Public-private partnerships promote development

While the government has done a remarkable job of providing public infrastructure, community facilities and related services, its resources are not infinite to fully fund all the required public facilities. With available resources, the government finances public programmes and projects on the basis of what is considered priority. Instead of delaying projects until government funds are available, communities should engage in Public-Private Partnerships (PPPs). Such partnerships are characterized by the sharing of investment, risk, responsibility and reward between the partners. Both the public and the private sector have unique characteristics that provide them with advantages in specific aspects of service and project delivery. There is no point in having to wait to get electricity, water, or a hospital in your community just because the government has no funding available at the time. Local government representatives should engage the private sector entities in their respective communities and, together, they can come up with strategies on how to develop public infrastructure in their communities. Local businesses could also enter into joint ventures between themselves or with multinational or regional companies, to undertake a life-changing social project. Other than creating an enabling environment for investment, the government could also assist in capacity building programmes, tax holidays and other incentives for companies that are engaged in activities with greater impact on the lives of the general population. If we are to realize sustainable development, each and everyone must play a significant role in their respective capacities. Ends

Opinions

Public-private partnerships promote development