A public-private partnership (PPP) is a long-term contract between a private party and a government entity, for providing a public asset or service, in which the private party bears significant risk and management responsibility, and remuneration is linked to performance. PPPs enable the public sector to mobilize additional financial resources and to benefit from the expertise and efficiencies of the private sector.
PPP models differ with respect to the degree of sharing of resources, responsibilities, and risks. Typical models include a public service concession, joint venture, and management contract. More recently the PPP concept has broadened to incorporate a wider range of actors and cooperation models including: