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PPP (Public-Private Partnership) generally consists of three main components:
1. Public Sector Authority: This is typically a government agency that identifies the need for a project or service, defines the project’s scope, and oversees its implementation to ensure that public interests are preserved.
2. Private Sector Entity: This refers to the business or consortium of businesses that finance, design, implement, operate, and maintain the project. The private entity usually brings expertise, efficiency, and capital to the project.
3. Contractual Agreement: The legal agreement between the public sector authority and the private sector entity outlines each party’s roles, responsibilities, risks, and rewards. This contract is central to the PPP framework, detailing the project’s structure, financing, and how risks and benefits are shared.
These components together form the basis of a partnership model designed to leverage the strengths of both public and private sectors for the delivery of public infrastructure, services, or projects.