private finance initiative
- private finance initiative
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Private Finance Initiative (PFI)
An initiative introduced by the government in 1992 to encourage private sector businesses to tender to local and central government authorities for the provision of public infrastructure and services.
Under PFI, the authority typically will enter into a long-term contract (sometimes referred to as the concession) with a special purpose company (ProjectCo). Under this contract, ProjectCo is required to provide services to the authority usually via a facility that ProjectCo has designed and constructed.
Once construction is complete and ProjectCo starts providing services, the authority makes payments to ProjectCo on a performance basis with deductions accruing for performance falling below agreed levels. At the end of the concession, ownership of the asset will often transfer to the authority, although different solutions can be adopted, depending on the nature of the project.
For further information, see the PFI Network website: .
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Private Finance Initiative (PFI).A form of PPP.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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