The World Bank launched the Global Infrastructure Facility (GIF) on October 9 in an effort to bring together governments, development institutions and private investors to form public-private partnerships for $1 trillion in infrastructure needs over the next six years.

World Bank President Jim Yong Kim was quoted as saying that the real challenge is not a matter of money but a lack of bankable projects, which he said included a “sufficient supply of commercially viable and sustainable infrastructure investments."

The initiative reportedly has already attracted banking groups like Citibank and HSBC and the reinsurance firm Swiss Re. The Australian and Japanese governments also expressed interest, as has a Canadian pension fund.

As designed, the GIF would not provide direct project funding. Instead, it would rely on investors to advise governments on how to structure potential projects to attract private capital. The initiative also would bring together multiple development institutions so they do not give conflicting advice to countries.

Jordan Schwartz, head of the GIF, said that his goal is to have the GIF model become the standard way that project portfolios are designed.