Introduction
The term "Public-Private Partnership" or
"PPP" has undergone a significant shift
in recent years owing to the recent global financial and economic
changes. Typically, a PPP is a contract between a private party and
a government entity, for providing a public asset or service, in
which the private party bears significant risk and management
responsibility.1 PPP is an arrangement between a
Government or statutory entity or Government owned entity, on one
side and a private sector entity on the other, for the provision of
public assets and/or public services, through investments being
made and/or management being undertaken by the private sector
entity, for a specified period of time, where there is a
well-defined allocation of risk between the private sector and the
public entity and the private entity who is chosen on the basis of
open competitive bidding, receives performance-linked payments that
conform (or are benchmarked) to specified and
