Local financial markets in sub-Saharan Africa, except South Africa, are small and underdeveloped for funding infrastructure projects. Reforms are happening to tap into local and regional sources. A study of 24 African countries shows that developing local institutional investors could help finance infrastructure better than local banks. Positive changes include emerging private pension providers, a shift towards defined contribution plans, and more diversified asset allocation by African investors. Despite underdeveloped capital markets, new issuers in infrastructure sectors are entering the market, with over half of corporate bonds listed in these countries being from infrastructure companies. More cross-border investments by local investors could help finance cross-country infrastructure projects.