Public private partnership is a generic term for a "cooperative venture between the public and private sectors, built on the expertise of each partner that best meets clearly defined public needs through the appropriate allocation of resources, risks and rewards."1 The term can be used to describe a wide variety of working arrangements from loose, informal and strategic partnerships to design build finance and operate (DBFO) type contracts and formal joint venture companies.2
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1 The Canadian Council for Public-Private Partnerships.
2 4ps (Public private partnership programme). UK government