A collaborative approach through Public-Private Partnerships (PPP) would harness the strengths of both the public and private sectors, typically being utilized to finance, develop, and maintain essential infrastructure projects with a focus on sustainability. The PPP model will have the potential to enable Sri Lanka to overcome financial constraints and political hurdles that often hinder traditional infrastructure development efforts, while safeguarding sustainability.
One of the primary benefits of PPP is the access to private capital they provide. Public funds alone would be insufficient to meet the increasing demand for infrastructure, and thus private sector investment becomes crucial. PPP facilitate this influx of capital, enabling the implementation of large-scale projects that spur economic growth and improve the quality of life for Sri Lankans.
Besides access to additional funding from private investors which eases the burden on the government, PPP also distributes the risks between private and public sectors. This risk-sharing mechanism helps safeguard the financial sustainability of projects. Private partners often introduce innovation and efficiency, management practices, and expertise that enhance project delivery, reduce costs, and improve service quality. By leveraging private sector innovation, PPP could contribute to the sustainable development of infrastructure assets.
Under PPP, infrastructure projects should be developed and maintained in a manner that meets current needs without compromising on future generations to meet their own needs.
By fostering collaboration between the public and private sectors, PPP enable the efficient allocation of resources, promote innovation, and ensure the long-term viability of sustainable public infrastructure projects, ultimately contributing to the economic growth and well-being of country.
In conclusion, PPP are indispensable instrument for safeguarding the sustainability of public infrastructure investment in Sri Lanka. By fostering collaboration between the public and private sectors, PPP drive infrastructure development, promote economic prosperity, and pave the way for a sustainable future. However, to realize this potential, intensive efforts are needed to address regulatory bottlenecks, enhance institutional capacity, and foster a conducive investment climate.
Featured image: Halloluwa Foot Bridge by Charith Gunarathna
Written by Shanika Gamage
The views, thoughts, and opinions expressed in this article reflect the author’s views, and not the wider views of the Alliance for Sustainable Infrastructure.
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