Public policy on public-private project financing in Kazakhstan

Abstract

ABSTRACTThe public policy framework of the public–private partnerships (PPPs) projects has long been a subject of inquiry in developing countries. Researchers have mainly explored public policy frameworks as a regulatory tool to enhance project performance in public sector projects. Yet, PPP projects have remained unattended in terms of governance and financing. Using empirical evidences of project implementation, this article explores the relevance of a public policy framework for public–private project financing along four project implementation dimensions: efficiency, fairness, legitimacy and accountability. This article aimed at enriching existing public policies on PPPs in developing countries. It also focused on sharing individual country’s experiences amongst developing countries: specifically, the paper shows how a public policy on PPPs project financing may be formulated in a developing country like Kazakhstan. The study developed a public policy framework for PPP projects and project finance model, adaptable to the developing country’s specificities. The model was seen as an integral element of the public policy framework for PPP projects.