The World Bank's PPP Knowledge Lab defines a Public-Private Partnership ("P3") as "[a] long-term 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, and remuneration is linked to performance". The core features of P3 procurement are the transfer of risk to the private sector, and private financial participation.
This paper was delivered by Frank E. Walwyn at the 2017 PUNUKA Annual Lecture in Legos, Nigeria, on 27 April 2017.
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