P3 (Public-Private Partnership)

A Public-Private Partnership (P3) is a cooperative arrangement between government entities and private companies to deliver public services or projects. In this model, the government might lack the funds or expertise to complete a project, like building a highway or school, so it partners with a private firm. The private company typically provides investment, construction, and maintenance, while the government ensures that the project meets public needs. This collaboration aims to leverage the strengths of both sectors, improving efficiency and quality in delivering services or infrastructure for communities without solely relying on taxpayer funding.