TEXT: The Punjab Government plans to substantially magnify development spending in the province with the aim of building and financing the huge backlog of infrastructure that is hampering the productivity and competitiveness of Urban and Rural Economies. In this respect the Government is launching an ambitious Public Private Partnership (PPP) program to augment and if possible, exceed the traditional public sector annual development program funded from the provincial budget. This initiative will effectively promote rapid economic growth and employment generation for the people of Punjab.
The PPP mode of Infrastructure Development and Service delivery has been globally acknowledged as an effective tool of mobilizing massive public and private sector investment for well designed, time bound sustainable high-quality projects and services. Public Private Partnership contracts enable private sector investment, finances, expertise and performance-based user fee based remuneration packages to provide critical infrastructure and value added services to the public. Successful PPP programs are dependent upon development of a highly conducive regulatory framework for private sector engagement and transparent, rule based modalities for successful implementation of PPP projects.
Copyright Business Recorder, 2021