In considering infrastructure investment SFT’s understanding is: a) All infrastructure investment must be paid for (funded), generally by taxpayers or consumers either from current resources as it is built, or future resources as it is used. b) Any “financed” investment will be more expensive than one paid for from current resources as there is a return to be paid, generally in the form of interest, to the provider of finance. c) Financing of investment provides additionality of capacity to invest now, over and above current capital budgets, to be paid for over the longer-term as an asset is used. d) Public financing – whether borrowing by Scottish Ministers or Local Authorities - will generally have a lower cost of finance than private financing of an asset where the private financier takes an element of project-specific risk. e) Public financing by Local Authorities is governed by the prudential borrowing code...