A Public-Private Partnership, better known as a P3, is a contractual agreement between a government agency and a private entity to provide works or services in Puerto Rico for an established period of time. It is a project delivery method that is not privatization.
- A design construction, financing, operations and maintenance partnership;
- A risk sharing approach;
- A performance-based contract; and,
- A lifecycle procurement approach that guarantees performance.
- A funding solution; or,
- An outsourcing contract.
The Private Party provides the money needed to invest in the improvements or the infrastructure project, while the Government retains the property title.
- A P3 provides greater value for every taxpayer dollar – lower infrastructure costs and further improvements during the life of the project.
- The P3 process demands transparency in the procurement process.
- The P3 encourages private-sector innovation and investment in the delivery and management of infrastructure projects.
- A P3 protects the public interest, ensuring transparency, competition, fair market pricing, accountability, value for money, and an effective governance and decision-making process.
Find out about the milestones of our projects! Each project is an example of the ongoing collaboration between the public and private sectors to promote Puerto Rico’s sustainable economic development.
Highways PR-22 & PR-5 & LMM International Airport