Infrastructure will remain one of the most important features of the economies of the frontier markets, according to Andrea Nannini, manager of HSBC Global Asset Management’s portfolios that focus on the sector.

The long-term infrastructure play underlies several of the holdings in Nannini's $90m (€71m) New Frontiers fund, which invests across the frontier markets. Spending has slowed on peripheral projects, but most core projects are going ahead.