Public-private partnerships (PPPs) are contracts or formalized relationships between a public sector institution and a private sector institution, usually relating to the provision of public services or infrastructure. All PPPs involve the transfer of risk between the parties, through the transfer of ownership, control, financing, or operation of the service. In contrast to wholesale privatization, the responsibility for a PPP is shared between the private and the public sectors and regulated by the latter.

There are significant national variations in the definition and practices of these partnerships, and their levels of formalization range from simple commercial contracts to the establishment of autonomous organizations with various degrees of authority. Countries as diverse as Canada, Ireland, and South Africa have set up governmental PPP units. Particular PPP policies ...