Public-Private Partnership Act 2010 Promulgated in Punjab

The Punjab government, under Punjab Resource Management Programme (PRMP), has developed Public Private Partnership for infrastructure Act 2010 and PPP Policy to provide the regulatory framework to undertake projects under PPP mode.

A PPP Unit has also been established in Planning and Development (P&D) department to gear up the PPP process in Punjab which is now operational and monetary allocation for Project Development Facility (PDF) has also been provided in current ADP to finance feasibility studies and project preparation phases.

Risk Management Unit is also being established in Finance Department to oversee and assess the risks involved in PPP transactions. Public Private Partnership for infrastructure Act 2010 has been passed by Punjab Provincial Assembly on 12th July 2010. It is hoped that presence of PPP Law will provide the Private sector confidence about their investment. Furthermore, Government of the Punjab would be able to secure private capital for public service deliveries and the process shall lead to betterment of economic condition in whole of the province.

Government of the Punjab has always been mindful of the importance of enhancing infrastructure services for sustaining economic and social development in the province. Better service coverage and quality in power and water supply, solid waste management, sewerage treatment, transport and logistics, health and education are vital for Punjab's economy and the livelihood of its people.

Public Private Partnership (PPPs) have been recognised world-wide as an essential mode of public service delivery. These attract private capital investment, reduce fiscal pressure on government, increase efficiency through private sector participation, and help reform sectors through the reallocation of roles and risks.

Business Recorder | LAHORE | Tue, Aug 31, 2010 |