Public Private Partnership
Public-private Partnerships
INTRODUCTION:
During the past few years, the Province of New Brunswick has entered into several public-private partnership projects. It was one of the first provincial governments to embark on such endeavors and has been able to develop “best practices” to be applied to public-private partnership projects.
This document contains guidelines for public-private partnerships reflecting these best practices.
DEFINITIONS:
Agreement between government and the private sector regarding the provision of public services or infrastructure. Purportedly a means of bringing together social priorities with the managerial skills of the private sector, relieving government of the burden of large capital expenditure, and transferring the risk of cost overruns to the private sector. Rather than completely transferring public assets to the private sector, as with Privatization. Government and business work together to provide services. The British Government has used PPP’s to finance the building of schools, hospitals, for defense contracts, and specific capital projects such as the Channel Tunnel Rail Link, the National Air Traffic Services, and improvements to the London Underground. The system has been criticized for blurring the lines between public and private provision, leading to a lack of accountability with regard to funding, risk exposure, and performance (see also Private Finance Initiative). — Alistair McMiIian
A business relationship between a private-sector company and a government agency for the purpose of completing a project that will serve the public. Public-private partnerships can be used to finance, build and operate projects such as public transportation networks, parks and convention centers. Financing a project through a public-private partnership can allow a project to be completed sooner or make it a possibility in the first place.
The Canadian Council for Public-Private Partnerships has adopted the
INTRODUCTION:
During the past few years, the Province of New Brunswick has entered into several public-private partnership projects. It was one of the first provincial governments to embark on such endeavors and has been able to develop “best practices” to be applied to public-private partnership projects.
This document contains guidelines for public-private partnerships reflecting these best practices.
DEFINITIONS:
Agreement between government and the private sector regarding the provision of public services or infrastructure. Purportedly a means of bringing together social priorities with the managerial skills of the private sector, relieving government of the burden of large capital expenditure, and transferring the risk of cost overruns to the private sector. Rather than completely transferring public assets to the private sector, as with Privatization. Government and business work together to provide services. The British Government has used PPP’s to finance the building of schools, hospitals, for defense contracts, and specific capital projects such as the Channel Tunnel Rail Link, the National Air Traffic Services, and improvements to the London Underground. The system has been criticized for blurring the lines between public and private provision, leading to a lack of accountability with regard to funding, risk exposure, and performance (see also Private Finance Initiative). — Alistair McMiIian
A business relationship between a private-sector company and a government agency for the purpose of completing a project that will serve the public. Public-private partnerships can be used to finance, build and operate projects such as public transportation networks, parks and convention centers. Financing a project through a public-private partnership can allow a project to be completed sooner or make it a possibility in the first place.
The Canadian Council for Public-Private Partnerships has adopted the