Private Financing of Transport Infrastructure: An Assessment of the UK Experience
This paper investigates the consequence of the private sector's involvement in the realisation of transport infrastructure projects, since 1992, when the UK government launched the Private Finance Initiative (PFI). This new form of providing infrastructure services is based on a concession scheme by which the public authority transfers the design, construction, operation, and financing of the infrastructure to a private concessionaire. The private sector participation transforms the role of the public sector from being an owner of capital assets and direct provider of services into a purchaser of services through a long-term agreement. The PFI scheme is expected to generate different benefits. The magnitude of these benefits is expected to compensate the additional costs of having recourse to the private sector. © The London School of Economics and the University of Bath 2002
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