The Puerto Rico Public-Private Partnerships Authority promotes an ongoing collaboration between the public and private sector with the ultimate aim of offering a high quality of life to all Puerto Ricans.
The collaboration between these two sectors is key to promoting sustainable economic development and establishing Puerto Rico as a global competitor in the industry of goods and services.
What are Public-Private Partnerships?
Public-Private Partnerships, better known as PPPs, are contractual agreements between a government agency and a private entity to provide works or services required in Puerto Rico for an established period of time.
Depending on private sector innovation, there are models of PPPs that include one or more stages, including design, construction, operation, financing, and maintenance.
What are the advantages of PPPs for Puerto Rico?
- The PPPs retain the deed; that is, the Government remains the owner of that property. IT IS NOT PRIVATIZATION.
- A PPP provides the money needed to invest in infrastructure projects that the Government cannot afford.
- PPPs provide greater value for every taxpayer dollar – less infrastructure costs and further improvements during the life of the project.
- A PPP demands transparency in the recruitment process.
- PPPs help reduce and stabilize the turnover of basic services.
- PPPs impact the economic development of Puerto Rico to create a better quality of life.
- PPPs ensure the use of the strictest quality controls worldwide.
- The continuity of each PPP project is not affected due to changes in political administration.