Public-Private Partnership (PPP) refers to contracts between the government and private sector entities for the purpose of the joint execution or provision of a project or a service traditionally handled by the public sector.
The PPP approach implies a division of responsibilities and risks between the private sector and the public sector. Usually, under this system, responsibilities and risks associated with the financing, design, construction and operation of the project are assumed by the private sector, while other responsibilities and risks remain with the public sector.