Public-private partnerships are projects where the public and private sector jointly provide public goods, works or services in the long term.
One Truman Bodden Law School lecturer whose research into these partnerships has been featured in new book on sustainable development spoke to Cayman 27 about PPP’s.
“The object of this contract is to provide public goods, works or services that we all as citizens would like to use,” said Truman Bodden Law School lecturer Laura Panades.
Ms. Panades told Cayman 27 public-private partnerships are helping governments the world over deliver these much needed services like health care, education, and infrastructure.
“PPP’s tend to lower the financial requirements for the public sector, because then they share risks with the private sector, but they also share part of the cost,” said Ms. Panades.
Ms. Panades, who’s research into PPP’s was featured in a European Parliament-funded book on sustainable development, said a successful public-private partnership is about more than simply finding the lowest bidder.
“My research goes on better defining how value for money should work, so, value for money in a traditional perspective involves perhaps, a bit of a higher cost, but a big gain on quality of the project, or on when the project is delivered,” said Ms. Panades.
One example of a public-private partnership in the works on our own soil is the future integrated solid waste management system.
“The public sector benefits from sharing the cost and risk with the private sector, but the public sector keeps retaining the control over the project, that’s of extreme importance,” said Ms. Panades.
She told Cayman 27 she expects PPP’s to become more prevalent moving forward.
“The public procurement regulations are being developed now, so there are a lot of knowledge to extract from to deliver good models of PPP’s,” said Ms. Panades.
The procurement law passed in the Legislative Assembly back in October 2016, but is not yet in force pending the approval of new regulations to accompany the law. Draft regulations were presented to cabinet in October 2017, and Deputy Governor Franz Manderson said he expects the law and its regulations to come into effect this April.