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Infrastructure Public‐Private Partnerships Re‐Defined: An Increased Emphasis on “Partnerships”

Infrastructure Public‐Private Partnerships Re‐Defined: An Increased Emphasis on “Partnerships” A public‐private partnership, also known as a “P3,” is usually structured as a long‐term lease of a municipal asset (such as a toll road, port, or airport) by a private investor (and/or operator). Five years ago, P3s were viewed by municipalities primarily as a means for raising capital, and maximizing the upfront proceeds was often viewed as the primary goal. Today's transactions are now being redefined with the goal of developing sustainable long‐term partnerships between the public and private sectors. Governments are increasingly intent on realizing efficiencies by partnering with the private sector to achieve improved services and accelerate needed capital improvements. As a result of this redefining, the P3 has become an essential tool in governments' financial arsenal to manage the many challenges facing municipalities, including budget deficits, large pension obligations, and extensive infrastructure funding needs. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Applied Corporate Finance Wiley

Infrastructure Public‐Private Partnerships Re‐Defined: An Increased Emphasis on “Partnerships”

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References (2)

Publisher
Wiley
Copyright
Copyright © 2010 Morgan Stanley
ISSN
1078-1196
eISSN
1745-6622
DOI
10.1111/j.1745-6622.2010.00275.x
Publisher site
See Article on Publisher Site

Abstract

A public‐private partnership, also known as a “P3,” is usually structured as a long‐term lease of a municipal asset (such as a toll road, port, or airport) by a private investor (and/or operator). Five years ago, P3s were viewed by municipalities primarily as a means for raising capital, and maximizing the upfront proceeds was often viewed as the primary goal. Today's transactions are now being redefined with the goal of developing sustainable long‐term partnerships between the public and private sectors. Governments are increasingly intent on realizing efficiencies by partnering with the private sector to achieve improved services and accelerate needed capital improvements. As a result of this redefining, the P3 has become an essential tool in governments' financial arsenal to manage the many challenges facing municipalities, including budget deficits, large pension obligations, and extensive infrastructure funding needs.

Journal

Journal of Applied Corporate FinanceWiley

Published: Apr 1, 2010

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