The PPP process at the project level is composed of several phases, referred to as the project cycle. While countries break up this multi-stage process differently, the cycle usually comprises the following steps (see Figure 2):
1. Identifying a priority project and screening it as a PPP;
2. Structuring and appraising the project;
3. Managing the PPP transaction and drafting the contract; and
4. Implementing the project and managing the contract.