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{{Short description|Partnership between a government and private company}}
{{Redirect|PPPs|other uses|PPPS (disambiguation){{!}}PPPS|and|PPP (disambiguation)}}
{{neoliberalism sidebar}}
{{use dmy dates|date=June 2021}}
A '''public–private partnership''' ('''PPP''', '''3P''', or '''P3''') is a long-term arrangement between a [[government]] and [[private sectors|private sector]] institutions.<ref name="Hodge, G 2007 pp.54ku558">Hodge, G. A and Greve, C. (2007), Public–Private Partnerships: An International Performance Review, Public Administration Review, 2007, Vol. 67(3), pp. 545–558</ref><ref name=":1">{{Cite journal|last1=Roehrich|first1=Jens K.|last2=Lewis|first2=Michael A.|last3=George|first3=Gerard|title=Are public–private partnerships a healthy option? A systematic literature review|journal=Social Science & Medicine|volume=113|pages=110–119|doi=10.1016/j.socscimed.2014.03.037|pmid=24861412|year=2014|doi-access=free|hdl=10044/1/13799|hdl-access=free}}</ref> Typically, it involves [[private capital]] financing government projects and services up-front, and then drawing revenues from [[taxpayer]]s and/or users for profit over the course of the PPP contract.<ref>{{Cite book|title=Encyclopedia of the City|url=https://archive.org/details/encyclopediacity00cave|url-access=limited|last=Caves|first=R. W.|publisher=Routledge|year=2004|isbn=9780415252256|pages=[https://archive.org/details/encyclopediacity00cave/page/n591 551]}}</ref> Public–private partnerships have been implemented in [[Public–private partnerships by country|multiple countries]] and are primarily used for [[infrastructure]] projects. Although they are not compulsory, PPPs have been employed for building, equipping, operating and maintaining schools, hospitals, transport systems, and water and sewerage systems.<ref>{{Cite book|last=Bovaird|first=Tony|editor1-first=Tony|editor1-last=Bovaird|editor2-first=Elke|editor2-last=Loeffler|date=2015-09-25|title=Public Management and Governance|doi=10.4324/9781315693279|isbn=9781315693279|url=https://figshare.com/articles/online_resource/Public_Management_and_Governance/19476941 }}</ref>

Cooperation between private actors, [[corporation]]s and governments has existed since the inception of [[sovereign state]]s, notably for the purpose of [[Tax collector|tax collection]] and [[colonization]].<ref name=":4" /> Contemporary "public–private partnerships" came into being around the end of the 20th century. They were aimed at increasing the private sector's involvement in [[public administration]]. They were seen by governments around the world as a method of financing new or refurbished [[public sector]] assets [[Off-balance-sheet|outside their balance sheet]].<ref name=":0" /> While PPP financing comes from the private sector, these projects are always paid for either through taxes or by users of the service, or a mix of both. PPPs are structurally more expensive than publicly financed projects because of the private sector's higher cost of borrowing, resulting in users or taxpayers footing the bill for disproportionately high [[interest]] costs. PPPs also have high [[transaction cost]]s.<ref name=":0" />

PPPs are controversial as funding tools, largely over concerns that public [[return on investment]] is lower than returns for the private funder. PPPs are closely related to concepts such as [[privatization]] and the contracting out of government services.<ref name="Hodge, G 2007 pp.54ku558" /><ref name="Marta Marsilio 2011 pp.763-782" /> The secrecy surrounding their financial details complexifies the process of evaluating whether PPPs have been successful.<ref name="Hodge, G.A 2016 pp.1-24">Hodge, G.A. and Greve, C. (2016), On Public-Private Partnership Performance: A Contemporary Review, Public Works Management & Policy, pp. 1–24</ref> PPP advocates highlight the sharing of risk and the development of [[innovation]],<ref name="Hodge, G.A 2016 pp.1-24" /> while critics decry their higher costs and issues of [[accountability]].<ref name=":0">{{Cite book|last=Whiteside|first=Heather|title=Public-private partnerships in Canada|publisher=Fernwood Publishing|year=2016|isbn=978-1-55266-896-2|location=Halifax|oclc=952801311}}</ref> Evidence of PPP performance in terms of value for money and efficiency, for example, is mixed and often unavailable.<ref>Mols, F. (2010) Harnessing Market Competition in PPP Procurement: The Importance of Periodically Taking a Strategic View. Australian Journal of Public Administration, 69(2), 229-244.</ref>

==Definition==
[[File:Gavin Newsom hosts employers about public-private partnerships - 2019-11-13.jpg|thumb|[[Gavin Newsom]] hosts a meeting for employers about public-private partnerships. (13 November 2019)]]
There is no consensus about how to define a PPP.<ref name="Marta Marsilio 2011 pp.763-782">Marta Marsilio, M., Cappellaro, G and Cuccurullo, C. (2011), The Intellectual Structure Of Research Into PPPs, ''Public Management Review'', Vol 13 (6), pp.763–782</ref> The term can cover hundreds of different types of long-term contracts with a wide range of risk allocations, funding arrangements, and transparency requirements.<ref name="Hodge, G 2007 pp.54ku558"/> The advancement of PPPs, as a concept and a practice, is a product of the [[new public management]] of the late 20th century, the rise of neoliberalism, and [[globalization]] pressures. Despite there being no formal consensus regarding a definition, the term has been defined by major entities.

For example, The [[OECD]] formally defines public–private partnerships as "long term contractual arrangements between the government and a private partner whereby the latter delivers and funds public services using a capital asset, sharing the associated risks".<ref>OECD (2012), Recommendation of the Council on Principles for
Public Governance of Public-Private Partnerships, https://www.oecd.org/governance/budgeting/PPP-Recommendation.pdf</ref>

According to David L. Weimer and Aidan R. Vining, "A P3 typically involves a private entity financing, constructing, or managing a project in return for a promised stream of payments directly from government or indirectly from users over the projected life of the project or some other specified period of time".<ref name="Weimer and Vining">{{Cite book|last1=Vining|first1=Aidan R.|title=Policy Analysis Edition No.05|last2=Weimer|first2=David L.|publisher=Pearson, Inc.|year=2011|isbn=978-0-205-78130-0|pages=309}}</ref>

A 2013 study published in ''[[State and Local Government Review]]'' found that definitions of public-private partnerships vary widely between municipalities: "Many public and private officials tout public–private partnerships for any number of activities, when in truth the relationship is contractual, a franchise, or the load shedding of some previously public service to a private or nonprofit entity." A more general term for such agreements is "shared service delivery", in which public-sector entities join with private firms or non-profit organizations to provide services to citizens.<ref name="JR-study">{{cite journal | last1 = Hilvert | first1 = Cheryl | last2 =  Swindell | first2 = David | year = 2014 | title =Collaborative Service Delivery: What Every Local Government Manager Should Know | journal = [[State and Local Government Review]] | volume = 45 | url = http://slg.sagepub.com/content/45/4/240}}</ref><ref name="JR-post">{{cite news | url=http://journalistsresource.org/studies/government/municipal/local-government-service-contracts-best-practices-issues | title=Local government services and contracts: Best practices and key issues to watch}} JournalistsResource.org, retrieved February 14, 2014</ref>

===Debate on privatization===
[[File:Manif_fonction_publique_22_mars_2018_(11706865883).jpg|thumb|Protest in France against encroaching privatization and the introduction of profit-seeking practices in the public sector. (22 March 2018)]]
There is a [[semantic]] debate pertaining to whether public–private partnerships constitute [[privatization]] or not. Some argue that it isn't "privatization" because the government retains ownership of the facility and/or remains responsible for public service delivery. Others argue that they exist on a continuum of privatization, P3s being a more limited form of privatization than the outright sale of public assets, but more extensive than simply [[Outsourcing|contracting out]] government services.

Because "privatization" has a negative connotation in some circles, supporters of P3s generally take the position that P3s do not constitute privatization, while P3 opponents argue that they do. The [[Canadian Union of Public Employees]] describes P3s as "privatization by stealth".<ref name=":0" />{{rp|chapter 1}}

== Origins ==
[[File:Second Toll Gate on Yonge Street, Toronto, Ontario in 1886.jpg|thumb|right|Second Toll Gate on Yonge Street in 1886]]
Governments have used such a mix of public and private endeavors throughout history.<ref name=":4">Wettenhall, R. (2019), The Public/Private Interface: Surveying the History, in G. Hodge and C. Greve (eds.), The Challenge of Public–Private Partnerships: Learning from International Experience, Cheltenham UK: Edward Elgar</ref><ref>Wettenhall, R. (2000), Mixes and partnerships through time, in G.A. Hodge, C. Greve and A. Boardman (eds.),''International Handbook in Public–Private Partnerships'', Cheltenham UK: Edward Elgar</ref>

[[Muhammad Ali of Egypt]] utilized "[[concession (contract)|concessions]]" in the early 1800s to obtain public works for minimal cost while the concessionaires' companies made most of the profits from projects such as railroads and dams.<ref>{{cite book|first=Zachary|last=Karabell|title=Parting the desert: the creation of the Suez Canal|publisher=Alfred A. Knopf|page=[https://archive.org/details/partingdesertcre00kara/page/34 34]|date=2003|isbn=978-0-375-40883-0|url-access=registration|url=https://archive.org/details/partingdesertcre00kara/page/34}}</ref> Much of the early infrastructure of the United States was built by what can be considered public–private partnerships. This includes the Philadelphia and Lancaster Turnpike road in Pennsylvania, which was initiated in 1792,<ref>{{cite book |last1=Buxbaum |first1=Jeffrey N |title=Public Sector Decision Making for Public-private Partnerships |date=2009 |publisher=Transportation Research Board |location=Washington, DC |isbn=978-0-309-09829-8 |page=9}}</ref> an early steamboat line between [[Gibbons v. Ogden#Background|New York and New Jersey]] in 1808; many of the railroads, including the nation's [[United New Jersey Railroad and Canal Company#History|first railroad]], chartered in New Jersey in 1815; and most of the modern [[Energy policy of the United States|electric grid]].{{citation needed|date=June 2019}} In Newfoundland, [[Robert Gillespie Reid]] contracted to operate the railways for fifty years from 1898, though originally they were to become his property at the end of the period.{{citation needed|date=June 2019}}

The late 20th and early 21st century saw a clear trend toward governments across the globe making greater use of various PPP arrangements.<ref name=":1" />  Pressure to change the model of public [[procurement]] was associated with the [[Neoliberalism|neoliberal]] turn. Instigators of the policy portrayed PPPs as a solution to concerns about the growing level of [[public debt]] during the 1970s and 1980s. They sought to encourage private [[investment]] in [[infrastructure]], initially on the basis of ideology and [[accounting]] fallacies arising from the fact that public accounts did not distinguish between recurrent and capital expenditures.<ref name=":0" />{{rp|chapter 1}}

In 1992, the [[Conservative Party (UK)|Conservative]] government of [[John Major]] in the [[United Kingdom]] introduced the [[Private finance initiative]] (PFI),<ref name="RP01-117">{{cite web|last1=Allen|first1=Grahame|title=The Private Finance Initiative (PFI) Commons Briefing papers RP01-117|url=http://researchbriefings.files.parliament.uk/documents/RP01-117/RP01-117.pdf|website=UK Parliament: House of Commons Library|publisher=UK Government|access-date=20 January 2018|ref=RP01-117}}</ref> the first systematic program aimed at encouraging public–private partnerships. The 1992 program focused on reducing the [[public sector borrowing requirement|public-sector borrowing requirement]], although, as already noted, the effect on public accounts was largely illusory. Initially, the private sector was unenthusiastic about PFI, and the public sector was opposed to its implementation. In 1993, the [[Chancellor of the Exchequer]] described its progress as "disappointingly slow". To help promote and implement the policy, Major created institutions staffed with people linked with the [[City of London]], [[accountancy]] and [[consultancy]] firms who had a vested interest in the success of PFI. 
[[File:Tony Blair in 2002.jpg|thumb|During his first term in office, Tony Blair made public-private partnerships the norm for government procurement projects in the United Kingdom.]]
Around the same time, PPPs were being initiated haphazardly in various [[OECD]] countries. The first governments to implement them were ideologically [[Neoliberalism|neoliberal]] and short on [[Government revenue|revenues]]: they were thus politically and fiscally inclined to try out alternative forms of public procurement. These early PPP projects were usually pitched by wealthy and politically connected [[business magnate]]s. This explains why each countries experimenting with PPPs started in different [[Economic sector|sectors]].<ref name=":0" /> At that time, PPPs were seen as a radical reform of government service provision.<ref name=":5">{{Cite journal|last1=Franceys|first1=Richard|last2=Weitz|first2=Almud|date=November 2003|title=Public-private community partnerships in infrastructure for the poor|url=https://onlinelibrary.wiley.com/doi/10.1002/jid.1052|journal=Journal of International Development|language=en|volume=15|issue=8|pages=1083–1098|doi=10.1002/jid.1052|issn=0954-1748|url-access=subscription}}</ref>

In 1997, the new British government of [[Tony Blair]]'s [[Labour Party (UK)|Labour Party]] expanded the PFI but sought to shift the emphasis to the achievement of "value for money", mainly through an appropriate allocation of risk. Blair created [[Partnerships UK]] (PUK), a new semi-independent organization to replace the previous pro-PPP government institutions. Its mandate was to promote and implement PFI. PUK was central in making PPPs the "new normal" for public infrastructure procurements in the country.<ref name=":04">{{Cite journal|last1=Shaoul|first1=Jean|last2=Stafford|first2=Anne|last3=Stapleton|first3=Pamela|date=2007|title=Partnerships and the role of financial advisors: private control over public policy?|journal=Policy & Politics|language=en|volume=35|issue=3|pages=479–495|doi=10.1332/030557307781571678}}</ref> Multiple countries subsequently created similar [[PPP units]] based on PUK's model.<ref name="Literature Review: Evaluating the Costs and Benefits of Centralised PPP Units" />

While initiated in [[first world countries]], PPPs immediately received significant attention in [[developing countries]]. This is because the PPP model promised to bring [[public–private partnership in transition economies|new sources of funding for infrastructure projects in transition economies]], which could translate into jobs and [[economic growth]]. However, the lack of investor rights guarantees, commercial [[confidentiality]] laws, and dedicated state spending on public infrastructure in these countries made the implementation of [[public–private partnership in transition economies]] difficult. PPPs in the countries usually can't rely on stable revenues from user fees either. The [[World Bank]]'s Public-Private Infrastructure Advisory Forum attempts to mitigate these challenges.<ref name=":0" /><ref name="bird08">{{cite book |editor1-last=Vaillancourt |editor1-first=François |editor2-last=Bird |editor2-first=Richard M. |title=Fiscal Decentralization in Developing Countries |date=2008 |publisher=Cambridge University Press}}</ref>

==Funding==
A defining aspect of many infrastructure P3s is that most of the up-front financing is made through the private sector. The way this financing is done differs significantly by country. For P3s in the UK, [[Bond (finance)|bonds]] are used rather than [[Loan|bank loans]]. In Canada, P3 projects usually use loans that must be repaid within five years, and the projects are refinanced at a later date.<ref name=":0" /> In some types of public–private partnership, the cost of using the service is borne exclusively by the users of the service,<ref name=":1" /> for example, by [[toll road]] users such as in the case of [[Toronto]]'s [[Yonge Street]] at the dawn of the 19th century,<ref>{{cite news |last1=Mayers |first1=Adam |date=24 March 2008 |title=When Yonge was a toll road |language=en |work=thestar.com |url=https://www.thestar.com/news/gta/2008/03/24/when_yonge_was_a_toll_road.html |access-date=4 April 2023}}</ref> and the more recent [[Highway 407]] in [[Ontario]]. In other types (notably the PFI), capital investment is made by the private sector on the basis of a contract with the government to provide agreed-on services, and the cost of providing the services is borne wholly or in part by the government.<ref>{{Cite web|title=House of Commons - Private Finance Initiative - Treasury|url=https://publications.parliament.uk/pa/cm201012/cmselect/cmtreasy/1146/114604.htm#a1|website=publications.parliament.uk|access-date=2020-05-18}}</ref>

=== Special purpose vehicle ===
[[File:Mario_Cuomo_Bridge_Overhead.jpg|thumb|One year after the completion of the [[Mario cuomo bridge|Mario Cuomo Bridge]] PPP, dozens of bolts holding its steel girders together had already failed. A whistleblower claims that the SPV responsible for its construction had knowingly delivered many defective high-strength bolts, and taken measures to hide evidence of the defects.<ref name="WRGB 2021">{{cite web|date=March 28, 2021|title=Unsealed records allege a cover up of safety concerns on Gov. Mario M. Cuomo Bridge|url=https://cbs6albany.com/news/local/unsealed-records-allege-a-cover-up-of-safety-concerns-on-gov-mario-m-cuomo-bridge|access-date=August 16, 2021|website=WRGB}}</ref>]]
Typically, a private-sector consortium forms a special company called a [[special purpose vehicle|special-purpose vehicle]] (SPV) to develop, build, maintain, and operate the asset for the contracted period.<ref name="pmid23297282">{{cite journal | last1 = Barlow | first1 = J. | last2 = Roehrich | first2 = J.K. | last3 = Wright | first3 = S. | year = 2013 | title = Europe Sees Mixed Results From Public-Private Partnerships For Building And Managing Health Care Facilities And Services | url =http://spiral.imperial.ac.uk/bitstream/10044/1/15645/2/Health%20Affairs_32_1_2013.pdf | journal = Health Affairs | volume = 32 | issue = 1| pages = 146–154 | pmid = 23297282 | doi=10.1377/hlthaff.2011.1223| hdl = 10044/1/15645 | s2cid = 36377771 }}</ref><ref>{{cite journal | last1 = Zheng | first1 = J. | last2 = Roehrich | first2 = J.K. | last3 = Lewis | first3 = M.A. | year = 2008 | title = The dynamics of contractual and relational governance: Evidence from long-term public–private procurement arrangements | url = https://www.scopus.com/record/display.url?eid=2-s2.0-41049112855&origin=inward&txGid=yXIvJQ7AsPq0YyDQfJmJLCa%3a2 | journal = Journal of Purchasing and Supply Management | volume = 14 | issue = 1| pages = 43–54 | doi=10.1016/j.pursup.2008.01.004| s2cid = 207472262 | url-access = subscription }}</ref> In cases where the government has invested in the project, it is typically (but not always) allotted an [[Ownership equity|equity]] share in the SPV.<ref>[https://ssrn.com/abstract=1087179 Moszoro M., Gasiorowski P. (2008), 'Optimal Capital Structure of Public–Private Partnerships', IMF Working Paper 1/2008]. Papers.ssrn.com (2008-01-25). Retrieved on 2011-11-20.</ref> The consortium is usually made up of a building contractor, a maintenance company, and one or more equity investors. The two former are typically equity holders in the project, who make decisions but are only repaid when the debts are paid, while the latter is the project's creditor (debt holder).<ref name=":0" />

It is the SPV that signs the contract with the government and with subcontractors to build the facility and then maintain it. A typical PPP example would be a hospital building financed and constructed by a private developer and then leased to the hospital authority. The private developer then acts as landlord, providing housekeeping and other non-medical services, while the hospital itself provides medical services.<ref name="pmid23297282" />

The SPV links the firms responsible of the building phase and the operating phase together. Hence there is a strong incentives in the building stage to make investments with regard to the operating stage. These investments can be desirable but may also be undesirable (e.g., when the investments not only reduce operating costs but also reduce service quality).<ref>{{Cite journal|last=Hart|first=Oliver|date=2003|title=Incomplete Contracts and Public Ownership: Remarks, and an Application to Public–Private Partnerships*|url=http://www.bris.ac.uk/Depts/CMPO/workingpapers/wp61.pdf|journal=The Economic Journal|language=en|volume=113|issue=486|pages=C69–C76|doi=10.1111/1468-0297.00119|issn=1468-0297}}</ref>

=== Financial partners ===
Public infrastructure is a relatively low-risk, high-reward investment, and combining it with complex arrangements and contracts that guarantee and secure the [[cash flow]]s make PPP projects prime candidates for [[Project Finance|project financing]]. The equity investors in SPVs are usually institutional investors such as pension funds, life insurance companies, sovereign wealth and superannuation funds, and banks. Major P3 investors include [[AustralianSuper]], [[OMERS]] and Dutch state-owned bank [[ABN AMRO]], which funded the majority of P3 projects in Australia. [[Wall Street]] firms have increased their interest in PPP since the 2008 financial crisis.<ref name=":0" />

=== Government ===
Government sometimes make in kind contributions to a PPP, notably with the transfer of existing assets. In projects that are aimed at creating [[Public good (economics)|public good]]s, like in the [[infrastructure]] sector, the government may provide a capital subsidy in the form of a one-time [[Grant (money)|grant]] so as to make the project economically viable. In other cases, the government may support the project by providing revenue subsidies, including [[tax break]]s or by [[Annuity (finance theory)|guaranteed annual revenues]] for a fixed period.<ref>{{cite journal|last1=Cardenas|first1=I.|last2=Voordijk|first2=H|last3=Geert|first3=D.|year=2017|title=Beyond theory: Towards a probabilistic causation model to support project governance in infrastructure projects|url=https://zenodo.org/record/3505324|journal=International Journal of Project Management|volume=35|issue=3|pages=432–450|doi=10.1016/j.ijproman.2017.01.002}}</ref><ref>{{cite journal|last1=Cardenas|first1=I.|last2=Voordijk|first2=H|last3=Geert|first3=D.|year=2018|title=Beyond project governance. Enhancing funding and enabling financing for infrastructure in transport. Findings from the importance analysis approach|url=https://research.utwente.nl/en/publications/beyond-project-governance-enhancing-funding-and-enabling-financin|journal=European Journal of Transport and Infrastructure Research|volume=18|issue=4|doi=10.18757/ejtir.2018.18.4.3261|doi-access=free}}</ref>

===Risks===
Within public-private partnerships (PPPs), there are various risks associated. One risk common within PPPs is the lack of proper or accurate cost evaluation. Oftentimes the estimated costs of a project will not properly account for delays or unexpected events, leading to the costs to be larger than what was projected.<ref>{{cite journal |last1=Hodge |first1=Grame A. |title=The risky business of public-private partnerships |journal=Australian Journal of Public Administration |date=2004 |volume=63 |issue=4 |page=39|doi=10.1111/j.1467-8500.2004.00400.x }}</ref> Another risk within this area is with change of governance from differing political representatives could lead to projects being diminished or reduction of the allocated budget. This is common within PPPs as different political actors are likely to scrutinise their opponents based on their ideological positions.

=== Profits ===
Private [[monopolies]] created by PPPs can generate a [[rent-seeking]] behavior, which leads to spiraling costs for users and/or taxpayers in the operation phase of the project.<ref name="Weimer and Vining" /><ref name=":0" />

Some public–private partnerships, when the development of new technologies is involved, include profit-sharing agreements. This generally involves splitting revenues between the inventor and the public once a technology is commercialized. Profit-sharing agreements may stand over a fixed period of time or in perpetuity.<ref name="TorStar Donovan July 2019">{{cite news|last1=Vincent|first1=Donovan|date=1 July 2019|title=Who should share in the risks and rewards of Sidewalk Labs' smart city on Toronto's waterfront? {{!}} The Star|language=en|work=thestar.com|publisher=Toronto Star|url=https://www.thestar.com/news/gta/2019/07/01/who-should-share-in-the-risks-and-rewards-of-sidewalk-labs-smart-city-on-torontos-waterfront.html|access-date=1 July 2019}}</ref>

== P3 justifications ==
Using PPPs have been justified in various ways over time.<ref name=":1" /><ref>{{Cite web |url=http://www.unesco-mars.com/pdf_document/Peccia_et_al._Public_private_partnership_VIII_1_2017_1.pdf |title=Archived copy |access-date=14 November 2018 |archive-date=15 August 2018 |archive-url=https://web.archive.org/web/20180815200158/http://unesco-mars.com/pdf_document/Peccia_et_al._Public_private_partnership_VIII_1_2017_1.pdf |url-status=dead }}</ref> Advocates generally argue that PPPs enable the public sector to harness the expertise and efficiencies that the private sector can bring to the delivery of certain facilities and services traditionally procured and delivered by the public sector.<ref>{{cite journal|last1=Caldwell|first1=Nigel D.|last2=Roehrich|first2=Jens K.|last3=George|first3=Gerard|date=September 2017|title=Social Value Creation and Relational Coordination in Public-Private Collaborations|journal=Journal of Management Studies|volume=54|issue=6|pages=906–928|doi=10.1111/joms.12268|doi-access=free}}</ref> On the other hand, critics suggest that PPPs are part of an ideological program that seeks to privatize public services for the profits of private entities.<ref name=":0" />

=== Off-balance-sheet accounting ===
PPPs are often structured so that borrowing for the project does not appear on the balance sheet of the public-sector body seeking to make a capital investment. Rather, the borrowing is incurred by the private-sector vehicle implementing the project, with or without an explicit backup guarantee of the loan by the public body. On PPP projects where the cost of using the service is intended to be borne exclusively by the end-user, or through a lease billed to the government every year during the operation phase of the project, the PPP is, from the public sector's perspective, an "[[Off-balance-sheet|off-balance sheet]]" method of financing the delivery of new or refurbished public-sector assets.

This justification was particularly important during the 1990s, but has been exposed as an accounting trick designed to make the government of the day appear more [[Fiscal responsibility|fiscally responsible]], while offloading the costs of their projects to service users or future governments. In Canada, many [[Auditor general|auditors general]] have condemned this practice, and forced governments to include PPP projects "on-balance sheet".<ref name=":0" />

On PPP projects where the public sector intends to compensate the private sector through availability payments once the facility is established or renewed, the financing is, from the public sector's perspective, "on-balance sheet". According to PPP advocates, the public sector will regularly benefit from significantly deferred cash flows. This viewpoint has been contested through research that shows that a majority of PPP projects ultimately cost significantly more than traditional public ones.<ref name="Siemiatycki 2012">{{cite journal|last1=Siemiatycki|first1=Matti|last2=Farooqi|first2=Naeem|date=July 2012|title=Value for Money and Risk in Public-Private Partnerships|journal=Journal of the American Planning Association|volume=78|issue=3|pages=286–299|doi=10.1080/01944363.2012.715525|s2cid=153603588}}</ref><ref name="UN OHCHR 2018">[https://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=23740&LangID=E][[Extreme poverty]]<span> and human rights*, Report of the Special Rapporteur on extreme poverty and human rights, Philip Alston, submitted in accordance with Human Rights Council resolution 35/19</span>, NYC, 26 September 2019</ref>

In the European Union, the fact that PPP debt is not recorded as debt and remains largely "off-balance-sheet" has become a major concern. Indeed, keeping the PPP project and its contingent liabilities "off balance sheet" means that the true cost of the project is hidden.<ref>{{Cite book|last=Romero|first=Maria Jose|url=http://www.eurodad.org/files/pdf/1546450-what-lies-beneath-a-critical-assessment-of-ppps-and-their-impact-on-sustainable-development-1450105297.pdf|title=What lies beneath? A critical assessment of PPPs and their impact on sustainable development|publisher=Eurodad|year=2015|pages=5}}</ref> According to the [[International Monetary Fund]], economic ownership of the asset should determine whether to record PPP-related assets and liabilities in the government's or the private corporation's balance sheet is not straightforward.<ref>{{Cite book|title=GOVERNMENT FINANCE STATISTICS MANUAL 2014|publisher=IMF|year=2014|isbn=978-1-49834-376-3|location=Washington|pages=324–327}}</ref>

===Project costs===
[[File:Abbotsford Regional Hospital & Cancer Centre.jpg|thumb|A discredited 2001 report by [[PricewaterhouseCoopers]] predicted that building the [[Abbotsford Regional Hospital and Cancer Centre|Abbotsford Regional Hospital & Cancer Centre]] (pictured) through a PPP would lead to cost savings of 1% at best. This option was selected, and then the projected construction costs increased by 68% over the course of PPP contract negotiations that lasted two years.<ref name=":0" />]]
The effectiveness of PPPs as cost-saving venture has been refuted by numerous studies.<ref name=":3" /> Research has showed that on average, governments pay more for PPPs projects than for traditional publicly financed projects.<ref name="Siemiatycki 2012" /><ref name="UN OHCHR 2018" /> The higher cost of P3s is attributed to these systemic factors:
*'''The private sector's higher cost of capital:''' governments can typically borrow capital at an interest rate lower than any private company ever could. This is because governments have the power of [[tax]]ation, which guarantees that they will be able to repay their debts. Since lending to governments almost always come at a lower risk than lending to private entities, governments get better credit and cheaper financing costs for building large infrastructure projects than private finance.<ref>Mols, F. (2010). Harnessing market competition in PPP procurement: The importance of periodically taking a strategic view. Australian Journal of Public Administration, 69(2), 229-244</ref><ref>Germà Bel and Xavier Fageda, "What have we learned from the last three decades of empirical studies on factors driving local privatization? ", Local Government Studies, vol. 43, No. 4 (2017), pp. 503–511</ref><ref>Languille, "Public-private partnerships in education and health in the global South", p. 156</ref>
*'''Transaction costs''': P3 contracts are much more complex and extensive than contracts made in traditional publicly financed projects. The negotiation of these contracts require the presence of lawyers on all sides of the table and can take months or even years to finalize.<ref>European Court of Auditors, Public-Private Partnerships in the EU, p. 9</ref> Barrie Mckenna reports that "transaction costs for lawyers and consultants [in P3s] add about 3 percent to the final bill."<ref>{{Cite news|last=McKenna|first=Barrie|date=October 14, 2012|title=The hidden price of public-private partnerships|work=[[The Globe and Mail]]|url=https://www.theglobeandmail.com/report-on-business/economy/the-hidden-price-of-public-private-partnerships/article4611798/|access-date=2020-05-18}}</ref>
*'''Operating profits''':  Private companies that engage in P3s expect a return on investment after the completion of the project. By financing PPPs, they partner engages in low-risk speculation. Over the course of the contract, the private partner can charge the end-users and/or the government for more money than the cost of the initial investment.<ref name=":0" />{{rp|chapter 4}}

Sometimes, private partners manage to overcome these costs and provide a project cheaper for taxpayers. This can be done by cutting corners, designing the project so as to be more profitable in the operational phase, charging user fees, and/or monetizing aspects of the projects not covered by the contract. For P3 schools in [[Nova Scotia]], this latter aspect has included restricting the use of schools' fields and interior walls, and charging after-hours facility access to community groups at 10 times the rate of non-P3 schools.<ref name=":0" />{{rp|chapter 4}}

In Ontario, a 2012 review of 28 projects showed that the costs were on average 16% lower for traditional publicly procured projects than for PPPs.<ref name="Siemiatycki 2012" /> A 2014 report by the [[Auditor General of Ontario]] said that the province overpaid by $8 billion through PPPs.<ref name="CBC_">{{Cite web|date=December 10, 2014|title=Ontario AG reveals Public-Private Partnerships aren't a savings bonanza after all|url=https://www.cbc.ca/news/business/ontario-ag-reveals-public-private-partnerships-aren-t-a-savings-bonanza-after-all-1.2867645|access-date=August 10, 2020|work=CBC News}}</ref>

===Value for money===
[[File:The Deputy Chairman, Planning Commission, Shri Montek Singh Ahluwalia delivering the Keynote Address at the inauguration of the conference on Public Private Partnership in transmission of electricity, in New Delhi.jpg|thumb|The Deputy Chairman, Planning Commission, Shri Montek Singh Ahluwalia delivering the Keynote Address at the inauguration of the conference on Public Private Partnership in transmission of electricity, in New Delhi. (2010)]]
In response to these negative findings about the costs and quality of P3 projects, proponents developed formal procedures for the assessment of PPPs which focused heavily on [[value for money]]. Heather Whiteside defines P3 "Value for money" as:<blockquote>
Not to be confused with lower overall project costs, value for money is a concept used to evaluate P3 private-partner bids against a hypothetical public sector comparator designed to approximate the costs of a fully public option (in terms of design, construction, financing, and operations). P3 value for money calculations consider a range of costs, the exact nature of which has changed over time and varies by jurisdiction. One thing that does remain consistent, however, is the favoring of "risk transfer" to the private partner, to the detriment of the public sector comparator.<ref name=":0" />{{rp|chapter 1}}</blockquote>Value for money assessment procedures were incorporated into the [[Private finance initiative|PFI]] and its [[Public–private partnerships in Australia|Australian]] and [[Public–private partnership in Canada|Canadian]] counterparts beginning in the late 1990s and early 2000s. A 2012 study showed that value-for-money frameworks were still inadequate as an effective method of evaluating PPP proposals.<ref name="Siemiatycki 2012" /> The problem is that it is unclear what the catchy term "value-for-money" means in the technical details relating to their practical implementation. A Scottish auditor once qualified this use of the term as "technocratic mumbo-jumbo".<ref name=":0" />{{rp|chapter 4}}

Project promoters often contract a [[PPP unit]] or one of the [[Big Four accounting firms]] to conduct the value for money assessments.  Because these firms also offer PPP consultancy services, they have a vested interest in recommending the PPP option over the traditional public procurement method.<ref name=":0" /><ref name=":04" /> The lack of transparency surrounding individual PPP projects makes it difficult to draft independent value-for-money assessments.<ref>{{cite web|date=23 May 2012|title=Comment: PFI is dead, long live PFI|url=http://www.politics.co.uk/comment-analysis/2012/05/23/comment-pfi-is-dead-long-live-pfi|access-date=30 September 2012|publisher=Politics.co.uk}}</ref>

A number of Australian studies of early initiatives to promote private investment in infrastructure concluded that in most cases, the schemes being proposed were inferior to the standard model of [[public procurement]] based on competitively tendered construction of publicly owned assets.<ref>Economic Planning Advisory Commission (EPAC) 1995a,b; House of Representatives Standing Committee on Communications Transport and Microeconomic Reform 1997; Harris 1996; Industry Commission 1996; Quiggin 1996</ref> In 2009, the [[New Zealand Treasury]], in response to inquiries by the new [[New Zealand National Party|National Party]] government, released a report on PPP schemes that concluded that "there is little reliable empirical evidence about the costs and benefits of PPPs" and that there "are other ways of obtaining private sector finance", as well as that "the advantages of PPPs must be weighed against the contractual complexities and rigidities they entail".<ref name="MISGUIDED">{{Cite news|date=1 June 2009|title=Brian Rudman: Promised electric trains derailed by misguided enthusiasm|work=[[The New Zealand Herald]]|url=http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10575753|access-date=21 February 2010}}</ref>

In the United Kingdom, many [[private finance initiative]] programs ran dramatically over budget and have not provided value for money for the taxpayer, with some projects costing more to cancel than to complete. An in-depth study conducted by the National Audit Office of the United Kingdom concluded that the private finance initiative model had proved to be more expensive and less efficient in supporting hospitals, schools, and other public infrastructure than public financing.<ref>United Kingdom, National Audit Office, PF1 and PF2, a report by the Comptroller and
Auditor General (London, 2018)</ref> A [[Treasury Select Committee|treasury select committee]] stated that 'PFI was no more efficient than other forms of borrowing and it was "illusory" that it shielded the taxpayer from risk'.<ref name="BBCnews2011">{{Citation|last=Tyrie|first=Andrew|title=PFI poor value for money, says MPs|date=19 August 2011|url=https://www.bbc.co.uk/news/uk-politics-14574059|newspaper=BBC News|access-date=<!----- 25th July 2012 ----->}}</ref>

===Transfer of risk===

One of the main rationales for P3s is that they provide for a transfer of [[Risk (finance)|risk]]: the Private partner assumes the risks in case of cost overruns or project failures. Methods for assessing value-for-money rely heavily on risk transfers to show the superiority of P3s. However, P3s do not inherently reduce risk, they simply reassign who is responsible, and the Private sector assumes that risk at a cost for the taxpayer. If the value of the risk transfer is [[Economic appraisal|appraised]] too high, then the government is overpaying for P3 projects.<ref name=":0" />{{rp|chapter 4}}

Incidentally, a 2018 [[UK Parliament]] report<ref>{{Cite web|title=Treasury must set out clear position on PFI - News from Parliament|url=https://www.parliament.uk/business/committees/committees-a-z/commons-select/public-accounts-committee/news-parliament-2017/private-finance-initiatives-report-published-17-19/|access-date=2018-06-27|website=UK Parliament|language=en}}</ref> underlines that some private investors have made large returns from PPP deals, suggesting that departments are overpaying for transferring the risks of projects to the private sector, one of the Treasury's stated benefits of PPP.
[[File:Npl new building module1.JPG|thumb|The maintenance of the new National Physical Laboratory building was transferred back to the [[Department of Trade and Industry (United Kingdom)|British Department of Trade and Industry]] in 2004 after the private sector partners involved in the PFI contract made losses of over £100m.<ref name=":nlp">{{cite web|year=2013|title=The Termination of the PFI Contract for the National Physical Laboratory &#124;National Audit Office|url=https://www.nao.org.uk/report/the-termination-of-the-pfi-contract-for-the-national-physical-laboratory/|access-date=23 December 2013|work=nao.org.uk|archive-date=24 December 2013|archive-url=https://web.archive.org/web/20131224111648/https://www.nao.org.uk/report/the-termination-of-the-pfi-contract-for-the-national-physical-laboratory/|url-status=live}}</ref>]]
Supporters of P3s claim that risk is successfully transferred from public to private sectors as a result of P3, and that the private sector is better at [[risk management]]. As an example of successful risk transfer, they cite the case of the [[National Physical Laboratory, UK|National Physical Laboratory]]. This deal ultimately caused the collapse of the building contractor Laser (a [[joint venture]] between [[Serco]] and [[John Laing plc|John Laing]]) when the cost of the complex scientific laboratory, which was ultimately built, was very much larger than estimated.<ref name="tcnp">{{Citation| title = The Termination of the PFI Contract for the National Physical Laboratory| year = 2006| publisher = [[National Audit Office (United Kingdom)|National Audit Office]]| url = http://www.official-documents.co.uk/document/hc0506/hc10/1044/1044.pdf| archive-url = https://wayback.archive-it.org/all/20071129091206/http://www.official-documents.co.uk/document/hc0506/hc10/1044/1044.pdf| url-status = dead| archive-date = 2007-11-29}}</ref>

On the other hand, Allyson Pollock argues that in many [[Private finance initiative|PFI]] projects risks are not in fact transferred to the private sector<ref name="Pollock 2005 3">{{Citation
  | last = Pollock
  | first = Allyson
  | title = NHS Plc: The Privatisation of Our Health Care
  | publisher = [[Verso]]
  | year = 2005
  | page = 3
  | isbn = 1-84467-539-4}}</ref> and, based on the research findings of Pollock and others, George Monbiot argues<ref name="bwry">
{{Citation
  | last1 = Monbiot | first1 = George
  | title = The Biggest Weirdest Rip-Off Yet
  | newspaper = The Guardian
  | date =7 April 2009
  | url = https://www.theguardian.com/commentisfree/2009/apr/07/olympics-2012-m25-pfi
  | location=London}}
</ref> that the calculation of risk in PFI projects is highly subjective, and is skewed to favor the private sector:

{{blockquote|When private companies take on a PFI project, they are deemed to acquire risks the state would otherwise have carried. These risks carry a price, which proves to be remarkably responsive to the outcome you want. A paper in the [[British Medical Journal]] shows that before risk was costed, the hospital schemes it studied would have been built much more cheaply with public funds. After the risk was costed, they all tipped the other way; in several cases by less than 0.1%.<ref>
{{Citation
  | last1 = Pollock
  | first1 = Allyson M
  | last2 =  Shaoul 
  | first2 =Jean
  | last3= Vickers
  | first3=Neil
  | title = Private finance and "value for money" in NHS hospitals: a policy in search of a rationale?
  | journal = [[British Medical Journal]]
  | volume = 342
  | pages = 1205–1209
  | date = 18 May 2002
  | issue = 7347
 | doi = 10.1136/bmj.324.7347.1205
  | postscript = .| pmid = 12016191
  | pmc = 1123165
  }}</ref>}}

Following an incident in the [[Royal Infirmary of Edinburgh]] where surgeons were forced to continue a heart operation in the dark following a power cut caused by PFI operating company Consort, Dave Watson from Unison criticized the way the PFI contract operates:

{{blockquote|It's a costly and inefficient way of delivering services. It's meant to mean a transfer of risk, but when things go wrong the risk stays with the public sector and, at the end of the day, the public because the companies expect to get paid. The health board should now be seeking an exit from this failed arrangement with Consort and at the very least be looking to bring facilities management back in-house.<ref>{{Citation
  | last = Carrell
  | first = Severin
  | title = Power cut leaves surgeons operating by torchlight at PFI hospital
  | journal = [[The Guardian]]
  | date = 21 April 2012}}</ref>}}

Furthermore, assessments ignore the practices of risk transfers to contractors under traditional procurement methods. As for the idea that the private sector is inherently better at managing risk, there has been no comprehensive study comparing risk management by the public sector and by P3s. Auditor Generals of [[Auditor General of Quebec|Quebec]], [[Auditor General of Ontario|Ontario]] and [[Auditor General of New Brunswick|New Brunswick]] have publicly questioned P3 rationales based on a transfer of risk, the latter stating he was "unable to develop any substantive evidence supporting risk transfer decisions".<ref name=":0" />{{rp|chapter 4}} Furthermore, many PPP concessions proved to be unstable and required to be renegotiated to favor the contractor.<ref>{{Cite journal|last1=Cruz|first1=Carlos Oliveira|last2=Marques|first2=Rui Cunha|date=2013|title=Endogenous Determinants for Renegotiating Concessions: Evidence from Local Infrastructure|journal=Local Government Studies|language=en|volume=39|issue=3|pages=352–374|doi=10.1080/03003930.2013.783476|s2cid=153619884|issn=0300-3930}}</ref>

== Accountability and transparency ==
One of the main criticisms of public–private partnerships is the lack of [[accountability]] and [[Transparency (behavior)|transparency]] associated with these projects. Part of the reason why evidence of PPP performance is often unavailable is that most financial details of P3s are under the veil of [[Trade secret|commercial confidentiality]] provisions, and unavailable to researchers and the public. Around the world, opponents of P3s have launched judicial procedures to access greater P3 project documentation than the limited "bottom line" sheets available on the project's websites. When they are successful, the documents they receive are often heavily redacted.<ref name=":0" />

A 2007 survey of U.S. [[city manager]]s revealed that communities often fail to sufficiently monitor PPPs: "For instance, in 2002, only 47.3% of managers involved with private firms as delivery partners reported that they evaluate that service delivery. By 2007, that was down to 45.4%. Performance monitoring is a general concern from these surveys and in the scholarly criticisms of these arrangements."<ref name="JR-study" /><ref name="JR-post" />

==Sectors==

===Water services===
[[File:Sign at the entrance of the Regina Wastewater Treatment Plant.jpg|thumb|Sign at the entrance of the Regina Wastewater Treatment Plant]]
After a wave of [[water privatization|privatization of many water services]] in the 1990s, mostly in developing countries, experiences show that global [[water corporation]]s have not brought the promised improvements in [[public water supply|public water]] utilities.<ref name=":5" /> Instead of lower prices, large volumes of investment, and improvements in the connection of the poor to water and sanitation, [[water tariff]]s have increased out of reach of poor households. Water multinationals are withdrawing from developing countries, and the [[World Bank]] is reluctant to provide support.<ref>[http://www.tni.org/article/public-water-services the Water Justice Project] on Transnational Institute</ref>

The privatization of the water services of the city of Paris proved to be unwanted, and at the end of 2009 the city did not renew its contract with two of the French water corporations, [[Suez (company, 1997–2008)|Suez]] and [[Veolia Water|Veolia]].<ref>[http://cupe.ca/privatization/paris-water-public-hands Reversal of privatization of Paris' water]. Cupe.ca (2010-02-25). Retrieved on 2011-11-20.</ref><ref>[https://web.archive.org/web/20110503225624/http://www.canadians.org/campaignblog/?p=6480 Deputy Mayor of Paris Anne Le Strat tells how Paris put water services back into public hands]. Canadians.org (2011-02-18). Retrieved on 2011-11-20.</ref> After a year of being controlled by the public, it is projected that the water tariff will be cut by between 5% and 10%.<ref>[http://www.globalwaterintel.com/news/2011/2/paris-marks-year-public-water-price-cut.html Water tariff cut]. Globalwaterintel.com (2011-01-13). Retrieved on 2011-11-20.</ref>

In the 2010s, as wastewater treatment plants across [[North America]] came of age and needed to be replaced, multiple cities decided to fund the renewal of their water infrastructure through a public–private partnership.<ref name=":0" /> Among those cities were [[Brandenburg, Kentucky]], which was the "first local government in [[Kentucky]] to execute a public–private partnership under legislation passed in 2016",<ref>{{Cite web|title=Brandenburg's wastewater P3 could be Kentucky's first|url=https://buildingkentucky.com/news/brandenburgs-wastewater-p3-could-be-kentuckys-first/|date=2020-02-25|website=Building Kentucky|language=en-US|access-date=2020-05-19}}</ref> and [[Regina, Saskatchewan]], which held a [[2013 Regina wastewater plant referendum|referendum on the plant's funding model]]. The P3 option won out."<ref name=":Regina">{{Cite news|url=https://www.cbc.ca/news/canada/saskatchewan/referendum-results-in-p3-model-to-fund-regina-sewage-plant-1.1867423|title=Referendum results in: P3 model to fund Regina sewage plant|date=September 25, 2013|work=CBC News}}</ref>

===Transportation===
[[File:IMG_06141.JPG|thumb|200x200px|The main toll plaza of the [[Virginia State Route 267|Dulles Toll Road]] concession in [[Virginia]], whose price is periodically increasing.]]
Another major sector for P3s is transportation. The P3 Transportation sector can be broadly split into five sectors: airports, ports, roads, railways and urban passenger transport (which includes bus, light rail and heavy rail systems).

Many P3s in the United States have been [[toll road]] concessions.<ref name=":0" /> Transportation projects have accounted for 1/5 of all P3 projects in Canada. Major transportation P3 projects have included the [[Confederation Bridge]] linking [[Prince Edward Island]] and [[New Brunswick]], the [[Pocahontas Parkway]] in [[Virginia]], and the [[History of the London Underground#Public–private partnership|London Underground PPP]].

===Health services===
[[File:Anbumani Ramadoss addressing at the inauguration of the Associate Chamber of Commerce & Industry (ASSOCHAM) MeetNational Summit on Public Health Initiatives Public Private Partnership (PPP) Model, in New Delhi.jpg|thumb|Indian Minister of Health and Family Welfare [[Anbumani Ramadoss]] addressing the inauguration of the Associate Chamber of Commerce & Industry National Summit on Public Health Initiatives and the PPP model, in New Delhi. (2006)]]
For more than two decades, public–private partnerships have been used to finance health infrastructure. In [[Healthcare in Canada|Canada]], they comprise 1/3 of all P3 projects nationwide.<ref name=":0" /> Governments have looked to the PPP model in an attempt to solve larger problems in health care delivery. However, some health-care-related PPPs have been shown to cost significantly more money to develop and maintain than those developed through traditional public procurement.<ref name="Policy Note 2017">{{cite news |last1=Reynolds |first1=Keith |title=The enormous cost of public-private partnerships |url=https://www.policynote.ca/the-enormous-cost-of-public-private-partnerships/ |access-date=28 June 2019 |work=Policy Note |date=3 August 2017 |language=en-CA}}</ref>

A [[health service]]s PPP can be described as a long-term contract (typically 15–30 years) between a public-sector authority and one or more private-sector companies operating as a legal entity. In theory, the agreements entails that the government provides purchasing power and outlines goals for an optimal health system. It then contracts a private enterprise to design, build, maintain, and/or manage the delivery of agreed-upon services over the term of the contract. Finally, the private sector receives payment for its services and assumes additional risk while benefitting from returns on its investments during the operational phase.<ref name=":3">{{Cite journal|last=Whiteside|first=Heather|date=September 1, 2011|title=Unhealthy policy: The political economy of Canadian public-private partnership hospitals|journal=Health Sociology Review|volume=20|issue=3|pages=258–268|doi=10.5172/hesr.2011.20.3.258|s2cid=143156657|issn=1446-1242}}</ref>

A criticism of P3s for Hospitals in Canada is that they result in an "internal bifurcation of authority". This occurs when the facility is operated and maintained by the private sector while the care services are delivered by the public sector. In those cases, the nursing staff cannot request their colleagues from the maintenance staff to clean something (urine, blood, etc.) or to hang workplace safety signs, even if they are standing next to each other, without the approval of the private managers.<ref name=":0" />{{rp|chapter 4}}

In the UK, P3s were used to build hospitals for the [[National Health Service]]. In 2017 there were 127 [[Private finance initiative#National Health Service (NHS)|PFI schemes in the English NHS]]. The contracts vary greatly in size. Most include the cost of running services such as facilities management, hospital portering and patient food, and these amount to around 40% of the cost. Total repayments will cost around £2.1 billion in 2017 and will reach a peak in 2029.  This is around 2% of the NHS budget.<ref name="nuffieldtrust1">{{cite news|last1=Appleby|first1=John|title=Making sense of PFI|url=https://www.nuffieldtrust.org.uk/resource/making-sense-of-pfi#so-whos-involved-with-these-deals-on-the-private-side-of-pfi|access-date=6 October 2017|publisher=Nuffield Trust|date=6 October 2017}}</ref><ref name="Barlow, J. Roehrich 2010">{{cite journal|last1=Barlow|first1=J. Roehrich|last2=Wright|first2=S.|year=2010|title=De facto privatisation or a renewed role for the EU? Paying for Europe's healthcare infrastructure in a recession|journal=Journal of the Royal Society of Medicine|volume=103|issue=2|pages=51–55|doi=10.1258/jrsm.2009.090296|pmc=2813788|pmid=20118334}}</ref>

===Forestry sector===
PPP options in the forest sector can include joint forest management [[project]]s between [[government]] agencies, various investors and NGOs. [[USAID]] promotes the use of P3s to assist the exploitation of certified timber and non-timber products in [[Third world countries|Third World countries]] by foreign companies. They claim forestry PPPs are an agent of nature conservation and the sustainable harvesting of commercialized forest products,<ref>{{Cite web |date=2003 |title=Public-Private Partnerships in Forestry |url=https://pdf.usaid.gov/pdf_docs/PNACY534.pdf |archive-url=https://web.archive.org/web/20060828011809/http://pdf.usaid.gov/pdf_docs/PNACY534.pdf |url-status=dead |archive-date=28 August 2006 |website=USAID Forest Program}}</ref> notwithstanding the fact that it was competition from foreign companies that forced local producers to engage in unsustainable harvesting practices in the first place.<ref>{{Cite journal |author=Center for International Forestry Research (CIFOR) |date=2015-09-01 |title=Public private partnership in forestry management |url=https://www.slideshare.net/CIFOR/public-private-partnership-in-forestry-management|journal=CIFOR}}</ref> Many forestry sector partnerships with NGOs are nothing more than [[greenwashing]] operations.<ref>{{Cite web |last=International |first=Survival |title=WWF wins Survival's "Greenwashing of the Year" award |url=https://www.survivalinternational.org/news/11677 |access-date=2022-12-14 |website=www.survivalinternational.org |language=en}}</ref>

== Institutional support ==
Aside from the support of national governments and financial firms, PPPs are promoted by the following institutions:

===PPP units===

[[Public–private partnership unit]]s are organizations responsible for promoting, facilitating, and assessing P3s in their territory. They can be government agencies, or semi-independent organizations created with full or part government support. Governments tend to create these units as a response to criticisms of the implementation of P3 projects in their country prior to the creation of the P3 unit.<ref name=":ST2015">{{Cite journal|last=Siemiatycki|first=Matti|date=September 1, 2015|title=Public-Private Partnerships in Canada: Reflections on twenty years of practice|journal=Canadian Public Administration|language=en|volume=58|issue=3|pages=343–362|doi=10.1111/capa.12119|issn=1754-7121}}</ref> In 2009, 50% of [[OECD]] countries had created a centralized PPP unit, and many more of these institutions exist in other countries.<ref name="Literature Review: Evaluating the Costs and Benefits of Centralised PPP Units">{{cite web|author=Alberto Lemma|title=Literature Review: Evaluating the Costs and Benefits of Centralised PPP Units|url=http://partnerplatform.org/?52awcpfx|publisher=EPS PEAKS}}</ref>

=== Accounting firms ===
The "[[Big Four accounting firms|big four]]" accounting firms of [[PricewaterhouseCoopers]], [[Deloitte]], [[Ernst & Young]], and [[KPMG]] have been involved in the public–private partnership model from its inception. Advisors from these companies have been tapped to develop PPP policies and procedures in multiple countries. These companies then went on to evaluate those procedures, appraise individual projects, and act as a consultants for private and public partners in PPP contract negotiations. Accounting firms sometimes even have an equity stake in projects that they appraise the value for money.<ref name=":04" /> Due to these conflict of interests, multiple authors have argues that the "big four"'s public project appraisals are biased towards the PPP funding option against the traditional procurement model.<ref name=":0" />

=== International institutions ===
[[File:UNCTAD People-First Public-Private Partnerships.jpg|thumb|Participants of ''People-First Public-Private Partnerships'' during the [[World Investment Forum]] 2018]]
The [[World Bank]] works to promote public–private partnerships in countries where it operates. The [[United Nations]]' [[Sustainable Development Goal 17]] target 17.17 is formulated as: "Encourage effective partnerships: Encourage and promote effective public, public–private and civil society partnerships, building on the experience and resourcing strategies of partnerships."<ref name="United">{{Cite book|last=United|first=Nations|url=http://ggim.un.org/documents/A_RES_71_313.pdf|title=Resolution adopted by the General Assembly on 6 July 2017: Work of the statistical commission pertaining to the 2030 Agenda for sustainable development|publisher=United Nations General Assembly|date=10 July 2017|pages=1–25}}</ref> The success of this target is measured by the amount in [[United States dollar]]s committed to public–private partnerships for infrastructure worldwide.<ref name="SDG tracker 17">Ritchie, Roser, Mispy, Ortiz-Ospina. [https://sdg-tracker.org/global-partnerships "Measuring progress towards the Sustainable Development Goals." (SDG 17)] ''SDG-Tracker.org, website'' (2018)</ref>

=== United States foreign policy ===
The American government seeks to promote public–private partnerships around the globe to meet its various foreign policy goals. [[USAID]] promoted PPPs with [[Global Development Alliances]] and through the [[Development Credit Authority]], which was merged into the [[Overseas Private Investment Corporation]] in 2019. The [[United States Department of State|State department]] also promotes PPPs through its [[Office of Global Partnerships]].<ref>{{Cite web|title=Public-Private Partnerships in Foreign Aid: Leveraging U.S. Assistance for Greater Impact and Sustainability {{!}} United States Senate Committee on Foreign Relations|url=https://www.foreign.senate.gov/hearings/public-private-partnerships-in-foreign-aid-leveraging-us-assistance-for-greater-impact-and-sustainability-071216p|access-date=2021-03-25|website=www.foreign.senate.gov|date=12 July 2016 |language=en}}</ref>

== Delivery models ==
{{Further|Project delivery method}}
There are many types and delivery models of PPPs, the following is a non-exhaustive list of some of the designs:

;Operation and maintenance contract (O & M)
:A private economic agent, under a government contract, operates a publicly-owned asset for a specific period of time. Formal, ownership of the asset remains with the public entity. In terms of private-sector risk and involvement, this model is on the lower end of the spectrum for both involvement and risk.<ref name=":2">The Canadian Council for Public-Private Partnerships, "Definitions & Models", https://www.pppcouncil.ca/web/P3_Knowledge_Centre/About_P3s/Definitions_Models.aspx {{Webarchive|url=https://web.archive.org/web/20201028063108/https://www.pppcouncil.ca/web/P3_Knowledge_Centre/About_P3s/Definitions_Models.aspx |date=28 October 2020 }}</ref>

;Build'''–'''finance (BF)
:The private actor builds the asset and finances the cost during the construction period, afterwards the responsibility is handed over to the public entity. In terms of private-sector risk and involvement, this model is again on the lower end of the spectrum for both measures.<ref name=":2" />

;Build'''–'''operate'''–'''transfer (BOT)
:[[Build–operate–transfer]] represents a complete integration of the project delivery: the same contract governs the design, construction, operations, maintenance, and financing of the project.  After some [[Concession (contract)|concessionary]] period, the facility is transferred back to the owner.

;Build–own–operate–transfer (BOOT)
:A BOOT structure differs from BOT in that the private entity owns the works. During the concession period, the private company owns and operates the facility with the prime goal to recover the costs of investment and maintenance while trying to achieve a higher margin on the project. BOOT has been used in projects like highways, roads mass transit, railway transport and power generation.<ref>{{cite book|last=Gatti|first=Stafano|title=Project Finance in theory and practice|publisher=Academic Press|year=2007|isbn=978-0-12-373699-4|pages=414}}</ref>

;Build–own–operate (BOO)
:In a BOO project ownership of the project remains usually with the project company, such as a [[mobile phone network]]. Therefore, the private company gets the benefits of any [[residual value]] of the project. This framework is used when the physical life of the project coincides with the concession period. A BOO scheme involves large amounts of finance and long [[payback period]]. Some examples of BOO projects come from the water treatment plants.<ref>{{cite book|last=Lewis/ Grimsey|first=Mervyn/Darrin|title=Public Private Partnerships: the worldwide revolution in infrastructure provision and project finance|publisher=Edward Elgar Publishing|year=2007|isbn=978-1-84720-226-0|pages=268}}</ref>

;Build–lease–transfer (BLT)
:Under BLT, a private entity builds a complete project and leases it to the government. In this way the control over the project is transferred from the [[project owner]] to a lessee. In other words, the ownership remains by the [[shareholders]] but operation purposes are leased. After the expiry of the [[leasing]] the ownership of the asset and the operational responsibility is transferred to the government at a previously agreed price.

;Design'''–'''build'''–'''finance'''–'''maintain (DBFM)
:"The private sector designs, builds and finances an asset and provides hard facility management or maintenance services under a long-term agreement." The owner (usually the public sector) operates the facility. This model is in the middle of the spectrum for private sector risk and involvement.<ref name=":2" />

;Design–build–finance–maintain'''–'''operate (DBFMO)
:Design–build–finance–operate is a project delivery method very similar to BOOT except that there is no actual ownership transfer. Moreover, the contractor assumes the risk of financing until the end of the contract period. The owner then assumes the responsibility for maintenance and operation. This model is extensively used in specific infrastructure projects such as [[toll roads]]. The private construction company is responsible for the design and construction of a piece of infrastructure for the government, which is the true owner. Moreover, the private entity has the responsibility to raise finance during the construction and the exploitation period.<ref>{{cite book|last=Pekka|first=Pakkala|title=Innovative Project Delivery Methods for Infrastructure|publisher=Finnish Road Enterprise|year=2002|isbn=978-952-5408-05-8|pages=120|url=http://www-esd.worldbank.org/pbc_resource_guide/Docs-latest%20edition/cases-and-pdfs/pakkalae5.pdf}}</ref> Usually, the public sector begins payments to the private sector for use of the asset post-construction. This is the most commonly used model in the [[EU]] according to the European Court of Auditors.<ref>The European Court of Auditors (2018), "[https://www.eca.europa.eu/Lists/ECADocuments/SR18_09/SR_PPP_EN.pdf Special Report: Public-Private Partnerships in the EU: Widespread shortcomings and limited benefits]".</ref>

;Design–build–operate–transfer (DBOT)
:This funding option is common when the client has no knowledge of what the project entails. Hence they contracts the project to a company to design, build, operate, and then transfer it. Examples of such projects are refinery constructions.<ref>{{cite web|title=Worli-Haji Ali sea link will be ready in 4 years|url=http://www.dnaindia.com/mumbai/report_worli-haji-ali-sea-link-will-be-ready-in-4-years_1402669|work=DNA|publisher=Diligent Media Corporation |date=Jun 29, 2010 |first1=Ninad |last1=Siddhaye |url-status=live |archive-url=https://web.archive.org/web/20121001002047/http://www.dnaindia.com/mumbai/report_worli-haji-ali-sea-link-will-be-ready-in-4-years_1402669 |archive-date= Oct 1, 2012 }}</ref>

;Design–construct–manage–finance (DCMF)
:A private entity is entrusted to design, construct, manage, and finance a facility, based on the specifications of the government. Project cash flows result from the government's payment for the rent of the facility. Some examples of the DCMF model are prisons or public hospitals.

;Concession
:A [[concession (contract)|concession]] is a grant of rights, land or property by a government, local authority, corporation, individual or other legal entity.<ref>[http://www.wisegeek.com/what-is-a-concession-agreement.htm#did-you-know What is a concession agreement?], wisegeek.com</ref> [[Public services]] such as [[water supply]] may be operated as a concession. In the case of a public service concession, a private company enters into an agreement with the government to have the exclusive right to operate, maintain and carry out [[investment]] in a public utility (such as a [[water privatization]]) for a given number of years.<ref name=":2" />

{| class="wikitable"
|+Different Levels of Private sector engagement in PPP contracts
! style="width:650px;" | Model
! class="unsortable" style="width:200px;" |Identify Infrastructure Need
! class="unsortable" style="width:200px;" |Propose solution
! class="unsortable" style="width:200px;" |Project design
! class="unsortable" style="width:200px;" |Project financing
! class="unsortable" style="width:200px;" |Construction
! class="unsortable" style="width:200px;" |Operation
! class="unsortable" style="width:200px;" |Maintenance
! class="unsortable" style="width:200px;" |Ownership
! class="unsortable" style="width:200px;" |Concession?
|-
|'''Bid–build'''
| colspan="4"  style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#b0ceff;"  |Private sector
| colspan="3"  style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|-
|'''[[Design–bid–build]]'''
| colspan="2"  style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#b0ceff;"  |Private sector
| colspan="3"  style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|-
|'''[[Design–build]]'''
| colspan="2"  style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#b0ceff;"  |Private sector
| colspan="3"  style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|-
|'''Design–build–finance'''
| colspan="2"  style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="3"  style="text-align:center; background:#b0ceff;"  |Private sector
| colspan="3" style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|-
|'''Design–build–finance–maintain'''
| colspan="2" style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="3" style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|-
|[[Design build finance and operate|'''Design–build–finance–operate''']]
| colspan="2" style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="4" style="text-align:center; background:#b0ceff;"  |Private sector
| colspan="2" style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|-
|'''Design–build–finance–maintain–operate'''
| colspan="2"  style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="5"  style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|-
|'''Build–finance'''
| colspan="3"  style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="2"  style="text-align:center; background:#b0ceff;"  |Private sector
| colspan="3"  style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|-
|'''Operation & maintenance contract'''
| colspan="5"  style="text-align:center; background:#EEEEEE;"  |?
| colspan="2"  style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|-
|'''[[Build-operate-transfer]]'''
| colspan="2"  style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="5"  style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#fad7b7;"  |Temporary
|-
|'''Build–lease–transfer'''
| colspan="2"  style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="3"  style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="2"  style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#fad7b7;"  |Temporary
|-
|'''Build–own–operate–transfer'''
| colspan="2"  style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="6"  style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#fad7b7;"  |Temporary
|-
|'''Build–own–operate'''
| colspan="2" style="text-align:center; background:#b6e1fc;"  |Public sector
| colspan="6" style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#ffff99;"  |Yes
|-
|'''Market-led proposals'''
| colspan="7"  style="text-align:center; background:#b0ceff;"  |Private sector
| style="text-align:center; background:#b6e1fc;"  |Public sector
| style="text-align:center; background:#ffb6b6;"  |No
|}

== Other types ==
While long-term infrastructure projects compose the bulk of P3s worldwide, other types of Public–private partnerships exist to suit different purposes and actors.

=== Asset monetization ===
A form of P3 that became prevalent in American cities during the 21st century are ''asset monetization'' arrangements. They concerns a city's revenue-generating assets (parking lots, garage and meters, public lights, toll roads, etc.) and transforms them into financial assets that the city can lease to a private corporation in exchange for covering operation and maintenance. These deals are usually done during periods of financial distress for the city, and the immediate revenues municipalities receive is used to pay down the debt or to fill budget holes. The 2014 [[Detroit bankruptcy]] deal included many asset monetization arrangements.<ref name=":32">{{Cite book|last=Whiteside|first=Heather|title=Public-private partnerships|publisher=Fernwood Publishing|year=2016|isbn=978-1-55266-896-2|location=Halifax|chapter=Why are P3s?|oclc=952801311}}</ref>

===Global public–private partnership===

[[Global public–private partnership]] (GPPP) is a governance mechanism to foster public–private partnership (PPP) cooperation between an international [[intergovernmental organisation]] like the [[United Nations]] and [[private companies]]. Existing GPPPs strive, among other things, to increase affordable access to non-generic [[essential drugs]] and vaccines in developing countries,<ref>{{Cite journal|last=Klock|first=Kevin A.|date=2016-10-01|title=International Public Private Partnerships as Part of the Solution to Infectious Disease Threats: Operational, Legal, and Governance Considerations|language=en|doi=10.2139/ssrn.3971005 |doi-access=free |ssrn=3971005 |ssrn-access=free }}</ref> and to<ref>{{Cite web |title=Access to affordable essential medicines |url=https://www.who.int/medicines/mdg/MDG08ChapterEMedsEn.pdf |url-status=dead |archive-url=https://web.archive.org/web/20220119153405/http://www.who.int/medicines/mdg/MDG08ChapterEMedsEn.pdf |archive-date=Jan 19, 2022 |publisher=World Health Organization}}</ref> promote [[handwashing]] with soap to reduce [[diarrhoea]].<ref>{{Cite web|title=The Global Handwashing Partnership|url=https://globalhandwashing.org/|website=globalhandwashing.org|language=en-US|access-date=2020-05-19}}</ref>
{{anchor|IPPP}}

===Institutionalised public–private partnership===

The [[European Commission]] issued an "interpretative communication" in 2008 regarding the establishment of '''institutionalised public–private partnerships''' (IPPP), whose formation generally involves simultaneously creating a new jointly owned public–private entity and the award of a public sector contract or concession whereby the new entity supplies goods or services to the public body or the general public. The Commission acknowledged that separating these two procedures, such that the selection of the private partner and the decision on whether to contract with the new entity were distinct processes, would not be practical, and therefore a "transparent and competitive procedure" through which the private partner was identified and the terms of their involvement in the institutionalised entity could be compliant with treaty obligations and public procurement law. The guidance also noted that, following the establishment of the IPPP entity, it would be free to bid for future public contracts in the same way as other businesses, but particular care would be needed to ensure that the award process remained transparent.<ref>European Commission, [https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2008:091:0004:0009:EN:PDF Commission interpretative communication on the application of Community law on Public Procurement and Concessions to institutionalised PPP (IPPP)], 2008/C 91/02, published 12 April 2008, accessed 8 August 2023</ref>

=== Market-led proposal ===

Market-led proposals (MLP) are P3s proposed by the private sector. MLP policies encourage private sector firms to make unsolicited P3 infrastructure project proposals to the government, instead of putting the onus on the state to propose each projects. During the 2010s, MLP policies were implemented in most [[Australian states and territories]].<ref name=":0" />{{rp|chapter 5}} Amy Sarcevic from [[Informa]] Australia notes that "to date, market-led proposals have had a relatively high failure rate".<ref>{{Cite web|last=Sarcevic|first=Amy|date=2018-06-05|title=Do market-led proposals have their place? {{!}} News & Insights|url=https://www.informa.com.au/insight/market-led-proposals-place/|access-date=2020-06-07|website=Informa Australia|language=en-US}}</ref>

=== Public–private–community partnerships===
Public–private partnerships with non-profits and private partners, sometimes called Public–private–community partnerships (PPCPs), are a modified version of the PPP model designed for the needs of [[Third world countries]].<ref name=":5" /> They were notably proposed by the [[Asian Development Bank]] as early as 1991 as an "institutional reform ... to facilitate the participation of individuals, CBOs [community based organizations], other [[Non-governmental organization|NGOs]] and the private sector" so that they become "actively involved in planning and management".<ref>[[Asian Development Bank]] (ADB). 1991. ''The Urban Poor and Basic Infrastructure Services in Asia and the Pacific'', Vol. I. Asian Development Bank: Manila.</ref>

=== Social impact bond ===
[[Social impact bond]]s (also called ''pay for success'' bonds) are "a public–private partnership which funds effective social services through a performance-based contract", according to [[Social Finance (consultancy)|Social Finance]]'s definition.<ref>{{cite book |publisher=[[Social Finance (consultancy)|Social Finance]] |date=July 2016 |title=Social Impact Bonds: The Early Years |url=https://socialfinance.org/wp-content/uploads/2016/07/SIBs-Early-Years_Social-Finance_2016_Final.pdf}}</ref> They operate over a fixed period of time, but they do not offer a fixed rate of return. Generally, repayment to investors is contingent upon a specified social outcome being achieved.<ref>{{Cite web|date=August 2009|title=Social Impact Bonds: Rethinking finance for social outcomes|url=https://www.socialfinance.org.uk/sites/default/files/publications/sib_report_web.pdf|publisher=[[Social Finance (consultancy)|Social Finance Ltd]]|publication-place=[[London]]}}</ref> A similar system, [[development impact bond]]s, is being implemented in [[developing country|developing countries]].

==See also==
*[[Privatization]]
*[[Public–private partnerships by country]]
*[[Industry funding of academic research]]
*[[Government procurement]]
*[[Top 100 Contractors of the U.S. federal government]]
*[[Sustainable procurement]]
*[[Build–operate–transfer]]
*[[Economic conversion]]
*[[Volume risk]]

==References==
{{Reflist|35em}}

==Further reading==
{{Commons category|Public–private partnership}}
* Abou-bakr, A (2013), ''Managing Disasters Through Public–Private Partnerships, ''Georgetown University Press.
* Burnett, M. "PPP – A decision maker's guide", European Institute of Public Administration, 2007
* Chinchilla, C. "El nuevo contrato de colaboración entre el setor público y el sector privado", Revista Española de Derecho Administrativo nº 132 (2006)
* Delmon, Jeff "Private Sector Investment in Infrastructure: Project finance, PPP projects and risk," Kluwer, 2009.
* Delmon, Jeff "Public Private Partnership Programs: Creating a framework for private sector investment in infrastructure, Kluwer, 2014.
* {{cite journal |last=Gonzalez Garcia |first=Julio V. |title=El contrato de colaboración público privada |trans-title=The public-private collaboration contract |language=es |journal=Revista de Administración Pública |issn=0034-7639 |issue=170 |pages=7–39 |date=May–August 2006 |url=https://www.academia.edu/24149507 |location=Madrid}}
* {{cite book |last=Koh |first=Jae Myong |date=2018 |title=Green Infrastructure Financing: Institutional Investors, PPPs and Bankable Projects |publisher=Palgrave Macmillan |isbn=978-3-319-71769-2}}
* {{cite journal |last=Linotte |first=Didier |title=Un cadre juridique désormais sécurisé pour les contrats de partenariat |trans-title=A secure legal framework for partnership contracts |journal=AJDA |issue=1 |volume=2005 |date=10 January 2005 |language=fr}}
* Monera Frédéric, ''Les financements innovants de services et de projets publics'', Revue de la Recherche Juridique – Droit prospectif, PUAM, 2005–1, p.&nbsp;337 & s.
* [[Marian Moszoro|Moszoro M.]], Gasiorowski P. (2008), 'Optimal Capital Structure of Public–Private Partnerships', IMF Working Paper 1/2008. [https://ssrn.com/abstract=1087179]
* Colman, J. (2002), 'Mumbo jumbo...and other pitfalls:Evaluating PFI/PPP projects', National Audit Office PFI / PPP Conference "Bringing about beneficial change, London, May.
* Economic Planning Advisory Commission (EPAC) (1995), 'Final Report of the Private Infrastructure Task Force', Australian Government Publishing Service, Canberra.
* Economic Planning Advisory Commission (EPAC) (1995), 'Interim Report of the Private Infrastructure Task Force', Australian Government Publishing Service, Canberra.
* Harris, A. C. (1996), 'Financing infrastructure: private profits from public losses', Audit Office of NSW, Public Accounts Committee, Parliament of NSW, Conference, Public/Private infrastructure financing: Still feasible?, Sydney, September.
* Hart, Oliver (2003). "Incomplete contracts and public ownership: Remarks, and an application to public‐private partnerships". ''Economic Journal'' ''113:'' C69-C76.
* {{cite journal |last1=Hoppe |first1=Eva I. |last2=Schmitz |first2=Patrick W. |year=2013 |title= Public-private partnerships versus traditional procurement: Innovation incentives and information gathering | url = https://mpra.ub.uni-muenchen.de/41966/1/MPRA_paper_41966.pdf |journal=[[The RAND Journal of Economics]] |volume = 44 |pages = 56–74 |doi=10.1111/1756-2171.12010}}
* House of Representatives Standing Committee on Communications Transport and Microeconomic Reform (1997), 'Planning not Patching: An Inquiry Into Federal Road Funding', The Parliament of the Commonwealth of Australia, Australian Government Publishing Service, Canberra.
* Industry Commission (1996), 'Competitive Tendering and Contracting by Public Sector Agencies', Australian Government Publishing Service, Canberra.
* {{cite journal |last1=Iossa |first1=Elisabetta |last2=Martimort |first2=David |author-link2=David Martimort |date=2012 |title=Risk allocation and the costs and benefits of public-private partnerships |journal=[[The RAND Journal of Economics]] |volume=43 |issue=3 |pages=442–474|doi=10.1111/j.1756-2171.2012.00181.x |hdl=2108/90910 |url=http://www.cepremap.fr/depot/docweb/docweb1104.pdf |hdl-access=free }}
* Loxley, J. (2010). Public service, private profits: the political economy of public/private partnerships in Canada. Fernwood Publishing. 224 p.
* Minnow, Martha and Jody Freeman (2009), Government By Contract: Outsourcing and American Democracy, Harvard U.P.
* MSI Integrity. (2020). [https://www.msi-integrity.org/not-fit-for-purpose/ "Not Fit-for-Purpose The Grand Experiment of Multi-Stakeholder Initiatives in Corporate Accountability, Human Rights and Global Governance."] San Francisco: Institute for Multi-Stakeholder Initiative Integrity
* {{cite book |last=Monbiot |first=George |author-link=George Monbiot |date=2000 |title=Captive State, The Corporate Takeover of Britain |publisher=[[Macmillan Publishers|Macmillan]] |isbn=978-0-333-90164-9}}
* Möric, K. (2009), 'Les partenariats public-privé – le choix du partenaire privé au regard du droit communautaire, Editions Larcier, 264 p.
* {{Cite book|last=Onses |first=Richard |title=The Public Private Partnership of Cartagena de Indias – Colombia: Agbar's Experience|location=Barcelona |year=2003 |isbn=978-84-607-8089-2}}
* Quiggin, J. (1996), 'Private sector involvement in infrastructure projects', Australian Economic Review, 1st quarter, 51–64.
* {{cite journal |last1=Schaeffer |first1=Peter V. |first2=Scott |last2=Loveridge |date=2002 |title=Toward an Understanding of Types of Public-Private Cooperation |journal=Public Performance & Management Review |volume=26 |issue=2 |pages=169–189 |jstor=3381276 |publisher=Taylor & Francis |doi=10.1177/1530957602238261 |s2cid=143932122 |url=https://researchrepository.wvu.edu/cgi/viewcontent.cgi?article=1154&context=rri_pubs|url-access=subscription }}
* Spackman, M. (2002), 'Public–private partnerships: lessons from the British approach', Economic Systems, 26(3), 283–301.
* Strauch, L. (2009), 'Public Private Partnership in European Road Infrastructure: PPP as Investment Asset Following the M6 Road Project in Hungary', VDM.
* Talibdjanov, N. and Koshnazarov, S. UNDP & Chamber of Commerce and Industry of Uzbekistan, Public-Private Partnership in Uzbekistan: Problems, Opportunities and Ways of Introduction (2008–2009)
* Venkat Raman, A. and J. W. Bjorkman (2009), 'Public-Private Partnerships in Health Care in India: Lessons for Developing Countries'. London. Routledge.
* Whiteside, H. (2015). Purchase for profit: public-private partnerships and Canada's public health-care system. University of Toronto Press.

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