Defining Public-Private Partnership in Romania

Ioana Tatiana Stănese () and Mihai Aristotel Ungureanu ()
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Ioana Tatiana Stănese: “Lucian Blaga” University of Sibiu, Romania
Mihai Aristotel Ungureanu: Romanian-American University of Bucharest, Romania

Annals of the University of Petrosani, Economics, 2017, vol. 17, issue 1, 271-282

Abstract: Definition of the concept of public-private partnership (PPP) in Romania becomes essential in the conditions of a rigid legislation that is constantly changing, updating, republicating or repealing. In the current European and international context, where PPPs are gaining momentum and are considered to be real tools for financing major infrastructure projects urgently needed for the development of a state, understanding the concept of PPP brings important clarifications to the use of this new type of public-private cooperation. The scope of application, the eligibility of the private partner, the PPP contract and the financing mechanisms are fundamental elements of the concept of public-private partnership. The European Union, international organizations such as the Organization for Economic Co-operation and Development (OECD) and international bodies such as the World Bank or the European Investment Bank are constantly concerned about the implementation and improvement of public-private partnerships, considering them as concrete ways of solving the needs of developing countries, a cooperation that goes beyond the public sector's boundaries through financial contributions and influx of expertise in the matter brought by investors as private partners of public authorities. Legislative developments in the fieldof PPP in Romania have been troblesome and failed to provide a stable and secure framework for potential private investors. In 2016 a new law is approved in the desire to shed light on the matter and to bring the necessary provisions and clarifications for the successful implementation of such partnerships in Romania.

Keywords: financing; private investor; private public partnership; public authority; infrastructure projects; public investment; public finance; public good; public services (search for similar items in EconPapers)
JEL-codes: G30 H41 H43 (search for similar items in EconPapers)
Date: 2017
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