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Abstract
Private–public partnership (PPP) methods are considered to be an effective way to narrow the gap between demand and supply of social infrastructure. If successfully pursued, PPP can deliver benefits to users, governments, and the private sector, or the so-called triple wins. Enhancing efficiency by reducing cost and time overruns is beneficial to users and governments, and better quality of service is expected via PPP. It will also examine the factors that have been important for shaping the county’s PPP landscape, including fiscal soundness, unsolicited project proposals, and the refinancing and renegotiation of PPPs. PPPs are not a must-have solution but an option for building and upgrading infrastructure. In conclusion, PPPs are being promoted because it can mobilize needed resources from the private sector, maximize value for money, bring creativity and efficiency to a project, and be a source of fiscal stimulus. That said, countries should be clear on why they are promoting the PPP modality for infrastructure.
Highlights
The public–private partnership (PPP) modality can enhance the cost efficiency and quality of infrastructure, delivering benefits to the public, government, and private sector
This paper examines the economic effects of infrastructure PPPs in the Republic of Korea and, based on that experience, highlights some lessons learned for other countries in Asia looking to increase their use of PPPs to close infrastructure gaps
The results indicate that BOT and BTL infrastructure done through PPPs deliver higher quality services
Summary
The public–private partnership (PPP) modality can enhance the cost efficiency and quality of infrastructure, delivering benefits to the public, government, and private sector. These benefits are widely recognized, evidence is lacking on the actual contribution PPPs make to the economy. 2 | ADB Economics Working Paper Series No 557 term This indicates a crowding-out effect of PPPs on public investment. The Asian Development Bank (ADB) and Korea Development Institute (KDI) (2011) show that PPPs can have positive ripple effects on an economy by contributing to growth through private capital inputs, enhancing social welfare by the prompt delivery of services and the early realization of social benefits, and reducing fiscal burdens through better value for money.
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