While infrastructure spending has increased in recent years in Latin Americans countries that have established mechanisms to attract resources and the expertise of the private sector — such as Brazil, Mexico, Colombia, Peru and Chile — there are still significant shortfalls. According to a report by Business News Americas, public investment is key, but even more so is the success of the institutional reforms being undertaken by some governments to perfect public-private partnership (P3) models. In Latin America, projects increasingly depend on private investment and operations.