will then be refined further to develop the basic business case, with additional information on project size, potential project returns, and other key metrics. Finally, these projects will be showcased at an annual investor forum that brings relevant parties (e.g., investors, government officials, multilateral institutions) together to help test investor interest and support deal making. These projects could then potentially flow through into later-stage development with the input of PPP units and other relevant agencies in the ASEAN Member States. 15. The online database will also provide information on various funding sources that could be used to help finance these projects, to reflect the concerns of many ASEAN Member States that there has been a lack of information on available funding sources. Bank loans dominate private infrastructure finance. However, traditional bank lenders globally are reducing their participation in project finance syndications in response to the new Basel III capital adequacy requirements.33 Despite rapid growth, domestic capital markets also currently provide limited opportunities to source project finance for infrastructure projects, particularly outside Singapore, Thailand, and Malaysia. There is significant scope for development of listed and unlisted investment instruments, of project finance and of PPPs.34 Institutional investors, such as large pension funds and sovereign wealth funds, could also provide significant sources of funds in ASEAN. In addition, as described in the previous chapter on future trends, there are a range of existing and emerging funding vehicles such as the Asia Bond Fund (ABF); the Asian Bond Market Initiative (ABMI); the ASEAN Infrastructure Fund (AIF); the Asian Infrastructure Investment Bank (AIIB); the New Development Bank (NDB) and the expanded Partnership for Quality Infrastructure (PQI). The database will be refreshed at frequent intervals to support timely information. Initiative 2: Establish an ASEAN Platform to Measure and Improve Infrastructure Productivity. 16. This initiative aims to conduct a diagnostic on overall infrastructure productivity and identify opportunities to improve the planning, delivery, and operation of infrastructure. These insights will eventually be codified and a platform will be established to share lessons for ASEAN Member States and track progress over time. 17. This methodology could build on the work of other institutions in this area, such as the Global Infrastructure Hub (GIH). Once the framework is agreed, a set of projects could be analysed in each ASEAN Member State to gather data on their relative performance across different elements of the infrastructure delivery process, including aspects such as land acquisition, technical support, 33 Fauziah Zen and Michael Regan, Financing ASEAN Connectivity, ERIA, 2014. 34 Infrastructure Investment, Private Finance, and Institutional Investors: Asia from a Global Perspective, ADBI Working Paper Series, January 2016. MASTER PLAN ON ASEAN CONNECTIVITY 2025 47