What does Public Private Partnership mean? Read on to discover the definition & meaning of the term Public Private Partnership - to help you better understand the language used in insurance policies.
Public Private Partnership
An arrangement between a governmental entity and a private entity to finance a public project with private funds. The most common use of this arrangement in the United States is for highways, but it can be utilized on a variety of other infrastructure projects, such as airport, telecommunication, or power projects. In exchange for providing the financing, the private entity receives a share of the revenue generated by the project, such as tolls or fees, for a specified time period.
We hope the you have a better understanding of the meaning of Public Private Partnership.