Sri Lanka will setup a separate division for Public Private Partnerships (PPP) under the Treasury with experts in the field to support and advice the relevant ministry on selection, implementation and management of such projects.
The government said Rs 75 million will be allocated for the initial expenses of the new unit and will initially comprise 17 personnel who will be recruited for 3 years.
“The necessity of a central division has arisen for assisting, advising and facilitating the activities of PPPs to be implemented in the country,” the Finance Ministry said.
“This will be the first step of leveraging the maximum number of solicited and unsolicited proposals brought forward for PPPs.”
Managing project selection, implementation and providing project transaction advice are the main objectives expected to be achieved through this unit.
PPP cells will be organized in the relevant ministries to handle the work as well as to liaise with the new PPP division.The division will also provide oversight in execution, transparency, good governance, formulation of polices and recommendations to Cabinet Committee on Economic Management.
PPP refers to a contractual arrangement between the implementing agency and the project proponent for the financing, design, construction, operation and maintenance.It deals with any project or facility which is in alignment with national priority and economic agendas where the proponent bears significant risk, management responsibility or both. (LBO)
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