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The law governing ‘public-private partnerships’ has been tightened up

The law governing ‘public-private partnerships’ has been tightened up. As a British Overseas Territory, Cayman falls under the jurisdiction of the UK but enjoys independent law and policy-making. “To start, PPPs require ‘a sound appraisal underpinning the proposed project before the financing means has been determined’, proving that the project is necessary. Additionally, a positive evaluation from the public sector comparator is required or that ‘a financial appraisal demonstrates improved value for money against a conventionally financed alternative’. PPPs should show better results than any other procurement method. A ‘long-term affordability case [which] has been assessed and agreed by the appropriate technical experts retained by the Cayman Islands Government’ is also required. This is in line with Cayman’s government policy to adopt private sector techniques into public management, such as introducing business cases [and] contract management.”

Source: www.ieyenews.com