Public–Private Partnerships for Infrastructure Development
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Public–Private Partnerships for Infrastructure Development

Finance, Stakeholder Alignment, Governance

Edited by Raymond E. Levitt, W. R. Scott and Michael J. Garvin

Large infrastructure projects often face significant cost overruns and stakeholder fragmentation. Public-Private Partnerships (PPPs) allow governments to procure long-term infrastructure services from private providers, rather than developing, financing, and managing infrastructure assets themselves. Aligning public and private interests and institutional logics for decades-long service contracts subject to shifting economic and political contexts creates significant governance challenges. We integrate multiple theoretical perspectives with empirical evidence to examine how experiences from more mature PPP jurisdictions can help improve PPP governance approaches worldwide.
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Chapter 12: The financier state: infrastructure planning and asset recycling in New South Wales, Australia

Caroline Nowacki

Abstract

Privatization programs have had limited success, because of the perception that governments give up value when leasing assets to the private sector, and that the proceeds of the sale/lease seem to disappear as they are used to repay debts and correct unbalanced budgets. This case study of New South Wales, Australia argues that the state can organize to make the most of private investors’ will to buy operating assets to support a strong program of reinvestment in new infrastructure projects, thus not giving up value nor expertise in the privatization process. It inspires a new model of the developmental state that gets inspiration from working with the private sector, without necessarily giving up on social and environmental considerations. This chapter describes how infrastructure asset recycling can be an improved privatization program, using privatization sale proceeds to fund an integrated, long-term infrastructure plan, and how a new independent government agency was key to ensure the reinvestment step was successful.

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