History of PPPs being studied

The Caribbean Development Bank has launched a study into the history of Public/Private Partnerships (PPPs) in the region.

President Dr. Warren Smith pointed out that this was necessary due to the fact that there was “a dearth of Caribbean-specific research on PPP performance and operations”.

“We have recently commenced a major research project entitled, ‘Public-Private Partnerships in the Caribbean: Lessons of Experience and Leveraging for Growth’. We anticipate that the results of this study will deepen our understanding of PPPs, provide valuable information on practical applications, and guide the formulation of an appropriate reform agenda for this region,” he noted.

Making the disclosure while at the Caribbean Public/Private Partnerships for Sustainable Growth forum at Hilton Barbados, he said that the concept of PPPs was still relatively new to this Region.

“The examples of such arrangements are few, and found mainly in road transportation, energy, and in the water sector. As in the rest of the world, the experiences with PPPs have been mixed, with questionable development gains in some cases,” he stated.

Smith said that two recent initiatives have benefited from the partnership approach with the Inter-American Development Bank including the Caribbean Growth Forum and Compete Caribbean.

“Both initiatives assign a central role to the private sector stimulating economic activity and promoting balanced and sustainable development. This PPP Forum marks another phase in CDB’s ongoing collaboration with the IDB to support the emergence of a strong private sector in the Caribbean. Our willingness to work as partners on this exercise is an expression of our shared objectives for the development and sustainability of Caribbean economies,” he said.

“CDB has a lot to learn from this collaboration with the IDB. We intend to draw on their experiences, and use the knowledge gained to determine how best to leverage our own resources to facilitate the deeper involvement of the private sector in the development process across the region,” Smith added.
(JMB)