Juillet 2024
Banque Mondiale (97 pages).
Project development funds (PDFs) are dedicated vehicles that governments establish to systematically support the preparation of public-private partnerships (PPPs). The lack of adequate and consolidated resources to appropriately evaluate and prepare potential PPP projects is a key constraint faced by many PPP programs, and inhibits the ability of PPP projects to raise private investment. PDFs are generally established to address this challenge, by providing dedicated and centralized funding for PPP project preparation that is not subject to the constraints of typical government budgeting processes. Moreover, they often go beyond the provision of funding to address a range of challenges that can undermine the provision of high-quality and efficient PPP project preparation. By driving a cultural shift to encourage a greater consideration of PPPs, PDFs also serve as tools that can support overall government policy for, and signal political commitment to, the use of PPPs.
PDFs have contributed to the successful implementation of PPP projects, which can serve to support the increased private investment that will be critical if the United Nations Sustainable Development Goals (SDGs) are to be achieved. PDFs have directed significant funding to the preparation of PPP projects and contributed strongly to PPP projects reaching financial close and implementation. They have also supported the building of critical PPP capacity within governments and driven private sector confidence in PPP programs. These impacts help to increase private investment in infrastructure, a critical source of finance to support the achievement of the US$2 trillion to US$3 trillion of investment per year estimated to be necessary to achieve the SDGs. Although PDFs are not a panacea — they must be supported by a conducive PPP enabling environment and are often accompanied by other reforms — they can support the transmission of infrastructure development good practices. However, PDFs require deliberate design and management to be successful, and a wide range of issues — from legal status and governance to sustainability — need to be considered prior to their implementation.
This primer on project development funds (hereafter, “Primer”) seeks to capture and distill lessons for public sector and other PPP practitioners related to how and why PDFs are established, and how best toenable them to contribute to the success of PPP programs. Through its review of PDF and other relevant experience, this Primer seeks to identify lessons learned and success factors that influence the design and operationalization of PDFs. It aims to paint a clear picture of how and why PDFs can support the development of PPP programs to assist policy makers in understanding whether a PDF can help to address their particular PPP program challenges. Where practitioners are developing a PDF, this Primer provides detailed information on PDF design features to assist them in establishing a PDF that will deliver on its objectives.
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