Sample Essay on Public Private Partnership in Transportation
A public private partnership in transportation venture can be a great move in a country. Many governments are struggling to meet the required transportation infrastructure in their countries. This is because the majority of these governments are facing dwindling revenues while there are other development projects that need funding.
Leveraging resources in these countries through public private partnerships in transportation has always been an attractive venture in most countries. Public private partnerships allow the private sector companies to participate in the development of the transportation infrastructure in their countries.
Through this partnership, a private sector company plays a role in the infrastructure projects while ensuring that the public sector is accountable for its activities in the project as well as service delivery to the public.
In a public private partnership in transportation, a government agency enters a contract with a private sector company to build, renovate, operate, manage, maintain or facilitate a transportation facility.
A public private partnership venture can cover a wide range of project delivery, financing, and innovative contracting arrangements involving the private sector and public sector partners. These partnerships are becoming increasingly popular due to the benefits that they offer both the private and public sectors.
Transportation is important for the social and economic growth of any country. Public private partnerships in transportation are viewed as the best option in the reduction of the cost involved in the construction of transport infrastructure. They also enhance efficiency in the completion of different transportation projects.
Although public private partnerships in transportation do not generate money directly and immediately, they leverage the financial capability of the private sector as well as the exploitation of other resources required for the development of infrastructure in a country. The result of this is the creation of revenue in the public sector such as a collection of road tolls or other means that generate the revenue that is required to pay the private investor.
In addition, the contractual mechanisms that are involved in the public private partnerships in transportation enhance the achievement of quality and performance. This is because private companies bring forth talented experts in infrastructure projects. When talented experts come together in a single transportation project this spurs innovation. The final result is the establishment of better transportation infrastructures in a country.
There are also the contractual agreements on the end results that must be realized. This enhances performance and the establishment of strong and better transportation infrastructure or facilities.
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Online sources:
http://www.commonwealthfoundation.org/research/detail/the-benefits-of-publicprivate-partnerships-in
http://transportation.house.gov/calendar/eventsingle.aspx?EventID=370773
http://transportation.house.gov/calendar/eventsingle.aspx?EventID=370773