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Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
The detrimental effects of climate change are growing, yet investments in clean technologies are still grossly insufficient, making it necessary to re-think how these projects should be evaluated, structured and financed in order to render them viable and attractive opportunities to polluting alternatives. Existing approaches lack key features in order to adequately address the key financing challenges of these investments, and do not utilize public support to its maximum effectiveness. The international community is essential in resolving this financing challenge, and host governments need to create an environment that levels the playing field for green investments vis-à-vis their conventional alternatives. The Green Infrastructure Finance Framework places clean investments in a commonly understood framework of structured finance with public finance components, as in many hybrid PPPs. The framework includes four main elements: (i) a viability gap methodology for evaluating, structuring and equitably allocating financing responsibilities to different private and public parties; (ii) linkage to a country’s PPP’s procurement and regulatory framework along with an MRV component for ensuring the service obligations of projects; (iii) measures for addressing the adequacy of the climate for these investments; and (iv) a financing and advisory interface for allocating a wide variety of public sources of financing in a coherent fashion.
Over the last decade or so, private-sector financing through public-private partnerships (PPPs) has become increasingly popular around the world as a way of procuring and maintaining public-sector infrastructure, in sectors such as transportation (roads, bridges, tunnels, railways, ports, airports), social infrastructure (hospitals, schools, prisons, social housing) public utilities (water supply, waste water treatment, waste disposal), government offices and other accommodation, and other specialised services (communications networks or defence equipment). This book, based on the author's practical experience on the public- and private-sector sides of the table, reviews the key policy issues which arise for the public sector in considering whether to adopt the PPP procurement route, and the specific application of this policy approach in PPP contracts, comparing international practices in this respect. It offers a systematic and integrated approach to financing PPPs within this public-policy framework, and explains the project-finance techniques used for this purpose. The book deals with both the Concession and PFI models of PPP, and provides a structured introduction for those who are new to the subject, whether in the academic, public-sector, investment, finance or contracting fields, as well as an aide memoire for those developing PPP policies or negotiating PPPs. The author focuses on practical concepts, issues and techniques, and does not assume any prior knowledge of PPP policy issues or financing techniques. The book describes and explains:* The different types of PPPs and how these have developed* Why PPPs are attractive to governments* General policy issues for the public sector in developing a PPP programme* PPP procurement procedures and bid evaluation* The use of project-finance techniques for PPPs* Sources of funding* Typical PPP contracts and sub-contracts, and their relationship with the project's financial structure * Risk assessment from the points of view of the public sector, investors, lenders and other project parties* Structuring the investment and debt financing* The key issues in negotiating a project-finance debt facility. In addition the book includes an extensive glossary, as well as cross-referencing.*Reviews the PPP policy framework and development from an international perspective*Covers public- and private-sector financial analysis, structuring and investment in PPPs*No prior knowledge of project financing required
The book offers an overview of international examples, studies, and guidelines on how to create successful partnerships in education. PPPs can facilitate service delivery and lead to additional financing for the education sector as well as expanding equitable access and improving learning outcomes.
This path-breaking book considers the recent trend for governments to look increasingly to private sector finance, provided by private enterprises constructing and managing public infrastructure facilities in partnership with government bodies. 'The boundaries between the public and private sector are the most important political issue of our time.'
The conservation of cultural heritage requires the involvement of multiple actors from across the public, private, and nongovernmental, or third, sectors, not only to initiate and carry out conservation but also to sustain heritage places. The conservation of the historic urban environment poses specific and urgent challenges that require a multidisciplinary approach in which conservation actions are embedded within economic, social, and environmental development strategies. Increasingly, the private and third sectors are playing a pivotal role in these processes. Public-private partnerships (PPPs) are contractual arrangements in which the private and/or third sector assists in delivering a public facility or service by providing funding or operating leadership. The third sector, which may include heritage-related NGOs, as well as people living near a heritage site, is of particular relevance to PPPs used for heritage conservation. This publication focuses specifically on the use of PPPs for historic buildings and historic urban areas, and is targeted to those working in the cultural heritage sector. It draws on existing literature, which it aims to make more accessible to those interested in cultural heritage conservation. While providing information on the basic concepts of public-private partnerships and the roles and responsibilities of the partners in a PPP, this is not a guide to the use of PPPs. It discusses the types of PPPs that have been used to conserve historic buildings and historic urban areas, provides specific examples of where and how they have been used, and demonstrates ways in which PPP mechanisms have met conservation goals. This publication also makes some limited observations on the aims of PPPs drawn from the literature, from published case studies, and from a few further case study investigations. This publication draws on English-language works produced between 1992 and 2012, but concentrates on the more recent literature. Much of this material is from the Australia, the United Kingdom, and other European nations that have been the most active in conducting PPPs for heritage resources and in publishing information about these projects. This overview includes an extensive bibliography and provides some suggestions of topics for further research.
Public-Private Partnerships for Infrastructure - Principles of Policy and Finance, Second Edition explains how public private partnerships are prepared, procured, financed, and managed from both the public- and private-sector perspectives. As the use of public private partnerships continues to develop world-wide, both in the area of public policy and private financing and contracting, the Second Edition of this leading textbook: - Captures and explains the latest approaches, providing a comprehensive all-round guide for those on both the public- and private-sector sides of the table - Emphasises a step-by-step approach within a comprehensive, cross-referenced format - Includes clear explanations of PPP evaluation, structuring and financing concepts for the benefit of those new to the topic: no prior knowledge is assumed or required - Provides detailed reference points for more experienced practitioners - Draws from the authors' experience and practice in PPP markets worldwide to provide a perspective on practical application of the key underlying principles - Includes an extensive glossary of technical and financial terms used in the PPP sector - Includes more technical information and a stronger legal perspective than other books - Emphasizes a step-by-step approach within a comprehensive, cross-referenced format - Expands and updates the historical backgrounds and political contexts of public-private partnerships
This guidebook offers training modules for the promotion of public-private partnerships in the delivery of public services. PPPs in theory are supposed to combine the best of both worlds. The private sector with its resources, management skills and technology; and the public sector with its regulatory actions and protection of the public interest provide a balance in delivering public service. PPPs though are also complex in nature, requiring different types of skills and new enabling institutions and they lead to changes in the status of public sector jobs. To work well, they require "good governance", that is, well-functioning institutions, transparent, efficient procedures and accountable and competent public and private sectors. This guidebook therefore seeks to elaborate best practice and is aimed at policymakers, government officials and the private sector.
The Government of Pakistan strongly supports public–private partnership (PPP) initiatives. From 1990 to 2019, Pakistan witnessed 108 financially closed PPP projects, with a total investment of approximately $28.4 billion. About 88% of these projects are in the energy sector, attracting more than $24.7billion, followed by investments in the port sector. In early 2021, Parliament approved the amendments to the 2017 PPP Law, enacting the Public Private Partnership Authority (Amendment) Act 2021. This further strengthens the enabling legal and regulatory framework for developing and implementing PPPs, thereby promoting private sector investment in public infrastructure and related services.