PAPER FORMAT + BOOK
Public Private Partnership and Project Finance
In recent decades the public sector, at all levels, has experimented with innovative forms and more eclectic financial instruments in the procurement of financial resources, also combined with forms of partnership between the public and private parties. The volume addresses the topic in all its aspects of the PPP in light of the strong push for public investments deriving from the launch of the PNRR and the change, with the entry into force of Legislative Decree 36/2023, of the regulatory framework of reference for public contracts. We start from a contextual analysis on the dynamics of investments in our country together with an overview of the PNRR resources available to Italy and the regulatory framework of the Plan, outlining the main issues involved in the possible use of PPP tools for the implementation of the measures provided for in the PNRR. The work, after illustrating the most up-to-date PPP market data, defines the fundamental characteristics and regulations of PPP institutions and project financing for the creation and management of public works and services, retracing the evolution legislation at European and national level, with particular attention to the illustration of the innovations introduced by the new Public Contracts Code. An in-depth study is also dedicated to the evaluation of the convenience of using the PPP, to the preparation and evaluation of the economic-financial modeling for the structuring of a project and to the measurement of the financial balance in the use of public-private partnership instruments. A further focus concerns the main interventions developed during 2023 by national-level institutions which in various capacities have expertise in the field of PPP, in particular with reference to the production of lines guide, soft law and good practices. Following is a general framework of the community and national principles on the accounting treatment of PPPs. From this last point of view, the focus is on the topic of risks connected to PPPs, a variable on which the accounting of such operations directly depends. Finally , the areas of concrete application of PPP institutions are identified. In particular, we are referring to the type of assignment that most emphasizes private initiative in the design, construction, management and financing of infrastructures and public services, i.e. the institution of private initiative project finance, now regulated by art. 193 of the new Public Contracts Code, in order to encourage its most effective and widest use, also with reference to specific areas of interest for the implementation of the PNRR. Marco Nicolai, an expert in public finance and editorialist on the topics of extraordinary finance, is the author and editor of various publications on economic-financial matters. Walter Tortorella Economist, is Head of the Local Economy Department of the IFEL Foundation and Director of the Training School. Expert in public policies and economic development, he is the author of numerous publications and articles on public management and development policies. Ilaria ParadisiLawyer, expert in administrative law and public contract law, is the author of several specialist contributions on the topic of public-private partnerships .
