The essence of a PPP project is that the private sector will do one or more of the following:
- provide private finance to fund the project
- enter into a long term [greater than 5 years] service contract
- undertake the design and construction of an asset on the basis of an output specification prepared by the public sector and designed to meet broad performance targets
- enter into a joint venture arrangement with the public sector to provide a service or asset
Public Private Partnerships can come in different forms, but to be successful they must provide:
- long term ‘value for money’ for the exchequer
- ensure that environmental and public health and safety standards are maintained
- the public interest is fully protected
For the private sector, PPP projects provide an opportunity to participate fully in major infrastructural development and to contribute new ideas to the design and construction of works. PPP also allows for the best of public and private sector management skills to work together in the delivery of services for public benefit.
For more information, please go to the Irish Government’s Public Private Partnership (PPP) website http://www.ppp.gov.ie/