems in emerging and developed markets alike.

3. Upgraded Airports and Ports

In 2025, global infrastructure development is witnessing a significant focus on modernizing and constructing airports, ports, and canals to accommodate increasing trade and passenger demands.​

• • Airport Modernization: The global airport construction market is projected to grow from $1,204.07 billion in 2024 to $1,224.73 billion in 2025, reflecting a compound annual growth rate (CAGR) of 1.7%. This growth is driven by globalization, increased air traffic, and government investments in aviation infrastructure. ​
  • Port and Canal Expansions: The global port infrastructure market is anticipated to expand from $166.32 billion in 2024 to $174.97 billion in 2025, with projections reaching $276.12 billion by 2034, indicating a CAGR of 5.20%. This expansion is essential to support the anticipated 3.3% growth in merchandise trade volume by 2025, as forecasted by the World Trade Organization. ​
  • Logistics Hubs: Investments in free trade zones and logistics parks are creating new economic corridors for trade. For instance, the European Investment Bank has signed an €80 million (approximately $83.9 million) loan to finance the Port of Bilbao’s expansion and electrification projects, enhancing its capacity and sustainability.
  • Strategic Partnerships: Investors are increasingly leveraging public-private partnerships (PPPs) to share risks in large-scale transport projects. A notable example is the $22.8 billion acquisition by a BlackRock-led consortium of key ports along the Panama Canal from Hong Kong-based CK Hutchison Holdings. This strategic move shifts control of critical trade assets, underscoring the importance of PPPs in modern infrastructure development. ​

These developments highlight a global commitment to enhancing transport and trade logistics, with strategic investments fostering economic growth and improved connectivity in emerging markets.

4. Critical Minerals & Supply Chain Infrastructure

• • Fuels for the Future: Over the past decade, lithium, cobalt, and rare earth elements have become essential components in the production of AI technologies, electric vehicles (EVs), and semiconductors. In 2023, lithium consumption surged by 30%, while demand for nickel, cobalt, graphite, and rare earth elements increased between 8% and 15%. Projections indicate that lithium demand could grow over 40 times from 2020 levels by 2040, potentially reaching approximately 4.7 million metric tons annually. Africa and Latin America are emerging as key suppliers of these critical minerals.
  • Supply Chain Diversification: To reduce reliance on China, the United States is actively investing in domestic mineral processing facilities and supply chain infrastructure. In March 2025, President Donald Trump invoked the Defense Production Act to boost American minerals production, aiming to expand domestic output and streamline project permitting.

As global reliance on critical minerals continues to grow, investments in diversity and sustainability along the entire supply chain will be.

Private Equity in Infrastructure Investment

Private equity firms have increasingly turned their attention to infrastructure investment, drawn by the promise of stable returns and diversification benefits. These firms can engage in infrastructure projects through various structures:

1. Direct Investment: Investing directly in infrastructure assets such as roads or power plants, allowing for greater control and potential returns.
2. Fund Investment: Investing in infrastructure funds that pool capital from multiple investors, providing diversification and professional management.
3. Co-investment: Partnering with other investors to jointly invest in infrastructure projects, sharing risks and rewards.

Private equity firms bring significant value through their expertise in project management, operational efficiency, and financial structuring, making them valuable partners in the development of critical infrastructure.

Overcoming Challenges in Private Capital Investments for Infrastructure Financing

Emerging markets hold immense potential but come with unique challenges that demand strategic approaches from investors. Delphos President Andrew Brown emphasizes the importance of understanding these complexities and tailoring solutions to address them directly:

• Regulatory Risks: Policy uncertainty and regulatory barriers can often delay project timelines. According to Andrew Brown, “Building strong relationships with local governments and securing guarantees upfront is critical to navigating regulatory risks effectively.” By aligning with policymakers early, investors can create a foundation for smoother project execution.
• Financing Hurdles: Rising interest rates and inflation are impacting the feasibility of infrastructure loans. Brown advises that “leveraging blended finance models, such as concessional funding, debt guarantees, and public-private partnerships, can greatly enhance project viability while reducing financial risks.”
• Operational Constraints: Complex supply chains, skills deficits, and community resistance pose significant challenges to project success. “Early and consistent engagement with local stakeholders is key to building trust and fostering support,” says Brown. He also underscores the value of capacity-building initiatives to address skill shortages and strengthen community involvement.

Attracting Private Investors

Attracting private investors requires a blend of innovative strategies, financial resources, and a supportive regulatory environment. Governments can play a pivotal role by:

1. Providing Incentives: Offering tax breaks, subsidies, or other incentives to attract private capital investments.
2. Streamlining Regulations: Simplifying regulatory processes and reducing bureaucratic hurdles to facilitate smoother project execution.
3. Providing Guarantees: Offering guarantees or credit enhancements to mitigate risks for private investors.
4. Promoting Transparency: Ensuring clear and transparent information about infrastructure projects and their potential returns.

By adopting these strategies, governments can create a conducive environment for private investors, driving economic growth and development through robust infrastructure projects.

Insights for Investors from Andrew Brown

Andrew Brown, President of Delphos, emphasizes that emerging markets present unparalleled opportunities during the current infrastructure super cycle.

Fresh from attending the IIGS Summit in Berlin, Germany, Andrew Brown highlighted the following:

• Align with Mega-Trends: Direct investments towards global priorities such as digitalization, AI, security, and low-carbon energy initiatives.
• Collaborate with Industry Experts: Engage with experienced advisors, like Delphos, to gain access to customized financing solutions and comprehensive risk management strategies.
• Capitalize on Local Insights: Develop a deep understanding of local markets and foster relationships with key stakeholders to gain a competitive advantage.

These strategies aim to position investors for success in navigating emerging market opportunities.

Insights for Business Owners

Business owners looking to succeed in the infrastructure sector of emerging markets must take a strategic and proactive approach to navigate challenges and seize opportunities.

• Set Up a Clear Business Plan: Develop a well-defined business plan with clear goals, market analysis, and strategies to establish a strong foundation and guide decision-making.
• Get Finances Straight: Ensure robust financial planning and management to secure funding, manage cash flow effectively, and sustain long-term growth.
• Prioritize Adaptability: Build flexible business models that can respond to shifting market dynamics, regulatory changes, and evolving consumer needs.
• Leverage Technology: Invest in digital tools, data analytics, and automation to streamline operations, improve project efficiency, and stay ahead in a competitive market.
• Foster Local Partnerships: Collaborate with local organizations and communities to build trust, gain operational insights, and strengthen your foothold in the infrastructure sector.
• Focus on Sustainability: Incorporate environmental, social, and governance (ESG) principles to align with global demands and attract socially responsible investors.

As Andrew Brown, CFA, President at Delphos, says: “Emerging markets present significant opportunities for growth, but success requires a clear strategy, local partnerships, and a focus on sustainable practices to meet today’s global investment standards.”

By adopting these strategies, business owners can establish a strong presence, drive growth, and thrive in the fast-moving infrastructure sector of emerging markets.

Capturing the Trillion-Dollar Opportunities of 2025

Our Heritage: supporting airport infrastructure worldwide.

The convergence of AI-driven innovation, energy transition, and trade logistics presents a trillion-dollar opportunity in emerging markets.

At Delphos, we leverage over 38 years of expertise in structuring tailored financing solutions for complex infrastructure projects across high-growth markets.

Our track record includes:

• Shipyard Rehabilitation in Greece: We advised ONEX Elefsis Shipyards in securing a $125 million DFC loan for the acquisition, rehabilitation, and expansion of a strategic shipyard in Elefsina, Greece, supporting LNG vessel infrastructure and industrial growth.
• Airport Infrastructure: We facilitated a $150 million development loan for Summa/FB Group’s expansion of Freetown International Airport in Sierra Leone, strengthening regional air connectivity and trade logistics. We are also actively involved as financial advisor in airport projects in Asia Pacific as well as Europe.

Gas & Energy Infrastructure

At Delphos, we have advised on energy and gas infrastructure transactions totalling tens of billions of dollars across global markets—delivering capital for high-impact, sustainable development. Our portfolio includes landmark transactions that demonstrate our ability to structure and execute complex deals in dynamic environments.

• Prumo Logística–Brazil: Delphos advised Prumo Logística, backed by EIG, on the development and construction of an offshore trans shipment terminal at Açu Port in Rio de Janeiro. We secured a R$1.2 billion senior loan from OPIC (now DFC)—the second-largest OPIC financing in Latin America to date—providing a safer, environmentally sustainable alternative to open-water oil transfers.
• Sarulla Geothermal–Indonesia: Delphos supported the consortium including Medco Power Indonesia, Itochu, Kyushu Electric Power, and Ormat in securing $350 million in financing for the 330MW Sarulla geothermal project—Indonesia’s largest. The deal included long-tenor loans from ADB, the Clean Technology Fund, and Canada’s Climate Fund, enabling a low-carbon energy solution in a geologically complex region.
• AES Andres LNG Terminal–Dominican Republic: We advised on the capital raise of $145 million for the development of an LNG import terminal, re-gasification facility, pipeline, and a 300MW dual-fuel combined-cycle power plant—critical to diversifying the Dominican Republic’s energy mix and reducing dependence on carbon-intensive fuels.
• PowerGen Renewable Energy–Sub-Saharan Africa: In 2025, Delphos served as joint advisor on a transformational equity raise for PowerGen, unlocking capital from major DFIs and impact investors such as InfraCo, IFU, EDFI, SEFA, and PIDG. The platform aims to deploy up to 120MW of distributed renewable power—including battery storage—across Nigeria, Sierra Leone, and DRC, targeting universal energy access and private sector-led electrification.

With Delphos, you’re not just investing in projects—you’re building the future of emerging markets. Let us help you turn opportunities into lasting success.

Contact us today to align your investments with the future of infrastructure.